Document:

Unassociated Document

    

    STRUCTURED
      ASSET MORTGAGE INVESTMENTS II INC.,

     

    Depositor

     

    LUMINENT
      MORTGAGE CAPITAL, INC.,

     

    Sponsor

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

     

    Master
      Servicer and Securities Administrator

     

    and

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION,

     

    Trustee

     

    ____________________

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of April 1, 2006

     

    ________________________________________

     

    LUMINENT
      MORTGAGE TRUST 2006-3

     

    MORTGAGE-PASS
      THROUGH CERTIFICATES, SERIES 2006-3

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    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 Master Servicer and the
                Sponsor.

            
	
              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 MASTER SERVICING OF MORTGAGE LOANS BY MASTER
                SERVICER

            
	 	 
	
              Section
                3.01

            	
              Master
                Servicer

            
	
              Section
                3.02

            	
              REMIC-Related
                Covenants

            
	
              Section
                3.03

            	
              Monitoring
                of the Servicers.

            
	
              Section
                3.04

            	
              Fidelity
                Bond

            
	
              Section
                3.05

            	
              Power
                to Act; Procedures

            
	
              Section
                3.06

            	
              Due-on-Sale
                Clauses; Assumption Agreements

            
	
              Section
                3.07

            	
              Release
                of Mortgage Files.

            
	
              Section
                3.08

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

            
	
              Section
                3.09

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            
	
              Section
                3.10

            	
              Presentment
                of Claims and Collection of Proceeds

            
	
              Section
                3.11

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            
	
              Section
                3.12

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and Documents

            
	
              Section
                3.13

            	
              Realization
                Upon Defaulted Mortgage Loans

            
	
              Section
                3.14

            	
              Compensation
                for the Master Servicer

            
	
              Section
                3.15

            	
              REO
                Property.

            
	
              Section
                3.16

            	
              Annual
                Statement as to Compliance.

            
	
              Section
                3.17

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              Section
                3.18

            	
              Reports
                Filed with Securities and Exchange Commission.

            
	
              Section
                3.19

            	
              Intention
                of the Parties and Interpretation.

            
	
              Section
                3.20

            	
              UCC

            
	
              Section
                3.21

            	
              Special
                Foreclosure Rights.

            
	 	 
	
              ARTICLE
                IV

            
	 
	
              ACCOUNTS

            
	 	 
	
              Section
                4.01

            	
              [Reserved].

            
	
              Section
                4.02

            	
              [Reserved].

            
	
              Section
                4.03

            	
              [Reserved].

            
	
              Section
                4.04

            	
              [Reserved].

            
	
              Section
                4.05

            	
              Servicer
                Protected Accounts.

            
	
              Section
                4.06

            	
              [Reserved].

            
	
              Section
                4.07

            	
              [Reserved].

            
	
              Section
                4.08

            	
              Distribution
                Account.

            
	
              Section
                4.09

            	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            
	
              Section
                4.10

            	
              Final
                Maturity Reserve Account.

            
	 	 
	
              ARTICLE
                V

            
	 
	
              DISTRIBUTIONS
                AND ADVANCES

            
	 	 
	
              Section
                5.01

            	
              Advances.

            
	
              Section
                5.02

            	
              Compensating
                Interest Payments.

            
	
              Section
                5.03

            	
              REMIC
                Distributions

            
	
              Section
                5.04

            	
              Distributions.

            
	
              Section
                5.05

            	
              Allocation
                of Realized Losses.

            
	
              Section
                5.06

            	
              Monthly
                Statements to Certificateholders.

            
	
              Section
                5.07

            	
              REMIC
                Designations and REMIC Distributions.

            
	
              Section
                5.08

            	
              Basis
                Risk Shortfall Reserve Fund.

            
	
              Section
                5.09

            	
              Class
                P Certificate Account

            
	
              Section
                5.10

            	
              [reserved].

            
	 	 
	
              ARTICLE
                VI

            
	 
	
              THE
                CERTIFICATES

            
	 	 
	
              Section
                6.01

            	
              The
                Certificates

            
	
              Section
                6.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            
	
              Section
                6.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates

            
	
              Section
                6.04

            	
              Persons
                Deemed Owners

            
	
              Section
                6.05

            	
              Access
                to List of Certificateholders’ Names and Addresses

            
	
              Section
                6.06

            	
              Book-Entry
                Certificates

            
	
              Section
                6.07

            	
              Notices
                to Depository

            
	
              Section
                6.08

            	
              Definitive
                Certificates

            
	
              Section
                6.09

            	
              Maintenance
                of Office or Agency

            
	 	 
	
              ARTICLE
                VII

            
	 
	
              THE
                MASTER SERVICER

            
	 	 
	
              Section
                7.01

            	
              Liabilities
                of the Depositor and the Master Servicer

            
	
              Section
                7.02

            	
              Merger
                or Consolidation of the Depositor or the Master
                Servicer.

            
	
              Section
                7.03

            	
              Indemnification
                of the Trustee, the Master Servicer and the Securities
                Administrator.

            
	
              Section
                7.04

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

            
	
              Section
                7.05

            	
              Master
                Servicer Not to Resign

            
	
              Section
                7.06

            	
              Successor
                Master Servicer

            
	
              Section
                7.07

            	
              Sale
                and Assignment of Master Servicing

            
	 	 
	
              ARTICLE
                VIII

            
	 
	
              DEFAULT;
                TERMINATION OF MASTER SERVICER; 

            
	 	 
	
              Section
                8.01

            	
              Events
                of Default

            
	
              Section
                8.02

            	
              Trustee
                to Act; Appointment of Successor

            
	
              Section
                8.03

            	
              Notification
                to Certificateholders and Rating Agencies.

            
	
              Section
                8.04

            	
              Waiver
                of Defaults

            
	 	 
	
              ARTICLE
                IX

            
	 
	
              CONCERNING
                THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            
	 	 
	
              Section
                9.01

            	
              Duties
                of Trustee and Securities Administrator.

            
	
              Section
                9.02

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            
	
              Section
                9.03

            	
              Trustee
                and Securities Administrator Not Liable for Certificates or Mortgage
                Loans

            
	
              Section
                9.04

            	
              Trustee
                and Securities Administrator May Own Certificates

            
	
              Section
                9.05

            	
              Trustee’s
                and Securities Administrator’s Fees and Expenses

            
	
              Section
                9.06

            	
              Eligibility
                Requirements for Trustee and Securities Administrator

            
	
              Section
                9.07

            	
              Insurance

            
	
              Section
                9.08

            	
              Resignation
                and Removal of Trustee and Securities Administrator

            
	
              Section
                9.09

            	
              Successor
                Trustee or Securities Administrator

            
	
              Section
                9.10

            	
              Merger
                or Consolidation of Trustee or Securities Administrator

            
	
              Section
                9.11

            	
              Appointment
                of Co-Trustee or Separate Trustee

            
	
              Section
                9.12

            	
              Tax
                Matters

            
	 	 
	
              ARTICLE
                X

            
	 
	
              TERMINATION

            
	 	 
	
              Section
                10.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage Loans

            
	
              Section
                10.02

            	
              Final
                Distribution on the Group I Certificates and Group II
                Certificates

            
	
              Section
                10.03

            	
              Additional
                Termination Requirements.

            
	 	 
	
              ARTICLE
                XI

            
	 
	
              MISCELLANEOUS
                PROVISIONS

            
	 	 
	
              Section
                11.01

            	
              Amendment

            
	
              Section
                11.02

            	
              Recordation
                of Agreement; Counterparts

            
	
              Section
                11.03

            	
              Governing
                Law.

            
	
              Section
                11.04

            	
              Intention
                of Parties

            
	
              Section
                11.05

            	
              Notices.

            
	
              Section
                11.06

            	
              Severability
                of Provisions

            
	
              Section
                11.07

            	
              Assignment

            
	
              Section
                11.08

            	
              Limitation
                on Rights of Certificateholders

            
	
              Section
                11.09

            	
              Inspection
                and Audit Rights

            
	
              Section
                11.10

            	
              Certificates
                Nonassessable and Fully Paid.

            
	
              Section
                11.11

            	
              [reserved].

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits
      

    
      	
              Exhibit
                A-1

            	
              Form
                of Class [A] [X] Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class [M] Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class [B] Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class I-B-IO Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                B

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                C

            	
              Form
                of Transfer Affidavit

            
	
              Exhibit
                D

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                E

            	
              Form
                of Investment Letter (Non-Rule 144A)

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A Investment Letter

            
	
              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 Mortgage Loan Purchase Agreement

            
	
              Exhibit
                L

            	
              Form
                of Company Certification

            
	
              Exhibit
                M

            	
              Form
                of Corridor Contract

            
	
              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 to Q-4

            	
              Servicing
                Agreements

            
	
              Exhibit
                R-1 to R-4 

            	
              Assignment,
                Assumption and Recognition
                Agreements

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    POOLING
      AND SERVICING AGREEMENT, dated as of April 1, 2006, among STRUCTURED ASSET
      MORTGAGE INVESTMENTS II INC., a Delaware limited liability company, as depositor
      (the “Depositor”), LUMINENT MORTGAGE CAPITAL, INC., a Maryland corporation and
      real estate investment trust, (the “Sponsor”), WELLS FARGO BANK, NATIONAL
      ASSOCIATION, a national banking association, as master servicer (in such
      capacity, the “Master Servicer”) and as securities administrator (in such
      capacity, the “Securities Administrator”) and HSBC BANK USA, 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 Securities Administrator, on behalf of the Trustee, will
      make an election to treat the segregated pool of assets consisting of Loan
      Group
      I and certain other related assets subject to this Agreement (other than the
      Basis Risk Shortfall Reserve Fund, the Final Maturity Reserve Account, the
      Corridor Contracts and any Prepayment Charge Waiver Amounts) as a REMIC (as
      defined herein) for federal income tax purposes, and such segregated pool of
      assets will be designated as “REMIC I.” The Class R-1 Interest will represent
      the sole class of Residual Interests in REMIC I for purposes of the REMIC
      Provisions (as defined herein) under federal income tax law. 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 (as defined herein).
      None of the REMIC I Regular Interests will be certificated.

    

      
        	
                Designation

              	 	
                Initial
                  Uncertificated Principal Balance

              	 	
                Uncertificated
                  REMIC I Pass-Through Rate

              	 	
                Latest
                  Possible Maturity Date(1)

              
	
                A

              	 	
                $

              	
                182,626,992.46
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                A-IO

              	 	
                $

              	
                5,283,787.10
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                B

              	 	
                $

              	
                145,087,816.80
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                B-IO

              	 	
                $

              	
                36,026,238.76
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                P

              	 	
                $

              	
                100.00
                  

              	 	
                0.00

              	
                %

              	 	
                May
                  2046

              

      

    

     

    ___________________

    
      	
              (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 in Loan Group I with the latest maturity date has been
                designated as the “latest possible maturity date” for each of the REMIC I
                Regular Interests.

            

    

    
      	(2)	
              Calculated
                in accordance with the definition of “Uncertificated REMIC I Pass-Through
                Rate” herein.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      II

     

    As
      provided herein, the Securities Administrator, on behalf of the Trustee, will
      elect to treat the segregated pool of assets consisting of the REMIC I Regular
      Interests as a REMIC for federal income tax purposes, and such segregated pool
      of assets will be designated as “REMIC II”. The Class R-2 Interest will be 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 (as defined herein). 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)

              
	
                AA
                  

              	 	
                $

              	
                180,822,169.21
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-1A-1
                  

              	 	
                $

              	
                504,540.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-1A-2
                  

              	 	
                $

              	
                252,270.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-1A-3
                  

              	 	
                $

              	
                84,090.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-2A-1
                  

              	 	
                $

              	
                486,290.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-2A-2
                  

              	 	
                $

              	
                243,145.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-2A-3
                  

              	 	
                $

              	
                81,050.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-M-1
                  

              	 	
                $

              	
                59,045.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-M-2
                  

              	 	
                $

              	
                36,900.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-M-3
                  

              	 	
                $

              	
                12,915.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-B-1
                  

              	 	
                $

              	
                21,220.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-B-2
                  

              	 	
                $

              	
                9,225.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-B-3
                  

              	 	
                $

              	
                24,910.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                I-B-4
                  

              	 	
                $

              	
                9,225.00
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                ZZ
                  

              	 	
                $

              	
                1,865,423.35
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                P
                  

              	 	
                $

              	
                100.00
                  

              	 	
                0.00%

              	
                 

              	 	
                May
                  2046

              
	
                IO
                  

              	 	 	
                (3)

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                1-Sub

              	 	
                $

              	
                1,973.08
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                1-Grp

              	 	
                $

              	
                18,791.08
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                2-Sub

              	 	
                $

              	
                1,901.71
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                2-Grp

              	 	
                $

              	
                18,111.41
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              
	
                XX

              	 	
                $

              	
                184,455,430.59
                  

              	 	
                (2)

              	 	 	
                May
                  2046

              

      

    

     

    ___________________

    
      	
              (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 in Loan Group I with the latest maturity date has been
                designated as the “latest possible maturity date” for each of the REMIC II
                Regular Interests.

            

    

    
      	(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 IO will not
                have an
                Uncertificated Principal Balance but will accrue interest on its
                uncertificated notional amount calculated in accordance with the
                related
                definition of “Uncertificated Notional Amount”
                herein.

            

    

    

    REMIC
      III

     

    As
      provided herein, the Securities Administrator, on behalf of the Trustee, will
      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 Interest will be the
      sole class of Residual Interests in REMIC III for purposes of the REMIC
      Provisions. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC III 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
      III Regular Interests (as defined herein). None of the REMIC III Regular
      Interests will be certificated.

     

    
      	
              Designation

            	 	
              Initial
                Uncertificated Principal Balance

            	 	
              Uncertificated
                REMIC III 

              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            	 
	
              I-1A-1
                

            	 	
              $

            	
              100,908,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-1A-2
                

            	 	
              $

            	
              50,454,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-1A-3
                

            	 	
              $

            	
              16,818,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-2A-1
                

            	 	
              $

            	
              97,258,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-2A-2
                

            	 	
              $

            	
              48,629,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-2A-3
                

            	 	
              $

            	
              16,210,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-M-1
                

            	 	
              $

            	
              11,809,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-M-2
                

            	 	
              $

            	
              7,380,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-M-3
                

            	 	
              $

            	
              2,583,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-B-1
                

            	 	
              $

            	
              4,244,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-B-2
                

            	 	
              $

            	
              1,845,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-B-3
                

            	 	
              $

            	
              4,982,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-B-4
                

            	 	
              $

            	
              1,845,000.00

            	 	 	
              (2)

            	
               

            	 	
              May
                2046

            	 
	
              I-B-IO

            	 	
              $

            	
              4,059,835.12

            	 	 	
              (2)(3)

            	
               

            	 	
              May
                2046

            	 
	
              P
                

            	 	
              $

            	
              100.00

            	 	 	
              0.00%

            	
               

            	 	
              May
                2046

            	 
	
              IO
                

            	 	 	
              (4)

            	
               

            	 	
              (2)

            	
               

            	 	
              May
                2046

            	 

    

    ___________________

    
      	
              (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 in Loan Group I with the latest maturity date has been
                designated as the “latest possible maturity date” for each of the REMIC
                III Regular Interests.

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

            	
              REMIC
                III Regular Interest I-B-IO will not accrue interest on its Uncertificated
                Principal Balance, but will accrue interest at its Uncertificated
                REMIC
                III Pass-Through Rate on its Uncertificated Notional Amount which
                shall
                equal the aggregate Uncertificated Principal Balance of the REMIC
                II
                Regular Interests other than REMIC II Regular Interest
                P

            

    

    
      	
              (4)

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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IV

     

    As
      provided herein, the Securities Administrator, on behalf of the Trustee, will
      make an election to treat the segregated pool of assets consisting of Loan
      Group
      II 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 IV.” The Class
      R-4 Interest will represent the sole class of Residual Interests in REMIC IV
      for
      purposes of the REMIC Provisions (as defined herein) under federal income tax
      law. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC IV 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
      IV Regular Interests (as defined herein). None of the REMIC IV Regular Interests
      will be certificated.

     

    

      
        	
                Designation

              	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Uncertificated
                  REMIC IV 

                Pass-Through
                  Rate

              	 	
                Latest
                  Possible Maturity Date(1)

              
	
                1-Sub

              	 	
                $

              	
                409.68
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                1-Grp

              	 	
                $

              	
                5,572.78
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                2-Sub

              	 	
                $

              	
                1,273.55
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                2-Grp

              	 	
                $

              	
                17,326.55
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                3-Sub

              	 	
                $

              	
                621.28
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                3-Grp

              	 	
                $

              	
                8,451.78
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                XX

              	 	
                $

              	
                313,477,386.57
                  

              	 	
                (2)

              	 	
                April
                  2036

              

      

    

     

    
      	
              (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 in Loan Group II with the latest maturity date has
                been
                designated as the “latest possible maturity date” for each of the REMIC IV
                Regular Interests.

            

    

    
      	(2)	
              Calculated
                in accordance with the definition of “Uncertificated REMIC IV Pass-Through
                Rate” herein.

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    REMIC
      V

     

    As
      provided herein, the Securities Administrator, on behalf of the Trustee, will
      elect to treat the segregated pool of assets consisting of the REMIC IV Regular
      Interests as a REMIC for federal income tax purposes, and such segregated pool
      of assets will be designated as “REMIC V”. The Class R-5 Interest will be the
      sole class of Residual Interests in REMIC V for purposes of the REMIC
      Provisions. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC V 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 V
      Regular Interests (as defined herein). None of the REMIC V Regular Interests
      will be certificated.

     

    

      
        	
                Designation

              	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Uncertificated
                  REMIC V 

                Pass-Through
                  Rate

              	 	
                Latest
                  Possible Maturity Date(1)

              
	
                II-1A-1
                  

              	 	
                $

              	
                47,535,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-1A-2
                  

              	 	
                $

              	
                4,096,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-2A-1
                  

              	 	
                $

              	
                147,795,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-2A-2
                  

              	 	
                $

              	
                12,735,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-3A-1
                  

              	 	
                $

              	
                72,093,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-3A-2
                  

              	 	
                $

              	
                6,212,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-B-1
                  

              	 	
                $

              	
                11,755,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-B-2
                  

              	 	
                $

              	
                3,763,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-B-3
                  

              	 	
                $

              	
                2,822,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-B-4
                  

              	 	
                $

              	
                1,879,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-B-5
                  

              	 	
                $

              	
                1,569,000.00
                  

              	 	
                (2)

              	 	
                April
                  2036

              
	
                II-B-6
                  

              	 	
                $

              	
                1,257,042.18
                  

              	 	
                (2)

              	 	
                April
                  2036

              

      

       

    

    ___________________

    
      	
              (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 in Loan Group II with the latest maturity date has
                been
                designated as the “latest possible maturity date” for each of the REMIC V
                Regular Interests.

            

    

    
      	(2)	
              Calculated
                in accordance with the definition of “Uncertificated REMIC V Pass-Through
                Rate” herein.

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    REMIC
      VI

     

    As
      provided herein, the Securities Administrator, on behalf of the Trustee, will
      make an election to treat the segregated pool of assets consisting of the REMIC
      III Regular Interests and REMIC V Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC VI.” The Class
      R-6
      Interest will represent the sole class of Residual Interests in REMIC VI 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 and interests that represents one or more of the
      Regular Interests in REMIC VI created hereunder and the Class R
      Certificates.

     

    Each
      Group I Offered Certificate, other than the Class I-2X Certificates, represents
      ownership of a Regular Interest in REMIC VI and also represents (i) the right
      to
      receive payments with respect to the related Basis Risk Shortfall Carry-Forward
      Amount (as defined herein) and (ii) the right to receive Final Maturity Excess
      Coupon Amounts (as defined herein). The entitlement to principal of the Regular
      Interest which corresponds to each such Group I Offered Certificate shall be
      equal in amount and timing to the entitlement to principal of such
      Certificate.

     

    

    
      	
              Class
                Designation

            	
              Initial
                Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible Maturity Date(1)

            
	
              I-1A-1(8)

            	
              $100,908,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-1A-2(8)

            	
              $50,454,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-1A-3(8) 

            	
              $16,818,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-2A-1(8) 

            	
              $97,258,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-2A-2(8) 

            	
              $48,629,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-2A-3(8) 

            	
              $16,210,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-2X
                

            	
              (4)

            	
              (9)

            	
              May
                2046

            
	
              I-M-1(8) 

            	
              $11,809,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-M-2(8) 

            	
              $7,380,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-M-3(8) 

            	
              $2,583,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-B-1(8)

            	
              $4,244,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-B-2(8) 

            	
              $1,845,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-B-3(8) 

            	
              $4,982,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-B-4(8) 

            	
              $1,845,000.00

            	
              (9)

            	
              May
                2046

            
	
              I-B-IO
                

            	
              $4,059,835.12

            	
              (2)

            	
              May
                2046

            
	
              Final
                Maturity IO Interest(12)

            	
              (11)

            	
              (10)

            	
              May
                2046

            
	
              P
                

            	
              $100.00

            	
              (3)

            	
              May
                2046

            
	
              R
                

            	
              $50.00

            	
              (3)

            	
              N/A

            
	
              II-1A-1
                

            	
              $47,535,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-1A-2
                

            	
              $4,096,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-1X-1
                

            	
              (5)

            	
              (9)

            	
              April
                2036

            
	
              II-2A-1
                

            	
              $147,795,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-2A-2
                

            	
              $12,735,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-2X-1
                

            	
              (6)

            	
              (9)

            	
              April
                2036

            
	
              II-3A-1
                

            	
              $72,093,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-3A-2
                

            	
              $6,212,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-3X-1
                

            	
              (7)

            	
              (9)

            	
              April
                2036

            
	
              II-B-1
                

            	
              $11,755,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-B-2
                

            	
              $3,763,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-B-3
                

            	
              $2,822,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-B-4
                

            	
              $1,879,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-B-5
                

            	
              $1,569,000.00

            	
              (9)

            	
              April
                2036

            
	
              II-B-6
                

            	
              $1,257,042.18

            	
              (9)

            	
              April
                2036

            

    

    

    ___________________

    
      	
              (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 in Loan Group I with the latest maturity date has been
                designated as the “latest possible maturity date” for each of the Group I
                Certificates that represents one or more Regular Interests in REMIC
                VI and
                the Final Maturity IO Interest, and the Distribution Date in the
                month
                following the maturity date for the Mortgage Loan in Loan Group II
                with
                the latest maturity date has been designated as the “latest possible
                maturity date” for each of the Group II Certificates that represents one
                or more of the Regular Interests in REMIC
                VI.

            

    

    
      	
              (2)

            	
              The
                Class I-B-IO Certificate will not accrue interest on its Certificate
                Principal Balance, but will be entitled to 100% of the amount distributed
                on REMIC III Regular Interest
                I-B-IO.

            

    

    
      	
              (3)

            	
              The
                Class P Certificates and Class R Certificates are not entitled to
                distributions in respect of
                interest.

            

    

    
      	
              (4)

            	
              The
                Class I-2X Certificates do not have an initial Certificate Principal
                Balance. The Class I-2X Certificates have an initial Notional Amount
                equal
                to $162,097,000.00, and for any subsequent Distribution Date the
                Class
                I-2X Certificates will have a Notional Amount equal to the aggregate
                Certificate Principal Balance of the Class I-2A Certificates. For
                federal
                income tax purposes, the Class I-2X Certificates will have a Notional
                Amount equal to the Uncertificated Principal Balance of REMIC III
                Regular
                Interests I-2A-1, I-2A-2 and I-2A-3.

            

    

    
      	
              (5)

            	
              The
                Class II-1X-1 Certificates do not have an initial Certificate Principal
                Balance. The Class II-1X-1 Certificates have an initial Notional
                Amount
                equal to $51,631,000.00, and for any subsequent Distribution Date
                the
                Class II-1X-1 Certificates will have a Notional Amount equal to the
                aggregate Certificate Principal Balance of the Class II-1A Certificates.
                For federal income tax purposes, the Class II-1X-1 Certificates will
                have
                a Notional Amount equal to the Uncertificated Principal Balance of
                REMIC V
                Regular Interests II-1A-1 and
                II-1A-2.

            

    

    
      	
              (6)

            	
              The
                Class II-2X-1 Certificates do not have an initial Certificate Principal
                Balance. The Class II-2X-1 Certificates have an initial Notional
                Amount
                equal to $160,530,000.00, and for any subsequent Distribution Date
                the
                Class II-2X-1 Certificates will have a Notional Amount equal to the
                aggregate Certificate Principal Balance of the Class II-2A Certificates.
                For federal income tax purposes, the Class II-2X-1 Certificates will
                have
                a Notional Amount equal to the Uncertificated Principal Balance of
                REMIC V
                Regular Interests II-2A-1 and
                II-2A-2.

            

    

    
      	
              (7)

            	
              The
                Class II-3X-1 Certificates do not have an initial Certificate Principal
                Balance. The Class II-3X-1 Certificates have an initial Notional
                Amount
                equal to $78,305,000.00, and for any subsequent Distribution Date
                the
                Class II-3X-1 Certificates will have a Notional Amount equal to the
                aggregate Certificate Principal Balance of the Class II-3A Certificates.
                For federal income tax purposes, the Class II-3X-1 Certificates will
                have
                a Notional Amount equal to the Uncertificated Principal Balance of
                REMIC V
                Regular Interests II-3A-1 and
                II-3A-2.

            

    

    
      	
              (8)

            	
              This
                Class of Certificates represents ownership of a Regular Interest
                in REMIC
                VI. Any amount distributed on this Class of Certificates on any
                Distribution Date in excess of the amount distributable on the related
                Regular Interest in REMIC VI on such Distribution Date shall be treated
                for federal income tax purposes as having been paid from the Basis
                Risk
                Shortfall Reserve Fund or the Final Maturity Reserve Account, as
                applicable, all pursuant to and as further provided in Sections 4.10
                and
                5.08 hereof.

            

    

    
      	
              (9)

            	
              Calculated
                in accordance with the definition of “Pass-Through Rate” herein. Each
                Regular Interest in REMIC VI which corresponds to a Group I Offered
                Certificate (other than the Class I-2X Certificates) will have the
                same
                Pass-Through Rate as such Certificate, except with respect to the
                Net Rate
                Cap. The Net Rate Cap for each such Regular Interest in REMIC VI
                and
                Certificate is specified in the definition of “Net Rate
                Cap”.

            

    

    
      	
              (10)

            	
              For
                federal income tax purposes, the Final Maturity IO Interest will
                not have
                a Pass-Through Rate, but will be entitled to 100% of the amount
                distributed on REMIC III Regular Interest
                IO.

            

    

    
      	
              (11)

            	
              For
                federal income tax purposes, the Final Maturity IO Interest will
                not have
                an Uncertificated Principal Balance, but will have a notional amount
                equal
                to the Uncertificated Notional Amount of REMIC III Regular
                Interest
                IO.

            

    

    
      	(12)	
              The
                Final Maturity IO Interest will be held as assets of the Final Maturity
                Reserve Account.

            

    

    

    The
      Trust
      Fund shall be named, and may be referred to as, the “Luminent Mortgage Trust
      2006-3.” The Certificates issued hereunder may be referred to as “Mortgage
      Pass-Through Certificates Series 2006-3” (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 Securities Administrator, the Sponsor 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 the related
      Servicer).

     

    Accepted
      Servicing Practices:
      With
      respect to each EMC Mortgage Loan, those mortgage servicing practices (including
      collection procedures) that are in accordance with all applicable statutes,
      regulations and prudent mortgage banking practices for similar mortgage
      loans.

     

    Account:
      The
      Distribution Account, Class P Certificate Account, the Basis Risk Shortfall
      Reserve Fund, the Final
      Maturity Reserve Account
      and any
      Protected Account.

     

    Accrued
      Certificate Interest:
      With
      respect to any Group II Certificate 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 a Group II Senior Certificate, such Certificate’s share of (a)
      Net Interest Shortfalls and (b) after the applicable Cross-Over Date, the
      interest portion of any Realized Losses on the related Mortgage Loans and (ii)
      in the case of a Group II Subordinate Certificate, such Certificate’s share of
      (a) Net Interest Shortfalls and (b) the interest portion of any Realized Losses
      on the related Mortgage Loans. The applicable Senior Percentage of Net Interest
      Shortfalls will be allocated among the Group II Senior Certificates in the
      related Subgroup in proportion to the amount of Accrued Certificate Interest
      that would have been allocated thereto in the absence of such shortfalls. The
      applicable Subordinate Percentage of Prepayment Interest Shortfalls and interest
      shortfalls resulting from the application of the Relief Act will be allocated
      among the Group II Subordinate Certificates in proportion to the amount of
      Accrued Certificate Interest that would have been allocated thereto in the
      absence of such shortfalls. Accrued Certificate Interest for the Group II
      Certificates is calculated on the basis of a 360-day year consisting of twelve
      30-day months. No Accrued Certificate Interest will be payable with respect
      to
      any Class of Group II Certificates after the Distribution Date on which the
      outstanding Certificate Principal Balance of related certificate has been
      reduced to zero.

     

    Actual
      Monthly Payment:
      For any
      Mortgage Loan and each Due Period, the actual monthly payments of principal
      and
      interest received during such month on such Mortgage Loan.

     

    Additional
      Master Servicing Compensation:
      The
      meaning specified in Section 3.14.

     

    Additional
      Disclosure:
      As
      defined in Section 3.18. 

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 3.18. 

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 3.18. 

     

    Adjustable
      Rate Certificate:
      The
      Class I-A, Class I-M and Class I-B Certificates.

     

    Adjusted
      Rate Cap:
      With
      respect to each Distribution Date and the related Due Period, the sum of (i)
      the
      Scheduled Monthly Payments owed on the Group I Mortgage Loans for such Due
      Period less the related Servicing Fees and (ii) the Actual Monthly Payments
      received in excess of the Scheduled Monthly Payments, expressed as a per annum
      rate on the aggregate Stated Principal Balance of the Group I Mortgage Loans
      for
      such Due Period, and converted to an actual/360 basis.

     

    Aggregate
      Subordinate Optimal Principal Amount:
      The sum
      of the Subordinate Optimal Principal Amounts for all Subgroups in Loan Group
      II.

    

    Advance:
      An
      advance of delinquent payments of principal or interest in respect of a Mortgage
      Loan required to be made by the related Servicer in accordance with the related
      Servicing Agreement or by the Master Servicer as successor servicer as provided
      in Section 5.01(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 Group II 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 Aggregate Subordinate
      Optimal Principal Amount; provided, however, that no Class of Group II
      Subordinate Certificates (other than the Class of Group II 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. Notwithstanding the foregoing, if on
      any
      Distribution Date the Certificate Principal Balance of any Class of Group II
      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
      Group II Subordinate Certificates in reduction of their respective Certificate
      Principal Balances, sequentially, to the Group II Subordinate Certificates
      in
      the order of their numerical Class designations.

     

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

     

    AmNet:
      American Mortgage Network, Inc.

     

    AmNet
      Mortgage Loans:
      Those Mortgage Loans subject to this Agreement which were purchased by the
      Seller from AmNet pursuant to the AmNet Sale Agreement.

     

    AmNet
      Sale Agreement:
      The
      Mortgage Loan Sale Agreement dated as of April 25, 2006, among Luminent Mortgage
      Capital, Inc., Mercury Mortgage Finance Statutory Trust and Maia Mortgage
      Finance Statutory Trust and AmNet, as amended.

     

    Annual
      Statement of Compliance:
      As
      defined in Section 3.16.

     

    Applied
      Realized Loss Amount:
      With
      respect to any Distribution Date and the Adjustable Rate Certificates, the
      amount, if any, by which, the aggregate Certificate Principal Balance of the
      Adjustable Rate Certificates (after all related distributions of principal
      on
      such Distribution Date) exceeds the aggregate Stated Principal Balance of the
      related Mortgage Loans for such Distribution Date; provided, however, that
      an
      Applied Realized Loss Amount will not exist for a Class I-A Certificates unless
      the Certificate Principal Balances of the Group I Subordinate Certificates
      have
      been reduced to zero.

     

    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 EMC Assignment Agreement, the IndyMac Assignment Agreement,
      the
      Paul Financial Assignment Agreement, the RFC Assignment Agreement or the Wells
      Fargo Assignment Agreement.

     

    Assessment
      of Compliance:
      As
      defined in Section 3.17.

     

    Attesting
      Party:
      As
      defined in Section 3.17.

     

    Attestation
      Report:
      As
      defined in Section 3.17.

     

    Available
      Funds:
      For any
      Distribution Date and each Subgroup included in Loan Group II, an amount which
      generally includes (1) all previously undistributed payments on account of
      principal (including the principal portion of Monthly Payments, Principal
      Prepayments and the principal amount of Net Liquidation Proceeds) and all
      previously undistributed payments on account of interest received after the
      Cut-Off Date and on or prior to the related Determination Date, in each case,
      from the Mortgage Loans in the related Subgroup, (2) any Advances and
      Compensating Interest Payments made by the Master Servicer or a related Servicer
      for such Distribution Date in respect of the Mortgage Loans in the related
      Subgroup, (3) any amounts reimbursed by the Master Servicer in connection with
      losses on certain eligible investments for the related Mortgage Loans and (4)
      any amount allocated from the Available Funds of another Subgroup in accordance
      with Section 5.04(b)(E) hereof, net of (x) fees payable to, and amounts
      reimbursable to, the Master Servicer, the servicers, the Securities
      Administrator, the Trustee and any custodian as provided in the Agreement and
      (y) investment earnings on amounts on deposit in the Distribution
      Account.

     

    Bankruptcy
      Code:
      Title
      11 of the United States Code.

     

    Basis
      Risk Shortfall:
      For the
      Group I Offered Certificates and on any Distribution Date, the excess, if any
      of:

     

    1. The
      amount of Current Interest that such Class would have been entitled to receive
      on such Distribution Date had the applicable Pass-Though Rate been calculated
      at
      a per annum rate equal to the lesser of (i) One-Month LIBOR plus the related
      Margin and (ii) 10.50%, over

     

    2. The
      amount of Current Interest on such Class calculated using a Pass-Though Rate
      equal to the applicable Net Rate Cap for such Distribution Date.

     

    Basis
      Risk Shortfall Reserve Fund:
      The
      separate trust account created and maintained by the Securities Administrator
      pursuant to Section 5.08 hereof.

     

    Basis
      Risk Shortfall Reserve Fund Deposit:
      With
      respect to the Basis Risk Shortfall Reserve Fund, an amount equal to $5,000,
      which the Depositor shall initially deposit into the Basis Risk Shortfall
      Reserve Fund pursuant to Section 5.08 hereof.

     

    Basis
      Risk Shortfall Carry-Forward Amount:
      As of
      any Distribution Date for the Group I Offered Certificates, the sum of the
      Basis
      Risk Shortfall for such Distribution Date and the Basis Risk Shortfall
      Carry-Forward Amount for the previous Distribution Date not previously paid,
      together with interest thereon at a rate equal to the applicable Pass-Through
      Rate for the current Distribution Date.

     

    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 6.06).
      As of the Closing Date, each Class of Offered Certificates constitutes a Class
      of Book-Entry Certificates.

     

    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, Minneapolis, Minnesota,
      Columbia, Maryland or the city in which the Corporate Trust Office of the
      Trustee or the principal office of the Master Servicer is located are authorized
      or obligated by law or executive order to be closed.

     

    Certificate:
      Any one
      of the certificates of any Class executed and authenticated by the Securities
      Administrator 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:
      With
      respect to any Class of Offered Certificates (other than the Interest Only
      Certificates) Residual Certificates and Class P Certificates and the Group
      II
      Non-Offered Certificates and any Distribution Date, is the original Certificate
      Principal Balance of such Class, plus, if applicable, the amount of any Net
      Deferred Interest allocated to such Class on the related Distribution Date
      and
      all previous Distribution Dates, less the sum of (i) all amounts in respect
      of
      principal distributed to such Class on previous Distribution Dates and (ii)
      the
      principal portion of all Realized Losses allocated prior to such Distribution
      Date to such Certificate, and, in the case of the Group II Certificates, taking
      account of the Loss Allocation Limitation; provided that, the Certificate
      Principal Balance of any Class of Certificates with the highest payment priority
      to which Realized Losses have been allocated shall be increased by the amount
      of
      any Subsequent Recoveries on the related Mortgage Loans received by the Master
      Servicer, but not by more than the amount of Realized Losses previously
      allocated to reduce the Certificate Principal Balance of that Certificate and,
      in the case of Loan Group I, not previously reimbursed to such Certificate
      as an
      Applied Realized Loss Amount. With respect to the Class I-B-IO Certificates
      and
      any Distribution Date, an amount equal to the Uncertificated Principal Balance
      of REMIC III Regular Interest I-B-IO.

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 6.02 hereof.

     

    Class:
      All
      Certificates bearing the same Class designation as set forth in Section 6.01
      hereof.

     

    Class
      A Certificate:
      Any of
      the Class I-1A-1, Class I-1A-2, Class I-1A-3, Class I-2A-1, Class 1-2A-2, Class
      1-2A-3, Class II-1A-1, Class II-1A-2, Class II-2A-1, Class II-2A-2, Class
      II-3A-1 and Class II-3A-2 Certificates.

     

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

     

    Class
      M Certificate:
      Any of
      the Class I-M-1, Class I-M-2 and Class I-M-3 Certificates.

     

    Class
      I-A Certificates:
      Any of
      the Class I-1A Certificates and Class I-2A Certificates.

     

    Class
      I-A Principal Distribution Amount: For
      any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the aggregate
      Certificate Principal Balance of the Class I-A Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (I) the excess of (a) the
      aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I as
      of
      the last day of the related Due Period (after reduction for Realized Losses
      incurred during the related Prepayment Period) over (b) the aggregate Stated
      Principal Balance of the Mortgage Loans in Loan Group I as of the last day
      of
      the related Due Period (after reduction for Realized Losses incurred during
      the
      related Prepayment Period) multiplied by (i) prior to the Distribution Date
      in
April
      2012, approximately 26.25% and (ii) on or after the Distribution Date
      in
      April
      2012, approximately 21.00%, and (II) the OC Floor.

     

    Class
      I-1A Certificates:
      Any of
      the Class I-1A-1, Class I-1A-2 and Class 1-1A-3 Certificates.

     

    Class
      I-1A Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-1A
      Certificates.

     

    Class
      I-1A Principal Distribution Amount:
      The
      product of the Class I-A Principal Distribution Amount and a fraction, the
      numerator of which is the Principal Funds for Subgroup I-1 for such Distribution
      Date and the denominator of which is the Principal Funds for both Subgroup
      I-1
      and Subgroup I-2 for such Distribution Date.

     

    Class
      I-2A Certificates:
      The
      Class I-2A-1, Class I-2A-2 and Class I-2A-3 Certificates.

     

    Class
      I-2A Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-2A
      Certificates.

     

    Class
      I-2A Principal Distribution Amount:
      The
      product of the Class I-A Principal Distribution Amount and a fraction, the
      numerator of which is the Principal Funds for Subgroup I-2 for such Distribution
      Date and the denominator of which is the Principal Funds for both Subgroup
      I-1
      and Subgroup I-2 for such Distribution Date.

     

    Class
      I-1A-1 Certificate:
      Any
      Certificate designated as a “Class I-1A-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 I-1A-1 Certificates as set
      forth herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right
      to receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-1A-1 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-1A-2 Certificate:
      Any
      Certificate designated as a “Class I-1A-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 I-1A-2 Certificates as set
      forth herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right
      to receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-1A-2 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-1A-3 Certificate:
      Any
      Certificate designated as a “Class I-1A-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 I-1A-3 Certificates as set
      forth herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right
      to receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-1A-3 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-2A-1 Certificate:
      Any
      Certificate designated as a “Class I-2A-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 I-2A-1 Certificates as set
      forth herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right
      to receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-2A-1 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-2A-2 Certificate:
      Any
      Certificate designated as a “Class I-2A-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 I-2A-2 Certificates as set
      forth herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right
      to receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-2A-2 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-2A-3 Certificate:
      Any
      Certificate designated as a “Class I-2A-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 I-2A-3 Certificates as set
      forth herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right
      to receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-2A-3 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

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

     

    Class
      I-B-1 Certificate:
      Any
      Certificate designated as a “Class I-B-1 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 I-B-1 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right to
      receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-B-1 Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-B-1
      Certificates.

     

    Class
      I-B-1 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-B-1 Principal Distribution Amount:
      For any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the Certificate
      Principal Balance of the Class I-B-1 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (I) the excess of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) over (b) the sum of (1) the aggregate
      Certificate Principal Balance of the Class I-A Certificates (after taking into
      account the payment of the Class A Principal Distribution Amounts for such
      Distribution Date), (2) the aggregate Certificate Principal Balance of the
      Class
      I-M-1 Certificates (after taking into account the payment of the Class I-M-1
      Principal Distribution Amounts for such Distribution Date), (3) the aggregate
      Certificate Principal Balance of the Class I-M-2 Certificates (after taking
      into
      account the payment of the Class I-M-2 Principal Distribution Amounts for such
      Distribution Date), (4) the aggregate Certificate Principal Balance of the
      Class
      I-M-3 Certificates (after taking into account the payment of the Class I-M-3
      Principal Distribution Amounts for such Distribution Date) and (5) the aggregate
      Stated Principal Balance of the group I mortgage loans as of the last day of
      the
      related Due Period (after reduction for Realized Losses incurred during the
      related Prepayment Period) multiplied by (i) prior to the Distribution Date
      in
April
      2012, approximately 8.63% and (ii) on or after the Distribution Date in
April
      2012, approximately 6.90%, and (II) the OC Floor.

     

    Class
      I-B-2 Certificate:
      Any
      Certificate designated as a “Class I-B-2 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 I-B-2 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right to
      receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-B-2 Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-B-2
      Certificates.

     

    Class
      I-B-2 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-B-2 Principal Distribution Amount:
      For any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the Certificate
      Principal Balance of the Class I-B-2 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (I) the excess of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) over (b) the sum of (1) the aggregate
      Certificate Principal Balance of the Class I-A Certificates (after taking into
      account the payment of the Class A Principal Distribution Amounts for such
      Distribution Date), (2) the aggregate Certificate Principal Balance of the
      Class
      I-M-1 Certificates (after taking into account the payment of the Class I-M-1
      Principal Distribution Amounts for such Distribution Date), (3) the aggregate
      Certificate Principal Balance of the Class I-M-2 Certificates (after taking
      into
      account the payment of the Class I-M-2 Principal Distribution Amounts for such
      Distribution Date), (4) the aggregate Certificate Principal Balance of the
      Class
      I-M-3 Certificates (after taking into account the payment of the Class I-M-3
      Principal Distribution Amounts for such Distribution Date), (5) the aggregate
      Certificate Principal Balance of the Class I-B-1 Certificates (after taking
      into
      account the payment of the Class I-B-1 Principal Distribution Amounts for such
      Distribution Date) and (6) the aggregate Stated Principal Balance of the
      Mortgage Loans in Loan Group I as of the last day of the related Due Period
      (after reduction for Realized Losses incurred during the related Prepayment
      Period) multiplied by (i) prior to the Distribution Date in April 2012,
      approximately 7.38% and (ii) on or after the Distribution Date in April 2012,
      approximately 5.90%, and (II) the OC Floor.

     

    Class
      I-B-3 Certificate:
      Any
      Certificate designated as a “Class I-B-3 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 I-B-3 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right to
      receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-B-3 Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-B-3
      Certificates.

     

    Class
      I-B-3 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-B-3 Principal Distribution Amount:
      For any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the Certificate
      Principal Balance of the Class I-B-3 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (I) the excess of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) over (b) the sum of (1) the aggregate
      Certificate Principal Balance of the Class I-A Certificates (after taking into
      account the payment of the Class A Principal Distribution Amounts for such
      Distribution Date), (2) the aggregate Certificate Principal Balance of the
      Class
      I-M-1 Certificates (after taking into account the payment of the Class I-M-1
      Principal Distribution Amounts for such Distribution Date), (3) the aggregate
      Certificate Principal Balance of the Class I-M-2 Certificates (after taking
      into
      account the payment of the Class I-M-2 Principal Distribution Amounts for such
      Distribution Date), (4) the aggregate Certificate Principal Balance of the
      Class
      I-M-3 Certificates (after taking into account the payment of the Class I-M-3
      Principal Distribution Amounts for such Distribution Date), (5) the aggregate
      Certificate Principal Balance of the Class I-B-1 Certificates (after taking
      into
      account the payment of the Class I-B-1 Principal Distribution Amounts for such
      Distribution Date) (6) the aggregate Certificate Principal Balance of the Class
      I-B-2 Certificates (after taking into account the payment of the Class I-B-2
      Principal Distribution Amounts for such Distribution Date) and (7) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) multiplied by (i) prior to the
      Distribution Date in April
      2012, approximately 4.00% and (ii) on or after the Distribution Date in
April
      2012, approximately 3.20%, and (II) the OC Floor.

     

    Class
      I-B-4 Certificate:
      Any
      Certificate designated as a “Class I-B-4 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 I-B-4 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right to
      receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-B-4 Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-B-4
      Certificates.

     

    Class
      I-B-4 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-B-4 Principal Distribution Amount: For
      any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the Certificate
      Principal Balance of the Class I-B-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (I) the excess of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) over (b) the sum of (1) the aggregate
      Certificate Principal Balance of the Class I-A Certificates (after taking into
      account the payment of the Class A Principal Distribution Amounts for such
      Distribution Date), (2) the aggregate Certificate Principal Balance of the
      Class
      I-M-1 Certificates (after taking into account the payment of the Class I-M-1
      Principal Distribution Amounts for such Distribution Date), (3) the aggregate
      Certificate Principal Balance of the Class I-M-2 Certificates (after taking
      into
      account the payment of the Class I-M-2 Principal Distribution Amounts for such
      Distribution Date), (4) the aggregate Certificate Principal Balance of the
      Class
      I-M-3 Certificates (after taking into account the payment of the Class I-M-3
      Principal Distribution Amounts for such Distribution Date), (5) the aggregate
      Certificate Principal Balance of the Class I-B-1 Certificates (after taking
      into
      account the payment of the Class I-B-1 Principal Distribution Amounts for such
      Distribution Date) (6) the aggregate Certificate Principal Balance of the Class
      I-B-2 Certificates (after taking into account the payment of the Class I-B-2
      Principal Distribution Amounts for such Distribution Date), (7) the aggregate
      Certificate Principal Balance of the Class I-B-3 Certificates (after taking
      into
      account the payment of the Class I-B-3 Principal Distribution Amounts for such
      Distribution Date) and (8) the aggregate Stated Principal Balance of the
      Mortgage Loans in Loan Group I as of the last day of the related Due Period
      (after reduction for Realized Losses incurred during the related Prepayment
      Period) multiplied by (i) prior to the Distribution Date in April
      2012, approximately 2.75% and (ii) on or after the Distribution Date in
April
      2012, approximately 2.20%, and (II) the OC Floor.

     

    Class
      I-B-IO Certificate:
      Any
      Certificate designated as a “Class I-B-IO Certificate” on the face thereof, in
      the form of Exhibit A-4 hereto, representing the right to its Percentage
      Interest of distributions provided for the Class I-B-IO Certificates herein
      and
      evidencing (i) a Regular Interest in REMIC VI, (ii) the obligation to pay Basis
      Risk Shortfall Carry-Forward Amounts and (iii) the obligation to pay Final
      Maturity Excess Coupon Amounts.

     

    Class
      I-B-IO Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Current Interest for the
      Class I-B-IO Certificates for such Distribution Date, (ii) any
      Overcollateralization Release Amount for such Distribution Date and (iii)
      without duplication, any Subsequent Recoveries not distributed to the Group
      I
      Offered Certificates on such Distribution Date; provided, however that on any
      Distribution Date after the Distribution Date on which the Certificate Principal
      Balances of the Group I Offered Certificates have been reduced to zero, the
      Class I-B-IO Distribution Amount shall include the Overcollateralization
      Amount.

     

    Class
      I-M Certificates:
      Any of
      the Class I-M-1, Class I-M-2 and Class I-M-3 Certificates.

     

    Class
      I-M-1 Certificate:
      Any
      Certificate designated as a “Class I-M-1 Certificate” on the face thereof, in
      the form of Exhibit A-2 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class I-M-1 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right to
      receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-M-1 Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-M-1
      Certificates.

     

    Class
      I-M-1 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-M-1 Principal Distribution Amount: For
      any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the Certificate
      Principal Balance of the Class I-M-1 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (I) the excess of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) over (b) the sum of (1) the aggregate
      Certificate Principal Balance of the Class I-A Certificates (after taking into
      account the payment of the Class A Principal Distribution Amounts for such
      Distribution Date) and (2) the aggregate Stated Principal Balance of the
      Mortgage Loans in Loan Group I as of the last day of the related Due Period
      (after reduction for Realized Losses incurred during the related Prepayment
      Period) multiplied by (i) prior to the Distribution Date in April
      2012, approximately 18.25% and (ii) on or after the Distribution Date in
April
      2012, approximately 14.60%, and (II) the OC Floor.

     

    Class
      I-M-2 Certificate:
      Any
      Certificate designated as a “Class I-M-2 Certificate” on the face thereof, in
      the form of Exhibit A-2 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class I-M-2 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right to
      receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-M-2 Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-M-2
      Certificates.

     

    Class
      I-M-2 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-M-2 Principal Distribution Amount: For
      any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the Certificate
      Principal Balance of the Class I-M-2 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (I) the excess of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) over (b) the sum of (1) the aggregate
      Certificate Principal Balance of the Class I-A Certificates (after taking into
      account the payment of the Class A Principal Distribution Amounts for such
      Distribution Date), (2) the aggregate Certificate Principal Balance of the
      Class
      I-M-1 Certificates (after taking into account the payment of the Class I-M-1
      Principal Distribution Amounts for such Distribution Date) and (3) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) multiplied by (i) prior to the
      Distribution Date in April
      2012, approximately 13.25% and (ii) on or after the Distribution Date in
April
      2012, approximately 10.60%, and (II) the OC Floor.

     

    Class
      I-M-3 Certificate:
      Any
      Certificate designated as a “Class I-M-3 Certificate” on the face thereof, in
      the form of Exhibit A-2 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class I-M-3 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC VI, (ii) the right to
      receive Basis Risk Shortfall Carry-Forward Amounts and (iii) the right to
      receive Final Maturity Excess Coupon Amounts.

     

    Class
      I-M-3 Corridor Contract:
      The
      interest rate corridor contract primarily for the benefit of the Class I-M-3
      Certificates.

     

    Class
      I-M-3 Pass-Through Rate:
      With
      regard to any Distribution Date, the least of (a) One-Month LIBOR plus the
      related Margin (b) 10.50% per annum and (c) the related Net Rate
      Cap.

     

    Class
      I-M-3 Principal Distribution Amount: For
      any
      Distribution Date on or after the Stepdown Date on which a Trigger Event is
      not
      in effect, an amount equal to the excess (if any) of (x) the Certificate
      Principal Balance of the Class I-M-3 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (I) the excess of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after reduction for Realized Losses incurred
      during the related Prepayment Period) over (b) the sum of (1) the aggregate
      Certificate Principal Balance of the Class I-A Certificates (after taking into
      account the payment of the Class A Principal Distribution Amounts for such
      Distribution Date), (2) the aggregate Certificate Principal Balance of the
      Class
      I-M-1 Certificates (after taking into account the payment of the Class I-M-1
      Principal Distribution Amounts for such Distribution Date), (3) the aggregate
      Certificate Principal Balance of the Class I-M-2 Certificates (after taking
      into
      account the payment of the Class I-M-2 Principal Distribution Amounts for such
      Distribution Date) and (4) the aggregate Stated Principal Balance of the
      Mortgage Loans in Loan Group I as of the last day of the related Due Period
      (after reduction for Realized Losses incurred during the related Prepayment
      Period) multiplied by (i) prior to the Distribution Date in April
      2012, approximately 11.50% and (ii) on or after the Distribution Date in
April
      2012, approximately 9.20%, and (II) the OC Floor.

     

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

     

    Class
      I-2X Pass-Through Rate:
      With
      respect to the Class I-2X Certificates, a fixed rate equal to 1.000% per
      annum.

     

    Class
      P Certificate:
      Any
      Certificate designated as a “Class P 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 P Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC VI and (ii) the right to receive
      Prepayment Charge Waiver Amounts.

    

    Class
      R Certificate:
      Any
      Certificate designated a “Class R Certificate” on the face thereof, in the form
      set forth in Exhibit A-6 hereto, evidencing the ownership of the Class R-1
      Interest, Class R-2 Interest, Class R-3 Interest, Class R-4 Interest, Class
      R-5
      Interest and Class R-6 Interest and representing the right to the Percentage
      Interest of distributions provided for the Class R Certificates as set forth
      herein.

    

    Class
      R Deposit:
      The $50
      deposit into the Distribution Account by the Depositor on the Closing Date
      to
      pay the Class R Certificates in accordance with Section 5.04(a), which shall
      be
      included in the Subgroup I-1 Principal Distribution Amount.

     

    Class
      R-1 Interest:
      The
      uncertificated Residual Interest in REMIC I.

     

    Class
      R-2 Interest:
      The
      uncertificated Residual Interest in REMIC II.

     

    Class
      R-3 Interest:
      The
      uncertificated Residual Interest in REMIC III.

     

    Class
      R-4 Interest:
      The
      uncertificated Residual Interest in REMIC IV.

     

    Class
      R-5 Interest:
      The
      uncertificated Residual Interest in REMIC V.

     

    Class
      R-6 Interest:
      The
      uncertificated Residual Interest in REMIC VI.

     

    Class
      II-1A Certificate:
      Any of
      the Class II-1A-1 Certificates and Class II-1A-2 Certificates.

     

    Class
      II-1A-1 Certificate:
      Any
      Certificate designated as a “Class II-1A-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 II-1A-1 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-1A-1 Pass-Through Rate:
      On or
      prior to the Distribution Date in February 2009, a variable Pass-Through Rate
      equal to the weighted average of the Net Rates of the Mortgage Loans in Subgroup
      II-1 minus 0.52187% per annum. On or after the Distribution Date in March 2009,
      a variable Pass-Through Rate equal to the weighted average of the Net Rates
      of
      the Mortgage Loans in Subgroup II-1. The Pass-Through Rate for the Class II-1A-1
      Certificates for the first Interest Accrual Period is approximately 5.70000%
      per
      annum. For federal income tax purposes, the Class II-1A-1 Certificates will
      bear
      interest at the rates equivalent to the foregoing, expressed as (i) the weighted
      average of the Uncertificated REMIC V Pass-Through Rate on REMIC V Regular
      Interest II-1A-1 minus 0.52187% for any Distribution Date on or prior to the
      Distribution Date in February 2009, and (ii) the weighted average of the
      Uncertificated REMIC V Pass-Through Rate on REMIC V Regular Interest II-1A-1
      for
      any Distribution Date on or after the Distribution Date in March
      2009.

     

    Class
      II-1A-2 Certificate:
      Any
      Certificate designated as a “Class II-1A-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 II-1A-2 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-1A-2 Pass-Through Rate:
      On or
      prior to the Distribution Date in February 2009, a variable Pass-Through Rate
      equal to the weighted average of the Net Rates of the Mortgage Loans in Subgroup
      II-1 minus 0.52187% per annum. On or after the Distribution Date in March 2009,
      a variable Pass-Through Rate equal to the weighted average of the Net Rates
      of
      the Mortgage Loans in Subgroup II-1. The Pass-Through Rate for the Class II-1A-2
      Certificates for the first Interest Accrual Period is approximately 5.70000%
      per
      annum. For federal income tax purposes, the Class II-1A-2 Certificates will
      bear
      interest at the rates equivalent to the foregoing, expressed as (i) the weighted
      average of the Uncertificated REMIC V Pass-Through Rate on REMIC V Regular
      Interest II-1A-2 minus 0.52187% for any Distribution Date on or prior to the
      Distribution Date in February 2009, and (ii) the weighted average of the
      Uncertificated REMIC V Pass-Through Rate on REMIC V Regular Interest II-1A-2
      for
      any Distribution Date on or after the Distribution Date in March
      2009.

     

    Class
      II-2A Certificate:
      Any of
      the Class II-2A-1 Certificates and Class II-2A-2 Certificates.

     

    Class
      II-2A-1 Certificate:
      Any
      Certificate designated as a “Class II-2A-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 II-2A-1 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-2A-1 Pass-Through Rate:
      On or
      prior to the Distribution Date in February 2009, a variable Pass-Through Rate
      equal to the weighted average of the Net Rates of the Mortgage Loans in Subgroup
      II-2 minus 0.44082% per annum. On or after the Distribution Date in March 2009,
      a variable Pass-Through Rate equal to the weighted average of the Net Rates
      of
      the Mortgage Loans in Subgroup II-2. The Pass-Through Rate for the Class II-2A-1
      Certificates for the first Interest Accrual Period is approximately 5.85000%
      per
      annum. For federal income tax purposes, the Class II-2A-1 Certificates will
      bear
      interest at the rates equivalent to the foregoing, expressed as (i) the weighted
      average of the Uncertificated REMIC V Pass-Through Rate on REMIC V Regular
      Interest II-2A-1 minus 0.44082% for any Distribution Date on or prior to the
      Distribution Date in February 2009, and (ii) the weighted average of the
      Uncertificated REMIC V Pass-Through Rate on REMIC V Regular Interest II-2A-1
      for
      any Distribution Date on or after the Distribution Date in March
      2009.

     

    Class
      II-2A-2 Certificate:
      Any
      Certificate designated as a “Class II-2A-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 II-2A-2 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-2A-2 Pass-Through Rate:
      On or
      prior to the Distribution Date in February 2009, a variable Pass-Through Rate
      equal to the weighted average of the Net Rates of the Mortgage Loans in Subgroup
      II-2 minus 0.44082% per annum. On or after the Distribution Date in March 2009,
      a variable Pass-Through Rate equal to the weighted average of the Net Rates
      of
      the Mortgage Loans in Subgroup II-2. The Pass-Through Rate for the Class II-2A-2
      Certificates for the first Interest Accrual Period is approximately 5.85000%
      per
      annum. For federal income tax purposes, the Class II-2A-2 Certificates will
      bear
      interest at the rates equivalent to the foregoing, expressed as (i) the weighted
      average of the Uncertificated REMIC V Pass-Through Rate on REMIC V Regular
      Interest II-2A-2 minus 0.44082% for any Distribution Date on or prior to the
      Distribution Date in February 2009, and (ii) the weighted average of the
      Uncertificated REMIC V Pass-Through Rate on REMIC V Regular Interest II-2A-2
      for
      any Distribution Date on or after the Distribution Date in March
      2009.

     

    Class
      II-3A Certificate:
      Any of
      the Class II-3A-1 Certificates and Class II-3A-2 Certificates.

     

    Class
      II-3A-1 Certificate:
      Any
      Certificate designated as a “Class II-3A-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 II-3A-1 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-3A-1 Pass-Through Rate:
      On or
      prior to the Distribution Date in February 2009, a variable Pass-Through Rate
      equal to the weighted average of the Net Rates of the Mortgage Loans in Subgroup
      II-3 minus 0.39493% per annum. On or after the Distribution Date in March 2009,
      a variable Pass-Through Rate equal to the weighted average of the Net Rates
      of
      the Mortgage Loans in Subgroup II-3. The Pass-Through Rate for the Class II-3A-1
      Certificates for the first Interest Accrual Period is approximately 5.85000%
      per
      annum. For federal income tax purposes, the Class II-3A-1 Certificates will
      bear
      interest at the rates equivalent to the foregoing, expressed as (i) the weighted
      average of the Uncertificated REMIC V Pass-Through Rate on REMIC V Regular
      Interest II-3A-1 minus 0.39493% for any Distribution Date on or prior to the
      Distribution Date in February 2009, and (ii) the weighted average of the
      Uncertificated REMIC V Pass-Through Rate on REMIC V Regular Interest II-3A-1
      for
      any Distribution Date on or after the Distribution Date in March
      2009.

     

    Class
      II-3A-2 Certificate:
      Any
      Certificate designated as a “Class II-3A-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 II-3A-2 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-3A-2 Pass-Through Rate:
      On or
      prior to the Distribution Date in February 2009, a variable Pass-Through Rate
      equal to the weighted average of the Net Rates of the Mortgage Loans in Subgroup
      II-3 minus 0.39493% per annum. On or after the Distribution Date in March 2009,
      a variable Pass-Through Rate equal to the weighted average of the Net Rates
      of
      the Mortgage Loans in Subgroup II-3. The Pass-Through Rate for the Class II-3A-2
      Certificates for the first Interest Accrual Period is approximately 5.85000%
      per
      annum. For federal income tax purposes, the Class II-3A-2 Certificates will
      bear
      interest at the rates equivalent to the foregoing, expressed as (i) the weighted
      average of the Uncertificated REMIC V Pass-Through Rate on REMIC V Regular
      Interest II-3A-2 minus 0.39493% for any Distribution Date on or prior to the
      Distribution Date in February 2009, and (ii) the weighted average of the
      Uncertificated REMIC V Pass-Through Rate on REMIC V Regular Interest II-3A-2
      for
      any Distribution Date on or after the Distribution Date in March
      2009.

     

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

     

    Class
      II-B Pass-Through Rate:
      With
      regard to any Distribution Date, a variable pass-through rate equal to the
      weighted average of the weighted average of the Net Rates for all the Subgroups
      included in Loan Group II, weighted in proportion to the excess of the aggregate
      Stated Principal Balance of each such Subgroup over the aggregate Certificate
      Principal Balance of the Senior Certificates related to such Subgroup. The
      Pass-Through Rate for each class of Class II-B Certificates for the first
      Interest Accrual Period is approximately 6.26619% per annum. For federal income
      tax purposes, the Class II-B Certificates will bear interest at a rate
      equivalent to the foregoing, expressed as the weighted average of the
      Uncertificated REMIC V Pass-Through Rates on REMIC V Regular Interests II-B-1,
      II-B-2, II-B-3, II-B-4, II-B-5 and II-B-6.

     

    Class
      II-B-1 Certificate:
      Any
      Certificate designated as a “Class II-B-1 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 II-B-1 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-B-2 Certificate:
      Any
      Certificate designated as a “Class II-B-2 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 II-B-2 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-B-3 Certificate:
      Any
      Certificate designated as a “Class II-B-3 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 II-B-3 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-B-4 Certificate:
      Any
      Certificate designated as a “Class II-B-4 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 II-B-4 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-B-5 Certificate:
      Any
      Certificate designated as a “Class II-B-5 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 II-B-5 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

    Class
      II-B-6 Certificate:
      Any
      Certificate designated as a “Class II-B-6 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 II-B-6 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC VI.

     

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

     

    Class
      II-1X-1 Pass-Through Rate:
      With
      respect to the Class II-1X-1 Certificates, on
      or
      prior to the Distribution Date in February 2009, a fixed Pass-Through Rate
      equal
      to 0.52187% per annum based on a notional amount equal to the aggregate
      Certificate Principal Balance of the Class II-1A Certificates. On or after
      the
      Distribution Date in March 2009, the Class II-1X-1 Certificates will not bear
      any interest and the Pass-Through Rate on the Class II-1X-1 Certificates will
      be
      equal to 0.00% per annum. For federal income tax purposes, the Class II-1X-1
      Certificates will bear interest at the rates equivalent to the foregoing,
      expressed as (i) the excess, if any, of the weighted average of the
      Uncertificated REMIC V Pass-Through Rates on REMIC V Regular Interests II-1A-1
      and II-1A-2, over (ii) (x) for any Distribution Date on or prior to the
      Distribution Date in February 2009, the excess, if any, of (A) the weighted
      average of the Uncertificated REMIC V Pass-Through Rates on REMIC V Regular
      Interests II-1A-1 and II-1A-2, over (B) 0.52187%, or (y) for any Distribution
      Date on or after the Distribution Date in March 2009, the weighted average
      of
      the Uncertificated REMIC V Pass-Through Rates on REMIC V Regular Interests
      II-1A-1 and II-1A-2.

     

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

     

    Class
      II-2X-1 Pass-Through Rate:
      With
      respect to the Class II-2X-1 Certificates, on or prior to the Distribution
      Date
      in February 2009, a fixed Pass-Through Rate equal to 0.44082% per annum based
      on
      a notional amount equal to the aggregate Certificate Principal Balance of the
      Class II-2A Certificates. On or after the Distribution Date in March 2009,
      the
      Class II-2X-1 Certificates will not bear any interest and the Pass-Through
      Rate
      on the Class II-2X-1 Certificates will be equal to 0.00% per annum. For federal
      income tax purposes, the Class II-2X-1 Certificates will bear interest at the
      rates equivalent to the foregoing, expressed as (i) the excess, if any, of
      the
      weighted average of the Uncertificated REMIC V Pass-Through Rates on REMIC
      V
      Regular Interests II-2A-1 and II-2A-2, over (ii) (x) for any Distribution Date
      on or prior to the Distribution Date in February 2009, the excess, if any,
      of
      (A) the weighted average of the Uncertificated REMIC V Pass-Through Rates on
      REMIC V Regular Interests II-2A-1 and II-2A-2, over (B) 0.44082%, or (y) for
      any
      Distribution Date on or after the Distribution Date in March 2009, the weighted
      average of the Uncertificated REMIC V Pass-Through Rates on REMIC V Regular
      Interests II-2A-1 and II-2A-2.

     

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

     

    Class
      II-3X-1 Pass-Through Rate:
      With
      respect to the Class II-3X-1 Certificates, on or prior to the Distribution
      Date
      in February 2009, a fixed Pass-Through Rate equal to 0.39493% per annum based
      on
      a notional amount equal to the aggregate Certificate Principal Balance of the
      Class II-3A Certificates. On or after the Distribution Date in March 2009,
      the
      Class II-3X-1 Certificates will not bear any interest and the Pass-Through
      Rate
      on the Class II-3X-1 Certificates will be equal to 0.00% per annum. For federal
      income tax purposes, the Class II-3X-1 Certificates will bear interest at the
      rates equivalent to the foregoing, expressed as (i) the excess, if any, of
      the
      weighted average of the Uncertificated REMIC V Pass-Through Rates on REMIC
      V
      Regular Interests II-3A-1 and II-3A-2, over (ii) (x) for any Distribution Date
      on or prior to the Distribution Date in February 2009, the excess, if any,
      of
      (A) the weighted average of the Uncertificated REMIC V Pass-Through Rates on
      REMIC V Regular Interests II-3A-1 and II-3A-2, over (B) 0.39493%, or (y) for
      any
      Distribution Date on or after the Distribution Date in March 2009, the weighted
      average of the Uncertificated REMIC V Pass-Through Rates on REMIC V Regular
      Interests II-3A-1 and II-3A-2.

     

    Class
      Prepayment Distribution Trigger:
      A test,
      which shall be satisfied for a Class of Group II Subordinate Certificates for
      a
      Distribution Date if the fraction (expressed as a percentage), the numerator
      of
      which is the aggregate Certificate Principal Balance of such Class and each
      Class of Group II Subordinate Certificates subordinate thereto, if any, and
      the
      denominator of which is the Stated Principal Balances of all of the Mortgage
      Loans in Loan Group II as of the related Due Date, equals or exceeds such
      percentage calculated as of the Closing Date.

     

    Closing
      Date:
      April
      28, 2006.

     

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

     

    Compensating
      Interest:
      An
      amount, not to
      exceed
      the Servicing Fee, to be deposited in the Distribution Account by the related
      Servicer to the payment of a Prepayment Interest Shortfall on a Mortgage Loan
      subject to this Agreement; provided that in the event the related Servicer
      fails
      to make such payment, the Master Servicer shall be obligated to do so to the
      extent provided in Section 5.02(b) hereof. 

     

    Controlling
      Class Holder:
      The
      Holder of the Class of Certificates with the lowest payment priority that is
      outstanding at any time with respect to the related Loan Group.

     

    Corporate
      Trust Office:
      The
      designated 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 HSBC Bank
      USA, National Association, 452 Fifth Avenue, New York, New York 10018,
      Attention: Luminent Mortgage Trust 2006-3, or at such other address as the
      Trustee may designate from time to time.

     

    Corresponding
      Certificate:
      With
      respect to each REMIC III Regular Interest and REMIC V Regular Interest, the
      Certificate with the corresponding designation. 

     

    Corresponding
      Interest:
      With
      respect to each REMIC II Regular Interest (other than REMIC II Regular Interests
      AA, ZZ, 1-Sub, 2-Sub, 1-Grp, 2-Grp, XX, IO and P), the REMIC III Regular
      Interest with the corresponding designation.

     

    Corridor
      Contracts:
      The
      Class I-1A Corridor Contract, the Class I-2A Corridor Contract and the
      Subordinate Corridor Contracts, each dated as of April 28, 2006, between the
      Trustee and the Corridor Contract Provider.

     

    Corridor
      Contract Provider:
      The
      corridor contract provider under the Corridor Contracts required to make
      payments to the Securities Administrator for payment to the Trust Fund pursuant
      to the terms of this Agreement, and any successor in interest or assign.
      Initially, the Corridor Contract Provider shall be Wachovia Bank,
      N.A.

     

    Coupon
      Strip:
      For
      each Subgroup in Loan Group I and each Distribution Date beginning with the
      Distribution Date in May 2016 shall be an amount equal to the lesser of (a)
      the
      product of (i) 1.00%, (ii) the aggregate Stated Principal Balance as of the
      Due
      Date occurring in the month prior to such Distribution Date of the Mortgage
      Loans in such Subgroup with original terms to maturity in excess of 30 years
      and
      (iii) one-twelfth and (b) the product of (A) the excess of (i) the Final
      Maturity Reserve Account Target for such Distribution Date over (ii) the amount
      on deposit in the Final Maturity Reserve Account immediately prior to such
      Distribution Date and (B) a fraction, the numerator of which is equal to the
      aggregate Stated Principal Balance as of the Due Date occurring in the month
      prior to such Distribution Date of the Mortgage Loans in such Subgroup with
      original terms to maturity in excess of 30 years, and the denominator of which
      is equal to the aggregate Stated Principal Balance as of the Due Date occurring
      in the month prior to such Distribution Date of the Mortgage Loans
      in Loan Group I with original terms to maturity in excess of 30
      years.

     

    Coupon
      Strip Rate:
      For
      each Subgroup in Loan Group I and each Distribution Date beginning with the
      Distribution Date in May 2016, a fraction, expressed as a percentage, the
      numerator of which is equal to the Coupon
      Strip for such Subgroup, if any, payable to the Final Maturity Reserve Account
      on such Distribution Date, and the denominator of which is equal to the
      aggregate Stated Principal Balance of the Mortgage Loans in such Subgroup
      as of the
      Due Date occurring in the month prior to such
      Distribution Date.

     

    Credit
      Enhancement Percentage:
      For any
      Distribution Date is the percentage obtained by dividing (x) the aggregate
      Certificate Principal Balance of the Group I Subordinate Certificates (including
      the Overcollateralization Amount) thereto by (y) the aggregate principal balance
      of the Mortgage Loans in Loan Group I, calculated after taking into account
      distributions of principal on the Mortgage Loans in Loan Group I and
      distribution of the Principal Distribution Amounts to the holders of the Group
      I
      Offered Certificates then entitled to distributions of principal on such
      Distribution Date.

     

    Cross-Over
      Date:
      The
      Distribution Date on which the Certificate Principal Balances of the Group
      II
      Subordinate Certificates are reduced to zero.

     

    Cumulative
      Loss Test Violation:
      If on
      any Distribution Date the aggregate amount of Realized Losses incurred on the
      Mortgage Loans in Loan Group I since the Cut-off Date through the last day
      of
      the related Due Period divided by the aggregate principal balance of the
      Mortgage Loans in Loan Group I as of the Cut-off Date exceeds the applicable
      percentages set forth below with respect to such Distribution Date:

     

    

      
        	
                Distribution
                  Date Occurring in

              	
                 

              	
                Percentage

              
	 	 	 
	
                May
                  2008
                  through April 2009

              	 	
                0.20%

              
	
                May
                  2009 through April 2010

              	 	
                0.50%

              
	
                May
                  2010 through April 2011

              	 	
                0.90%

              
	
                May
                  2011 through April 2012

              	 	
                1.30%

              
	
                May
                  2012 through April 2013

              	 	
                1.80%

              
	
                May
                  2013 and thereafter

              	 	
                2.00%

              

      

    

     

    Current
      Interest:
      With
      respect to each class of Group I Offered Certificates, Class I-B-IO Certificates
      and Final Maturity IO Interest and each Distribution Date, the interest accrued
      at the applicable Pass-Through Rate for the applicable Interest Accrual Period
      on the Certificate Principal Balance or Notional Amount or Uncertificated
      Notional Amount of such class, or otherwise distributable thereto, plus any
      amount previously distributed with respect to interest for such Class that
      is
      recovered as a voidable preference by a trustee in bankruptcy reduced by, in
      the
      case of a Class I-A, Class I-M, Class I-B-IO or Class I-B Certificate, such
      Class's share of (x) any Net Deferred Interest allocated to that Class of
      Certificates, (y) the interest portion of any Realized Losses on the related
      Mortgage Loans allocated to that Class of Certificates and (z) any Prepayment
      Interest Shortfall to the extent not covered by Compensating Interest Payments
      and any shortfalls resulting from the application of the Relief Act, in each
      case to the extent allocated to such Class of Certificates as described in
      Section 1.02 hereof.

     

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

     

    Custodial
      Agreement:
      An
      agreement, dated as of April 28, 2006, among the Depositor, the 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 Custodial Agreement.

     

    Cut-off
      Date:
      The
      close of business on April 1, 2006.

     

    Cut-off
      Date Principal Balance:
      As to
      any Mortgage Loan, the unpaid principal balance thereof as of the close of
      business 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.

     

    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 Monthly 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.

     

    Deferred
      Interest:
      The
      amount of accrued interest on the Mortgage Loans, the payment of which is
      deferred and added to the principal balance of a Mortgage Loan due to the
      negative amortization feature.

     

    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 Monthly 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 6.06.

     

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

     

    Delinquency
      Test Violation:
      If on
      any Distribution Date if the percentage obtained by dividing (x) the aggregate
      outstanding principal balance of Group I Mortgage Loans delinquent 60 days
      or
      more (including Mortgage Loans that are in foreclosure, have been converted
      to
      REO Properties or have been discharged by reason of bankruptcy) by (y) the
      aggregate outstanding principal balance of the Group I Mortgage Loans, in each
      case, as of the last day of the previous calendar month, exceeds (i) prior
      to
      the Distribution Date in May 2009, 26.67% of
      the
      Credit Enhancement Percentage
      and (ii)
      on or after the Distribution Date in May 2012, 33.33% of the Credit Enhancement
      Percentage.

     

    Delinquent:
      A
      Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to
      the terms of such Mortgage Loan by the close of business on the day such payment
      is scheduled to be due. A Mortgage Loan is “30 days delinquent” if such payment
      has not been received by the close of business on the corresponding day of
      the
      month immediately succeeding the month in which such payment was due, or, if
      there is no such corresponding day (e.g., as when a 30-day month follows a
      31-day month in which a payment was due on the 31st day of such month), then
      on
      the last day of such immediately succeeding month. Similarly for “60 days
      delinquent,” “90 days delinquent” and so on.

     

    Denomination:
      With
      respect to each Certificate, the amount set forth on the face thereof as the
      “Initial Principal Balance or initial notional amount of this
      Certificate”.

     

    Depositor:
      Structured Asset Mortgage Investments II Inc., a Delaware limited liability
      company, or its successor in interest.

     

    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 among the
      Depositor, the Trustee 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.

     

    Distribution
      Account:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      pursuant to Section 4.08 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 Structured Asset Mortgage Investments II Inc.,
      Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series
      2006-3” 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 May 2006.

     

    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 Monthly
      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 3.18.

     

    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, 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.

     

    EMC:
      EMC
      Mortgage Corporation.

     

    EMC
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      among the Sponsor, the Trustee and EMC, attached hereto as Exhibit
      R-4.

     

    EMC
      Mortgage Loans:
      Those
      Mortgage Loans serviced by the EMC pursuant to the terms of the related
      Servicing Agreement.

     

    EMC
      Servicing Agreement:
      That
      certain Amended and Restated Purchase, Warranties and Servicing Agreement,
      dated
      as of April 24, 2006, among the EMC Mortgage Corporation, Maia Mortgage Finance
      Statutory Trust, Luminent Mortgage Capital, Inc. and Mercury Mortgage Finance
      Statutory Trust, as amended.

     

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

     

    ERISA
      Restricted Certificates:
      Any of
      the Class P, Class I-B-IO, Class I-B-4, Class II-B-4, Class II-B-5, Class II-B-6
      and Residual Certificates.

     

    Event
      of Default:
      As
      defined in Section 8.01 hereof.

     

    Excess
      Cashflow:
      With
      respect to any Distribution Date and Loan Group I, means the sum of (a) the
      Remaining Excess Spread for such Loan Group and (b) the Overcollateralization
      Release Amount for such Distribution Date.

     

    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.

     

    Excess
      Overcollateralization Amount:
      With
      respect to any Distribution Date, the excess, if any, of the
      Overcollateralization Amount over the Overcollateralization Target
      Amount.

     

    Excess
      Spread:
      With
      respect to any Distribution Date, the excess, if any, of the Interest Funds
      for
      such Distribution Date over the sum of (i) the Coupon Strip, if applicable,
      (ii)
      the Current Interest on the Group I Offered Certificates and (iv) any Interest
      Carry Forward Amounts on the Group I Senior Certificates on such Distribution
      Date.

     

    Exchange
      Act:
      Securities Exchange Act of 1934, as amended and the rules and regulations
      thereunder.

     

    Exchange
      Act Reports:
      Any
      reports required to be filed pursuant to Section 3.18 of this
      Agreement.

     

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

     

    Extra
      Principal Distribution Amount:
      With
      respect to any Distribution Date, an amount derived from Excess Spread equal
      to
      the lesser of (a) the excess, if any, of the Overcollateralization Target Amount
      for such Distribution Date over the Overcollateralization Amount for such
      Distribution Date and (b) the Excess Spread for such Distribution
      Date.

     

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

     

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

     

    Final
      Maturity Reserve Account:
      The
      separate account established and maintained by the Securities Administrator
      pursuant to Section 4.10 hereof. Amounts on deposit in the Final Maturity
      Reserve Account will not be an asset of any REMIC.

     

    Final
      Maturity Excess Coupon Amount:
      As
      defined in Section 4.10 of this Agreement. For purposes of clarity, the Final
      Maturity Excess Coupon Amount for any Distribution Date shall equal the amount
      payable by the Trustee on such Distribution Date to Holders of the Group I
      Offered Certificates, other than the Class I-2X Certificates, (excluding any
      Basis Risk Shortfall Carry-Forward Amounts payable to such Certificates on
      such
      Distribution Date) in excess of the amount payable on the REMIC VI Regular
      Interests the ownership of which is represented by such Certificates on such
      Distribution Date, all as further provided in Section 4.10 hereof.

     

    Final
      Maturity IO Interest:
      An
      uncertificated interest in the Trust Fund evidencing a Regular Interest in
      REMIC
      VI for purposes of the REMIC Provisions and held by the Trustee as an asset
      of
      the Final Maturity Reserve Account.

     

    Final
      Maturity Reserve Account Deposit:
      With
      respect to the Final Maturity Reserve Account, an amount equal to $5,000, which
      the Depositor shall initially deposit into the Final Maturity Reserve Account
      pursuant to Section 4.10 of this Agreement.

     

    Final
      Maturity Reserve Account Target:
      For
      any
      Distribution Date beginning with the Distribution Date in May 2016, the lesser
      of (a) the product of (i) the aggregate Stated Principal Balance of the Group
      I
      Mortgage Loans with original terms to maturity in excess of 30 years as of
      the
      Due Date occurring in the month prior to such Distribution Date and (ii) a
      fraction, the numerator of which is 1.00 and the denominator of which is 0.85,
      and (b) $4,414,578.

     

    Final
      Recovery Determination:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by the Sponsor or its designee pursuant
      to or as contemplated by Section 2.03(c) or Section 10.01), a determination
      made
      by the applicable Servicer pursuant to the related Servicing Agreement that
      all
      Insurance Proceeds, Liquidation Proceeds and other payments or recoveries which
      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 each Servicer, of
      each
      Final Recovery Determination made thereby.

     

    Final
      Scheduled Distribution Date:
      With
      respect to the Group I Certificates, May 2036, and with respect to the Group
      II
      Certificates, April 2036.

     

    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.

     

    Fitch:
      Fitch
      Inc.

     

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

     

    Group
      I Certificates:
      The
      Group I Senior Certificates, Group I Subordinate Certificates, Class I-B-IO,
      Class P and Class R Certificates.

     

    Group
      I Offered Certificate:
      The
      Group I Senior Certificates and Group I Subordinate Certificates.

     

    Group
      I Senior Certificates:
      The
      Class I-1A, Class I-2A and Class I-2X Certificates.

     

    Group
      I Subordinate Certificates:
      Any of
      the Class I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class
      I-B-3
      and Class I-B-4 Certificates.

     

    Group
      I Sub-Trust:
      The
      portion of the Trust Fund allocated to Loan Group I.

     

    Group
      II Certificates:
      The
      Group II Senior Certificates and Group II Subordinate Certificates.

     

    Group
      II Interest Only Certificates:
      The
      Class II-1X-1, Class II-2X-1 and Class II-3X-1 Certificates.

     

    Group
      II Non-Offered Certificate:
      Any of
      the Class II-B-4, Class II-B-5, Class II-B-Certificates.

     

    Group
      II Offered Certificates:
      The
      Group II Senior Certificates and Group II Offered Subordinate
      Certificates.

     

    Group
      II Offered Subordinate Certificates:
      The
      Class II-B-1, Class II-B-2 and Class II-B-3 Certificates.

     

    Group
      II Senior Certificates:
      The
      Class II-1A, Class II-2A, Class II-3A and Group II Interest Only
      Certificates.

     

    Group
      II Subordinate Certificates:
      The
      Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class
      II-B-6 Certificates.

     

    Indemnified
      Persons:
      The
      Trustee, the Master Servicer, the Trust Fund and the Securities Administrator
      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.

     

    IndyMac:
      IndyMac
      Bank, F.S.B.

     

    IndyMac
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      among the Sponsor, the Trustee and IndyMac, attached hereto as Exhibit
      R-4.

     

    IndyMac
      Loans:
      Those
      Mortgage Loans subject to this Agreement which were purchased by the Sponsor
      from IndyMac pursuant to the IndyMac Servicing Agreement.

     

    IndyMac
      Servicing Agreement:
      That
      certain Flow Sale and Servicing Agreement, dated as of April 21, 2006, among
      Maia Mortgage Finance Statutory Trust, Luminent Mortgage Capital, Inc., Mercury
      Mortgage Finance Statutory Trust and the IndyMac Bank, F.S.B, as
      amended.

     

    Initial
      Certificate Principal Balance:
      With
      respect to any Certificate, 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 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 related Servicer would follow in servicing mortgage
      loans held for its own account.

     

    Interest
      Accrual Period:
      For
      each Class of Group II Certificates and Class I-2X Certificates and for any
      Distribution Date, the calendar month preceding the month in which such
      Distribution Date occurs. For each Class of Group I Offered Certificates (other
      than the Class I-2X Certificates) and for any Distribution Date, the period
      commencing on the Distribution Date in the month preceding the month in which
      a
      Distribution Date occurs (or the Closing Date, in the case of the first Interest
      Accrual Period) and ending on the day immediately prior to such Distribution
      Date.

     

    Interest
      Carry Forward Amount:
      With
      respect to each Class of Group I Offered Certificates and the first Distribution
      Date, zero, and for each Distribution Date thereafter, the sum of:

     

    1. the
      excess of:

     

    (a) Current
      Interest for such Class with respect to prior Distribution Dates,
      over

     

    (b) the
      amount actually distributed to such Class with respect to interest on or after
      such prior Distribution Dates, and

     

    2. interest
      on such excess (to the extent permitted by applicable law) at the applicable
      Pass-Through Rate for the related Interest Accrual Period including the Interest
      Accrual Period relating to such Distribution Date.

     

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

     

    Interest
      Funds:
      With
      respect to each of Subgroup I-1 and Subgroup I-2 any Distribution Date, the
      sum,
      without duplication, of:

     

    1. all
      scheduled interest collected in respect of the related Mortgage Loans during
      the
      related Due Period, less the Servicing Fee and Master Servicing Fee, if
      any,

     

    2. all
      Advances relating to interest on the related Mortgage Loans made by the related
      Servicer,

     

    3. all
      Compensating Interest Payments with respect to the related Mortgage
      Loans,

     

    4. Insurance
      Proceeds and Liquidation Proceeds received during the related Prepayment Period
      (or in the case of Subsequent Recoveries, during the related Due Period), to
      the
      extent such Liquidation Proceeds relate to interest, less all non-recoverable
      advances relating to interest and certain expenses, in each case, with respect
      to the Mortgage Loans in the related Subgroup,

     

    5. the
      interest portion of proceeds from Mortgage Loans in the related Subgroup that
      were repurchased during the related Due Period,

     

    6. the
      interest portion of the purchase price of the assets of the Trust allocated
      to
      the related Subgroup upon exercise by the Sponsor or its designee of its
      optional termination right, and

     

    7. the
      amount of any Principal Prepayments in full, partial Principal Prepayments,
      Net
      Liquidation Proceeds, Repurchase Proceeds and scheduled principal payments,
      in
      that order, allocated to the related Subgroup that would otherwise have been
      included in the related Principal Funds for such Distribution Date that are
      applied in connection with any Deferred Interest in accordance with the
      definition of Net Deferred Interest,

     

    minus

     

    8. any
      amounts required to be reimbursed to Sponsor, the Depositor, the Master Servicer
      or the Trustee and allocated to the related Subgroup, pursuant to Sections
      4.05
      and 4.09 or as otherwise set forth in this Agreement.

     

    Interest
      Only Certificates:
      The
      Class I-2X Certificates and the Group II Interest Only
      Certificates.

     

    Interest
      Shortfall:
      With
      respect to any Distribution Date, means the aggregate shortfall, if any, in
      collections of interest (adjusted to the related Net Rates) on the Mortgage
      Loans in the related Loan Group resulting from (a) prepayments in full with
      respect to the related Loan Group received during the related Prepayment Period,
      (b) partial prepayments with respect to the related Loan Group 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 in the related Loan Group being limited pursuant to the
      provisions of the Relief Act or similar state or local laws.

     

    Latest
      Possible Maturity Date:
      With
      respect to the Group I Certificates, the Distribution Date following the final
      scheduled maturity date of the Mortgage Loan in the portion of the Trust Fund
      consisting of Loan Group I having the latest scheduled maturity date as of
      the
      Cut-off Date, and with respect to the Group II Certificates, the Distribution
      Date following the final scheduled maturity date of the Mortgage Loan in the
      portion of the Trust Fund consisting of Loan Group II 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, REMIC III,
      REMIC IV, REMIC V and REMIC VI shall be the Latest Possible Maturity Date
      applicable to the portion of the Trust Fund related to each such
      REMIC.

     

    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.

     

    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
      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, 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.

     

    Loan
      Group:
      Any of
      Loan Group I or Loan Group II.

     

    Loan
      Group I:
      The
      Mortgage Loans included as part of Subgroup I-1 and Subgroup I-2 on the Mortgage
      Loan Schedule.

     

    Loan
      Group II:
      The
      Mortgage Loans included as part of Subgroup II-1, Subgroup II-2 and Subgroup
      II-3 on the Mortgage Loan Schedule.

     

    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 5.05(e).

     

    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.

     

    LPMI
      Policy:
      A
      policy of mortgage guaranty insurance issued by an insurer meeting the
      requirements of Fannie Mae and Freddie Mac in which 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. However, such LPMI Policy is
      not
      applicable to this transaction.

     

    Marker
      Rate:
      With
      respect to REMIC III Regular Interest I-B-IO and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC II Pass-Through Rates for the REMIC II Regular Interests (other than
      REMIC
      II Regular Interests AA, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX, IO and P), with the
      rate on each such REMIC II Regular Interest (other than REMIC II Regular
      Interest ZZ) subject to a cap equal to the Uncertificated REMIC III Pass-Through
      Rate for the Corresponding Interest for the purpose of this calculation for
      such
      Distribution Date, and with the rate on REMIC II Regular Interest ZZ subject
      to
      a cap of zero for the purpose of this calculation; provided, however, that
      solely for this purpose, the related cap with respect to each REMIC II Regular
      Interest (other than REMIC II Regular Interests AA, ZZ, 1-Sub, 1-Grp, 2-Sub,
      2-Grp, IO and P) shall be multiplied by a fraction, the numerator of which
      is 30
      and the denominator of which is the actual number of days in the related
      Interest Accrual Period.

     

    Margin:
      With
      respect to the Class I-1A-1, Class I-1A-2, Class I-1A-3, Class I-2A-1, Class
      I-2A-2, Class I-2A-3, Class
      I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3 and
      Class
      I-B-4 Certificates will
      be
      0.200%, 0.250%, 0.310%, 0.210%, 0.260%, 0.310%, 0.380%, 0.400%, 0.420%, 0.580%,
      0.600%, 1.750% and 2.100% per annum, respectively, provided that, after the
      first possible optional termination date, with respect to the Group 1 or Group
      2
      Mortgage Loans, as applicable, the related margin for the Class I-1A-1, Class
      I-1A-2, Class I-1A-3, Class I-2A-1, Class I-2A-2, Class I-2A-3, Class
      I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3 and
      Class
      I-B-4 Certificates will
      be
      0.400%, 0.500%, 0.620%, 0.420%, 0.520%, 0.620%, 0.570%, 0.600%, 0.630%, 0.870%,
      0.900%, 2.625% and 3.150% per annum, respectively.

     

    Master
      Servicer:
      Wells
      Fargo Bank, National Association, in its capacity as master servicer, and its
      successors and assigns.

     

    Master
      Servicing Compensation:
      The
      meaning specified in Section 3.14.

     

    Master
      Servicing Information:
      As
      defined in Section 3.18(c).

     

    Maximum
      Uncertificated Accrued Interest Deferral Amount:
      With
      respect to any Distribution Date, the excess of (i) accrued interest at the
      Uncertificated REMIC II Pass-Through Rate applicable to REMIC II Regular
      Interest ZZ for such Distribution Date on a balance equal to the Uncertificated
      Principal Balance of REMIC II Regular Interest ZZ minus the REMIC II
      Overcollateralization Amount, in each case for such Distribution Date, over
      (ii)
      the Uncertificated Accrued Interest on each REMIC II Regular Interest for which
      a REMIC III Regular Interest is a Corresponding Interest for the purpose of
      this
      calculation for such Distribution Date, with the rate on each such REMIC II
      Regular Interest subject to a cap equal to the Uncertificated REMIC III
      Pass-Through Rate for the Corresponding Interest; provided, however, that solely
      for this purpose, the related cap with respect to each REMIC II Regular Interest
      for which a REMIC III Regular Interest is a Corresponding Interest shall be
      multiplied by a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days in the related Accrual Period.

     

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

     

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

     

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

     

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

     

    Monthly
      Payments:
      For any
      Mortgage Loan and any month, the scheduled payment or payments of principal
      and
      interest due during such month on such Mortgage Loan which either is payable
      by
      a mortgagor in such month under the related Mortgage Note or in the case of
      any
      Mortgaged Property acquired through foreclosure or deed in lieu of foreclosure,
      would otherwise have been payable under the related Mortgage Note.

     

    Monthly
      Statement:
      The
      statement delivered pursuant to Section 5.06.

     

    Moody’s:
      Moody’s
      Investors Service, Inc.

     

    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 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 April 28, 2006, among
      the
      Sponsor, Maia Mortgage Finance Statutory Trust, as seller and the Depositor,
      as
      purchaser.

     

    Mortgage
      Loan Purchase Price:
      The
      price, calculated as set forth in Section 10.01, to be paid in connection with
      the repurchase of the Mortgage Loans pursuant to Section 10.01.

     

    Mortgage
      Loan Schedule:
      The
      list of Mortgage Loans (as from time to time amended by the Master Servicer
      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:

     

    (i) the
      loan
      number;

     

    (ii) the
      Loan
      Group;

     

    (iii) the
      Mortgage Rate in effect as of the Cut-off Date;

     

    (iv) the
      Servicer, the Servicing Fee Rate;

     

    (v) the
      LPMI
      Fee, if applicable;

     

    (vi) the
      Net
      Rate in effect as of the Cut-off Date;

     

    (vii) the
      maturity date;

     

    (viii) the
      original principal balance;

     

    (ix) the
      Cut-off Date Principal Balance;

     

    (x) the
      original term;

     

    (xi) the
      remaining term;

     

    (xii) the
      property type; and

     

    (xiii) the
      MIN
      with respect to each Mortgage Loan.

     

    Such
      schedule shall also set forth the aggregate Cut-off Date Principal Balance
      for
      all of the Mortgage Loans in each Loan Group.

     

    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.

     

    Net
      Deferred Interest:
      On any
      Distribution Date, Deferred Interest on the related Mortgage Loans during the
      related Due Period net of Principal Prepayments in full, partial Principal
      Prepayments, Net Liquidation Proceeds, Repurchase Proceeds and scheduled
      principal payments, in that order, available to be distributed on the Group
      I
      Certificates on that Distribution Date. With respect to any Adjustable Rate
      Certificate as of any Distribution Date will be an amount equal to the product
      of (1) the difference, if any between (a) the lesser of (i) the related
      Pass-Through Rate for such Class, without regard to the related Net Rate Cap
      on
      such Distribution Date and (ii) the related Net Rate Cap and (b) the Adjusted
      Rate Cap for such Distribution Date and (2) the Certificate Principal Balance
      of
      such Certificate immediately prior to such Distribution Date.

     

    Net
      Interest Shortfalls:
      The
      Interest Shortfalls net of payments by the related Servicer or the Master
      Servicer in respect of Compensating Interest.

     

    Net
      Rate:
      With
      respect to any Mortgage Loan is a rate equal to the applicable interest rate
      borne by such Mortgage Loan less the sum of the respective rates used to
      calculate the Servicing Fee, the Master Servicing Fee and the Lender-Paid PMI
      Rate, if any.

     

    Net
      Rate Cap:
      With
      respect to the Class I-1A Certificates and Class I-2A Certificates, the weighted
      average of the Net Rates of the Mortgage Loans in the related Subgroup of Loan
      Group I (less, if applicable, the related Coupon Strip Rate) and in the case
      of
      the Class I-2A Certificates, the Net Rate Cap will be further reduced by 1.00%
      per annum). With respect to the Class I-M Certificates and Class I-B
      Certificates, the weighted average of (i) the weighted average of the Net Rates
      on the Mortgage Loans in Subgroup I-1 (less, if applicable, the related Coupon
      Strip Rate), and (ii) the weighted average of the Net Rates on the Mortgage
      Loans in Subgroup I-2 (less, if applicable, the related Coupon Strip Rate),
      weighted on the basis of the excess of (a) the aggregate
      Stated Principal Balance of
      the
      Mortgage Loans in Subgroup I-1 over the aggregate Certificate Principal Balance
      of the Class I-1A Certificates and (b) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in Subgroup I-2 over the aggregate Certificate Principal
      Balance of the Class I-2A Certificates, respectively, in each case as adjusted
      to an effective rate reflecting the accrual of interest on an actual/360 basis.
      With respect to any Distribution Date and (i) the REMIC VI Regular Interests
      the
      ownership of which is represented by the Class I-1A-1, Class I-1A-2 and Class
      I-1A-3 Certificates, a per annum rate equal to the weighted average (adjusted
      for the actual number of days elapsed in the related Interest Accrual Period)
      of
      the Uncertificated REMIC II Pass-Through Rates on REMIC II Regular Interests
      1-Grp, weighted on the basis of the Uncertificated Principal Balances of each
      such REMIC II Regular Interest immediately prior to such Distribution Date,
      (ii)
      the REMIC VI Regular Interests the ownership of which is represented by the
      Class I-2A-1, Class I-2A-2 and Class I-2A-3 Certificates, a per annum rate
      equal
      to the weighted average (adjusted for the actual number of days elapsed in
      the
      related Interest Accrual Period) of the Uncertificated REMIC II Pass-Through
      Rate on REMIC II Regular Interest 2-Grp, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC II Regular Interest immediately
      prior to such Distribution Date, minus 1.00% per annum, and (iii) the REMIC
      VI
      Regular Interests the ownership of which is represented by the Class I-M
      Certificates or the Class I-B Certificates, a per annum rate equal to the
      weighted average (adjusted for the actual number of days elapsed in the related
      Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on (a) REMIC
      II Regular Interest 1-Sub, subject to a cap and a floor equal to the
      Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest 1-Grp
      and
      (b) REMIC II Regular Interest 2-Sub, subject to a cap and a floor equal to
      the
      Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest 2-Grp,
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC II Regular Interest immediately prior to such Distribution
      Date.

     

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

     

    Non-Offered
      Certificates:
      The
      Class I-B-IO, Class R, Class P, Class II-B-4, Class II-B-5 and Class II-B-6
      Certificates.

     

    Nonrecoverable
      Advance:
      Any
      portion of an Advance previously made or proposed to be made by 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 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:
      With
      respect to any Distribution Date and the Class I-2X Certificates, the aggregate
      Certificate Principal Balance of the Class I-2A Certificates; with respect
      to
      any Distribution Date and the Class II-1X-1 Certificates, the aggregate
      Certificate Principal Balance of the Class II-1A Certificates, with respect
      to
      any Distribution Date and the Class II-2X-1 Certificates, the aggregate
      Certificate Principal Balance of the Class II-2A Certificates; with respect
      to
      any Distribution Date and the Class II-3X-1 Certificates, the aggregate
      Certificate Principal Balance of the Class II-3A Certificates (in each case
      before taking into account the payment of principal on related certificates
      on
      such Distribution Date). With
      respect to any Distribution Date and the Class I-B-IO Certificates, an amount
      equal to the Stated Principal Balance of the Mortgage Loans as of the beginning
      of the related Due Period. The
      initial Notional Amount of the Class I-B-IO Certificates shall be
      $369,024,835.12. For federal income tax purposes, the Notional Amount for the
      Class I-2X Certificates for any Distribution Date shall be an amount equal
      to
      the aggregate Uncertificated Principal Balance of REMIC III Regular Interests
      I-2A-1, I-2A-2 and I-2A-3 for such Distribution Date; the Notional Amount for
      the Class II-1X-1 Certificates for any Distribution Date shall be an amount
      equal to the aggregate Uncertificated Principal Balance of REMIC V Regular
      Interests II-1A-1 and II-1A-2 for such Distribution Date; the Notional Amount
      for the Class II-2X-1 Certificates for any Distribution Date shall be an amount
      equal to the aggregate Uncertificated Principal Balance of REMIC V Regular
      Interests II-2A-1 and II-2A-2 for such Distribution Date; the Notional Amount
      for the Class II-3X-1 Certificates for any Distribution Date shall be an amount
      equal to the aggregate Uncertificated Principal Balance of REMIC V Regular
      Interests II-3A-1 and II-3A-2 for such Distribution Date; and the Notional
      Amount for the Class I-B-IO Certificates for any Distribution Date shall be
      an
      amount equal to the Uncertificated Notional Amount for REMIC III Regular
      Interest I-B-IO for such Distribution Date.

     

    OC
      Floor:
      An
      amount equal to 0.50% of the aggregate Stated Principal Balance of the Mortgage
      Loans in Loan Group I as of the Cut-of Date.

     

    Offered
      Certificates:
      The
      Group I Offered Certificates and the Group II Offered Certificates.

     

    Offered
      Subordinate Certificates:
      The
      Group I Subordinate Certificates and the Group II Offered Subordinate
      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 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 Sponsor, the Securities Administrator, 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 Securities Administrator on the related Interest Determination
      Date on the basis of the rate for U.S. dollar deposits for one month that
      appears on Telerate Screen 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 Securities Administrator), One-Month LIBOR for the applicable Interest
      Accrual Period will be the Reference Bank Rate. If no such quotations can be
      obtained by the Securities Administrator 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 Securities Administrator and the Securities
      Administrator’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. 

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, who may be counsel for the Sponsor, the Depositor
      or
      the Master Servicer, reasonably acceptable to each addressee of such opinion;
      provided that with respect to Section 2.05, 7.05, 7.07 or 11.01, or the
      interpretation or application of the REMIC Provisions, such counsel must (i)
      in
      fact be independent of the Sponsor, Depositor and the Master Servicer, (ii)
      not
      have any direct financial interest in the Sponsor, Depositor or the Master
      Servicer or in any affiliate of either, and (iii) not be connected with the
      Sponsor, Depositor or the Master Servicer as an officer, employee, promoter,
      underwriter, trustee, partner, director or person performing similar
      functions.

     

    Original
      Group II Subordinate Principal Balance:
      The
      aggregate Certificate Principal Balance of the Group II Subordinate Certificates
      as of the Closing 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 Securities Administrator or delivered to the
      Securities Administrator for cancellation; and

     

    (b) Certificates
      in exchange for which or in lieu of which other Certificates have been executed
      and delivered by the Securities Administrator 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.

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, is the excess, if any, of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group I as of the last
      day of the related Due Period (after giving effect to Scheduled Monthly Payments
      of principal due during the related Due Period to the extent received or
      advanced, and unscheduled collections of principal received during the related
      Prepayment Period, including any reduction due to Realized Losses) over (b)
      the
      aggregate Certificate Principal Balance of the Adjustable Rate Certificates
      on
      such Distribution Date (after taking into account the payment of principal
      other
      than any Extra Principal Distribution Amount on such Certificates).

     

    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date for which the Excess Overcollateralization
      Amount is, or would be, after taking into account all other distributions to
      be
      made on that Distribution Date, greater than zero, an amount equal to the lesser
      of (i) the Excess Overcollateralization Amount for that Distribution Date and
      (ii) Principal Funds for that Distribution Date.

     

    Overcollateralization
      Target Amount:
      With
      respect to any Distribution Date, (i) prior to the Stepdown Date, an amount
      equal to approximately 1.10% of the aggregate Stated Principal Balance of the
      Mortgage Loans in Loan Group I as of the Cut-off Date, (ii) on or after the
      Stepdown Date provided a Trigger Event is not in effect, the greater of (x)
      (1)
      prior to the Distribution Date in May 2012, 2.50% of the then current aggregate
      outstanding principal balance of the Mortgage Loans in Loan Group I as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the related
      Due
      Period) and (2) on or after the Distribution Date in May 2012, 2.00% of the
      then
      current aggregate outstanding principal balance of the Mortgage Loans in Loan
      Group I as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period, and after reduction for Realized Losses incurred
      during the related Due Period) and (y)
      the OC
      Floor or (iii) on or after the Stepdown Date and if a Trigger Event is in
      effect, the Overcollateralization Target Amount for the immediately preceding
      Distribution Date.

     

    Pass-Through
      Rate:
      With
      respect to each Class of Certificates (other than the Class P, Class I-B-IO
      and
      Class R Certificates), the Class I-1A-1 Pass-Through Rate, Class I-1A-2
      Pass-Through Rate, Class I-1A-3 Pass-Through Rate, Class I-2A-1 Pass-Through
      Rate, Class I-2A-2 Pass-Through Rate, Class I-2A-3 Pass-Through Rate, Class
      I-B-1 Pass-Through Rate, Class I-B-2 Pass-Through Rate, Class I-B-3 Pass-Through
      Rate, Class I-B-4 Pass-Through Rate, Class I-M-1 Pass-Through Rate, Class I-M-2
      Pass-Through Rate, Class I-M-3 Pass-Through Rate, Class I-2X Pass-Through Rate,
      Class II-1A-1 Pass-Through Rate, Class II-1A-2 Pass-Through Rate, Class II-2A-1
      Pass-Through Rate, Class II-2A-2 Pass-Through Rate, Class II-3A-1 Pass-Through
      Rate, Class II-3A-2 Pass-Through Rate, Class II-B Pass-Through Rate, as
      applicable. With respect to the Class I-B-IO Certificates, the Class I-B-IO
      Certificate shall not have a Pass-Through Rate, but the Current Interest for
      such Certificate and each Distribution Date shall be an amount equal to 100%
      of
      the amount distributable to REMIC III Regular Interest I-B-IO for such
      Distribution Date. The Class P Certificates shall not have a Pass-Through Rate.
      With respect to the Final Maturity IO Interest, the Final Maturity Interests
      shall not have a Pass-Through Rate, but Current Interest for such interest
      and
      each Distribution Date shall be an amount equal to 100% of the amount
      distributable to REMIC III Regular Interest IO for such Distribution
      Date.

     

    Paul
      Financial:
      Paul
      Financial, LLC.

     

    Paul
      Financial Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      among the Sponsor, the Trustee and Paul Financial, attached hereto as Exhibit
      R-4.

     

    Paul
      Financial Loans:
      Those
      Mortgage Loans subject to this Agreement which were purchased by the Sponsor
      from Paul Financial pursuant to the Paul Financial Servicing
      Agreement.

     

    Paul
      Financial Servicing Agreement:
      That
      certain Flow Sale and Servicing Agreement, dated as of January 24, 2006, among
      the Maia Mortgage Finance Statutory Trust, Luminent Mortgage Capital, Inc.,
      Mercury Mortgage Finance Statutory Trust and Paul Financial, as
      amended.

     

    Paying
      Agent:
      The
      Securities Administrator, in its capacity as paying agent, and its successors
      and assigns.

     

    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.

     

    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) demand
      or
      time deposits or certificates of deposit issued by any bank or trust company
      or
      savings institution to the extent that such deposits are fully insured by the
      FDIC;

     

    (vi) 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;

     

    (vii) 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;

     

    (viii) 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;

     

    (ix) interests
      in any money market fund (including any such fund managed or advised by the
      Trustee or Master Servicer 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 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;

     

    (x) 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

     

    (xi) 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 (vi) 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 Master Servicer shall receive an Opinion of Counsel, at the expense
      of the Master Servicer, 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 or Securities Administrator based
      upon an Opinion of Counsel addressed to the Trustee or Securities Administrator
      (which shall not be an expense of the Trustee or Securities Administrator)
      that
      states that the Transfer of an Ownership Interest in a Residual Certificate
      to
      such Person may cause REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC
      VI 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.

     

    Prepayment
      Assumption:
      The
      applicable rate of prepayment, as described in the Prospectus Supplement
      relating to each Class of Offered Certificates.

     

    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 related Servicer to the Master Servicer in respect of waived
      Prepayment Charges pursuant to the related Servicing Agreement.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date, for each Mortgage Loan that was the subject
      of
      a partial Principal Prepayment, a Principal Prepayment in full, or that became
      a
      Liquidated Loan during the related Prepayment Period, (other than a Principal
      Prepayment in full resulting from the purchase of a Mortgage Loan pursuant
      to
      Section 2.02, 2.03 or 10.01 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 and (b)
      the
      LPMI Fee, if any.

     

    Prepayment
      Period:
      As to
      any Distribution Date and (i) each EMC Mortgage Loan, 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 and (ii) any other Mortgage
      Loan, the period set forth in 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
      Distribution Amount:
      With
      respect to each Distribution Date, an amount equal to

     

    1. the
      Principal Funds for both Subgroup I-1 and Subgroup I-2 for such Distribution
      Date, plus

     

    2. any
      Extra
      Principal Distribution Amount for such Distribution Date, minus

     

    3. any
      Overcollateralization Release Amount for such Distribution Date.

     

    Principal
      Funds:
      With
      respect to each of Subgroup I-1 and Subgroup I-2 and each Distribution Date,
      the
      sum, without duplication, of (a) the scheduled principal collected on the
      Mortgage Loans in the related Subgroup during the related Due Period or advanced
      on or before the related servicer advance date, (b)  Principal
      Prepayments in respect of the Mortgage Loans in the related Subgroup, exclusive
      of any prepayment charges, collected in the related Prepayment Period, (c)
      the
      Stated Principal Balance of each Mortgage Loan in the related Subgroup that
      was
      repurchased pursuant to Section 2.02 or 2.03 by the Seller or Underlying Seller,
      as applicable, during the related Due Period, (d) 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(d), (e) Insurance Proceeds and all
      Liquidation Proceeds collected during the related Prepayment Period (or in
      the
      case of Subsequent Recoveries, during the related Due Period) on the Mortgage
      Loans in the related Subgroup, to the extent such Liquidation Proceeds relate
      to
      principal, less all related non-recoverable advances relating to principal
      reimbursed during the related Due Period, (f)amounts in respect of principal
      paid by the Sponsor or its designee, as applicable, pursuant to Section 10.01
      hereof, (g) the principal portion of the amounts, if any, transferred from
      the
      Final Maturity Reserve Account and allocated to the related Subgroup on such
      Distribution Date, minus (h)all related amounts required to be reimbursed
      pursuant to Sections 5.05 and 5.09 or as otherwise set forth in this Agreement,
      and (i) the amount of any Principal Prepayments in full, partial Principal
      Prepayments, Net Liquidation Proceeds, Repurchase Proceeds and scheduled
      principal payments, in that order, which otherwise would have been included
      in
      Principal Funds but which are included in Interest Funds in connection with
      any
      Deferred Interest in accordance with the definition of Net Deferred
      Interest.

     

    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 and 10.01 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 related
      Servicer, as appropriate, in accordance with the terms of the related Mortgage
      Note.

     

    Private
      Certificates:
      The
      Class R, Class P, Class I-B-IO, Class II-B-4, Class II-B-5 and Class II-B-6
      Certificates.

     

    Prospectus
      Supplement:
      The
      Prospectus Supplement dated April 27, 2006 relating to the public offering
      of
      the Offered Certificates.

     

    Protected
      Account:
      Each
      account established and maintained by the related Servicer in accordance with
      the related Servicing Agreement.

     

    PUD:
      A
      Planned Unit Development.

     

    Purchase
      Price:
      With
      respect to any Mortgage Loan required to be repurchased by the Sponsor or
      Underlying Seller pursuant to Section 2.02 or 2.03 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 plus and (iii) 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, S&P and Fitch. 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 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 (v) 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 applicable Servicer pursuant to the related Servicing Agreement. In
      addition, to the extent the Master Servicer receives Subsequent Recoveries
      with
      respect to any Mortgage Loan, the amount of the Realized Loss with respect
      to
      that Mortgage Loan will be reduced to the extent such recoveries are distributed
      to any Class of related Subordinate Certificates or, in the case of Group I
      Certificates, applied to increase Excess Spread on the related Loan Group on
      any
      Distribution Date.

     

    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 or REMIC IV, as applicable, 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:
      For
      each Class of Group I Offered Certificates (other than the Class I-2X
      Certificates) and each Distribution Date, the Business Day preceding the
      applicable Distribution Date so long as related Certificates remain in
      book-entry form; and otherwise, the record date shall be the last Business
      Day
      of the month preceding the month in which such Distribution Date occurs. For
      each Class of Group II Offered Certificates and Class I-2X Certificates and
      each
      Distribution Date, 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 Securities Administrator 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 Securities Administrator and (iii) which are not controlling,
      controlled by, or under common control with, the Depositor, the Sponsor or
      the
      Master Servicer.

     

    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
      Securities Administrator, 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.

     

    Remaining
      Excess Spread:
      With
      respect to any Distribution Date, the Excess Spread remaining after the
      distribution of any Extra Principal Distribution Amount 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 Section 6.07(a).

     

    REMIC
      I Interests:
      The
      REMIC I Regular Interests and the Class R-1 Interest.

     

    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 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
      II:
      The
      segregated pool of assets described in Section 6.07(a).

     

    REMIC
      II Interest Loss Allocation Amount:
      With
      respect to any Distribution Date, an amount (subject to adjustment based on
      the
      actual number of days elapsed in the respective Accrual Period) equal to (a)
      the
      product of (i) 50% of the aggregate Stated Principal Balance of the Mortgage
      Loans in Loan Group I and the related REO Properties then outstanding and (ii)
      the Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest
      AA
      minus the Marker Rate, divided by (b) 12.

     

    REMIC
      II Interests:
      The
      REMIC II Regular Interests and the Class R-2 Interest.

     

    REMIC
      II Marker Allocation Percentage:
      50% of
      any amount payable or loss allocable from the Mortgage Loans in Loan Group
      I,
      which shall be allocated to REMIC II Regular Interest AA, REMIC II Regular
      Interest ZZ and each REMIC II Regular Interest for which a REMIC III Regular
      Interest is a Corresponding Interest.

     

    REMIC
      II Overcollateralization Amount:
      With
      respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
      Principal Balance of the REMIC II Regular Interests (other than REMIC II Regular
      Interest P) minus (ii) the aggregate Uncertificated Principal Balance of each
      REMIC II Regular Interest for which a REMIC III Regular Interest is a
      Corresponding Interest, in each case, as of such date of
      determination.

     

    REMIC
      II Overcollateralization Target Amount:
      0.50%
      of the Overcollateralization Target Amount.

     

    REMIC
      II Principal Loss Allocation Amount:
      With
      respect to any Distribution Date, an amount equal to the product of (i) 50%
      of
      the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
      I and
      the related REO Properties then outstanding and (ii) 1 minus a fraction, the
      numerator of which is two (2) times the aggregate Uncertificated Principal
      Balance of each REMIC II Regular Interest for which a REMIC III Regular Interest
      is a Corresponding Interest, and the denominator of which is the aggregate
      Uncertificated Principal Balance of each REMIC II Regular Interest for which
      a
      REMIC III Regular Interest is a Corresponding Interest and REMIC III Regular
      Interest ZZ.

     

    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 (other than REMIC II Regular
      Interest IO) 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
      II Sub WAC Allocation Percentage:
      50% of
      any amount payable or loss allocable from the Mortgage Loans in Loan Group
      I,
      which shall be allocated to REMIC II Regular Interest 1-Sub, REMIC II Regular
      Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest
      2-Grp
      and REMIC II Regular Interest XX.

     

    REMIC
      II Subordinated Balance Ratio:
      The
      ratio among the Uncertificated Principal Balances of each REMIC II Regular
      Interest ending with the designation “Sub”, equal to the ratio among, with
      respect to each such REMIC II Regular Interest, the excess of (x) the aggregate
      Stated Principal Balance of the Mortgage Loans in Subgroup I-1 or the Mortgage
      Loans in Subgroup I-2, as applicable, over (y) the aggregate Certificate
      Principal Balance of the related Class I-A Certificates.

     

    REMIC
      III:
      The
      segregated pool of assets described in Section 6.07(a).

     

    REMIC
      III Interests:
      The
      REMIC III Regular Interests and the Class R-3 Interest.

     

    REMIC
      III Regular Interest:
      Any of
      the separate non-certificated beneficial ownership interests in REMIC III issued
      hereunder and designated as a Regular Interest in REMIC III. Each REMIC III
      Regular Interest shall accrue interest at the related Uncertificated REMIC
      III
      Pass-Through Rate in effect from time to time, and (other than REMIC III Regular
      Interest IO) 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 III Regular Interests are
      set
      forth in the Preliminary Statement hereto.

     

    REMIC
      III Regular Interest I-B-IO Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Uncertificated Accrued
      Interest for REMIC III Regular Interest I-B-IO for such Distribution Date,
      (ii)
      any Overcollateralization Release Amount for such Distribution Date and (iii)
      without duplication, any Subsequent Recoveries not distributed to the Group
      I
      Offered Certificates on such Distribution Date; provided, however, that on
      and
      after the Distribution Date on which the Certificate Principal Balances of
      the
      Group I Offered Certificates have been reduced to zero, the REMIC III Regular
      Interest I-B-IO Distribution Amount shall include the Overcollateralization
      Amount.

     

    REMIC
      IV:
      The
      segregated pool of assets described in Section 6.07(a).

     

    REMIC
      IV Interests:
      The
      REMIC IV Regular Interests and the Class R-4 Interest.

     

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

     

    REMIC
      IV Subordinated Balance Ratio:
      The
      ratio among the Uncertificated Principal Balances of each REMIC IV Regular
      Interest ending with the designation “Sub”, equal to the ratio among, with
      respect to each such REMIC IV Regular Interest, the excess of (x) the aggregate
      Stated Principal Balance of the Mortgage Loans in Subgroup II-1 or the Mortgage
      Loans in Subgroup II-2 or the Mortgage Loans in Subgroup II-3, as applicable,
      over (y) the aggregate Certificate Principal Balance of the related Class II-A
      Certificates.

     

    REMIC
      V:
      The
      segregated pool of assets described in Section 6.07(a).

     

    REMIC
      V Interests:
      The
      REMIC V Regular Interests and the Class R-5 Interest.

     

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

     

    REMIC
      VI:
      The
      segregated pool of assets described in Section 6.07(a).

     

    REMIC
      VI Regular Interest:
      The
      Final Maturity IO Interest or any Regular Interest in REMIC VI the ownership
      of
      which is represented by any of the Regular Certificates.

     

    REMIC
      Opinion:
      Shall
      mean an Opinion of Counsel to the effect that the proposed action will not
      have
      an adverse affect 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 Interest:
      A REMIC
      I Regular Interest, REMIC II Regular Interest, REMIC III Regular Interest,
      REMIC
      IV Regular Interest or REMIC V Regular Interest.

     

    Remittance
      Date:
      Shall
      mean with respect to the related Servicer, the date specified in the related
      Servicing Agreement.

     

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

     

    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 or REMIC II, one month’s interest at the applicable Net
      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 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 Sponsor
      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 Monthly 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 3.18.

     

    Repurchase
      Price:
      With
      respect to any Mortgage Loan required to be repurchased is an amount equal
      to
      the sum of (1) 100% of the Outstanding Principal Balance of such Mortgage Loan
      plus accrued but unpaid interest on the Outstanding Principal Balance at the
      related mortgage rate through and including the last day of the month of
      repurchase, (2) any unreimbursed Advances and servicing advances payable to
      the
      related Servicer of the Mortgage Loan and (3) any costs and damages incurred
      by
      the trust in connection with any violation of such Mortgage Loan of any
      anti-predatory lending laws.

     

    Request
      for Release:
      The
      Request for Release to be submitted by the Sponsor, 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 Sponsor, 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 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 Certificates.

     

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

     

    Responsible
      Officer:
      With
      respect to the Trustee, any officer in the corporate trust department or similar
      group of the Trustee with direct responsibility for the administration of this
      Agreement and also, with respect to a particular corporate trust matter, any
      other officer to whom such matter is referred because of his or her knowledge
      of
      and familiarity with the particular subject.

     

    RFC:
      Residential Funding Corporation.

     

    RFC
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      among the Sponsor, the Trustee and RFC, attached hereto as Exhibit
      R-4.

     

    RFC
      Loans:
      Those
      Mortgage Loans subject to this Agreement which were purchased by the Sponsor
      from RFC pursuant to the RFC Servicing Agreement.

     

    RFC
      Servicing Agreement:
      Standard Terms and Provisions of Sale and Servicing Agreement, dated as of
      March
      30, 2006 (the “Sale and Servicing Agreement”), among the Assignor, Luminent,
      Mercury and RFC, together with that certain Reference Agreement, dated as of
      March 30, 2006, as amended.

     

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

     

    Sarbanes-Oxley
      Act:
      The
      Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission
      promulgated thereunder (including any interpretations thereof by the
      Commission’s staff).

     

    Sarbanes-Oxley
      Certification:
      A
      written certification signed by an officer of the Master Servicer that complies
      with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
      (ii)
      Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time;
      provided that if, after the Closing Date (a) the Sarbanes-Oxley Act of 2002
      is
      amended, (b) the Rules referred to in clause (ii) are modified or superceded
      by
      any subsequent statement, rule or regulation of the Commission or any statement
      of a division thereof, or (c) any future releases, rules and regulations are
      published by the Commission from time to time pursuant to the Sarbanes-Oxley
      Act
      of 2002, which in any such case affects the form or substance of the required
      certification and results in the required certification being, in the reasonable
      judgment of the Master Servicer, materially more onerous that then form of
      the
      required certification as of the Closing Date, the Sarbanes-Oxley Certification
      shall be as agreed to by the Master Servicer, the Depositor and the Seller
      following a negotiation in good faith to determine how to comply with any such
      new requirements.

     

    Scheduled
      Monthly Payment:
      For any
      mortgage loan and each Due Period, the minimum payment of principal and interest
      due during such Due Period on such mortgage loan which either is payable by
      a
      mortgagor in such Due Period under the related mortgage note or in the case
      of
      any mortgaged property acquired through foreclosure or deed in lieu of
      foreclosure, would otherwise have been payable under the related mortgage
      note.

     

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

     

    Securities
      Administrator:
      Wells
      Fargo Bank, National Association, in its capacity as securities administrator,
      transfer agent and paying agent hereunder, and its successors and
      assigns.

     

    Securities
      Administrator Information:
      As
      defined in Section 3.18(c).

     

    Seller:
      Maia
      Mortgage Finance Statutory Trust.

     

    Senior
      Certificates:
      Any of
      the Group I Senior Certificates and Group II Senior Certificates.

     

    Senior
      Optimal Principal Amount:
      With
      respect to each Subgroup included in Loan Group II and each Distribution Date
      will be an amount equal to the sum of the following (but in no event greater
      than the aggregate Certificate Principal Balance of the related Subgroup
      immediately prior to such Distribution Date):

     

    (1) the
      applicable Senior 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 if the Distribution Date occurs
      prior to a Cross-Over Date);

     

    (2) the
      applicable Senior Prepayment 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 Senior Prepayment Percentage of the amount of all partial prepayments
      allocated to principal received during the applicable Prepayment Period in
      respect of Mortgage Loans in the related Subgroup;

     

    (4) the
      lesser of (a) the applicable Senior Prepayment Percentage of the sum of (i)
      all
      Net Liquidation Proceeds allocable to principal received in respect of each
      Mortgage Loan in the related Subgroup that 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 Senior 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 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 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; 

     

    (5) any
      amount allocated to the Available Funds of the related Subgroup in accordance
      with Section 5.04(b)(E) hereof; and

     

    (6) the
      applicable Senior Prepayment Percentage of the sum of (a) the Stated Principal
      Balance of each Mortgage Loan in the related Subgroup which was repurchased
      by
      the seller or Underlying Seller, as applicable, in connection with such
      Distribution Date and (b) the excess, if any, of the Stated Principal Balance
      of
      a Mortgage Loan in the related Subgroup that has been replaced by the seller
      or
      Underlying Seller, as applicable, with a substitute mortgage loan pursuant
      to
      the Mortgage Loan Purchase Agreement in connection with such Distribution Date
      over the Stated Principal Balance of such substitute mortgage loan.

     

    Senior
      Percentage:
      With
      respect to each Subgroup related to a Subgroup in Loan Group II and any
      Distribution Date, the lesser of (a) 100% and (b) the percentage obtained by
      dividing the Certificate Principal Balance of the Senior Certificates (other
      than the Interest Only Certificates) in the related Subgroup by the aggregate
      Stated Principal Balance of the Mortgage Loans in the related Subgroup as of
      the
      beginning of the related Due Period. The initial Senior Percentage for each
      Subgroup in Loan Group II will be equal to approximately 92.65%.

     

    Senior
      Prepayment Percentage:
      The
      Senior Prepayment Percentage for the Senior Certificates of each Subgroup in
      Loan Group II, on any Distribution Date occurring during the periods set forth
      below will be as follows:

     

    
      	
              Period
                (dates inclusive)

            	 	
              Senior
                Prepayment Percentage

            
	
              May
                2006 - April 2013

            	 	
              100%

            
	
              May
                2013 - April 2014

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

            
	
              May
                2014 - April 2015

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

            
	
              May
                2015 - April 2016

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

            
	
              May
                2016 - April 2017

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

            
	
              May
                2017 and thereafter 

            	 	
              Senior
                Percentage for the related Senior
                Certificates.

            

    

    

     

    No
      scheduled reduction to the Senior Prepayment Percentage for the related Subgroup
      shall 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 in Loan Group II in all Subgroups 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 Group II Subordinate
      Certificates does not exceed 50% and (2) cumulative Realized Losses on the
      Mortgage Loans in Loan Group II in all Subgroups do not exceed (a) 30% of the
      aggregate Certificate Principal Balance of the Original Group II Subordinate
      Principal Balance if such Distribution Date occurs between and including May
      2013 and April 2014, (b) 35% of the Original Group II Subordinate Principal
      Balance if such Distribution Date occurs between and including May 2014 and
      April 2015, (c) 40% of the Original Group II Subordinate Principal Balance
      if
      such Distribution Date occurs between and including May 2015 and April 2016,
      (d)
      45% of the Original Group II Subordinate Principal Balance if such Distribution
      Date occurs between and including May 2016 and April 2017, and (e) 50% of the
      Original Group II Subordinate Principal Balance if such Distribution Date occurs
      during or after May 2017.

     

    In
      addition, if on any Distribution Date the weighted average of the Subordinate
      Percentages for such Distribution Date is equal to or greater than two times
      the
      weighted average of the initial Subordinate Percentages, and (a) the aggregate
      Stated Principal Balance of the Mortgage Loans in Loan Group II in all Subgroups
      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
      Group II Subordinate Certificates does not exceed 50% and (b)(i) on or prior
      to
      the Distribution Date occurring in April 2009, cumulative Realized Losses on
      the
      Mortgage Loans in Loan Group II in all Subgroups as of the end of the related
      Prepayment Period do not exceed 20% of the Original Group II Subordinate
      Principal Balance and (ii) after the Distribution Date occurring in April 2009,
      cumulative Realized Losses on the Mortgage Loans in Loan Group II in all
      Subgroups as of the end of the related Prepayment Period do not exceed 30%
      of
      the Original Group II Subordinate Principal Balance, then, in each case, the
      Senior Prepayment Percentage for the related Senior Certificates for such
      Distribution Date will equal the Senior Percentage for the related Subgroup;
      provided, however, if on such Distribution Date the Subordinate Percentage
      for
      the related Subgroup is equal to or greater than two times the initial
      Subordinate Percentage on or prior to the Distribution Date occurring in April
      2009 and the above delinquency and loss tests are met, then the Senior
      Prepayment Percentage for the Senior Certificates in the related Subgroup for
      such Distribution Date, will equal the Senior Percentage for related
      certificates plus 50% of the related Subordinate Percentage on such Distribution
      Date.

     

    Notwithstanding
      the foregoing, if on any Distribution Date, the percentage, the numerator of
      which is the aggregate Certificate Principal Balance of the Group II Senior
      Certificates immediately preceding such Distribution Date, and the denominator
      of which is the Stated Principal Balance of the Mortgage Loans in Loan Group
      II
      as of the beginning of the related Due Period, exceeds such percentage as of
      the
      Cut-off Date, then the Senior Prepayment Percentage with respect to all the
      Group II Senior Certificates for such Distribution Date will equal
      100%.

     

    Servicer:
      Any of
      EMC, IndyMac, Paul Financial, RFC or Wells Fargo.

     

    Servicing
      Advances:
      All
      customary, reasonable and necessary “out of pocket” costs and expenses
      (including reasonable legal fees) incurred in the performance by 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 3.11 hereof to cause insurance
      to
      be maintained.

     

    Servicing
      Agreement:
      Any of
      the EMC Servicing Agreement, the IndyMac Servicing Agreement, the Paul Financial
      Servicing Agreement, the RFC Servicing Agreement or the Wells Fargo 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 the Master Servicer 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
      Servicing Fee Rate multiplied by the Stated Principal Balance of such Mortgage
      Loan as of the last day of the related Due Period.

     

    Servicing
      Fee Rate:
      With
      respect to each Mortgage Loan, the amount indicated on the Mortgage Loan
      Schedule.

     

    Servicing
      Modification:
      With
      respect to any Mortgage Loan that is in default or, in the reasonable judgment
      of the related Servicer, as to which default is reasonably foreseeable, any
      modification which is effected by the related Servicer in accordance with the
      terms of this Agreement or the related Servicing Agreement which results in
      any
      change in the outstanding Stated Principal Balance, any change in the Mortgage
      Rate or any extension of the term of such Mortgage Loan.

     

    Servicing
      Officer:
      Any
      officer of the related Servicer involved in, or responsible for, the
      administration and servicing of the Mortgage Loans 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.

     

    Significance
      Estimate:
      With
      respect to any Distribution Date, and in accordance with Item 1115 of Regulation
      AB, shall be an amount determined based on the reasonable good-faith estimate
      by
      the Sponsor or its affiliate of the aggregate maximum probable exposure of
      the
      outstanding Certificates to the Corridor Contracts. 

     

    Significance
      Percentage:
      With
      respect to any Distribution Date, and in accordance with Item 1115 of Regulation
      AB, shall be an percentage equal to the Significance Estimate divided by the
      aggregate outstanding Certificate Principal Balance of the Adjustable Rate
      Certificates, prior to the distribution of the Principal Distribution Amount
      on
      such Distribution Date.

     

    Sponsor:
      Luminent Mortgage Capital, Inc., a Maryland corporation and real estate
      investment trust, and its successors and assigns.

     

    Sponsor
      Information:
      As
      defined in Section 3.18(c).

     

    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 thereof minus the sum of (i) the principal
      portion of the Scheduled Monthly 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 Liquidation Proceeds to the extent applied by the related
      Servicer as recoveries of principal in accordance with Section 3.13 or the
      related Servicing Agreement with respect to such Mortgage Loan, that were
      received by the related Servicer as of the close of business on the last day
      of
      the Prepayment Period related to such Distribution Date and (iii) any Realized
      Losses on such Mortgage Loan incurred during the related Prepayment Period. The
      Stated Principal Balance of a Liquidated Loan equals zero.

     

    Stepdown
      Date:
      The
      earlier to occur of (i) the Distribution Date on which the aggregate Certificate
      Principal Balance of the Class I-1A Certificates and Class I-2A Certificates
      have been reduced to zero and (ii) the later to occur of (x) the Distribution
      Date occurring in May 2009 and (y) the first Distribution Date for which the
      aggregate Certificate Principal Balance of the Group I Subordinate Certificates
      plus the Overcollateralization Amount divided by the aggregate Stated Principal
      Balance of the Mortgage Loans in Loan Group I is greater than or equal (i)
      prior
      to the Distribution Date in May 2012, 26.25% and (ii) on or after the
      Distribution Date in May 2012, 21.00%.

     

    Subgroup:
      Any of
      Subgroup I-1, Subgroup I-2, Subgroup II-1, Subgroup II-2 or Subgroup II-3,
      as
      applicable.

     

    Subgroup
      I-1:
      The
      pool of Mortgage Loans designated as Subgroup I-1. The Class I-1A Certificates
      correspond to Subgroup I-1.

     

    Subgroup
      I-1 Principal Distribution Amount:
      The sum
      of (x) product of the Principal Distribution Amount and a fraction, the
      numerator of which is the Principal Funds for Subgroup I-1 for such Distribution
      Date and the denominator of which is the Principal Funds for both Subgroup
      I-1
      and Subgroup I-2 for such Distribution Date and (y) the Class R Deposit, to
      the
      extent that the Certificate Principal Balance of the Class R Certificates
      remains unpaid.

     

    Subgroup
      I-2:
      The
      pool of Mortgage Loans designated as Subgroup I-2. The Class I-2A Certificates
      and Class I-2X Certificates correspond to Subgroup I-2.

     

    Subgroup
      I-2 Principal Distribution Amount:
      The
      product of the Principal Distribution Amount and a fraction, the numerator
      of
      which is the Principal Funds for Subgroup I-2 for such Distribution Date and
      the
      denominator of which is the Principal Funds for both Subgroup I-1 and Subgroup
      I-2 for such Distribution Date.

     

    Subgroup
      II-1:
      The
      pool of Mortgage Loans designated as Subgroup II-1. The Class II-1A Certificates
      and the Class II-X-1 Certificates correspond to Subgroup II-1.

     

    Subgroup
      II-2:
      The
      pool of Mortgage Loans designated as Subgroup II-2. The Class II-2A Certificates
      and Class II-2X-1 Certificates correspond to Subgroup II-2.

     

    Subgroup
      II-3:
      The
      pool of Mortgage Loans designated as Subgroup II-3. The Class II-3A Certificates
      and Class II-3X-1 Certificates correspond to Subgroup II-2.

     

    Subordinate
      Certificates:
      Any of
      the Group I Subordinate Certificates and Group II Subordinate
      Certificates.

     

    Subordinate
      Certificate Writedown Amount:
      With
      respect to the Group II Subordinate Certificates, the amount by which (x) the
      sum of the Certificate Principal Balances of the Group II Certificates (after
      giving effect to the distribution of principal and the allocation of Realized
      Losses in reduction of the Certificate Principal Balances of the Group II
      Certificates on such Distribution Date) exceeds (y) the Stated Principal
      Balances of the Mortgage Loans in Loan Group II on the Due Date related to
      such
      Distribution Date.

     

    Subordinate
      Corridor Contracts:
      The
      Class I-M-1 Corridor Contract, Class I-M-2 Corridor Contract, Class I-M-3
      Corridor Contract, Class I-B-1 Corridor Contract, Class I-B-2 Corridor Contract,
      Class I-B-3 Corridor Contract and Class I-B-4 Corridor Contract.

     

    Subordinate
      Optimal Principal Amount:
      With
      respect to any Subgroup included in Loan Group II and each Distribution Date
      will be an amount equal to the sum of the following (but in no event greater
      than the aggregate Certificate Principal Balance of the Group II Subordinate
      Certificates immediately prior to such Distribution Date):

     

    (1) the
      related Subordinate 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
      related Subordinate Prepayment 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
      related Subordinate Prepayment Percentage of the amount all partial prepayments
      of principal received in respect of Mortgage Loans in the related Subgroup
      during the applicable Prepayment Period;

     

    (4) the
      excess, if any, of (a) the Net Liquidation Proceeds allocable to principal
      received in respect of each Mortgage Loan in the related Subgroup that became
      a
      Liquidated Mortgage Loan during the related Prepayment Period and all Subsequent
      Recoveries received in respect of each Liquidated Mortgage Loan during the
      related Due Period over (b) the sum of the amounts distributable to the holders
      of the Senior Certificates in the related Subgroup pursuant to clause (4) of
      the
      definition of “Senior Optimal Principal Amount” on such Distribution
      Date;

     

    (5) the
      related Subordinate Prepayment Percentage of the sum of (a) the Stated Principal
      Balance of each Mortgage Loan in the related Subgroup which was repurchased
      by
      the Sponsor 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 the Sponsor 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 aggregate Certificate Principal Balance of the
      Senior Certificates in the related Subgroup have all been reduced to zero,
      100%
      of the Senior Optimal Principal Amount for such Senior
      Certificates.

     

    Subordinate
      Percentage:
      As of
      any Distribution Date and with respect to any Subgroup included in Loan Group
      II, 100% minus the related Senior Percentage for the related Subgroup. The
      initial Subordinate Percentage for each Subgroup in Loan Group II will be
      approximately 7.35%.

     

    Subordinate
      Prepayment Percentage:
      With
      respect to any Subgroup included in Loan Group II, and as of any Distribution
      Date, 100% minus the Senior Prepayment Percentage for the Senior Certificates
      in
      the related Subgroup.

     

    Subsequent
      Recoveries:
      As of
      any Distribution Date, amounts received by any Servicer or the Master Servicer
      during the related Due Period or surplus amounts held by the Master Servicer
      to
      cover estimated expenses (including, but not limited to, recoveries in respect
      of the representations and warranties made by the Sponsor pursuant to the
      Mortgage Loan Purchase Agreement) specifically related to a Liquidated Mortgage
      Loan or disposition of an REO Property prior to the related Prepayment Period
      that resulted in a Realized Loss, after the liquidation or disposition of such
      Mortgage Loan.

     

    Subservicing
      Agreement:
      Any
      agreement entered into between the related Servicer 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(d).

     

    Successor
      Master Servicer:
      The
      meaning ascribed to such term pursuant to Section 8.01.

     

    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 Securities Administrator or any
      successor thereto or assignee thereof shall serve as tax administrator hereunder
      and as agent for the related Tax Matters Person.

     

    Transaction
      Documents:
      This
      Agreement, the Mortgage Loan Purchase Agreement, the Custodial Agreement, the
      Servicing Agreements and the Underwriting Agreement. 

     

    Transfer
      Affidavit:
      As
      defined in Section 6.02(c).

     

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

     

    Trigger
      Event:
      The
      occurrence of either a Delinquency Test Violation or the Cumulative Loss Test
      Violation.

     

    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 Basis Risk Shortfall Reserve
      Fund, the Distribution Account and the Final Maturity Reserve Account maintained
      by the Securities Administrator and the Protected Accounts maintained by 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; (vii) the rights under the Corridor Contracts; and (viii) all
      proceeds of the foregoing, including proceeds of conversion, voluntary or
      involuntary, of any of the foregoing into cash or other liquid property.

     

    Trustee:
      HSBC
      Bank USA, National Association, a national banking association, solely in its
      capacity 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.

     

    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, Uncertificated REMIC II Pass-Through Rate, Uncertificated REMIC III
      Pass-Through Rate, Uncertificated REMIC IV Pass-Through Rate or Uncertificated
      REMIC V Pass-Through Rate, as applicable, on the Uncertificated Principal
      Balance or Uncertificated Notional Amount of such REMIC Regular Interest. In
      each case, Uncertificated Accrued Interest will be reduced by any Net Interest
      Shortfalls and Net
      Deferred Interest in
      respect of Loan Group I or Loan Group II, as applicable (allocated to such
      REMIC
      Regular Interests as set forth in Section 1.02).

     

    Uncertificated
      Notional Amount:
      With
      respect to REMIC II Regular Interest IO, an amount equal to the aggregate
      Uncertificated Principal Balance of REMIC I Regular Interests A-IO and B-IO.
      With respect to REMIC III Regular Interest IO, an amount equal to the
      Uncertificated Notional Amount for REMIC II Regular Interest IO. With respect
      to
      Final Maturity IO Interest, an amount equal to the Uncertificated Notional
      Amount for REMIC III Regular Interest IO. 

     

    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 each REMIC Regular Interest (other than REMIC III Regular
      Interest I-B-IO) shall be reduced by all distributions of principal made on
      such
      REMIC Regular Interest 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, and the
      Uncertificated Principal Balance of REMIC II Regular Interest ZZ shall be
      increased by interest deferrals as provided in Section 6.07. The Uncertificated
      Principal Balance of each REMIC Regular Interest shall never be less than zero.
      With respect to REMIC III Regular Interest I-B-IO as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC I Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Group I Offered Certificates
      and Class P Certificates then outstanding.

     

    Uncertificated
      REMIC I Pass-Through Rate:
      With
      respect to REMIC I Regular Interests A-IO and A and any Distribution Date,
      a per
      annum rate equal to the weighted average of the Net Rates of all of the Mortgage
      Loans in Subgroup I-1 as of the first day of the related Due Period, weighted
      on
      the basis of the Stated Principal Balances of the Mortgage Loans in Subgroup
      I-1
      as of the first day of the related Due Period. With respect to REMIC I Regular
      Interests B-IO and B and any Distribution Date, a per annum rate equal to the
      weighted average of the Net Rates of all of the Mortgage Loans in Subgroup
      I-2
      as of the first day of the related Due Period, weighted on the basis of the
      Stated Principal Balances of the Mortgage Loans in Subgroup I-2 as of the first
      day of the related Due Period. With respect to REMIC I Regular Interest P and
      any Distribution Date, 0.00%. 

     

    Uncertificated
      REMIC II Pass-Through Rate:
      With
      respect to REMIC II Regular Interest AA, each REMIC II Regular Interest for
      which a REMIC III Regular Interest is a Corresponding Interest, REMIC II Regular
      Interest ZZ, REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 2-Sub
      and REMIC II Regular Interest XX, and (i) any Distribution Date on or prior
      to
      the Distribution Date in April 2016, a per annum rate equal to the weighted
      average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular
      Interests (other than REMIC I Regular Interest P) for such Distribution Date,
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC I Regular Interest for such Distribution Date, and (ii) any Distribution
      Date thereafter, a per annum rate equal to the weighted average of (x) the
      Uncertificated REMIC I Pass-Through Rates for REMIC I Regular Interests A and
      B
      for such Distribution Date, and (y) the excesses, if any, of (A) each of the
      Uncertificated REMIC I Pass-Through Rates for REMIC I Regular Interests A-IO
      and
      B-IO for such Distribution Date, as applicable, over (B) 1.00% per annum, in
      each case weighted on the basis of the Uncertificated Principal Balances of
      each
      such REMIC I Regular Interest for such Distribution Date.

     

    With
      respect to REMIC II Regular Interest 1-Grp, and (i) any Distribution Date on
      or
      prior to the Distribution Date in April 2016, a per annum rate equal to the
      weighted average of the Uncertificated REMIC I Pass-Through Rates for REMIC
      I
      Regular Interests A-IO and A for such Distribution Date, weighted on the basis
      of the Uncertificated Principal Balances of each such REMIC I Regular Interest
      for such Distribution Date, and (ii) any Distribution Date thereafter, a per
      annum rate equal to the weighted average of (x) the Uncertificated REMIC I
      Pass-Through Rate for REMIC I Regular Interest A for such Distribution Date,
      and
      (y) the excess, if any, of (A) the Uncertificated REMIC I Pass-Through Rate
      for
      REMIC I Regular Interests A-IO for such Distribution Date, over (B) 1.00% per
      annum, in each case weighted on the basis of the Uncertificated Principal
      Balance of such REMIC I Regular Interest for such Distribution
      Date.

     

    With
      respect to REMIC II Regular Interest 2-Grp, and (i) any Distribution Date on
      or
      prior to the Distribution Date in April 2016, a per annum rate equal to the
      weighted average of the Uncertificated REMIC I Pass-Through Rates for REMIC
      I
      Regular Interests B-IO and B for such Distribution Date, weighted on the basis
      of the Uncertificated Principal Balances of each such REMIC I Regular Interest
      for such Distribution Date, and (ii) any Distribution Date thereafter, a per
      annum rate equal to the weighted average of (x) Uncertificated REMIC I
      Pass-Through Rate for REMIC I Regular Interest B for such Distribution Date,
      and
      (y) the excess, if any, of (A) the Uncertificated REMIC I Pass-Through Rate
      for
      REMIC I Regular Interests B-IO for such Distribution Date, over (B) 1.00% per
      annum, in each case weighted on the basis of the Uncertificated Principal
      Balance of such REMIC I Regular Interest for such Distribution
      Date.

     

    With
      respect to REMIC II Regular Interest IO, a per annum rate equal to the excess
      of
      (x) the weighted average of the Uncertificated REMIC I Pass-Through Rates for
      REMIC I Regular Interests A-IO and B-IO, over (y) (i) for any Distribution
      Date
      on or prior to the Distribution Date in April 2016, the weighted average of
      the
      Uncertificated REMIC I Pass-Through Rates for REMIC I Regular Interests A-IO
      and
      B-IO, or (ii) for any Distribution Date thereafter, the excess, if any, of
      (1)
      the weighted average of the Uncertificated REMIC I Pass-Through Rates for REMIC
      I Regular Interests A-IO and B-IO, over (2) 1.00% per annum.

     

    Uncertificated
      REMIC III Pass-Through Rate:
      With
      respect to the REMIC III Regular Interests, I-1A-1, I-1A-2 and I-1A-3, a rate
      per annum equal to the lesser of (i) the Pass-Through Rate indicated for the
      Class of Corresponding Certificates as set forth in the Preliminary Statement
      determined without regard to the Net Rate Cap for such Certificates and (ii)
      a
      per annum rate equal to the weighted average of the Uncertificated REMIC II
      Pass-Through Rate for REMIC II Regular Interest 1-Grp for such Distribution
      Date, weighted on the basis of the Uncertificated Principal Balance of such
      REMIC II Regular Interest for such Distribution Date.

     

    With
      respect to REMIC III Regular Interests I-2A-1, I-2A-2 and I-2A-3, a rate per
      annum equal to the lesser of (i) the Pass-Through Rate indicated for the Class
      of Corresponding Certificates as set forth in the Preliminary Statement
      determined without regard to the Net Rate Cap for such Certificates and (ii)
      a
      per annum rate equal to the weighted average of the Uncertificated REMIC II
      Pass-Through Rate for REMIC II Regular Interest 2-Grp for such Distribution
      Date, weighted on the basis of the Uncertificated Principal Balance of such
      REMIC II Regular Interest for such Distribution Date.

     

    With
      respect to REMIC III Regular Interests I-M-1, I-M-2, I-M-3, I-B-1, I-B-2, I-B-3
      and I-B-4, a rate per annum equal to the lesser of (i) the Pass-Through Rate
      indicated for the Class of Corresponding Certificates as set forth in the
      Preliminary Statement determined without regard to the Net Rate Cap for such
      Certificates and (ii) a per annum rate equal to the weighted average of the
      Uncertificated REMIC II Pass-Through Rates on (a) REMIC II Regular Interest
      1-Sub, subject to a cap and a floor equal to the Uncertificated REMIC II
      Pass-Through Rate on REMIC II Regular Interest 1-Grp and (b) REMIC II Regular
      Interest 2-Sub, subject to a cap and a floor equal to the Uncertificated REMIC
      II Pass-Through Rate on REMIC II Regular Interest 2-Grp, weighted on the basis
      of the Uncertificated Principal Balances of each such REMIC II Regular Interest
      immediately prior to such Distribution Date.

     

    With
      respect to REMIC III Regular Interest I-B-IO, a rate per annum equal to the
      percentage equivalent of a fraction, the numerator of which is the sum of the
      amount determined for each REMIC II Regular Interest (other than REMIC II
      Regular Interests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX, IO and P) equal to the product
      of (a) the excess, if any, of the Uncertificated REMIC II Pass-Through Rate
      for
      such REMIC II Regular Interest over the Marker Rate and (y) a notional amount
      equal to the Uncertificated Principal Balance of such REMIC II Regular Interest,
      and the denominator of which is the aggregate Uncertificated Principal Balance
      of such REMIC II Regular Interests.

     

    With
      respect to REMIC III Regular Interest IO, REMIC III Regular Interest IO shall
      not have an Uncertificated REMIC III Pass-Through Rate, but the Uncertificated
      Accrued Interest for such REMIC III Regular Interest and each Distribution
      Date
      shall be an amount equal to 100% of the amount distributable to REMIC II Regular
      Interest IO for such Distribution Date. 

     

    With
      respect to REMIC III Regular Interest P, 0.00%.

     

    Uncertificated
      REMIC IV Pass-Through Rate:
      With
      respect to REMIC IV Regular Interest 1-Sub, REMIC IV Regular Interest 2-Sub,
      REMIC IV Regular Interest 3-Sub and REMIC IV Regular Interest XX, and any
      Distribution Date, a per annum rate equal to the weighted average of the Net
      Rates of all of the Mortgage Loans in Loan Group II as of the first day of
      the
      related Due Period, weighted on the basis of the Stated Principal Balances
      of
      such Mortgage Loans as of the first day of the related Due Period. With respect
      to REMIC IV Regular Interest 1-Grp and any Distribution Date, a per annum rate
      equal to the weighted average of the Net Rates of all of the Mortgage Loans
      in
      Subgroup II-1 as of the first day of the related Due Period, weighted on the
      basis of the Stated Principal Balances of the Mortgage Loans in Subgroup II-1
      as
      of the first day of the related Due Period. With respect to REMIC IV Regular
      Interest 2-Grp and any Distribution Date, a per annum rate equal to the weighted
      average of the Net Rates of all of the Mortgage Loans in Subgroup II-2 as of
      the
      first day of the related Due Period, weighted on the basis of the Stated
      Principal Balances of the Mortgage Loans in Subgroup II-2 as of the first day
      of
      the related Due Period. With respect to REMIC IV Regular Interest 3-Grp and
      any
      Distribution Date, a per annum rate equal to the weighted average of the Net
      Rates of all of the Mortgage Loans in Subgroup II-3 as of the first day of
      the
      related Due Period, weighted on the basis of the Stated Principal Balances
      of
      the Mortgage Loans in Subgroup II-3 as of the first day of the related Due
      Period. 

     

    Uncertificated
      REMIC V Pass-Through Rate:
      With
      respect to REMIC V Regular Interests II-1A-1 and II-1A-2, a per annum rate
      equal
      to the weighted average of the Uncertificated REMIC IV Pass-Through Rate for
      REMIC IV Regular Interest 1-Grp for such Distribution Date, weighted on the
      basis of the Uncertificated Principal Balance of such REMIC IV Regular Interest
      for such Distribution Date. With respect to REMIC V Regular Interests II-2A-1
      and II-2A-2, a per annum rate equal to the weighted average of the
      Uncertificated REMIC IV Pass-Through Rate for REMIC IV Regular Interest 2-Grp
      for such Distribution Date, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC IV Regular Interest for such Distribution Date.
      With respect to REMIC V Regular Interests II-3A-1 and II-3A-2, a per annum
      rate
      equal to the weighted average of the Uncertificated REMIC IV Pass-Through Rate
      for REMIC IV Regular Interest 3-Grp for such Distribution Date, weighted on
      the
      basis of the Uncertificated Principal Balance of such REMIC IV Regular Interest
      for such Distribution Date. With respect to REMIC V Regular Interests II-B-1,
      II-B-2, II-B-3, II-B-4, II-B-5 and II-B-6, a per annum rate equal to the
      weighted average of the Uncertificated REMIC IV Pass-Through Rates on (a) REMIC
      IV Regular Interest 1-Sub, subject to a cap and a floor equal to the
      Uncertificated REMIC IV Pass-Through Rate on REMIC IV Regular Interest 1-Grp,
      (b) REMIC IV Regular Interest 2-Sub, subject to a cap and a floor equal to
      the
      Uncertificated REMIC IV Pass-Through Rate on REMIC IV Regular Interest 2-Grp
      and
      (c) REMIC IV Regular Interest 3-Sub, subject to a cap and a floor equal to
      the
      Uncertificated REMIC IV Pass-Through Rate on REMIC IV Regular Interest 3-Grp,
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC IV Regular Interest immediately prior to such Distribution
      Date.

     

    Underlying
      Sale Agreement:
      The
      Servicing Agreements (other than the Wells Fargo Servicing Agreement) and the
      AmNet Sale Agreement, as amended.

     

    Underlying
      Seller:
      Any of
      AmNet, RFC, Paul Financial, IndyMac and EMC.

     

    Unpaid
      Realized Loss Amount:
      With
      respect to any Class of Group I Offered Certificates and as to any Distribution
      Date, the excess of

     

    1. Applied
      Realized Loss Amounts with respect to such Class over

     

    2. the
      sum
      of all distributions in reduction of the Applied Realized Loss Amounts on all
      previous Distribution Dates.

     

    Any
      amounts distributed to a Class of Group I Offered Certificates in respect of
      any
      Unpaid Realized Loss Amount will not be applied to reduce the Certificate
      Principal Balance of such Class.

     

    Voting
      Rights:
      The
      portion of the voting rights of all the Group I Certificates that is allocated
      to any Group I Certificate for purposes of the voting provisions hereunder
      shall
      be allocated as follows: (i) to the Group I Certificates (other than the Class
      I-B-IO, Class I-2X and Class R Certificates), 96.50% with respect to matters
      relating to Loan Group I, and 48.25% with respect to matters relating to both
      Loan Groups, (ii) to each of the Class I-2X, Class P and Class I-B-IO
      Certificates, 1% with respect to matters relating to Loan Group I, and 0.50%
      with respect to matters relating to both Loan Groups, and (iii) to the Class
      R
      Certificates and Class II-1R-2 Certificates, 0.50% with respect to matters
      relating to Loan Group I, and 0.25% with respect to matters relating to both
      Loan Groups. The portion of the voting rights of all the Group II Certificates
      that is allocated to any Group II Certificate for purposes of the voting
      provisions hereunder shall be allocated as follows: (i) to the Group II
      Certificates (other than the Group II Interest Only Certificates), 97.00% with
      respect to matters relating to Loan Group II, and 48.50% with respect to matters
      relating to both Loan Groups and (ii) to each of the Group II Interest Only
      Certificates, 1% with respect to matters relating to Loan Group II, and 0.50%
      with respect to matters relating to both Loan Groups. The allocation among
      the
      Certificates, other than the Interest Only Certificates will be in proportion
      to
      the Certificate Principal Balance of each such 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. Matters which solely affect the Group I Certificates
      or
      Group II Certificates will be voted on solely by the related
      Classes.

     

    Wells
      Fargo:
      Wells
      Fargo Bank, N.A., and any successor thereto.

     

    Wells
      Fargo Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      among the Sponsor, the Trustee and Wells Fargo, attached hereto as Exhibit
      R-4.

     

    Wells
      Fargo Loans:
      Those
      Mortgage Loans subject to this Agreement which were purchased by the Sponsor
      from AmNet pursuant to the AmNet Sale Agreement.

     

    Wells
      Fargo Servicing Agreement:
      The
      Servicing Agreement, dated as of April 25, 2006, among Maia Mortgage Finance
      Statutory Trust, Luminent Mortgage Capital, Inc, Mercury Mortgage Finance
      Statutory Trust and Wells Fargo, attached hereto as Exhibit Q-4, as modified
      by
      the Wells Fargo Assignment Agreement, as amended.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Section
      1.02 Allocation
      of Certain Interest Shortfalls. For purposes of calculating the amount of the
      Current Interest for the Adjustable Rate Certificates and Class I-B-IO
      Certificates for any Distribution Date, (1) the aggregate amount of any Net
      Interest Shortfalls in respect of Loan Group I for any Distribution Date shall
      be allocated first, in reduction of amounts otherwise distributable to the
      Class
      I-B-IO Certificates, and thereafter,
      among the Adjustable Rate Certificates in proportion to the amount of the
      Current Interest that would have been allocated to such Certificates in the
      absence of such Net Interest Shortfalls, (2) the aggregate amount of any Net
      Deferred Interest in respect of Loan Group I for any Distribution Date shall
      be
      allocated among the Adjustable Rate Certificates in accordance with the
      definition of “Net Deferred Interest” herein and (3) the interest portion of
      Realized Losses for Loan Group I will be allocated first, to the Class I-B-IO
      Certificates second to
      the Class
      I-B-4, Class I-B-3, Class I-B-2, Class I-B-1, Class I-M-3, Class I-M-2 and
      Class
      I-M-1 Certificates,
      in that order, and third, (I) the interest portion of a Realized Loss on a
      Subgroup I-1 Mortgage Loans will be allocated on any Distribution Date
first
      to
      the Class I-1A-3 Certificates, then to the Class I-1A-2 Certificates and then
      to
      the Class I-1A-1 Certificates and (II)
      the interest portion of a Realized Loss on a Subgroup I-2 Mortgage Loans on
      any
      Distribution Date will be allocated first
      to
      the Class I-2A-3 Certificates, then to the Class I-2A-2 Certificates and then
      to
      the Class I-2A-1 Certificates, in each case, based on, and to the extent of,
      one
      month’s interest at the then applicable respective Pass-Through Rates on the
      respective Certificate Principal Balance or Notional Amount of each such
      Certificate.

     

    For
      purposes of calculating the amount of the Accrued Certificate Interest for
      the
      Group II Offered Certificates and the Class II-B-4, Class II-B-5 and Class
      II-B-6 Certificates for any Distribution Date, (1) the aggregate amount of
      any
      Net Interest Shortfalls in respect of Loan Group II for any Distribution Date
      shall be allocated first, among the Group
      II
      Offered Certificates and the Class II-B-4, Class II-B-5 and Class II-B-6
      Certificates
      in
      proportion to the amount of the Accrued Certificate Interest that would have
      been allocated to such Certificates in the absence of such Net Interest
      Shortfalls, and (2) the interest portion of Realized Losses for Loan Group
      II
      shall be allocated first, to the Class II-B-6 Certificates, second to the Class
      II-B-5 Certificates, third to the Class II-B-4 Certificates, fourth to the
      Class
      II-B-3 Certificates, fifth to the Class II-B-2 Certificates and sixth to the
      Class II-B-1 Certificates, and following the Cross-Over Date, fourth, to the
      Group II Senior Certificates as follows: (I)
      the interest portion of a Realized Loss on a Subgroup II-1 Mortgage Loans will
      be allocated on any Distribution Date first
      to
      the Class II-1A-2 Certificates and then to the Class II-1A-1 Certificate,
(II)
      the interest portion of a Realized Loss on a Subgroup II-2 Mortgage Loans on
      any
      Distribution Date first
      to
      the Class II-2A-2 Certificates and then to the Class II-2A-1 Certificates,
      and
      (III) the
      interest portion of a Realized Loss on a Subgroup II-3 Mortgage Loans on any
      Distribution Date first
      to
      the Class II-3A-2 Certificates and then to the Class II-3A-1
      Certificates.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC I Regular Interests for any Distribution Date, (i) the aggregate amount
      of
      any Net Interest Shortfalls incurred in respect of Subgroup I-1 and Subgroup
      I-2
      shall be allocated first, to REMIC I Regular Interest A and REMIC I Regular
      Interest B, respectively, and then, to REMIC I Regular Interest A-IO and REMIC
      I
      Regular Interest B-IO, respectively, in each case based on, and to the extent
      of, one month’s interest at the then applicable respective Uncertificated REMIC
      I Pass-Through Rates on the Uncertificated Principal Balances of each such
      REMIC
      I Regular Interest, and (ii) the aggregate
      amount of any Net Deferred Interest incurred in respect of the Mortgage
      Loans in Subgroup I-1 with
      original terms to maturity in excess of 30 years and the
      Mortgage
      Loans in Subgroup I-2 with
      original terms to maturity in excess of 30 years
      shall be allocated to REMIC I Regular Interest A-IO and REMIC I Regular Interest
      B-IO, respectively, and
      the
aggregate
      amount of any Net Deferred Interest incurred in respect of the other
      Mortgage
      Loans in Subgroup I-1 and the
      other Mortgage
      Loans in Subgroup I-2 shall
      be allocated to REMIC I Regular Interest A and REMIC I Regular Interest
      B,
      respectively, in each case, based on, and to the extent of, one month’s interest
      at the then applicable respective Uncertificated REMIC I Pass-Through Rates
      on
      the 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 for any Distribution Date, (i) (x) the REMIC II
      Marker Allocation Percentage of the aggregate amount of any Net Interest
      Shortfalls incurred in respect of the Mortgage Loans in Loan Group I for any
      Distribution Date shall be allocated first,
      to
      Uncertificated Accrued Interest payable to REMIC II Regular Interest AA and
      REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II
      Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among
      REMIC II Regular Interest AA, each REMIC II Regular Interest for which a REMIC
      III Regular Interest is the Corresponding Interest and REMIC III Regular
      Interest ZZ, in proportion to the amount of the Uncertificated Accrued Interest
      that would have been allocated to such REMIC II Regular Interests in the absence
      of such Net Interest Shortfalls, and (y) the REMIC II Marker Allocation
      Percentage of the aggregate amount of any Net Deferred Interest incurred in
      respect of the Mortgage Loans in Loan Group I for any Distribution Date shall
      be
      allocated among REMIC II Regular Interest AA, each REMIC II Regular Interest
      for
      which a REMIC III Regular Interest is the Corresponding Interest and REMIC
      III
      Regular Interest ZZ, based on, and to the extent of, one month’s interest at the
      then applicable respective Uncertificated REMIC II Pass-Through Rates on the
      Uncertificated Principal Balances of each such REMIC II Regular Interest, and
      (ii) (x) the REMIC II Sub WAC Allocation Percentage of the aggregate amount
      of
      any Net Interest Shortfalls incurred in respect of the Mortgage Loans in Loan
      Group I for any Distribution Date shall be allocated among REMIC II Regular
      Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest
      2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in
      proportion to the amount of the Uncertificated Accrued Interest that would
      have
      been allocated to such REMIC II Regular Interests in the absence of such Net
      Interest Shortfalls, and (y) the REMIC II Sub WAC Allocation Percentage of
      the
      aggregate amount of any Net Deferred Interest incurred in respect of the
      Mortgage Loans in Loan Group I for any Distribution Date shall be allocated
      among REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC
      II
      Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular
      Interest XX in the following manner: first, so as to keep the Uncertificated
      Principal Balance of each REMIC II Regular Interest ending with the designation
      “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage
      Loans in the related Subgroup; second, to each REMIC II Regular Interest ending
      with the designation “Sub” so that the Uncertificated Principal Balance of each
      such REMIC II Regular Interest is equal to 0.01% of the excess of (1) the
      aggregate Stated Principal Balance of the Mortgage Loans in the related Subgroup
      over (2) the current aggregate Certificate Principal Balance of the Class I-A
      Certificates related to such Subgroup (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      Net
      Deferred Interest shall be applied to such REMIC II Regular Interests such
      that
      the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining
      Net Deferred Interest shall be allocated to REMIC II Regular Interest
      XX.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC III Regular Interests for any Distribution Date, the aggregate amount
      of
      any Net Interest Shortfalls and Net Deferred Interest incurred in respect of
      the
      Mortgage Loans in Loan Group I for any Distribution Date shall be allocated
      among the REMIC III Regular Interests in the same manner and priority as such
      amounts are allocable to the Corresponding Certificates; provided, however,
      that
      solely for purposes of the foregoing, any shortfalls allocable to the Class
      I-2X
      Certificates shall be deemed to be allocated to the Class I-2A-1, Class I-2A-2
      and Class I-2A-3 Certificates on a pro
      rata basis.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC IV Regular Interests for any Distribution Date, the aggregate amount
      of
      any Net Interest Shortfalls incurred in respect of the Mortgage Loans in Loan
      Group II for any Distribution Date shall be allocated among REMIC IV Regular
      Interest 1-Sub, REMIC IV Regular Interest 1-Grp, REMIC IV Regular Interest
      2-Sub, REMIC IV Regular Interest 2-Grp, REMIC IV Regular Interest 3-Sub, REMIC
      IV Regular Interest 3-Grp and REMIC IV Regular Interest XX, in proportion to
      the
      amount of the Uncertificated Accrued Interest that would have been allocated
      to
      such REMIC IV Regular Interests in the absence of such Net Interest
      Shortfalls.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC V Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Interest Shortfalls incurred in respect of the Mortgage Loans in Loan Group
      II for any Distribution Date shall be allocated among the REMIC V Regular
      Interests in the same manner and priority as such amounts are allocable to
      the
      Corresponding Certificates; provided, however, that solely for purposes of
      the
      foregoing, any shortfalls allocable to the Class II-1X-1 Certificates shall
      be
      deemed to be allocated to the Class II-1A-1 Certificates and Class II-1A-2
      Certificates on a pro
      rata basis,
      any shortfalls allocable to the Class II-2X-1 Certificates shall be deemed
      to be
      allocated to the Class II-2A-1 Certificates and Class II-2A-2 Certificates
      on a
pro
      rata basis,
      and any shortfalls allocable to the Class II-3X-1 Certificates shall be deemed
      to be allocated to the Class II-3A-1 Certificates and Class II-3A-2 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 in the Trust Fund.

     

    The
      Sponsor 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.

     

    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. 

     

    The
      Depositor hereby assigns the representations, warranties and remedies with
      respect to the AmNet Mortgage Loans, including the assignment of the
      representations, warranties and remedies set forth in Section 3.1, 3.2 and
      3.3
      of AmNet Sale Agreement, to the Trustee on behalf of the
      Certificateholders.

     

    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, the rights with respect to each of the Servicing Agreements as
      assigned to the Trustee by the related Assignment Agreement.

     

    In
      connection with such sale, the Depositor has 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)
      to
      the order of “HSBC Bank USA, National Association, as Trustee for
      certificateholders of Structured Asset Mortgage Investments II Inc., Luminent
      Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3,” or in
      blank or (B) in the case of a loan registered on the MERS system, in blank,
      and
      in each case showing to
      the
      extent available to the Sponsor an unbroken chain of endorsements from the
      original payee thereof to the Person endorsing it to the Trustee, (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 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 the Trustee of the Mortgage with
      respect to each Mortgage Loan in the name of “HSBC Bank USA, National
      Association, as Trustee for certificateholders of Structured Asset Mortgage
      Investments II Inc., Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
      Certificates, Series 2006-3,” 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, to the extent
      available to the Sponsor, with evidence of recording thereon, (v) the original
      policy of title insurance or mortgagee’s certificate of title insurance or
      commitment or binder for title insurance, if available, or a copy thereof,
      or,
      in the event that such original title insurance policy is unavailable, a
      photocopy thereof, 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 Sponsor 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 Depositor may deliver a true
      copy thereof with a certification by the Sponsor or the title company issuing
      the commitment for title insurance, on the face of such copy, substantially
      as
      follows: “Certified to be a true and correct copy of the original, which has
      been transmitted for recording”; and (y) in lieu of the Mortgage Notes relating
      to the Mortgage Loans identified in the list set forth in Exhibit I, the
      Depositor 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 Depositor, 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 Distribution Account on the Closing
      Date.
      In the case of the documents referred to in clause (x) above, the Depositor
      shall deliver such documents to the Trustee or its Custodian promptly after
      they
      are received. The Seller 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 any assignment (a) in any jurisdiction under the laws
      of
      which, as evidenced by an Opinion of Counsel addressed to the Trustee delivered
      by the Seller 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
      Seller and its successors and assigns. In the event that the Seller, 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, the
      Seller shall submit or cause to be submitted for recording as specified above
      or, should the Seller 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 the related 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.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Seller 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 the Seller 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. The Seller 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 this Agreement unless
      and
      until such Mortgage Loan is repurchased in accordance with the terms of this
      Agreement or the Mortgage Loan Purchase Agreement.

     

    It
      is
      agreed and understood by the Depositor, the Sponsor, the Seller, the Master
      Servicer, the Securities Administrator and the Trustee that it is not intended
      that any Mortgage Loan be included in the Trust Fund that is a “High-Cost Home
      Loan” as defined in the New Jersey Home Ownership Act, effective as of November
      27, 2003, or The Home Loan Protection Act of New Mexico, effective as of January
      1, 2004, or that is a “High Cost Home Mortgage Loan” as defined in the
      Massachusetts Predatory Home Loan Practices Act, effective as of November 7,
      2004, or that is an “Indiana High Cost Home Mortgage Loan” as defined in the
      Indiana High Cost Home Loan Act, effective as of January 1, 2005.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of Mortgage Files, including but not limited to certain insurance
      policies and documents contemplated by Section 3.11 of this Agreement, and
      preparation and delivery of the certifications shall be performed by the
      Custodian(s) pursuant to the terms and conditions of the Custodial Agreement(s)
      for so long as such Custodial Agreements are in effect.

     

    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 the Seller, the Servicers and the Trustee an
      Initial Certification 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 Seller and the Servicers and, if
      reviewed by the Custodian, the Trustee, an Interim Certification. 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, the Trustee or the Custodian on its behalf shall include such information
      in the exception report. The Seller or related Underlying Seller, as applicable,
      shall correct or cure any such defect or, if prior to the end of the second
      anniversary of the Closing Date, the Seller or related Underlying Seller, as
      applicable, 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 60 days from the date of notice from the Trustee of the
      defect and if the Seller or related Underlying Seller, as applicable, fails
      to
      correct or cure the defect or deliver such opinion within such period, the
      Seller or related Underlying Seller, as applicable, 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 the Seller or related Underlying Seller, as
      applicable, 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, the Seller or related Underlying Seller, as applicable,
      shall not be required to purchase such Mortgage Loan if the Seller or related
      Underlying Seller, as applicable, 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 the Seller
      and
      Servicers and, if reviewed by the Custodian, the Trustee, a Final Certification.
      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 the Seller or related Underlying Seller, as applicable.
      The Seller or related Underlying Seller, as applicable, shall correct or cure
      any such defect or, if prior to the end of the second anniversary of the Closing
      Date, the Seller or related Underlying Seller, as applicable, 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 60 days from
      the date of notice from the Trustee of the defect and if the Seller or related
      Underlying Seller, as applicable, 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, the Seller or related Underlying
      Seller, as applicable, 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 the
      Seller or related Underlying Seller, as applicable, 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, the Seller or related Underlying Seller, as
      applicable, shall not be required to purchase such Mortgage Loan, if the Seller
      or related Underlying Seller, as applicable, 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 the Seller or related Underlying
      Seller, as applicable, in accordance with subsections 2.02(a) or (b) above
      or
      Section 2.03 or the related Underlying Sale Agreement, the Seller or related
      Underlying Seller, as applicable, shall remit the applicable Purchase Price
      to
      the Master Servicer, who in turn will remit to the Securities Administrator,
      for
      deposit in the Distribution Account and shall provide written notice to the
      Trustee detailing the components of the Purchase Price, signed by a Servicing
      Officer. Upon receipt of written notice of the deposit of the Purchase Price
      in
      the Distribution 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
      or related Underlying Seller, as applicable, 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 the Sponsor,
      as
      are necessary to vest in the Seller or related Underlying Seller, as applicable,
      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 Distribution Account
      was
      made. The Trustee shall promptly notify the Rating Agencies of such repurchase.
      The obligation of the Seller or related Underlying Seller, as applicable, 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) The
      Seller or related Underlying Seller, as applicable, 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 Master Servicer and the Sponsor. 

     

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

     

    (i) (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 Master Servicer and the Securities Administrator 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 service the Mortgage Loans
      in accordance with the terms of this Agreement and any other Transaction
      Documents to which it is a party and to perform any of its other obligations
      under this Agreement in accordance with the terms hereof or
      thereof;

     

    (ii) (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
      any other Transaction Documents to which it is a party and has duly authorized
      by all necessary corporate action on its part the execution, delivery and
      performance of this Agreement and any other Transaction Documents to which
      it is
      a party; and this Agreement and any other Transaction Documents to which it
      is a
      party, 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 therefore may be brought.

     

    (iii) (iii) The
      execution and delivery of this Agreement and any other Transaction Documents
      to
      which it is a party by it, the consummation of any other of the transactions
      contemplated by this Agreement, and any other Transaction Documents to which
      it
      is a party 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
      and
      any other Transaction Documents to which it is a party.

     

    (iv) (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 and any other Transaction Documents to which
      it
      is a party or its ability to perform any of its other obligations under this
      Agreement and any other Transaction Documents to which it is a party in
      accordance with the terms hereof.

     

    (v) (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 and any other Transaction Documents to which it is a party
      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.

     

    (b) The
      Sponsor hereby represents and warrants to the Depositor, the Securities
      Administrator, the Master Servicer and the Trustee as follows, as of the Closing
      Date:

     

    (i) (i) The
      Sponsor is duly organized as a Maryland corporation and is validly existing
      and
      in good standing under the laws of the State of Maryland and is duly authorized
      and qualified to transact any and all business contemplated by this Agreement
      and any other Transaction Documents to which it is a party to be conducted
      by
      the Sponsor and to perform any of its other obligations under this Agreement
      and
      any other Transaction Documents to which it is a party in accordance with the
      terms hereof or thereof.

     

    (ii) (ii) The
      Sponsor has the full entity power and authority to execute, deliver and perform,
      and to enter into and consummate the transactions contemplated by this Agreement
      and any other Transaction Documents to which it is a party and has duly
      authorized by all necessary corporate action on the part of the Sponsor the
      execution, delivery and performance of this Agreement and any other Transaction
      Documents to which it is a party; and this Agreement and any other Transaction
      Documents to which it is a party, 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 Sponsor, enforceable
      against the Sponsor 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) (iii) The
      execution and delivery of this Agreement and any other Transaction Documents
      to
      which it is a party by the Sponsor, the consummation of any other of the
      transactions contemplated by this Agreement and any other Transaction Documents
      to which it is a party, and the fulfillment of or compliance with the terms
      hereof and thereof are in the ordinary course of business of the Sponsor and
      will not (A) result in a breach of any term or provision of the charter or
      by-laws of the Sponsor 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 Sponsor is a party or by which it may
      be
      bound, or (C) constitute a violation of any statute, order or regulation
      applicable to the Sponsor of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over the Sponsor; and the Sponsor
      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 Sponsor’s ability to
      perform or meet any of its obligations under this Agreement and any other
      Transaction Documents to which it is a party.

     

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

     

    (v) (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 Sponsor
      of,
      or compliance by the Sponsor with, this Agreement and any other Transaction
      Documents to which it is a party or the consummation of the transactions
      contemplated hereby or thereby, or if any such consent, approval, authorization
      or order is required, the Sponsor has obtained the same.

     

    (vi) (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.

     

    (c) 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 or
      in
      any Underlying Sale 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.
      The
      Seller hereby covenants with respect to the representations and warranties
      set
      forth in Section 7 of the Mortgage Loan Purchase Agreement and each Underlying
      Seller hereby covenants with respect to the representations and warranties
      set
      forth in the related Underlying Sale Agreement, as modified by the related
      Assignment, Assumption and Recognition 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, the Securities
      Administrator 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 Securities Administrator and the Trustee of a Request
      for Release. The Seller or Underlying Seller, as applicable, shall promptly
      reimburse the Master Servicer, the Securities Administrator and the Trustee
      for
      any expenses reasonably incurred by the Master Servicer, the Securities
      Administrator or the Trustee in respect of enforcing the remedies for such
      breach. To enable the Securities Administrator to amend the Mortgage Loan
      Schedule, the Seller or Underlying Seller, as applicable, shall, unless it
      cures
      such breach in a timely fashion pursuant to this Section 2.03, promptly notify
      the Securities Administrator 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 or the representations and warranties contained in each Underlying
      Sale Agreement that are made to the best of the Seller’s or Underlying Seller’s
      knowledge, as applicable, if it is discovered by any of the Depositor, the
      Master Servicer, the Sponsor, the Securities Administrator, 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 or Underlying Seller’s knowledge, as applicable,
      lack of knowledge with respect to the substance of such representation or
      warranty, the Seller or Underlying Seller, as applicable, shall nevertheless
      be
      required to cure, substitute for or repurchase the affected Mortgage Loan in
      accordance with the foregoing. Notwithstanding the foregoing, to the extent
      that
      any fact, condition or event with respect to a Mortgage Loan constitutes a
      breach of a representation or warranty of Paul Financial under the related
      Underlying Sale Agreement which materially adversely affects the value of such
      Mortgage Loan or the interest therein of the Certificateholders, the Trustee
      shall request that Paul Financial cure such breach or repurchase such Mortgage
      Loan and if Paul Financial fails to cure such breach or repurchase such Mortgage
      Loan within 60 days of receipt of such request from the Trustee, the Trustee
      shall then request that the Seller cure such breach or repurchase such Mortgage
      Loan, and if the Seller fails to cure such breach or repurchase such Mortgage
      Loan within 60 days of receipt of such request from the Trustee, the Trustee
      shall then request that the Sponsor cure such breach or repurchase such Mortgage
      Loan.

     

    With
      respect to any Replacement Mortgage Loan or Loans, the Seller or Underlying
      Seller, as applicable, 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 Monthly 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 or Underlying Seller, as applicable. For
      the
      month of substitution, distributions
      to
      Certificateholders will include the Scheduled Monthly Payment due on any Deleted
      Mortgage Loan for the related Due Period and thereafter the Seller or Underlying
      Seller, as applicable, shall be entitled to retain all amounts received in
      respect of such Deleted Mortgage Loan. The Securities Administrator 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 Securities Administrator shall
      deliver the amended Mortgage Loan Schedule to the Trustee 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 Securities Administrator
      and the Trustee of a Request for Release for such Mortgage Loan, the Trustee
      or
      the Custodian shall release to the Seller or Underlying Seller, as applicable,
      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 or Underlying Seller’s, as applicable, direction such instruments
      of transfer or assignment as have been prepared by the Seller or Underlying
      Seller, as applicable,, in each case without recourse, representation or
      warranty as shall be necessary to vest in the Seller or Underlying Seller,
      as
      applicable,, 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 or Underlying Seller, as applicable, 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 Monthly Payment due in the month of substitution)
      of
      such Deleted Mortgage Loan, including any costs incurred by the Trust in
      connection with any violation of such Mortgage Loan of any predatory lending
      laws. 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
      Securities Administrator upon receipt from the Seller or Underlying Seller,
      as
      applicable, 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 or Underlying Seller, as applicable, shall have
      repurchased a Mortgage Loan, the Purchase Price therefor shall be deposited
      into
      the Distribution Account maintained by the Securities Administrator, on the
      Determination Date for the Distribution Date in the month following the month
      during which the Seller or Underlying Seller, as applicable, 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 or Underlying Seller, as applicable, and the Trustee shall execute and
      deliver at such Person’s direction the related instruments of transfer or
      assignment prepared by the Seller or Underlying Seller, as applicable, 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 the Seller or Underlying Seller, as
      applicable, to any Mortgage Loan purchased pursuant to this Section 2.03. In
      connection with any repurchase or substitution of a Mortgage Loan pursuant
      to
      this Section 2.03, the Seller shall, or such cause the Underlying Seller, to
      furnish to the Securities Administrator an officer's certificate, signed by
      a
      duly authorized officer of the Seller or Underlying Seller, as the case may
      be,
      to the effect that such repurchase or substitution has been made in accordance
      with the terms and conditions of this Agreement and that all conditions
      precedent to such repurchase or substitution have been satisfied, including
      the
      delivery to the Securities Administrator 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. Solely for purposes
      of
      the Securities Administrator providing an Assessment of Compliance upon receipt
      of such documentation, the Securities Administrator shall approve such
      repurchase or substitution, as applicable, and which approval shall consist
      solely of the Securities Administrator’s receipt of such documentation and
      deposits. It is understood and agreed that the obligation under this Agreement
      and the Mortgage Loan Purchase Agreement of the Sponsor 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 Sponsor respecting such breach
      available to Certificateholders, the Depositor or the Trustee.

     

    (d) 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, the Securities Administrator 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 and any other Transaction Documents to which it is a
      party.

     

    (ii) The
      Depositor has the full corporate power and authority to sell each Mortgage
      Loan
      to execute, deliver and perform, and to enter into and consummate the
      transactions contemplated by, this Agreement and any other Transaction Documents
      to which it is a party and has duly authorized, by all necessary action on
      its
      part, the execution, delivery and performance of this Agreement and any other
      Transaction Documents to which it is a party; and this Agreement and any other
      Transaction Documents to which it is a party, 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 and any other Transaction Documents
      to
      which it is a party by the Depositor, the consummation of the transactions
      contemplated by this Agreement and any other Transaction Documents to which
      it
      is a party, 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 and any other
      Transaction Documents to which it is a party.

     

    (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 and any other Transaction Documents
      to which it is a party or the ability of the Depositor to perform its
      obligations under this Agreement and any other Transaction Documents to which
      it
      is a party 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 and any other
      Transaction Documents to which it is a party 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.

     

    (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 Seller, 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 or 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 imminent, no repurchase or
      substitution pursuant to Sections 2.02 or 2.03 shall be made unless the Seller
      or Underlying Seller, as applicable, 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, REMIC III, REMIC IV, REMIC V or REMIC VI 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,
      REMIC
      III, REMIC IV, REMIC V or REMIC VI 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 imminent default
      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 Sponsor, 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) substitute, if the conditions in Section 2.03
      with respect to substitutions are satisfied, a Replacement Mortgage Loan for
      the
      affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
      90
      days of such discovery in the same manner as it would a Mortgage Loan for a
      breach of representation or warranty contained in Section 2.03. 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 a Mortgage Loan repurchased for breach of a representation or warranty
      contained in Section 2.03.

     

    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, the Securities
      Administrator 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 Interests. The Trustee acknowledges receipt of the
      REMIC
      I Regular Interests (all of 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 Interests.

     

    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 REMIC III Interests. The Trustee acknowledges receipt of the
      REMIC II Regular Interests (all of 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 REMIC III
      Interests.

     

    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
      IV Regular Interests and the other assets of REMIC V for the benefit of the
      holders of the REMIC V Interests. The Trustee acknowledges receipt of the REMIC
      IV Regular Interests (all of which are uncertificated) and the other assets
      of
      REMIC V and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the holders of the REMIC V Interests.

     

    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
      III Regular Interests and the REMIC V Regular Interests and the other assets
      of
      REMIC VI for the benefit of the Holders of the Regular Certificates and the
      Class R Certificates (in respect of the Class R-6 Interest). The Trustee
      acknowledges receipt of the REMIC III Regular Interests (all of which are
      uncertificated) and the REMIC V Regular Interests (all of which are
      uncertificated) and the other assets of REMIC VI and declares that it holds
      and
      will hold the same in trust for the exclusive use and benefit of the Holders
      of
      the Regular Certificates and the Class R Certificates (in respect of the Class
      R-6 Interest).

     

    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
      payments on the Certificates;

     

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

     

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

     

    The
      trust
      is hereby authorized to engage in the foregoing activities. The Trustee shall
      not cause the trust to engage in any activity other than in connection with
      the
      foregoing or other than as required or authorized by the terms of this Agreement
      while any Certificate is outstanding, and this Section 2.07 may not be amended,
      without the consent of the Certificateholders evidencing 51% or more of the
      aggregate voting rights of the Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      III

     

    ADMINISTRATION
      AND MASTER

    SERVICING
      OF MORTGAGE LOANS BY

    MASTER
      SERVICER

     

    Section
      3.01 Master
      Servicer. The Master Servicer shall, beginning on the Closing Date, supervise,
      monitor and oversee the obligation of the related Servicer to service and
      administer their respective 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 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 related Servicer and shall cause the 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 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 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
      Securities Administrator as shall be necessary in order for it to prepare the
      statements specified in Section 5.06 and any other information and statements
      required hereunder. The Master Servicer shall reconcile the results of its
      Mortgage Loan monitoring with the actual remittances of each Servicer pursuant
      to this Agreement and the related Servicing Agreement.

     

    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
      related Servicing Agreement or this Agreement. If the related Servicing
      Agreement 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 such Servicing
      Agreement and that any conditions to such modification set forth in the
      Servicing Agreement have been satisfied.  Furthermore, if the related
      Servicing Agreement 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 such Servicing Agreement, 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
      Servicers and the Master Servicer with any powers of attorney and other
      documents in form as acceptable to it necessary or appropriate to enable the
      related Servicers and the Master Servicer to service and administer the related
      Mortgage Loans and REO Property.

     

    The
      Trustee or the Custodian on its behalf and the Securities Administrator shall
      provide access to the records and documentation in possession of the Trustee
      or
      the Custodian on its behalf or the Securities Administrator 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 or the
      Securities Administrator; provided, however, that, unless otherwise required
      by
      law, neither the Trustee, the Custodian nor the Securities Administrator 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 and the Securities Administrator 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 or the Securities Administrator’s actual costs.

     

    The
      Trustee shall execute and deliver to the related Servicer and the Master
      Servicer any court pleadings, requests for trustee’s sale or other 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
      3.02 REMIC-Related
      Covenants. For as long as each REMIC created hereunder shall exist, the Trustee
      and the Securities Administrator shall act in accordance herewith to assure
      continuing treatment of such REMIC as a REMIC, and the Trustee and the
      Securities Administrator shall comply with any directions of the Sponsor, the
      Servicers or the Master Servicer to assure such continuing treatment. In
      particular, the Trustee shall not (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; and (b) other than with
      respect to a substitution pursuant to the Mortgage Loan Purchase Agreement
      or
      Section 2.03 of this Agreement, as applicable, accept any contribution to any
      REMIC after the Startup Day without receipt of a REMIC Opinion.

     

    Section
      3.03 Monitoring
      of the Servicers. 

     

    (a) The
      Master Servicer shall be responsible for reporting to the Trustee and the
      Sponsor the compliance by the related Servicer with its duties under the related
      Servicing Agreement. In the review of the related Servicer’s activities, the
      Master Servicer may rely upon an Officer’s Certificate of the related Servicer
      with regard to such Person’s compliance with the terms of the related Servicing
      Agreement. In the event that the Master Servicer, in its judgment, determines
      that the related Servicer should be terminated in accordance with 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 Sponsor and the Trustee thereof and the Master
      Servicer shall issue such notice 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 related Servicer under the related
      Servicing Agreement, and shall, in the event that the related Servicer fails
      to
      perform its obligations in accordance with 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. 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, 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.

     

    (c) To
      the
      extent that the costs and expenses of the Master Servicer related to any
      termination of the related Servicer, appointment of a successor servicer or
      the
      transfer and assumption of servicing by the Master Servicer 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 related 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 the related
      Servicing Agreement) are not fully and timely reimbursed by the terminated
      Servicer, the Master Servicer shall be entitled to reimbursement of such costs
      and expenses from the Distribution Account.

     

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

     

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

     

    Section
      3.04 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
      3.05 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 X 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 3.03, shall
      not permit 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, REMIC III, REMIC IV, REMIC V or REMIC VI 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, or failure to take action, will not cause REMIC I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI to fail to qualify as a
      REMIC
      or result in the imposition of a tax upon REMIC I, REMIC II, REMIC III, REMIC
      IV, REMIC V or REMIC VI as the case may be. The Trustee shall furnish the Master
      Servicer, upon written request from a Servicing Officer, with any powers of
      attorney (in form acceptable to the Master Servicer and the Trustee) empowering
      the Master Servicer 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 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 9.11
      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 Trustee, be deemed to be the agent of the
      Trustee.

     

    Section
      3.06 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 related Servicer to
      enforce such clauses in accordance with 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
      3.07 Release
      of Mortgage Files. 

     

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      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 or the related Servicer will, if required under the
      related Servicing Agreement (or if 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 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 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 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 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 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 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, the
      Trustee shall execute such documents as shall be prepared and furnished to
      the
      Trustee by 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 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 related Servicer or the Master Servicer, as
      applicable. Such trust receipt shall obligate 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 related Servicer
      or
      the Master Servicer.

     

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

     

    (a) The
      Master Servicer shall transmit and the related Servicer (to the extent required
      by the related Servicing Agreement) shall transmit to the Trustee or 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
      Custodian. Any funds received by the Master Servicer or by the related Servicer
      in respect of any Mortgage Loan or which otherwise are collected by the Master
      Servicer, 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,
      the Certificateholders subject to the Securities Administrator’s right to retain
      or withdraw from the Distribution Account, the Master Servicing Compensation
      and
      other amounts provided in this Agreement, and to the right of the related
      Servicer to retain its Servicing Fee and other amounts as provided in the
      related Servicing Agreement. The Master Servicer shall, and (to the extent
      provided in the related Servicing Agreement) shall cause the related Servicer
      to, provide access to information and documentation regarding the Mortgage
      Loans
      to the Trustee and, 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 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 under this Agreement or the related Servicing
      Agreement.

     

    Section
      3.09 Standard
      Hazard Insurance and Flood Insurance Policies. 

     

    (a) For
      each
      Mortgage Loan, the Master Servicer shall enforce any obligation of the related
      Servicer under 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 the related Servicing
      Agreement. It is understood and agreed that such insurance shall be with
      insurers meeting the eligibility requirements set forth in 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 Section 4.04 any amounts collected by the Servicers or the Master Servicer,
      or by 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 the Servicing
      Agreements) shall be deposited by the related Servicer or the Master Servicer
      into the Distribution Account, subject to withdrawal pursuant to Section 4.05.
      Any cost incurred by the Master Servicer 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
      or
      the related Servicer pursuant to Section 4.05.

     

    Section
      3.10 Presentment
      of Claims and Collection of Proceeds. The Master Servicer shall (to the extent
      provided in the related Servicing Agreement) cause the related 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 related Servicer and
      remitted to the Master Servicer) in respect of such policies, bonds or contracts
      shall be promptly deposited in the Distribution Account upon receipt, except
      that any amounts realized that are to be applied to the repair or restoration
      of
      the related Mortgaged Property 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
      3.11 Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a) The
      Master Servicer shall not take, or permit the related Servicer (to the extent
      such action is prohibited under 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
      or the related Servicer, would have been covered thereunder. The Master Servicer
      shall use its best reasonable efforts to cause the related Servicer (to the
      extent required under 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 permit 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 related Servicer (to the extent required
      under 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 Section 4.05, any amounts
      collected by the related Servicer under any Primary Mortgage Insurance Policies
      shall be deposited by the Securities Administrator in the Distribution
      Account.

     

    Section
      3.12 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
      3.13 Realization
      Upon Defaulted Mortgage Loans. Subject to the limitations set forth in Section
      3.21 hereof, the Master Servicer shall cause the related Servicer (to the extent
      required under 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 the related Servicing Agreement.

     

    Section
      3.14 Compensation
      for the Master Servicer. The Master Servicer shall be entitled to (i) a master
      servicing fee rate of 0.0015% per annum and (ii) all income and gain realized
      from any investment of funds on Permitted Investments in the Distribution
      Account during the six business days prior to the Distribution Date as
      compensation for the performance of its obligations hereunder (“Master Servicing
      Compensation”). 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
      3.15 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 the related Servicing
      Agreement, cause the related Servicer to sell, any REO Property as expeditiously
      as possible and in accordance with the provisions of the related Servicing
      Agreement. Pursuant to its efforts to sell such REO Property, the Master
      Servicer shall cause the related Servicer to protect and conserve, such REO
      Property in the manner and to the extent required by 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 the related Servicing
      Agreement, cause the related Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the Protected
      Account.

     

    (c) The
      Master Servicer 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 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 or the related Servicer as provided above shall
      be deposited in the 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 Securities Administrator for deposit into
      the
      related Distribution Account on the next succeeding Remittance
      Date.

     

    (e) The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause each Servicer to prepare for and deliver to the Trustee, the
      Master Servicer and the Securities Administrator a statement with respect to
      each 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
      Securities Administrator to comply with the reporting requirements of the REMIC
      Provisions, and shall cause each Servicer to 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.

     

    Section
      3.16 Annual
      Statement as to Compliance.

     

    The
      Master Servicer and the Securities Administrator shall deliver (or otherwise
      make available) to the Depositor and the Securities Administrator, and in the
      case of the Master Servicer, to the Trustee, not later than March 15th
      of each
      calendar year beginning in 2007, 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, the Securities Administrator 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
      Master Servicer, the Securities Administrator 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, the Securities Administrator
      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 Master Servicer to comply with this Section 3.16 (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. Failure of the Securities
      Administrator to comply with this Section 3.16 (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 Trustee
      at
      the written direction of the Depositor 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 Securities Administrator
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the Securities Administrator for the same. This paragraph
      shall supersede any other provision in this Agreement or any other agreement
      to
      the contrary.

     

    Section
      3.17 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 Master Servicer, the Securities Administrator and the Custodian
      (to
      the extent set forth in this Section) (each, an “Attesting Party”) shall deliver
      (or otherwise make available) to the Master Servicer, the Securities
      Administrator and the Depositor on or before March 15th
      of each
      calendar year beginning in 2007, 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 2007, each Attesting Party shall furnish to the
      Master Servicer, the Depositor and the Securities Administrator 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
      Securities Administrator, the Master Servicer, the Depositor an Assessment
      of
      Compliance and Attestation Report as and when provided in the related Servicing
      Agreement. Each of the Master Servicer and the Securities Administrator 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 Master Servicer or the Securities Administrator, as
      applicable, to be “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB) that is engaged by the Master Servicer or the
      Securities Administrator, as applicable, to deliver to the Securities
      Administrator, the Master Servicer and the Depositor an Assessment of Compliance
      and Attestation Report as and when provided above. 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
      Securities Administrator 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 is not required to be delivered unless it is required as part of
      a
      Form 10-K with respect to the Trust Fund.

     

    The
      Custodian shall deliver to the Master Servicer, the Securities Administrator
      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 Master Servicer to comply with this Section 3.17 (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 Securities Administrator to comply
      with
      this Section 3.17 (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 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 Securities Administrator under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the
      Securities Administrator for the same (but subject to the Securities
      Administrator’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.

     

    Section
      3.18 Reports
      Filed with Securities and Exchange Commission. 

     

    (a)           (i)
      (A)
      Within 15 days after each Distribution Date, the Securities Administrator 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 Securities Administrator to the
      Certificateholders for such Distribution Date; provided that, the Securities
      Administrator shall have received no later than five (5) calendar days after
      the
      related Distribution Date, all information required to be provided to the
      Securities Administrator 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,
      pursuant to the paragraph immediately below, reported by the parties set forth
      on Exhibit O to the Securities Administrator and the Depositor and approved
      for
      inclusion by the Depositor, and the Securities Administrator 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
      Securities Administrator 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 obligations of each Servicer (to the extent provided
      in the related Servicing Agreement) to provide, pursuant to Section 3.18(a)(iv)
      below, to the Securities Administrator 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
      Securities Administrator 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. The Depositor shall be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator 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 Securities Administrator 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 Securities
      Administrator forwards a copy of the Form 10-D no later than the 10th
      calendar
      after the Distribution Date), the Depositor shall notify the Securities
      Administrator 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 Securities Administrator shall be entitled to assume
      that such Form 10-D is in final form and the Securities Administrator 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, in the case where the Master
      Servicer and the Securities Administrator are not affiliated, 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 Securities Administrator. If a Form
      10-D cannot be filed on time or if a previously filed Form 10-D needs to be
      amended, the Securities Administrator shall follow the procedures set forth
      in
      Section 3.18(a)(v). Promptly (but no later than one (1) Business Day) after
      filing with the Commission, the Securities Administrator shall make available
      on
      its internet website identified in Section 5.06 a final executed copy of each
      Form 10-D filed by the Securities Administrator. The signing party at the Master
      Servicer can be contacted as set forth in Section 11.05. 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 Securities
      Administrator 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 Securities Administrator 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
      Securities Administrator of their respective duties under Sections 3.18(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 Securities Administrator 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 Securities
      Administrator shall prepare and file, at the direction of the Depositor, on
      behalf of the Trust, 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 Securities Administrator and the Depositor and
      approved for inclusion by the Depositor, and the Securities Administrator 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 Securities Administrator 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,
      no
      later than the close of business on the 2nd Business Day after the occurrence
      of
      a Reportable Event (i) the parties set forth in Exhibit O shall be required
      pursuant to Section 3.18(a)(iv) below to provide, and the Master Servicer will
      enforce the obligations of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide, to the Securities Administrator 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
      Securities Administrator 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 Securities Administrator 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 Securities Administrator 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, or in the case where the Master
      Servicer and Securities Administrator are affiliated, no later than noon New
      York City time on the 4th
      Business
      Day after the Reportable Event, a duly authorized officer of the Master Servicer
      shall sign the Form 8-K and, in the case where the Master Servicer and the
      Securities Administrator are not affiliated, 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 Securities Administrator. Promptly, but no later than the close
      of
      business on the 3rd Business Day after the Reportable Event (provided that,
      the
      Securities Administrator 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 Securities Administrator 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 Securities Administrator
      shall be entitled to assume that such Form 8-K is in final form and the
      Securities Administrator 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 Securities Administrator shall follow the procedures
      set forth in Section 3.18(a)(v). Promptly (but no later than one (1) Business
      Day) after filing with the Commission, the Securities Administrator shall,
      make
      available on its internet website a final executed copy of each Form 8-K filed
      by the Securities Administrator. The signing party at the Master Servicer can
      be
      contacted as set forth in Section 11.05. The parties to this Agreement
      acknowledge that the performance by Master Servicer and the Securities
      Administrator of their respective duties under this Section 3.16(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 3.18(a)(ii). Neither the Master Servicer nor
      the
      Securities Administrator 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)
      Within 90 days 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 2007, the Securities Administrator 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 Securities Administrator
      within the applicable time frames set forth in this Agreement, (I) an annual
      compliance statement for the
      Master
      Servicer, each
      Servicer, the
      Securities Administrator and any subservicer or subcontractor, as applicable,
      as
      described under Section 3.16, (II)(A) the annual reports on assessment of
      compliance with Servicing Criteria for the Master Servicer, each Servicer,
      each
      subservicer and subcontractor participating in the servicing function, the
      Securities Administrator and the Custodian, as described under Section 3.17,
      and
      (B) if any such report on assessment of compliance with Servicing Criteria
      described under Section 3.17 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 3.17
      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 Master Servicer,
      each Servicer, the Securities Administrator, each subservicer, each
      subcontractor, as applicable, and the Custodian, as described under Section
      3.17, and (B) if any registered public accounting firm attestation report
      described under Section 3.17 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 3.16 (a)(iii)(D) below (provided, however, that the
      Securities Administrator, 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,
      pursuant to the paragraph immediately below, reported by the parties set forth
      on Exhibit O to the Securities Administrator and the Depositor and approved
      for
      inclusion by the Depositor, and the Securities Administrator 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
      Securities Administrator 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 2007, (i) the parties set forth in Exhibit O shall be required
      to
      provide, and the Master Servicer shall enforce the obligations of each Servicer
      (to the extent provided in the related Servicing Agreement) to provide, pursuant
      to Section 3.18(a)(v) below to the Securities Administrator 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 Securities
      Administrator 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 Securities Administrator 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 Securities Administrator 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 Securities Administrator forwards a copy of the Form 10-K
      no
      later than the third Business Day prior to March 25th), the Depositor shall
      notify the Securities Administrator 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 Securities Administrator
      shall be entitled to assume that such Form 10-K is in final form and the
      Securities Administrator 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, in the case where the Master Servicer and the Securities Administrator
      are
      unaffiliated, 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 Securities
      Administrator. If a Form 10-K cannot be filed on time or if a previously filed
      Form 10-K needs to be amended, the Securities Administrator will follow the
      procedures set forth in Section 3.18(a)(vi). Promptly (but no later than one
      (1)
      Business Day) after filing with the Commission, the Securities Administrator
      shall make available on its internet website a final executed copy of each
      Form
      10-K filed by the Securities Administrator. The signing party at the Master
      Servicer can be contacted as set forth in Section 11.05. 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 Securities
      Administrator in writing, no later than March 15th after the related
      Distribution Date with respect to the filing of a report on Form 10-K, if the
      answer to the questions should be “no”. The Securities Administrator 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
      Securities Administrator of their respective duties under Sections 3.18(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 3.16 and Section
      3.17. Neither the Master Servicer nor the Securities Administrator 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 Master Servicer’s or the Securities
      Administrator’s inability or failure to receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 10-K, not resulting from its own negligence, bad faith or
      willful misconduct. 

     

    (D)
      Each
      Form 10-K shall include a 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 Securities Administrator 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 L,
      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. 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 as set forth in Section
      11.05.

     

    (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 Securities Administrator’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
      Securities Administrator, as and when required as described in Section
      3.18(a)(i) through (iv) above. Such Additional Disclosure shall be accompanied
      by a notice substantially in the form of Exhibit P. Each of the Master Servicer,
      the Sponsor, the Securities Administrator and the Depositor hereby agrees to
      notify and provide, and the Master Servicer agrees to enforce the obligations
      (to the extent provided in the related Servicing Agreement) of each Servicer
      to
      notify and provide, to the extent known to the Master Servicer, the Sponsor,
      the
      Securities Administrator 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. Within
      five Business Days of each Distribution Date of each year that the Trust is
      subject to the Exchange Act reporting requirements, the Depositor shall make
      available to the Securities Administrator the related Significance Estimate
      and
      the Securities Administrator shall use such information to calculate the related
      Significance Percentage. If the Significance Percentage meets either of the
      threshold levels detailed in Item 1115(b)(1) or 1115(b)(2) of Regulation AB,
      the
      Securities Administrator shall deliver written notification to the Depositor
      and
      the Corridor Contract Provider to that effect. The Securities Administrator
      shall request and the Depositor shall obtain from the Corridor Contract Provider
      any information required under Regulation AB to the extent required under the
      Corridor Contracts. The Depositor will be obligated pursuant to the Corridor
      Contracts to provide to the Securities Administrator any information that may
      be
      required to be included in any Form 10-D, Form 8-K or Form 10-K or written
      notification instructing the Securities Administrator that such Additional
      Disclosure regarding the Corridor Contract Provider is not necessary for such
      Distribution Date. The
      Depositor shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator 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 Securities Administrator
      and 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 3.18. In addition, the Trustee
      shall notify the Securities Administrator and the Depositor of any affiliations
      or relationships that develop after the Closing Date between the Trustee and
      the
      Depositor, the Sponsor, the Securities Administrator, 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 2007. Should
      the identification of any of the Depositor, the Sponsor, the Securities
      Administrator, 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 Securities
      Administrator is able to do so under applicable law, the Securities
      Administrator 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 Securities Administrator 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 Securities Administrator 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 Securities Administrator
      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 Securities Administrator 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 Securities Administrator 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 Securities Administrator of their
      respective duties under this Section 3.16(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 Securities Administrator shall have any liability for any loss, expense,
      damage or 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, not resulting from its own negligence,
      bad
      faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Securities Administrator, 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
      Securities Administrator reasonably deems appropriate to prepare and file all
      necessary reports with the Commission. The Securities Administrator shall have
      no responsibility to file any items other than those specified in this Section
      3.18; provided, however, the Securities Administrator 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 Securities Administrator in connection with this Section 3.18
      shall not be reimbursable from the Trust Fund.

     

    (b) The
      Securities Administrator shall indemnify and hold harmless, 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 Securities Administrator’s
      obligations under Sections 3.16, 3.17 and 3.18 or the Securities Administrator’s
      negligence, bad faith or willful misconduct in connection therewith. In
      addition, the Securities Administrator 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 Securities Administrator
      on its behalf or on behalf of any subservicer or subcontractor engaged by the
      Securities Administrator pursuant to Section 3.16, 3.17 or 3.18 (the
      “Securities Administrator 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 Securities Administrator
      Information and not to any other information communicated in connection with
      the
      Certificates, without regard to whether the Securities Administrator Information
      or any portion thereof is presented together with or separately from such other
      information.

     

    The
      Depositor shall indemnify and hold harmless the Securities Administrator 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 3.16, 3.17 and 3.18 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 Securities Administrator and each
      of
      their 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 o be
      filed pursuant to this Section 3.18 (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 Securities Administrator
      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 3.16, 3.17 and 3.18 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
      Sections 3.16, 3.17 and 3.18 (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
      Sponsor shall indemnify and hold harmless the Depositor, the Securities
      Administrator 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
      Sponsor under Section
      3.18(a)(iv) or
      the
      Sponsor’s negligence, bad faith or willful misconduct in connection therewith.
      In addition, the Sponsor 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
      Additional Disclosure provided by the Sponsor on its behalf or on behalf ot
      any
      subservicer or subcontractor pursuant to Section
      3.18(a)(iv) (the
      “Sponsor 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 Sponsor Information and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Sponsor 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 Depositor, the Securities Administrator or the Master Servicer,
      as
      applicable, then the defaulting party, in connection with any conduct for which
      it is providing indemnification under this Section 3.18(c), 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 3.18(c) shall survive
      the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    (c) [reserved.]

     

    (d) Failure
      of the Master Servicer to comply with this Section 3.18 (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 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 Securities Administrator to comply
      with
      this Section 3.18 (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, at the written direction of the Depositor, constitute a default
      and
      the Trustee at the written direction of the Depositor 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 Securities
      Administrator under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Securities Administrator for the
      same
      (but subject to the Securities Administrator’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 Securities Administrator pursuant
      to
      this Section 3.18(d), the Trustee shall be entitled to reimbursement of all
      costs and expenses associated with such termination to the extent set forth
      in
      Section 9.05. Notwithstanding anything to the contrary in this Agreement, no
      Event of Default by the Master Servicer or default by the Securities
      Administrator 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 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.

     

    (e) Notwithstanding
      the provisions of Section 11.01, this Section 3.18 may be amended without the
      consent of the Certificateholders.

     

    (f) Any
      report, notice or notification to be delivered by the Master Servicer or the
      Securities Administrator to the Depositor pursuant to this Section 3.18, 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.

     

    Section
      3.19 Intention
      of the Parties and Interpretation. 

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.16, 3.17
      and
      3.18 of this Agreement is to facilitate compliance by the Sponsor, the Depositor
      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 Sponsor,
      the
      Depositor, the Master Servicer or the Securities Administrator for delivery
      of
      additional or different information as the Sponsor, the Depositor, the Master
      Servicer or the Securities Administrator 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
      3.20 UCC.
      The
      Depositor shall cause the filing of any financing statements, continuation
      statements or amendments thereto required by any change in the Uniform
      Commercial Code.

     

    Section
      3.21 Special
      Foreclosure Rights. 

     

    The
      related Servicer will not commence foreclosure proceedings with respect to
      a
      Mortgage Loan unless (i) no later than five Business Days prior to such
      commencement, it notifies the Master Servicer of its intention to do so, and
      (ii) Controlling Class Holder, either directly or through the Master Servicer,
      does not, within such period, affirmatively object to such action. If the
      Controlling Class Holder timely and affirmatively objects to such action, then
      it will instruct the Master Servicer to hire three appraisal firms identified
      in
      the related Servicing Agreement to compute the fair value of the Mortgaged
      Property relating to the Mortgage Loan utilizing the Fannie Mae Form 2055
      Exterior-Only Inspection Residential Appraisal Report (each such appraisal
      firm
      computation, a “Fair Value Price”), in each case no later than 30 days from the
      date of the Controlling Class Holder’s objection. The Controlling Class Holder
      will, no later than 5 days after the expiration of such 30-day period, purchase
      such Mortgage Loan in amount equal to the lesser of (i) the unpaid principal
      balance of the Mortgage Loan and (ii) the average of the three Fair Value Prices
      and remit such amount to the Securities Administrator for deposit in the
      Distribution Account.

     

    In
      the
      event that the related Servicer determines not to proceed with foreclosure
      proceedings with respect to a Mortgage Loan that is 60 or 90 days’ or more
      delinquent, as stated in the related Servicing Agreement, prior to taking any
      action with respect to such Mortgage Loan the related Servicer must promptly
      provide the Master Servicer with notice of such determination and a description
      of such other action as it intends to take with respect to such Mortgage Loan.
      The related Servicer is not permitted to proceed with any such action unless
      the
      Controlling Class Holder, either directly or through the Master Servicer, does
      not, within three or five Business Days following such notice, as stated in
      the
      related Servicing Agreement, affirmatively objects to the related Servicer
      taking such action.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Controlling Class Holder shall
      not be entitled to any of its rights described in this Section 3.21 with respect
      to a Mortgage Loan following its failure to purchase such Mortgage Loan (at
      the
      price set forth above) during the time frame set forth in the related Servicing
      Agreement following its objection to the related Servicer action.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      IV

     

    ACCOUNTS

     

    Section
      4.01 [Reserved]. 

     

    Section
      4.02 [Reserved]. 

     

    Section
      4.03  [Reserved]. 

     

    Section
      4.04 [Reserved]. 

     

    Section
      4.05 Servicer
      Protected Accounts. 

     

    (a) The
      Master Servicer shall enforce the obligation of the Servicers to establish
      and
      maintain a Protected Account in accordance with the related 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 related Servicing Agreements)
      of
      receipt all collections of principal and interest on any Mortgage Loan and
      with
      respect to any REO Property received by the related Servicer, including
      Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Subsequent
      Recoveries, and advances made from such Servicer’s own funds (less servicing
      compensation as permitted by the related Servicing Agreement) and all other
      amounts to be deposited in the Protected Accounts. Each of the Servicers is
      hereby authorized to make withdrawals from and deposits to the related Protected
      Account for purposes required or permitted by this Agreement or the related
      Servicing Agreements. To the extent provided in this Agreement or the related
      Servicing Agreements, 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 4.05
      shall be paid to the related Servicer under 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 related
      Servicer. 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 IV, on or before each Remittance Date, 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) With
      respect to each Loan Group Scheduled Monthly Payments on the Mortgage Loans
      received or any related portion thereof advanced by 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) with
      respect to each Loan Group, Full Principal Prepayments and any Liquidation
      Proceeds received by the related Servicer with respect to such Mortgage Loans
      in
      the related Prepayment Period, with interest to the date of prepayment or
      liquidation, plus any Compensating Interest Payments, net of the amount thereof
      comprising the Servicing Fees and LPMI Fees, if any;

     

    (iii) With
      respect to each Loan Group, Partial Principal Prepayments received by the
      related Servicer for such Mortgage Loans in the related Prepayment
      Period;

     

    (iv) With
      respect to each Loan Group any amount to be used as an Advance; and

     

    (v) With
      respect to the Paul Financial Mortgage Loans, the amount of any Prepayment
      Charges collected with respect to the Paul Financial Mortgage Loans and the
      amount of any Prepayment Charges paid by Paul Financial in connection with
      the
      waiver of a Prepayment Charge in a manner that is not permitted under the Paul
      Financial Servicing Agreement.

     

    (d) with
      respect to each Loan Group, withdrawals may be made from a Protected Account
      by
      the Master Servicer or the related Servicer only to make remittances as provided
      in Section 4.05(c); to reimburse the Master Servicer or the related 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 10.01.
      As provided in Section 4.05(c) certain amounts otherwise due to the related
      Servicer may be retained by the related Servicer and need not be deposited
      in
      the Distribution Account.

     

    Section
      4.06 [Reserved]. 

     

    Section
      4.07 [Reserved]. 

     

    Section
      4.08 Distribution
      Account. 

     

    (a) The
      Securities Administrator 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. The Master Servicer or Servicer, as the case may be, will
      remit to the Securities Administrator for deposit in the Distribution Account
      the following amounts:

     

    (i) with
      respect to each Loan Group, any Advance and any Compensating Interest
      Payments;

     

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

     

    (iii) with
      respect to each Loan Group, the Repurchase Price with respect to any Mortgage
      Loans purchased by the Seller or Underlying Seller pursuant to Section 2.02
      or
      2.03 or any Underlying Sale Agreement, as applicable, any amounts which are
      to
      be treated pursuant to Section 4.09 of this Agreement as the payment of such
      a
      Repurchase Price, and all proceeds of any Mortgage Loans or property acquired
      with respect thereto repurchased by the Sponsor or its designee pursuant to
      Section 10.01;

     

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

     

    (v) the
      purchase price for any Mortgage Loan purchased by the Controlling Class Holder
      pursuant to Section 3.21 hereof; and

     

    (vi) with
      respect to each Loan Group, any other amounts received by or on behalf of the
      Master Servicer or the Trustee and required to be deposited in the Distribution
      Account pursuant to this Agreement.

     

    (b) All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator 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 to the Distribution Account
      any
      amount not required to be credited thereto, the Securities Administrator, 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 Securities Administrator and held by the
      Securities Administrator 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 Securities Administrator
      (whether made directly, or indirectly through a liquidator or receiver of the
      Securities Administrator). The amount at any time credited to the Distribution
      Account may be, as directed by the Master Servicer, held either uninvested
      in a
      trust or deposit account of the Securities Administrator with no liability
      for
      interest or other compensation thereof, except as otherwise agreed in writing
      with the Master Servicer, or invested in the name of the Trustee, in such
      Permitted Investments as may be selected by the Master Servicer 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. The Master Servicer shall be permitted to receive distribution
      of all investment earnings from the Distribution Account earned during the
      six
      business days prior to each each Distribution Date and shall distribute to
      the
      Sponsor all investment earnings from the Distribution Account for any remaining
      days. If there is any loss on a Permitted Investment or demand deposit, the
      Master Servicer shall deposit the amount of the loss in the Distribution Account
      incurred during the six business days pursuant to the prior sentence. With
      respect to the Distribution Account and the funds deposited therein, the
      Securities Administrator 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 Securities
      Administrator) 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.

     

    Section
      4.09 Permitted
      Withdrawals and Transfers from the Distribution Account. 

     

    (a) The
      Securities Administrator will make such withdrawals or transfers from the
      Distribution Account as the Master Servicer has designated for such transfer
      or
      withdrawal pursuant to this Agreement or any Servicing Agreement (limited in
      the
      case of amounts due the Master Servicer to those not withdrawn from the
      Distribution Account in accordance with the terms of this Agreement; provided
      that the Securities Administrator shall not be responsible for such
      determination and may rely on the Master Servicer’s instructions under this
      Section 4.09):

     

    (i) to
      reimburse the Master Servicer or the related Servicer for any Advance or
      Servicing Advance of its own funds, the right of the Master Servicer or the
      related Servicer to reimbursement pursuant to this subclause (i) being limited
      to amounts received on a particular Mortgage Loan (including, for this purpose,
      the Repurchase 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;

     

    (ii) to
      reimburse the Master Servicer or the related Servicer from Insurance Proceeds
      or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer 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 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 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 (viii) 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 or the related 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 to amounts received
      on
      the related Mortgage Loan (including, for this purpose, the Repurchase Price
      therefor, Insurance Proceeds and Liquidation Proceeds) which represent late
      recoveries of the payments for which such advances were made;

     

    (v) to
      reimburse the Master Servicer 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 3.14;

     

    (vii) to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 7.04(c) and (d) and 11.02 or
      otherwise reimbursable to it pursuant to this Agreement;

     

    (viii) to
      pay to
      the Master Servicer, as additional servicing compensation, any Excess
      Liquidation Proceeds with respect to each Loan Group to the extent not retained
      by the related Servicer;

     

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

     

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

     

    (xi) to
      remove
      amounts deposited in error;

     

    (xii) to
      pay
      the Sponsor as set forth in Section 4.08(c); and

     

    (xiii) to
      clear
      and terminate the Distribution Account pursuant to Section 10.01.

     

    (b) 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 Distribution 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 Distribution Account under Section 4.08.

     

    (c) On
      each
      Distribution Date, the Securities Administrator shall distribute the Interest
      Funds, Principal Distribution Amount and Group II Available Funds to the extent
      of funds on deposit in the Distribution Account to the Holders of the related
      Certificates in accordance with the Remittance Report upon which the Securities
      Administrator may conclusively rely.

     

    Section
      4.10 Final
      Maturity Reserve Account. 

     

    (a) On
      or
      before the Closing Date, the Securities Administrator shall establish a Final
      Maturity Reserve Account on behalf of the Holders of the Group I Certificates.
      On the Closing Date, the Depositor shall cause an amount equal to the Final
      Maturity Reserve Account Deposit to be deposited into the Final Maturity Reserve
      Account. The Final Maturity Reserve Account must be an Eligible Account. The
      Final Maturity Reserve Account shall be entitled “Final Maturity Reserve
      Account, Wells Fargo Bank, N.A. as Securities Administrator on behalf of HSBC
      Bank USA, National Association as Trustee for the benefit of holders of Group
      I
      Certificates”. On each Distribution Date as to which there is a Coupon Strip
      required to be applied to Group I Offered Certificates, the Securities
      Administrator shall deposit such Coupon Strip into the Final Maturity Reserve
      Account, and the Securities Administrator has been directed by the Class I-B-IO
      Certificateholder, as beneficial owner of the Final Maturity Reserve Account,
      to
      distribute amounts in the Final Maturity Reserve Account to the Holders of
      the
      Group I Offered Certificates in the manner and priorities set forth in clause
      (d) below. Any amount paid to the Holders of Group I Offered Certificates
      pursuant to clause (d) below in respect of Basis Risk Shortfall Carry-Forward
      Amounts shall be treated as distributed in respect of the Final Maturity IO
      Interest to the Securities Administrator for deposit into the Final Maturity
      Reserve Account on behalf of the Holder of the Class I-B-IO Certificates, as
      beneficial owner of the Final Maturity Reserve Account, and then paid by the
      Securities Administrator on behalf of the Holder of the Class I-B-IO
      Certificates to the Holders of the Group I Offered Certificates. Any payments
      to
      the Holders of the Group I Offered Certificates in respect of Basis Risk
      Shortfall Carry-Forward Amounts pursuant to clause (d) below shall not be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Code Section 860(G)(a)(1).

     

    (b) The
      Final
      Maturity Reserve Account is an “outside reserve fund” within the meaning of
      Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust
      Fund
      but not an asset of any REMIC. The Securities Administrator on behalf of the
      Trust shall be the nominal owner of the Final Maturity Reserve Account. The
      Class I-B-IO Certificateholder shall be the beneficial owner of the Final
      Maturity Reserve Account, subject to the power of the Securities Administrator
      to transfer amounts under clause (d) below. Amounts in the Final Maturity
      Reserve Account shall, at the direction of the Class I-B-IO Certificateholder,
      be invested in Permitted Investments that mature no later than the Business
      Day
      prior to the next succeeding Distribution Date. All net income and gain from
      such investments shall be distributed to the Class I-B-IO Certificateholder,
      not
      as a distribution in respect of any interest in any REMIC, on such Distribution
      Date. All amounts earned on amounts on deposit in the Final Maturity Reserve
      Account shall be taxable to the Class I-B-IO Certificateholder. Any losses
      on
      such investments shall be deposited in the Final Maturity Reserve Account by
      the
      Class I-B-IO Certificateholder out of its own funds immediately as realized.
      In
      the event that the Class I-B-IO Certificateholder shall fail to provide
      investment instructions to the Securities Administrator, the amounts on deposit
      in the Final Maturity Reserve Account shall be held uninvested.

     

    (c) On
      each Distribution Date, any amounts on deposit in the Final Maturity Reserve
      Account in excess of the lesser of (i) the Certificate Principal Balance of
      the
      Group I Offered Certificates and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in Loan Group I with original terms to maturity in excess
      of
      30 years, will be distributed to the Class I-B-IO Certificates.

     

    (d) On
      the earlier of the Distribution Date occurring in May
      2036
      and the Distribution Date on which the final distribution of payments from
      the
      Mortgage Loans in Loan Group I and the other assets in the trust is expected
      to
      be made, any remaining amounts on deposit in the Final Maturity Reserve Account
      will be distributed to the Group I Offered Certificates in the following order
      of priority:

     

    (1) to
      the Class I-1A Certificates and Class I-2A Certificates, pro
      rata,
      in accordance with their respective outstanding Certificate Principal Balances,
      after giving effect to principal distributions on such Distribution Date, until
      the Certificate Principal Balances thereof have been reduced to
      zero;

     

    (2) sequentially,
      to the Class I-M-1, Class I-M-2, Class I-M--3, Class I-B-1, Class I-B-2, Class
      I-B-3 and Class I-B-4 Certificates, in that order, after giving effect to
      principal distributions on such Distribution Date, until the Certificate
      Principal Balances thereof have been reduced to zero;

     

    (4)
       to
      each class of Group I Offered Certificates, any Current Interest and Interest
      Carry Forward Amount for each such Class remaining unpaid after giving effect
      to
      interest distributions on such Distribution Date in accordance with payment
      priorities set forth in Section 5.04(a)
      First,
      Third
      and Fourth
      herein;

     

    (5) to
      each class of Group I Offered Certificates, any Basis Risk Shortfall
      Carry-Forward Amount for each such Class remaining unpaid after giving effect
      to
      the distributions on such Distribution Date in accordance with payment
      priorities set forth in Section 5.04(a) Fifth
      herein; and

     

    (6) to
      the Class I-B-IO Certificates, any remaining amount.

     

    If
      the Mortgage Loans are purchased in connection with an optional termination
      of
      the trust estate, the funds on deposit in the Final Maturity Reserve Account
      will be used to make payments in accordance with priorities (5) and (6) above
      after application of the purchase price pursuant to the exercise of the optional
      termination.

     

    (e) On
      each
      Distribution Date on or after the Distribution Date in May 2016 and with respect
      to each Class of Group I Offered Certificate, the excess, if any, of (i) the
      amount distributed in respect of interest on such Certificates on such
      Distribution Date (excluding any Basis Risk Shortfall Carry-Forward Amounts),
      over (ii) the amount distributable in respect of interest to the REMIC VI
      Regular Interest the ownership of which is represented by such Certificates
      on
      such Distribution Date (such excess, a “Final Maturity Excess Coupon Amount”),
      shall be treated for federal income tax purposes not as amounts received in
      respect to such REMIC VI Regular Interest but rather as amounts having been
      distributed to the Securities Administrator in respect of the Final Maturity
      IO
      Interest on behalf of the Holder of the Class I-B-IO Certificates, as beneficial
      owner of the Final Maturity Reserve Account, and then paid by the Securities
      Administrator on behalf of the Holder of the Class I-B-IO Certificates to the
      Holders of such Group I Offered Certificates.

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    ARTICLE
      V

     

    DISTRIBUTIONS
      AND ADVANCES

     

    Section
      5.01 Advances. 

     

    (a) The
      Master Servicer shall cause the related Servicer to remit any Advance required
      pursuant to the terms of the related Servicing Agreement. The related Servicer
      shall be obligated to make any such Advance only to the extent that such advance
      would not be a Nonrecoverable Advance. If 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 related Servicer shall deliver (i) to the Securities Administrator for
      the
      benefit of the Certificateholders funds constituting the remaining portion
      of
      such Advance, if applicable, and (ii) to the Depositor, the Sponsor, 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 the
      related Servicer (other than Wells Fargo) 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. In the event that Wells Fargo as
      Servicer or the Master Servicer fails to make a required Advance, the Trustee,
      as successor servicer or successor master servicer, as applicable, shall be
      required to remit the amount of such Advance to the Distribution
      Account.

     

    (b) If
      the
      Scheduled Monthly Payment on a Mortgage Loan that was due on a related Due
      Date
      and is delinquent other than as a result of application of the Relief Act and
      for which the related Servicer was required to make an Advance pursuant to
      related Servicing Agreement exceeds the related Servicing Fee with respect
      to
      such Mortgage Loan, the Master Servicer as
      successor servicer or any successor servicer appointd by the Master Servicer
      will
      remit to the Securities Administrator, 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 deficiency, 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 as successor servicer or any successor
      servicer appointd by the Master Servicer shall continue to make such Advances
      through the date that the related Servicer is required to do so under the
      related Servicing Agreement, as applicable. If applicable, on the related
      Remittance 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 VIII 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 5.01.

     

    Section
      5.02 Compensating
      Interest Payments. 

     

    (a) 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 to the extent required under the related Servicing
      Agreement.

     

    (b) The
      Master Servicer shall be required to remit the amount of any such Prepayment
      Interest Shortfalls, to the extent of the Master Servicing Compensation for
      such
      Distribution Date, in the event the related Servicer is required to make such
      payment but fails to do so.

     

    Section
      5.03 REMIC
      Distributions. On each Distribution Date, the Securities Administrator, as
      agent
      for the Trustee, shall be deemed to make distributions to the REMIC Regular
      Interests and the Final Maturity IO Interest in accordance with Section 6.07
      hereof.

     

    Section
      5.04 Distributions. 

     

    (a) On
      each
      Distribution Date, the Interest Funds and Principal Distribution Amount for
      such
      Distribution Date shall be withdrawn by the Securities Administrator to the
      extent of funds on deposit in the Distribution Account with respect to Loan
      Group I and distributed as directed in accordance with the Remittance Report
      for
      such Distribution Date, in the following order of priority:

     

    First,
      to pay
      any accrued and unpaid interest on the related Group I Offered Certificates
      and,
      if applicable, to fund the Final Maturity Reserve Account, in the following
      order of priority:

     

    1. From
      Interest Funds in respect of Subgroup I-1 and Subgroup I-2, on
      each
      Distribution Date on and after the Distribution Date in May 2016, if applicable,
      to the Final Maturity Reserve Account, an amount equal to the Coupon Strip
      for
      such Distribution Date;

     

    2. From
      remaining Interest Funds in respect of:

     

    (a) Subgroup
      I-1, concurrently, to each Class of Class I-1A Certificates, the Current
      Interest and then any Interest Carry Forward Amount for each such Class,
pro
      rata,
      based
      on the amounts owed to such Class; and

     

    (b) Subgroup
      I-2, concurrently, to each Class of Class I-2A Certificates and the Class I-2X
      Certificates, the Current Interest and then any Interest Carry Forward Amount
      for each such Class, pro
      rata,
      based
      on the amounts owed to such Class;

     

    3. From
      remaining Interest Funds in respect of both Subgroup I-1 and Subgroup I-2,
      sequentially, to the Class
      I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3 and
      Class
      I-B-4 Certificates,
      in that
      order, the Current Interest for each such Class;

     

    4. Any
      Excess Spread to the extent necessary to meet a level of overcollateralization
      equal to the Overcollateralization Target Amount will be the Extra Principal
      Distribution Amount and will be included as part of the Principal Distribution
      Amount and distributed in accordance with Second
      (A) and
      (B) below; and

     

    5. Any
      remaining Excess Spread will be the Remaining Excess Spread and will be applied,
      together with the Overcollateralization Release Amount, as Excess Cashflow
      pursuant to clauses Third
      through
Seventh
      below.

     

    Second,
      to pay
      as principal on the Adjustable Rate Certificates and Residual Certificates,
      in
      the following order of priority:

     

    
      	
              (A)

            	
              On
                each Distribution Date (i) prior to the Stepdown Date or (ii) on
                which a
                Trigger Event is in effect, from the Principal Distribution Amount
                for
                such Distribution Date:

            

    

     

    1. Concurrently
      as follows:

     

    (a) An
      amount equal to the Subgroup I-1 Principal Distribution Amount will be
      distributed sequentially to (i) to
      the
      Class R Certificates until the Certificate Principal Balance thereof is reduced
      to zero
      and (ii) to each Class of Class I-1A Certificates on a pro
      rata
      basis until the Certificate
      Principal Balance of
      each such Class is reduced to zero;

     

    (b) An
      amount equal to the Subgroup I-2 Principal Distribution Amount will be
      distributed to each Class of Class I-2A Certificates on a pro
      rata
      basis until the Certificate
      Principal Balance
      of each such Class is reduced to zero; and

     

    2. Any
      remaining Principal Distribution Amount will be distributed sequentially,
      to the Class
      I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3 and
      Class
      I-B-4 Certificates,
      in that
      order,
      in each
      case until the Certificate Principal Balance thereof is reduced to
      zero.

     

    
      	
              (B)

            	
              On
                each Distribution Date on or after the Stepdown Date, so long as
                a Trigger
                Event is not in effect, from
                the Principal
                Distribution Amount for
                such Distribution Date:

            

    

     

    1. Concurrently
      as follows:

     

    (a) An
      amount
      up to the Class I-1A Principal Distribution Amount will be distributed to each
      Class of Class I-1A Certificates on a pro
      rata
      basis
      until the Certificate Principal Balance of each such Class is reduced to zero;
      

     

    (b) An
      amount
      up to the Class I-2A Principal Distribution Amount will be distributed to each
      Class of Class I-2A Certificates on a pro
      rata
      basis
      until the Certificate Principal Balance of each such Class is reduced to
      zero;

     

    2. To
      the Class
      I-M-1
      Certificates, from any remaining Principal Distribution Amount, the Class I-M-1
      Principal Distribution Amount, until the Certificate
      Principal Balance
      thereof is reduced to zero; 

     

    3. To
      the Class I-M-2 Certificates, from any remaining Principal Distribution Amount,
      the Class I-M-2 Principal Distribution Amount, until the Certificate
      Principal Balance
      thereof is reduced to zero; 

     

    4. To
      the Class I-M-3 Certificates, from any remaining Principal Distribution Amount,
      the Class I-M-3 Principal Distribution Amount, until the Certificate
      Principal Balance
      thereof is reduced to zero;

     

    5. To
      the Class I-B-1 Certificates, from any remaining Principal Distribution Amount,
      the Class I-B-1 Principal Distribution Amount, until the Certificate
      Principal Balance
      thereof is reduced to zero; 

     

    6. To
      the Class I-B-2 Certificates, from any remaining Principal Distribution Amount,
      the Class I-B-2 Principal Distribution Amount, until the Certificate
      Principal Balance
      thereof is reduced to zero;

     

    7. To
      the Class I-B-3 Certificates, from any remaining Principal Distribution Amount,
      the Class I-B-3 Principal Distribution Amount, until the Certificate
      Principal Balance
      thereof is reduced to zero; and

     

    8. To
      the Class I-B-4 Certificates, from any remaining Principal Distribution Amount,
      the Class I-B-4 Principal Distribution Amount, until the Certificate
      Principal Balance
      thereof is reduced to zero.

     

    
      	
              (C)

            	
              Notwithstanding
                the provisions of clauses Second
                (A) and (B) above, if on any Distribution Date the certificates in
                a
                Subgroup are no longer outstanding, the portion of the Principal
                Distribution Amount or the Class I-1A or Class I-2A Principal Distribution
                Amount, as applicable, otherwise allocable to such Subgroup will
                be
                allocated among the other Subgroup, after giving effect to distributions
                in Second
                (A) and (B) above, and will be distributed among the Certificates
                in each
                Subgroup in the manner set forth in Second
                (A) or (B) above, as applicable, until the Certificate Principal
                Balance
                of each such Class is reduced to
                zero.

            

    

     

    Third,
      from any Excess Cashflow, to the Class I-1A, Class I-2A Certificates and Class
      I-2X Certificates, pro
      rata
      in accordance with the respective amounts owed to each such Class, (i) any
      Interest Carry-Forward Amount for each such Class to the extent not fully paid
      pursuant to subclauses First
      1 above and (ii) any Unpaid Realized Loss Amount for each such Class, allocated
      to such Class from mortgage loans in the related Loan Group, for such
      Distribution Date;

     

    Fourth,
      from any remaining Excess Cashflow, sequentially,
      to the Class
      I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3 and
      Class
      I-B-4 Certificates,
      in that
      order, in each case, first in an amount equal to any Interest Carry Forward
      Amount for such Class, and second in an amount equal to any Unpaid Realized
      Loss
      Amount for such Class;

     

    Fifth, from
      any
      remaining Excess Cashflow otherwise distributable to the Class I-B-IO
      Certificates, to the Basis Risk Shortfall Reserve Fund, (i) first, to pay to
      the
      Classes of Class I-A Certificates any Basis Risk Shortfall Carry-Forward Amount
      for such Classes for such Distribution Date, on a pro
      rata
      basis,
      based on the amount of the Basis Risk Shortfall Carry Forward Amount for each
      such Class, in each case to the extent such amount exceeds the amounts then
      on
      deposit in the Basis Risk Shortfall Reserve Fund, (ii) second, to pay to the
      Class I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3
      and
      Class I-B-4 Certificates, sequentially in that order, any Basis Risk Shortfall
      Carry Forward Amount for each such Class for such Distribution Date, if any,
      in
      each case to the extent such amount exceeds the amounts then on deposit in
      the
      Basis Risk Shortfall Reserve Fund, and (iii) third, to maintain a balance in
      the
      Basis Risk Shortfall Reserve Fund equal to the Basis Risk Shortfall Reserve
      Fund
      Deposit;

     

    Sixth,
      , from
      any
      remaining Excess Cashflow, to the Class I-B-IO Certificates, an amount equal
      to
      the Class I-B-IO Distribution Amount reduced by amounts distributed in priority
      fifth
      above;
      and

     

    Seventh,
      any
      remaining Excess Cashflow to the Class R Certificates.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Paul Financial Mortgage Loans received during the related Prepayment Period
      and
      deposited in the Distribution Account shall be withdrawn from the Distribution
      Account and distributed in accordance with the Remittance Report to the Class
      P
      Certificates and shall not be available for distribution to the Holders of
      any
      other Class of Certificates. The payment of such Prepayment Charges shall not
      reduce the Certificate Principal Balance of the Class P
      Certificates.

     

    (b) On
      each
      Distribution Date, the Available Funds for each Subgroup included in Loan Group
      II for such Distribution Date shall be withdrawn by the Securities Administrator
      to the extent of such Available Funds on deposit in the Distribution Account
      and
      distributed as directed in accordance with the Remittance Report for such
      Distribution Date, in the following order of priority:

     

    (A) On
      each
      Distribution Date, the Available Funds for Subgroup II-1 will be distributed
      to
      the Class II-1A-1, Class II-1A-2 and Class II-1X-1 Certificates as follows:
      

     

    first,
      to the
      Class II-1A-1, Class II-1A-2 and Class II-1X-1 Certificates, the Accrued
      Certificate Interest on each such Class for such Distribution Date, pro
      rata,
      based
      on the Accrued Certificate Interest owed to each such Class;

     

    second,
      to the
      Class II-1A-1, Class II-1A-2 and Class II-1X-1 Certificates, any Accrued
      Certificate Interest thereon remaining undistributed from previous Distribution
      Dates, pro
      rata,
      based
      on the undistributed Accrued Certificate Interest owed to each Class, to the
      extent of remaining Available Funds for Subgroup II-1; and 

     

    third,
      to the
      Class II-1A-1 Certificates and Class II-1A-2 Certificates, in reduction of
      their
      Certificate Principal Balances, pro
      rata,
      based
      on each respective Certificate Principal Balance, the Senior Optimal Principal
      Amount with respect to the Senior Certificates in Subgroup II-1 for such
      Distribution Date, to the extent of remaining Available Funds for Subgroup
      II-1
      until each such Certificate Principal Balance has been reduced to
      zero.

     

    (B) On
      each
      Distribution Date, the Available Funds for Subgroup II-2 will be distributed
      to
      the Class II-2A-1, Class II-2A-2 and Class II-2X-1 Certificates as follows:
      

     

    first,
      to the
      Class II-2A-1, Class II-2A-2 and Class II-2X-1 Certificates, the Accrued
      Certificate Interest on each such Class for such Distribution Date, pro
      rata,
      based
      on the Accrued Certificate Interest owed to each such Class;

     

    second,
      to the
      Class II-2A-1, Class II-2A-2 and Class II-2X-1 Certificates, any Accrued
      Certificate Interest thereon remaining undistributed from previous Distribution
      Dates, pro
      rata,
      based
      on the undistributed Accrued Certificate Interest owed to each class, to the
      extent of remaining Available Funds for Subgroup II-2; and 

     

    third,
      to the
      Class II-2A-1 Certificates and Class II-2A-2 Certificates, in reduction of
      their
      Certificate Principal Balances, pro
      rata,
      based
      on each respective Certificate Principal Balance, the Senior Optimal Principal
      Amount with respect to the Senior Certificates in Subgroup II-2 for such
      Distribution Date, to the extent of remaining Available Funds for Subgroup
      II-2,
      until each such Certificate Principal Balance has been reduced to
      zero.

     

    (C) On
      each
      Distribution Date, the Available Funds for Subgroup II-3 will be distributed
      to
      the Class II-3A-1, Class II-3A-2 and Class II-3X-1 Certificates as follows:
      

     

    first,
      to the
      Class II-3A-1, Class II-3A-2 and Class II-3X-1 Certificates, the Accrued
      Certificate Interest on each such Class for such Distribution Date, pro
      rata,
      based
      on the Accrued Certificate Interest owed to each such Class; 

     

    second,
      to the
      Class II-3A-1, Class II-3A-2 and Class II-3X-1 Certificates, any Accrued
      Certificate Interest thereon remaining undistributed from previous Distribution
      Dates, pro
      rata,
      based
      on the undistributed Accrued Certificate Interest owed to each Class, to the
      extent of remaining Available Funds for Subgroup II-3; and

     

    third,
      to the
      Class II-3A-1 Certificates and Class II-3A-2 Certificates, in reduction of
      their
      Certificate Principal Balances, pro
      rata,
      based
      on each respective Certificate Principal Balance, the Senior Optimal Principal
      Amount with respect to the Senior Certificates in Subgroup II-3 for such
      Distribution Date, to the extent of remaining Available Funds for Subgroup
      II-3,
      until each such Certificate Principal Balance has been reduced to
      zero.

     

    (D) Except
      as
      provided in paragraphs (E) and (F) below, on each Distribution Date on or prior
      to the Cross-Over Date, an amount equal to the sum of the remaining Available
      Funds for all Subgroups in Loan Group II after the distributions set forth
      in
      paragraphs (A) through (C) above, will be distributed sequentially to the Class
      II-B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-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 for such Distribution Date, in each case, to the extent of the remaining
      Available Funds for all Subgroups in Loan Group II.

     

    (E) On
      each
      Distribution Date prior to the Cross-Over Date but after the reduction of the
      aggregate Certificate Principal Balance of the Group II Senior Certificates
      in
      any Subgroup
      or
      Groups to zero, the remaining Subgroups
      will be
      entitled to receive in reduction of their Certificate Principal Balances,
pro
      rata,
      based
      upon the aggregate Certificate Principal Balance of the Group II Senior
      Certificates in each Subgroup
      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 in Loan Group II in the Subgroup relating to the fully paid
Subgroup.
      Such
      amounts allocated to Group II Senior Certificates shall be treated as part
      of
      the Available Funds for the related Subgroup and distributed as part of the
      related Senior Optimal Principal Amount in accordance with the priorities set
      forth in clause third
      in each
      of paragraphs (A) through (C) above, in reduction of the Certificate Principal
      Balances thereof. Notwithstanding the foregoing, if (i) 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 (ii)
      the
      aggregate Stated Principal Balance of the Mortgage Loans in Loan Group II in
      all
      Subgroups delinquent 60 days or more (including for this purpose any such
      Mortgage Loans in foreclosure 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 Group II Subordinate Certificates does not exceed
      100%,
      then the additional allocation of Principal Prepayments to the Group II Senior
      Certificates in accordance with this paragraph (E) will not be made and 100%
      of
      the Principal Prepayments on any Mortgage Loans in Loan Group II in the Subgroup
      relating to the fully paid Subgroup
      will be
      allocated to the Group II Subordinate Certificates.

     

    (F) If
      on any
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Group II Senior Certificates in a Subgroup
      would be
      greater than the aggregate Stated Principal Balance of the Mortgage Loans in
      Loan Group II in its related Subgroup and any Group II 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
      Group II Subordinate Certificates in respect of principal will be distributed
      to
      such Group II Senior Certificates in reduction of the Certificate Principal
      Balances thereof, until the aggregate Certificate Principal Balance of such
      Group II Senior 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 Group II Subordinate Certificates on such
      Distribution Date will be reduced and distributed to such Group II Senior
      Certificates, to the extent of any amount due and unpaid on such Group II 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 such Group II Senior Certificates over (y) the aggregate Stated
      Principal Balance of the Mortgage Loans in Loan Group II in the related
      Subgroup. Any such reduction in the Accrued Certificate Interest on the Group
      II
      Subordinate Certificates will be allocated first to the Group II Subordinate
      Certificates in reverse order of their respective numerical designations,
      commencing with the Class II-B-6 Certificates. If there exists more than one
      undercollateralized Subgroup
      on a
      Distribution Date, amounts distributable to such undercollateralized
Subgroups
      pursuant to this paragraph will be allocated between such undercollateralized
      Subgroups,
      pro
      rata,
      based
      upon the amount by which their respective aggregate Certificate Principal
      Balances exceed the aggregate Stated Principal Balance of the Mortgage Loans
      in
      Loan Group II in their respective Subgroups.

     

    (G) If,
      after
      distributions have been made pursuant to priorities first and second of
      paragraphs (A) through (C) above on any Distribution Date, the remaining
      Available Funds for any Subgroup is less than the Senior Optimal Principal
      Amount for that Subgroup, the Senior Optimal Principal Amount for that Subgroup
      shall be reduced by that amount, and the remaining Available Funds for that
      Subgroup will be distributed as principal among the related classes of Senior
      Certificates in Loan Group II, pro
      rata,
      based
      on their respective Certificate Principal Balances.

     

    (c) On
      each
      Distribution Date on or prior to the applicable Corridor Contract Termination
      Date, amounts allocated to the Trust Fund in respect of each Corridor Contract
      for such Distribution Date will be deposited in the Basis Risk Shortfall Reserve
      Fund and then distributed by the Securities Administrator to the Adjustable
      Rate
      Certificates and Class I-B-IO Certificates, as applicable, to as
      follows:

     

    first,
      (i) to
      the Holders of the Class I-1A Certificates, pro rata, from payments from the
      Class I-1A Corridor Contract, an amount equal to any Basis Risk Shortfall
      Carry-Forward Amount for such Class for such Distribution Date, (ii) to the
      Holders of the Class I-2A Certificates, pro rata, from payments from the Class
      I-2A Corridor Contract, an amount equal to any Basis Risk Shortfall
      Carry-Forward Amount for such Class for such Distribution Date, (iii) to the
      Holders of the related Class of Certificates, respectively, from payments from
      each Subordinate Corridor Contract, an amount equal to any Basis Risk Shortfall
      Carry-Forward Amount for such Class for such Distribution Date and (iv) to
      maintain a balance in the Basis Risk Shortfall Reserve Fund equal to the Basis
      Risk Shortfall Reserve Fund Deposit, in each case to the extent not covered
      under clause (a) Fifth
      above;

     

    second,
      (i) to
      the Holders of the Class I-1A Certificates, pro rata, from remaining payments
      from the Class I-1A Corridor Contract, an amount equal to any Current Interest
      and any Interest Carryforward Amount for such Class for such Distribution Date,
      (ii) to the Holders of the Class I-2A Certificates, pro rata, from remaining
      payments from the Corridor Contract relating to the Class I-2A Certificates,
      an
      amount equal to any Current Interest and any Interest Carryforward Amount for
      such Class for such Distribution Date and (iii) to the Holders of each Group
      I
      Subordinate Certificate, from remaining payments from the related Subordinate
      Corridor Contract, an amount equal to any Current Interest and any Interest
      Carryforward Amount for such Class for such Distribution Date, in each case
      to
      the extent due to the interest portion of a Realized Loss with respect to the
      related Mortgage Loans, and in each case to the extent not covered under clause
      (a) Second,
      Third
      and
Fourth
      above;

     

    third,
      to the
      extent not paid in clauses first
      and
second
      above,
      (a) concurrently on a pro rata basis, (i) to the Holders of the Class I-1A
      Certificates, pro rata, from remaining amounts paid on such Distribution Date
      pursuant to the Corridor Contracts other than the Class I-1A Corridor Contract,
      an amount equal to the sum of (A) any Basis Risk Shortfall Carry-Forward Amounts
      for such Class for such Distribution Date and (B) any Current Interest and
      any
      Interest Carryforward Amount, in each case to the extent due to the interest
      portion of a Realized Loss with respect to the related Mortgage Loans, for
      such
      Class for such Distribution Date and (ii) to the Holders of the Class I-2A
      Certificates, pro rata, from remaining amounts paid on such Distribution Date
      pursuant to the Corridor Contracts other than the Class I-2A Corridor Contract,
      an amount equal to the sum of (A) any Basis Risk Shortfall Carry-Forward Amounts
      for such Class for such Distribution Date and (B) any Current Interest and
      any
      Interest Carryforward Amount, in each case to the extent due to the interest
      portion of a Realized Loss with respect to the related Mortgage Loans, for
      such
      Class for such Distribution Date, (b) sequentially, to the Holders of the Class
      I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3 and
      Class
      I-B-4 Certificates, in that order, in each case from remaining amounts paid
      on
      such Distribution Date pursuant to the Corridor Contracts other than the related
      Subordinate Corridor Contract, an amount equal to the sum of (A) any Basis
      Risk
      Shortfall Carry-Forward Amounts for such Class for such Distribution Date and
      (B) any Current Interest and any Interest Carryforward Amount, in each case
      to
      the extent due to the interest portion of a Realized Loss with respect to the
      related Mortgage Loans, for such Class for such Distribution Date and (c) to
      maintain a balance in the Basis Risk Shortfall Reserve Fund equal to the Basis
      Risk Shortfall Reserve Fund Deposit; and

     

    (i) fourth,
      from
      any remaining amounts, to the Holder of the Class I-B-IO
      Certificates.

     

    (d) Subject
      to Section 10.02 hereof respecting the final distribution, on each Distribution
      Date the Securities Administrator 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 Securities Administrator 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 10.02 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.

     

    (e) On
      or
      before 5:00 p.m. Eastern time on the fifth Business Day immediately preceding
      each Distribution Date, the Master Servicer shall deliver a report to the
      Securities Administrator in the form of a computer readable magnetic tape (or
      by
      such other means as the Master Servicer and the Securities Administrator may
      agree from time to time) containing such data and information, as agreed to
      by
      the Master Servicer and the Securities Administrator such as to permit the
      Securities Administrator to prepare the Monthly Statement to Certificateholders
      and to direct the Securities Administrator in writing to make the required
      distributions for the related Distribution Date (the “Remittance
      Report”).

     

    Section
      5.05 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 Loan Group 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 Loan Group shall be
      allocated to the related Certificates as described in Section 1.02
      hereof.

     

    (c) The
      principal portion of all Realized Losses on Loan Group I shall be allocated
      on
      each Distribution Date as follows: first, to Excess Cashflow as part of the
      payment of the Overcollateralization Increase Amount; second, in reduction
      of
      the Overcollateralization Amount, until reduced to zero; third, in an amount
      equal to the related Applied Realized Loss Amount, sequentially,
      to the Class
      I-B-4, Class I-B-3, Class I-B-2, Class I-B-1, Class I-M-3, Class I-M-2 and
      Class
      I-M-1 Certificates,
      in that order, in each case until the Certificate
      Principal Balance
      of such Class has been reduced to zero. 
      Thereafter, the principal portion of Realized Losses on (I) the Subgroup I-1
      Mortgage Loans will be allocated first
      to
      the Class I-1A-3 Certificates, then to the Class I-1A-2 Certificates and then
      to
      the Class I-1A-1 Certificates in each case until the Certificate Principal
      Balance thereof has been reduced to zero
      and (II) the Subgroup I-2 Mortgage Loans will be allocated first to
      the
      Class I-2A-3 Certificates, then to the Class I-2A-2 Certificates and then to
      the
      Class I-2A-1 Certificates, in each until the Certificate Principal Balance
      thereof has been reduced to zero.

     

    (d) The
      principal portion of Realized Losses on the Group II Mortgage Loans will be
      allocated on any Distribution Date as follows: first, to the Class II-B-6
      Certificates; second, to the Class II-B-5 Certificates; third, to the Class
      II-B-4 Certificates; fourth, to the Class II-B-3 Certificates; fifth, to the
      Class II-B-2 Certificates; and sixth, to the Class II-B-1 Certificates; in
      each
      case until the Certificate Principal Balance of such Class has been reduced
      to
      zero. Thereafter, the principal portion of Realized Losses on the Group II
      Mortgage Loans in each Subgroup
      will be
      allocated on any Distribution Date to the Group II Senior Certificates (other
      than the Group II Interest Only Certificates) in the related Subgroup.
      Once
      any of the Class II-1A-1 Certificates and Class II-1A-2 Certificates, in the
      aggregate, the Class II-2A-1 Certificates and Class II-2A-2 Certificates, in
      the
      aggregate, or the Class II-3A-1 Certificates and Class II-3A-2 Certificates,
      in
      the aggregate, have been reduced to zero, the principal portion of Realized
      Losses on the mortgage loans in the related Subgroup (if any) will be allocated
      pro
      rata
      based
      upon their respective Certificate Principal Balances to the remaining
      outstanding Senior Certificates of the other Subgroups,
      pro
      rata,
      based
      upon their respective Certificate Principal Balances. The principal portion
      of
      any Realized Losses that are allocated to the Certificates in Subgroup II-1
      will
      be allocated first to the Class II-1A-2 Certificates and then to the Class
      II-1A-1 Certificates, in each case until the Certificate Principal Balance
      thereof has been reduced to zero. The principal portion of any Realized Losses
      that are allocated to the Certificates in Subgroup II-2 will be allocated first
      to the Class II-2A-2 Certificates and then to the Class II-2A-1 Certificates,
      in
      each case until the Certificate Principal Balance thereof has been reduced
      to
      zero. The principal portion of any Realized Losses that are allocated to the
      Certificates in Subgroup II-3 will be allocated first to the Class II-3A-2
      Certificates and then to the Class II-3A-1 Certificates, in each case until
      the
      Certificate Principal Balance thereof has been reduced to zero.

     

    (e) Notwithstanding
      the foregoing clause (d), no such allocation of any Realized Loss shall be
      made
      on a Distribution Date to any Class of (i) Group I Certificates to the extent
      that such allocation would result in the reduction of the aggregate Certificate
      Principal Balance of all the Group I Certificates as of such Distribution Date,
      after giving effect to all distributions and prior allocations of Realized
      Losses on the Group I Mortgage Loans on such date, to an amount less than the
      aggregate Stated Principal Balance of all of the Group I Mortgage Loans as
      of
      the first day of the month of such Distribution Date or (ii) Group II
      Certificates to the extent that such allocation would result in the reduction
      of
      the aggregate Certificate Principal Balance of all the Group II Certificates
      as
      of such Distribution Date, after giving effect to all distributions and prior
      allocations of Realized Losses on the related Mortgage Loans on such date,
      to an
      amount less than the aggregate Stated Principal Balance of all of the Mortgage
      Loans as of the first day of the month of such Distribution Date (such
      limitation, the “Loss Allocation Limitation”).

     

    (f) No
      reduction of the Certificate Principal Balance of any Class of a related Group
      II Senior Certificate (other than related the 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 the related Group II Senior
      Certificates (other than the related Interest Only Certificates) and Group
      II
      Subordinate Certificates as of such Distribution Date to an amount less than
      the
      Stated Principal Balances of the related Mortgage Loans in Loan Group II as
      of
      the related Due Date.

     

    (g) 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.

     

    (h) Any
      allocation of the principal portion of Realized Losses with respect to each
      Loan
      Group to a related Certificate on any Distribution Date shall be made by
      reducing the Certificate Principal Balance thereof by the amount so allocated;
      with respect to Loan Group I, any allocation of Realized Losses to Excess
      Cashflow shall be made by reducing the amount otherwise payable in respect
      of
      the Class I-B-IO Certificates pursuant to priority Sixth
      of
      Section 5.04(a). No allocations of any Realized Losses shall be made to the
      Certificate Principal Balances of the Class P Certificates or Class R
      Certificates.

     

    (i) 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.

     

    (j) In
      addition, in the event that the Master Servicer receives any Subsequent
      Recoveries in respect of a Loan Group from the related Servicer, the Master
      Servicer shall deposit such funds for such Loan Group into the Distribution
      Account pursuant to Section 5.07. 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 with respect to such Loan Group 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
      5.05 and, in the case of the Group I Subordinate Certificates, not previously
      reimbursed to such Class of Subordinate Certificates with Excess Cashflow
      pursuant to priority Fourth
      of
      Section 5.04(a); provided, however, in the case of the Group I Subordinate
      Certificates, to the extent that no reductions to a Certificate Principal
      Balance of such Class of Subordinate Certificates currently exists as the result
      of a prior allocation of a Realized Loss with respect to Loan Group I, such
      Subsequent Recoveries with respect to such Loan Group shall be applied as Excess
      Spread to such Loan Group. Holders of Certificates will 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) (i) All
      Realized Losses on the Mortgage Loans in Subgroup I-1 shall be allocated on
      each
      Distribution Date to REMIC I Regular Interests A and A-IO on a pro
      rata
      basis,
      and all Realized Losses on the Mortgage Loans in Subgroup I-2 shall be allocated
      on each Distribution Date to REMIC I Regular Interests B and B-IO on a
pro
      rata basis.
      

     

    (ii) (1) The
      REMIC
      II Marker Allocation Percentage of the aggregate amount of any interest portion
      of Realized Losses on the Mortgage Loans in Loan Group I shall be allocated
      on
      each Distribution Date first, to Uncertificated Accrued Interest payable to
      REMIC II Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate
      amount equal to the REMIC II Interest Loss Allocation Amount (without
      duplication of any such amount attributable to allocations of Net Interest
      Shortfalls on such Distribution Date pursuant to Section 1.02), 98% and 2%,
      respectively, and thereafter, to Uncertificated Accrued Interest payable to
      the
      REMIC II Regular Interests (other than REMIC II Regular Interests P, IO, 1-Sub,
      1-Grp, 2-Sub, 2-Grp and XX), pro rata, based on the Uncertificated Accrued
      Interest for each such REMIC II Regular Interest prior to such allocation.
      The
      REMIC II Marker Allocation Percentage of the aggregate amount of any principal
      portion of Realized Losses on the Mortgage Loans in Loan Group I shall be
      allocated on each Distribution Date to the following REMIC II Regular Interests
      in the specified percentages, as follows: first, to Uncertificated Accrued
      Interest payable to REMIC II Regular Interest AA and REMIC II Regular Interest
      ZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation
      Amount (without duplication of any such amount attributable to allocations
      of
      Net Interest Shortfalls or the interest portion of Realized Losses on such
      Distribution Date pursuant to Section 1.02 or the preceding sentence), 98%
      and
      2%, respectively; second, to the Uncertificated Principal Balances of the REMIC
      II Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate
      amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest I-B-4 and REMIC II Regular
      Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC II Regular Interest I-B-4 has been reduced to zero; fourth,
      to
      the Uncertificated Principal Balances of REMIC II Regular Interest AA, REMIC
      II
      Regular Interest I-B-3 and REMIC II Regular Interest ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC II Regular
      Interest I-B-3 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC II Regular Interest AA, REMIC II Regular Interest I-B-2 and
      REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC II Regular Interest I-B-2 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest I-B-1 and REMIC II Regular
      Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC II Regular Interest I-B-1 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC II Regular Interest AA, REMIC
      II
      Regular Interest I-M-3 and REMIC II Regular Interest ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC II Regular
      Interest I-M-3 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC II Regular Interest AA, REMIC II Regular Interest I-M-2 and
      REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC II Regular Interest I-M-2 has been
      reduced to zero; and ninth, to the Uncertificated Principal Balances of REMIC
      II
      Regular Interest AA, REMIC II Regular Interest I-M-1 and REMIC II Regular
      Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC II Regular Interest I-M-1 has been reduced to zero. Thereafter,
      (i) the REMIC II Marker Allocation Percentage of the aggregate amount of any
      principal portion of Realized Losses on the Mortgage Loans in Subgroup I-1
      remaining after the allocations in the preceding sentence shall be allocated
      on
      each Distribution Date to the following REMIC II Regular Interests in the
      specified percentages, as follows: first, to the Uncertificated Principal
      Balances of REMIC II Regular Interest AA, REMIC II Regular Interest I-1A-3
      and
      REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC II Regular Interest I-1A-3 has been
      reduced to zero; second, to the Uncertificated Principal Balances of REMIC
      II
      Regular Interest AA, REMIC II Regular Interest I-1A-2 and REMIC II Regular
      Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC II Regular Interest I-1A-2 has been reduced to zero; and third,
      to the Uncertificated Principal Balances of REMIC II Regular Interest AA, REMIC
      II Regular Interest I-1A-1 and REMIC II Regular Interest ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC II Regular
      Interest I-1A-1 has been reduced to zero, and (ii) the REMIC II Marker
      Allocation Percentage of the aggregate amount of any principal portion of
      Realized Losses on the Mortgage Loans in Subgroup I-2 remaining after the
      allocations in the preceding sentence shall be allocated on each Distribution
      Date to the following REMIC II Regular Interests in the specified percentages,
      as follows: first, to the Uncertificated Principal Balances of REMIC II Regular
      Interest AA, REMIC II Regular Interest I-2A-3 and REMIC II Regular Interest
      ZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC II Regular Interest I-2A-3 has been reduced to zero; second, to the
      Uncertificated Principal Balances of REMIC II Regular Interest AA, REMIC II
      Regular Interest I-2A-2 and REMIC II Regular Interest ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC II Regular
      Interest I-2A-2 has been reduced to zero; and third, to the Uncertificated
      Principal Balances of REMIC II Regular Interest AA, REMIC II Regular Interest
      I-2A-1 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC II Regular Interest I-2A-1 has been
      reduced to zero.

     

    (2) The
      REMIC
      II Sub WAC Allocation Percentage of the aggregate amount of any interest portion
      of Realized Losses on the Mortgage Loans in Loan Group I shall be allocated
      on
      each Distribution Date to Uncertificated Accrued Interest payable to the REMIC
      II Regular Interests 1-Sub, 1-Grp, 2-Sub, 2-Grp and XX, pro
      rata,
      based
      on the Uncertificated Accrued Interest for each such REMIC II Regular Interest
      prior to such allocation. The REMIC II Sub WAC Allocation Percentage of the
      aggregate amount of any principal portion of Realized Losses on the Mortgage
      Loans in Loan Group I shall be allocated on each Distribution Date first, so
      as
      to keep the Uncertificated Principal Balance of each REMIC II Regular Interest
      ending with the designation “Grp” equal to 0.01% of the aggregate Stated
      Principal Balance of the Mortgage Loans in the related Subgroup; second, to
      each
      REMIC II Regular Interest ending with the designation “Sub” so that the
      Uncertificated Principal Balance of each such REMIC II Regular Interest is
      equal
      to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the
      Mortgage Loans in the related Subgroup over (y) the current aggregate
      Certificate Principal Balance of the Class I-A Certificates related to such
      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 II Regular Interests such that the REMIC II Subordinated
      Balance Ratio is maintained); and third, any remaining Realized Losses shall
      be
      allocated to REMIC II Regular Interest XX.

     

    (iii) All
      Realized Losses incurred in respect of the Mortgage Loans in Loan Group I for
      any Distribution Date shall be allocated among the REMIC III Regular Interests
      in the same manner and priority as such amounts are allocable to the
      Corresponding Certificates; provided, however, that solely for purposes of
      the
      foregoing, any losses allocable to the Class I-2X Certificates shall be deemed
      to be allocated to the Class I-2A-1, Class I-2A-2 and Class I-2A-3 Certificates
      on a pro
      rata basis.

     

    (iv) The
      aggregate amount of any interest portion of Realized Losses on the Mortgage
      Loans in Loan Group II shall be allocated on each Distribution Date to
      Uncertificated Accrued Interest payable to the REMIC IV Regular Interests 1-Sub,
      1-Grp, 2-Sub, 2-Grp, 3-Sub, 3-Grp and XX, pro
      rata,
      based
      on the Uncertificated Accrued Interest for each such REMIC IV Regular Interest
      prior to such allocation. The aggregate amount of any principal portion of
      Realized Losses on the Mortgage Loans in Loan Group II shall be allocated on
      each Distribution Date first, so as to keep the Uncertificated Principal Balance
      of each REMIC IV Regular Interest ending with the designation “Grp” equal to
      0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the
      related Subgroup; second, to each REMIC IV Regular Interest ending with the
      designation “Sub” so that the Uncertificated Principal Balance of each such
      REMIC IV Regular Interest is equal to 0.01% of the excess of (x) the aggregate
      Stated Principal Balance of the Mortgage Loans in the related Subgroup over
      (y)
      the current aggregate Certificate Principal Balance of the Class II-A
      Certificates related to such 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 IV Regular Interests such that
      the REMIC IV Subordinated Balance Ratio is maintained); and third, any remaining
      Realized Losses shall be allocated to REMIC IV Regular Interest XX.

     

    (iv) All
      Realized Losses incurred in respect of the Mortgage Loans in Loan Group II
      for
      any Distribution Date shall be allocated among the REMIC V Regular Interests
      in
      the same manner and priority as such amounts are allocable to the Corresponding
      Certificates; provided, however, that solely for purposes of the foregoing,
      any
      losses allocable to the Class II-1X-1 Certificates shall be deemed to be
      allocated to the Class II-1A-1 Certificates and Class II-1A-2 Certificates
      on a
pro
      rata basis,
      any losses allocable to the Class II-2X-1 Certificates shall be deemed to be
      allocated to the Class II-2A-1 Certificates and Class II-2A-2 Certificates
      on a
pro
      rata basis,
      and any losses allocable to the Class II-3X-1 Certificates shall be deemed
      to be
      allocated to the Class II-3A-1 Certificates and Class II-3A-2 Certificates
      on a
pro
      rata basis.

     

    Section
      5.06 Monthly
      Statements to Certificateholders. 

     

    (a) Not
      later
      than each Distribution Date, the Securities Administrator shall prepare and
      make
      available to each Holder of Certificates, the Trustee, 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)

            	
              with
                respect to each Loan Group, 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;

            

    

     

    
      	 	
              (iv)

            	
              with
                respect to each Loan Group, the amount of the related distribution
                to
                holders of the offered certificates (by class) allocable to principal,
                separately identifying (A) the aggregate amount of any principal
                prepayments included therein, (B) the aggregate of all scheduled
                payments
                of principal included therein and (C) any Extra Principal Distribution
                Amount included therein;

            

    

     

    
      	 	
              (v)

            	
              with
                respect to Loan Group I, the Basis Risk Shortfall Carry-forward Amounts
                and any accrued but unpaid interest for the Group I Offered Certificates
                (if any);

            

    

     

    
      	 	
              (vi)

            	
              with
                respect to each Loan Group, the Certificate Principal Balance of
                the
                related Offered Certificates before and after giving effect to the
                distribution of principal and allocation of Realized Losses on such
                Distribution Date;

            

    

     

    
      	 	
              (vii)

            	
              with
                respect to each Loan Group, the number and Stated Principal Balance
                of all
                the mortgage loans for the following Distribution
                Date;

            

    

     

    
      	 	
              (viii)

            	
              the
                Pass-Through Rate for each class of Offered Certificates for such
                Distribution Date;

            

    

     

    
      	 	
              (ix)

            	
              with
                respect to each Loan Group and any Mortgage Loan that was liquidated
                during the preceding calendar month, the loan number and Stated Principal
                Balance of, and Realized Loss on, such mortgage loan as of the end
                of the
                related Prepayment Period;

            

    

     

    
      	 	
              (x)

            	
              with
                respect to Loan Group I, whether a Stepdown Date or a Trigger Event
                is in
                effect;

            

    

     

    
      	 	
              (xi)

            	
              with
                respect to each Loan Group, the total number and principal balance
                of any
                real estate owned, or REO, properties as of the end of the related
                Prepayment Period;

            

    

     

    
      	 	
              (xii)

            	
              with
                respect to each Loan Group, the cumulative Realized Losses through
                the end
                of the preceding month;

            

    

     

    
      	 	
              (xiii)

            	
              [reserved];

            

    

     

    
      	 	
              (xiv)

            	
              with
                respect to the Paul Financial Mortgage Loans, the amount of the Prepayment
                Charges remitted by Paul Financial;

            

    

     

    
      	 	
              (xv)

            	
              the
                amount, if any, received under each Corridor
                Contract;

            

    

     

    
      	 	
              (xvi)

            	
              the
                amount distributable on the Class P Certificates;
                and

            

    

     

    
      	 	
              (xvii)

            	
              the
                special hazard amount, fraud loss amount and bankruptcy amount, if
                applicable, as of the close of business on the applicable Distribution
                Date.

            

    

     

    The
      Securities Administrator 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 Securities
      Administrator’s internet website. The Securities Administrator’s internet
      website shall initially be located at “www.ctslink.com”. Assistance in using the
      website can be obtained by calling the Securities Administrator’s customer
      service desk at (301) 815-6600. 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
      Securities Administrator 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
      Securities Administrator’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 and the
      Servicers. The Securities Administrator will make available a copy of each
      statement provided pursuant to this Section 5.06 to each Rating
      Agency.

     

    (c) Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator 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)(i) and (a)(ii) of this Section 5.06 aggregated for such calendar year or
      applicable portion thereof during which such Person was a Certificateholder.
      Such obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Trustee or the Securities Administrator pursuant to any
      requirements of the Code as from time to time in effect.

     

    (d) Upon
      filing with the Internal Revenue Service, the Securities Administrator 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) (i) The
      original projected principal and interest cash flows on the Closing Date on
      each
      class of related Regular Interests and related Residual Interests created
      hereunder and on the related Mortgage Loans, based on the Prepayment
      Assumption;

     

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

     

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

     

    (iv) (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 related class of Regular Interests or Residual Interests created
      hereunder and to the related Mortgage Loans, together with each constant yield
      to maturity used in computing the same;

     

    (v) (v) The
      treatment of losses realized with respect to the related 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) (vi) The
      amount and timing of any non-interest expenses of a REMIC; and

     

    (vii) (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
      5.07 REMIC
      Designations and REMIC Distributions. 

     

    (a) The
      Securities
      Administrator, on behalf of the Trustee, shall
      elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC
      VI
      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 in Loan Group
      I and all interest owing in respect of and principal due thereon, the portion
      of
      the funds related to Loan Group I in the Distribution Account and the Protected
      Accounts maintained by the Securities Administrator and the Servicers, and
      any
      related REO Property, and any other assets related to Loan Group I subject
      to
      this Agreement (other than the Basis Risk Shortfall Reserve Fund, any Prepayment
      Charge Waiver Amounts, the Final Maturity Reserve Account and the Corridor
      Contracts). The REMIC I Regular Interests shall constitute the assets of REMIC
      II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
      The
      assets of REMIC IV shall include the Mortgage Loans in Loan Group II and all
      interest owing in respect of and principal due thereon, the portion of the
      funds
      related to Loan Group II in the Distribution Account and the Protected Accounts
      maintained by the Securities Administrator and the Servicers, and any related
      REO Property, and any other assets related to Loan Group II subject to this
      Agreement. The REMIC IV Regular Interests shall constitute the assets of REMIC
      V. The REMIC III Regular Interests and the REMIC IV Regular Interests shall
      constitute the assets of REMIC VI.

     

    (b)          (1) On
      each
      Distribution Date, the following amounts with respect to Subgroup I-1, in the
      following order of priority and in accordance with the Remittance Report, shall
      be deemed distributed by REMIC I to REMIC II on account of REMIC I Regular
      Interests A-IO and A or withdrawn from the Distribution Account and distributed
      to the Holders of the Class R Certificates (in respect of the Class R-1
      Interest):

     

    (i) from
      Interest Funds for Subgroup I-1 attributable to the Mortgage
      Loans in such Subgroup with original terms to maturity in excess of 30 years,
      to
      holders of REMIC I Regular Interest A-IO, an amount equal to (A) the
      Uncertificated Accrued Interest for such REMIC I Regular Interest for such
      Distribution Date, plus (B) any amounts payable in respect thereof remaining
      unpaid from previous Distribution Dates; 

     

    (ii) from
      Interest Funds for Subgroup I-1 attributable to the Mortgage
      Loans in such Subgroup with original terms to maturity of 30 years or less,
      to
      holders of REMIC I Regular Interest A, an amount equal to (A) the Uncertificated
      Accrued Interest for such REMIC I Regular Interest for such Distribution Date,
      plus (B) any amounts payable in respect thereof remaining unpaid from previous
      Distribution Dates; 

     

    (iii) from
      the
      Class R Deposit deemed to be included in the Subgroup I-1 Principal Distribution
      Amount, to the Holders of the Class R Certificates (in respect of the Class
      R-1
      Interest) in reduction of the Certificate Principal Balance of such
      Certificates, until the Uncertificated Principal Balance of such Certificates
      is
      reduced to zero; 

     

    (iv) to
      the
      extent of Interest Funds and Principal Funds for Subgroup I-1 attributable
      to
      the Mortgage
      Loans in such Subgroup with original terms to maturity in excess of 30 years
      remaining after the distribution made pursuant to clause (i) above, to REMIC
      I
      Regular Interest A-IO, until
      the
      Uncertificated Principal Balance of such REMIC I Regular Interest is reduced
      to
      zero;
      

     

    (v) to
      the
      extent of Interest Funds and Principal Funds for Subgroup I-1 attributable
      to
      the Mortgage
      Loans in such Subgroup with original terms to maturity of 30 years or less
      remaining after the distribution made pursuant to clause (ii) above, to REMIC
      I
      Regular Interest A, until the Uncertificated Principal Balance of such REMIC
      I
      Regular Interest is reduced to zero; and

     

    (vi) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest).

     

    (2) On
      each
      Distribution Date, the following amounts with respect to Subgroup I-2, in the
      following order of priority and in accordance with the Remittance Report, shall
      be deemed distributed by REMIC I to REMIC II on account of REMIC I Regular
      Interests B-IO and B or withdrawn from the Distribution Account and distributed
      to the Holders of the Class R Certificates (in respect of the Class R-1
      Interest):

     

    (i) from
      Interest Funds for Subgroup I-2 attributable to the Mortgage
      Loans in such Subgroup with original terms to maturity in excess of 30 years,
      to
      holders of REMIC I Regular Interest B-IO, an amount equal to (A) the
      Uncertificated Accrued Interest for such REMIC I Regular Interest for such
      Distribution Date, plus (B) any amounts payable in respect thereof remaining
      unpaid from previous Distribution Dates; 

     

    (ii) from
      Interest Funds for Subgroup I-2 attributable to the Mortgage
      Loans in such Subgroup with original terms to maturity of 30 years or less,
      to
      holders of REMIC I Regular Interest B, an amount equal to (A) the Uncertificated
      Accrued Interest for such REMIC I Regular Interest for such Distribution Date,
      plus (B) any amounts payable in respect thereof remaining unpaid from previous
      Distribution Dates; 

     

    (iii) to
      the
      extent of Interest Funds and Principal Funds for Subgroup I-2 attributable
      to
      the Mortgage
      Loans in such Subgroup with original terms to maturity in excess of 30 years
      remaining after the distribution made pursuant to clause (i) above, to REMIC
      I
      Regular Interest B-IO, until the Uncertificated Principal Balance of such REMIC
      I Regular Interest is reduced to zero; 

     

    (iv) to
      the
      extent of Interest Funds and Principal Funds for Subgroup I-2 attributable
      to
      the Mortgage
      Loans in such Subgroup with original terms to maturity of 30 years or less
      remaining after the distribution made pursuant to clause (ii) above, to REMIC
      I
      Regular Interest B, until the Uncertificated Principal Balance of such REMIC
      I
      Regular Interest is reduced to zero; and

     

    (v) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest).

     

    (3) On
      each
      Distribution Date, amounts representing Prepayment Charges on the Mortgage
      Loans
      in Loan Group I originated by Paul Financial, LLC shall be deemed distributed
      to
      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 in June 2009, $100 shall be deemed distributed in respect
      of
      REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance
      thereof. 

    

    (c)          
      (1) On
      each
      Distribution Date, the following amounts with respect to Loan Group I, in the
      following order of priority and in accordance with the Remittance Report, shall
      be deemed 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 Certificates
      (in respect of the Class R-2 Interest):

     

    (i) from
      Interest Funds for Loan Group I, to the holders of REMIC II Regular Interest
      IO,
      in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC
      II
      Regular Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates;

    

    (ii) to
      the
      extent of the REMIC II Marker Allocation Percentage of the Interest Funds for
      Loan Group I remaining after the distributions pursuant to clause (i), to the
      holders of each REMIC II Regular Interest (other than REMIC II Regular Interests
      IO, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such REMIC II
      Regular Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates. Amounts payable
      as
      Uncertificated Accrued Interest in respect of REMIC II Regular Interest ZZ
      shall
      be reduced when the REMIC II Overcollateralization Amount is less than the
      REMIC
      II Overcollateralization Target Amount, by the lesser of (x) the amount of
      such
      difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount,
      and such amount will be payable to the holders of each REMIC II Regular Interest
      for which a REMIC III Regular Interest is the Corresponding Interest in the
      same
      proportion as the Extra Principal Distribution Amount is allocated to the
      Corresponding Interests, and the Uncertificated Principal Balance of REMIC
      II
      Regular Interest ZZ shall be increased by such amount;

    

    (iii) to
      the
      extent of the REMIC II Sub WAC Allocation Percentage of the Interest Funds
      for
      Loan Group I remaining after the distribution pursuant to clause (i), to the
      holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp,
      REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC
      II
      Regular Interest XX, 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;

    

    (iv) to
      the
      holders of REMIC II Regular Interests (other than REMIC II Regular Interests
      IO,
      1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P) in an amount equal to the REMIC II Marker
      Allocation Percentage of the remainder of the Interest Funds and Principal
      Funds
      for Loan Group I for such Distribution Date after the distributions made
      pursuant to clauses (i), (ii) and (iii) above, allocated as
      follows:

    

    (A) 98%
      of
      such remainder to the holders of REMIC II Regular Interest AA, until the
      Uncertificated Principal Balance of such REMIC II Regular Interest is reduced
      to
      zero;

     

    (B) 2%
      of
      such remainder, first, to the holders of each REMIC II Regular Interest for
      which a REMIC III Regular Interest is the Corresponding Interest, in an
      aggregate amount equal to 1.00% of and in the same proportion as principal
      payments are allocated to the Corresponding Interests for each such REMIC II
      Regular Interest, until the Uncertificated Principal Balances of such REMIC
      II
      Regular Interests are reduced to zero; and second, to the holders of REMIC
      II
      Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC
      II
      Regular Interest is reduced to zero; and

     

    (C) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-2 Interest); and

     

    (v) to
      the
      holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp,
      REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC
      II
      Regular Interest XX, in an amount equal to the REMIC II Sub WAC Allocation
      Percentage of the remainder of the Interest Funds and Principal Funds for Loan
      Group I for such Distribution Date after the distributions made pursuant to
      clauses (i), (ii) and (iii) above, first, so as to keep the Uncertificated
      Principal Balance of each REMIC II Regular Interest ending with the designation
      “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage
      Loans in the related Subgroup; second, to each REMIC II Regular Interest ending
      with the designation “Sub,” so that the Uncertificated Principal Balance of each
      such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the
      aggregate Stated Principal Balance of the Mortgage Loans in the related Subgroup
      over (y) the current aggregate Certificate Principal Balance of the Class I-A
      Certificates related to such Subgroup (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      principal shall be distributed to such REMIC II Regular Interests such that
      the
      REMIC II Subordinated Balance Ratio is maintained); third, any remaining amount
      to REMIC II Regular Interest XX, until the Uncertificated Principal Balance
      of
      such REMIC II Regular Interest is reduced to zero; and fourth, any remaining
      amount to the Holders of the Class R Certificates (in respect of the Class
      R-2
      Interest).

     

    (2) On
      each
      Distribution Date, 100% of the amounts deemed distributed on REMIC I Regular
      Interest P shall be deemed distributed to 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 in June 2009, $100 shall be
      deemed distributed in respect of REMIC II Regular Interest P in reduction of
      the
      Uncertificated Principal Balance thereof. 

     

    (d)          
      (1) On
      each
      Distribution Date, the following amounts with respect to Loan Group I, in the
      following order of priority and in accordance with the Remittance Report, shall
      be deemed distributed by REMIC III to REMIC VI on account of the REMIC III
      Regular Interests (other than REMIC III Regular Interest P) or withdrawn from
      the Distribution Account and distributed to the Holders of the Class R
      Certificates (in respect of the Class R-3 Interest):

     

    (i) from
      Interest Funds for Loan Group I, to the holders of REMIC III Regular Interest
      IO, in an amount equal to 100% of the amount deemed distributed on REMIC II
      Regular Interest IO;

    

    (ii) from
      Interest Funds for Loan Group I
      remaining after the distributions made pursuant to clause (i) above,
      to
      the
      holders of the REMIC III Regular Interests (other than REMIC III Regular
      Interest P), in the same manner and priority as paid to the Corresponding
      Certificates and Class I-B-IO Certificates, in an amount equal to (A) the
      Uncertificated Accrued Interest (or, in the case of REMIC III Regular Interest
      I-B-IO, the REMIC III Regular Interest I-B-IO Distribution Amount) for each
      such
      REMIC III Regular Interest for such Distribution Date, plus (B) any amounts
      in
      respect thereof remaining unpaid from previous Distribution Dates; 

     

    (iii) to
      the
      holders of the REMIC III Regular Interests (other than REMIC III Regular
      Interest P), from the remainder of the Interest Funds and Principal Funds for
      Loan Group I for such Distribution Date after the distributions made pursuant
      to
      clauses (i) and (ii) above, amounts allocated in the same manner and priority
      as
      paid to the Corresponding Certificates; and

     

    (iv) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-3 Interest).

     

    (2) On
      each
      Distribution Date, 100% of the amount deemed distributed on REMIC II Regular
      Interest P shall be deemed distributed to REMIC III Regular Interest P, provided
      that such amounts shall not reduce the Uncertificated Principal Balance of
      REMIC
      III Regular Interest P. On the Distribution Date in June 2009, $100 shall be
      deemed distributed in respect of REMIC III Regular Interest P in reduction
      of
      the Uncertificated Principal Balance thereof. 

     

    (e) On
      each
      Distribution Date, the following amounts with respect to Loan Group II, in
      the
      following order of priority and in accordance with the Remittance Report, shall
      be deemed distributed by REMIC IV to REMIC V on account of the REMIC IV Regular
      Interests or withdrawn from the Distribution Account and distributed to the
      Holders of the Class R Certificates (in respect of the Class R-4
      Interest):

     

    (i) from
      Available Funds for Loan Group II, to the holders of REMIC IV Regular Interest
      1-Sub, REMIC IV Regular Interest 1-Grp, REMIC IV Regular Interest 2-Sub, REMIC
      IV Regular Interest 2-Grp, REMIC IV Regular Interest 3-Sub, REMIC IV Regular
      Interest 3-Grp and REMIC IV Regular Interest XX, 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; and

    

    (ii) to
      the
      holders of REMIC IV Regular Interest 1-Sub, REMIC IV Regular Interest 1-Grp,
      REMIC IV Regular Interest 2-Sub, REMIC IV Regular Interest 2-Grp, REMIC IV
      Regular Interest 3-Sub, REMIC IV Regular Interest 3-Grp and REMIC IV Regular
      Interest XX, in an amount equal to the remainder of the Available Funds for
      Loan
      Group II for such Distribution Date after the distributions made pursuant to
      clause (i) above, first, so as to keep the Uncertificated Principal Balance
      of
      each REMIC IV Regular Interest ending with the designation “Grp” equal to 0.01%
      of the aggregate Stated Principal Balance of the Mortgage Loans in the related
      Subgroup; second, to each REMIC IV Regular Interest ending with the designation
      “Sub,” so that the Uncertificated Principal Balance of each such REMIC IV
      Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated
      Principal Balance of the Mortgage Loans in the related Subgroup over (y) the
      current aggregate Certificate Principal Balance of the Class II-A Certificates
      related to such Subgroup (except that if any such excess is a larger number
      than
      in the preceding distribution period, the least amount of principal shall be
      distributed to such REMIC IV Regular Interests such that the REMIC IV
      Subordinated Balance Ratio is maintained); third, any remaining amount to REMIC
      IV Regular Interest XX, until the Uncertificated Principal Balance of such
      REMIC
      IV Regular Interest is reduced to zero; and fourth, any remaining amount to
      the
      Holders of the Class R Certificates (in respect of the Class R-4
      Interest).

     

    (f) On
      each
      Distribution Date, the following amounts with respect to Loan Group II, in
      the
      following order of priority and in accordance with the Remittance Report, shall
      be deemed distributed by REMIC V to REMIC VI on account of the REMIC V Regular
      Interests or withdrawn from the Distribution Account and distributed to the
      Holders of the Class R Certificates (in respect of the Class R-5
      Interest):

     

    (i) from
      Available Funds for Loan Group II, to
      the
      holders of the REMIC V Regular Interests, in the same manner and priority as
      paid to the Corresponding Certificates, in an amount equal to (A) the
      Uncertificated Accrued Interest for each such REMIC V Regular Interest for
      such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates; 

    

    (ii) to
      the
      holders of the REMIC V Regular Interests, from the remainder of the Available
      Funds for Loan Group II for such Distribution Date after the distributions
      made
      pursuant to clause (i) above, amounts allocated in the same manner and priority
      as paid to the Corresponding Certificates; and

     

    (iii) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-5 Interest).

     

    (g) On
      each
      Distribution Date, an amount equal to the amounts distributed pursuant to
      priorities fifth
      and
      sixth
      of
      Section 5.04(a) on such date shall be deemed distributed by REMIC VI in respect
      of the Class I-B-IO Distribution Amount distributable to the Class I-B-IO
      Certificates.

     

    (h) On
      each
      Distribution Date, 100% of the amount deemed distributed on REMIC III Regular
      Interest IO shall be deemed distributed by REMIC VI in respect of the Final
      Maturity IO Interest. Such amounts shall be deemed distributed by REMIC VI
      to
      the Securities Administrator for deposit into the Final Maturity Reserve Account
      on behalf of the Holder of the Class I-B-IO Certificates, as the beneficial
      owner of the Final Maturity Reserve Account.

     

    Section
      5.08 Basis
      Risk Shortfall Reserve Fund. 

     

    (a) On
      or
      before the Closing Date, the Securities Administrator shall establish a Basis
      Risk Shortfall Reserve Fund on behalf of the Holders of the Group I
      Certificates. On the Closing Date, the Depositor shall cause an amount equal
      to
      the Basis Risk Shortfall Reserve Fund Deposit to be deposited into the Basis
      Risk Shortfall Reserve Fund. The Basis Risk Shortfall Reserve Fund must be
      an
      Eligible Account. The Basis Risk Shortfall Reserve Fund shall be entitled “Basis
      Risk Shortfall Reserve Fund, Wells Fargo Bank, N.A. as Securities Administrator
      on behalf of HSBC Bank USA, National Association as Trustee for the benefit
      of
      holders of the Group I Certificates”. Amounts allocated to the Trust Fund in
      respect of each Corridor Contract for each Distribution Date will be deposited
      in the Basis Risk Shortfall Reserve Fund and then distributed by the Securities
      Administrator in the manner provided in Section 5.04(c). In addition, on each
      Distribution Date as to which there is a Basis Risk Shortfall Carry-Forward
      Amount payable to any Class of Adjustable Rate Certificates, the Securities
      Administrator shall deposit the amounts distributable pursuant to priority
      fifth
      of
      Section 5.04(a) into the Basis Risk Shortfall Reserve Fund, and the Securities
      Administrator has been directed by the Class I-B-IO Certificateholder to
      distribute amounts in respect of the Basis Risk Shortfall Carry-Forward Amount
      to the Holders of the Adjustable Rate Certificates in the priorities set forth
      in priority fifth
      of
      Section 5.04(a). Any amount paid to the Holders of Adjustable Rate Certificates
      pursuant to the preceding sentence in respect of the Basis Risk Shortfall
      Carry-Forward Amount from amounts distributable pursuant to priority
fifth
      of
      Section 5.04(a) shall be treated as distributed to the Class I-B-IO
      Certificateholder in respect of the Class I-B-IO Certificates and paid by the
      Class I-B-IO Certificateholder to the Holders of the Adjustable Rate
      Certificates. Any payments to the Holders of the Adjustable Rate Certificates
      in
      respect of Basis Risk Shortfall Carry-Forward Amounts, whether pursuant to
      the
      second preceding sentence, clause (b) below or Section 5.04(c), shall not be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Code Section 860(G)(a)(1).

     

    (b) If
      a
      Corridor Contract is subject to early termination, early termination payments
      allocated to the Securities Administrator by the Corridor Contract Provider
      shall be deposited in the Basis Risk Shortfall Reserve Fund by the Securities
      Administrator and withdrawn from the Basis Risk Shortfall Reserve Fund, as
      necessary, to pay any Basis Risk Shortfall Carry-forward Amount in the
      priorities set forth in Section 5.04(a) Fifth
      until
      the related Corridor Contract Termination Date. In the event that an early
      termination date is designated with respect to a Corridor Contract, the Sponsor,
      but only to the extent of any termination payment received by the Securities
      Administrator from the Corridor Contract Provider, shall cause a new corridor
      contract provider to enter into a new corridor contract with the Trustee having
      substantially similar terms as those set forth in such terminated Corridor
      Contract.

     

    (c) The
      Basis
      Risk Shortfall Reserve Fund is an “outside reserve fund” within the meaning of
      Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust
      Fund
      but not an asset of any REMIC. The Securities Administrator on behalf of the
      Trust shall be the nominal owner of the Basis Risk Shortfall Reserve Fund.
      The
      Class I-B-IO Certificateholder shall be the beneficial owner of the Basis Risk
      Shortfall Reserve Fund, subject to the power of the Securities Administrator
      to
      transfer amounts under Section 5.04. Amounts in the Basis Risk Shortfall Reserve
      Fund shall, at the direction of the Class I-B-IO Certificateholder, be invested
      in Permitted Investments that mature no later than the Business Day prior to
      the
      next succeeding Distribution Date. All net income and gain from such investments
      shall be distributed to the Class I-B-IO Certificateholder, not as a
      distribution in respect of any interest in any REMIC, on such Distribution
      Date.
      All amounts earned on amounts on deposit in the Basis Risk Shortfall Reserve
      Fund shall be taxable to the Class I-B-IO Certificateholder. Any losses on
      such
      investments shall be deposited in the Basis Risk Shortfall Reserve Fund by
      the
      Class I-B-IO Certificateholder out of its own funds immediately as realized.
      In
      the event that the Class I-B-IO Certificateholder shall fail to provide
      investment instructions to the Securities Administrator, the amounts on deposit
      in the Basis Risk Shortfall Reserve Fund shall be held uninvested.

     

    Section
      5.09 Class
      P
      Certificate Account. The Securities Administrator shall establish and maintain
      with itself a separate, segregated trust account for the Class P Certificates,
      titled “Structured Asset Mortgage Investments II Inc., Luminent Mortgage Trust
      2006-3 Class P Certificate Account” (the “Class P Certificate Account”). On the
      Closing Date, the Depositor will deposit, or cause to be deposited in each
      Class
      P Certificate Account $100.00. Prepayment charges with respect to the Paul
      Financial Mortgage Loans shall be allocated to the Class P Certificate.
The
      amount on deposit in each Class P Certificate Account shall be held uninvested.
      On the Distribution Date in June 2009, the Securities Administrator 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.

     

    Section
      5.10 [reserved]. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VI

     

    THE
      CERTIFICATES

     

    Section
      6.01 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

            	 
	
              I-1A-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              100,908,000.00

            	
              Class
                I-1A-1 Pass-Through Rate

            	 
	
              I-1A-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              50,454,000.00

            	
              Class
                I-1A-2 Pass-Through Rate

            	 
	
              I-1A-3

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              16,818,000.00

            	
              Class
                I-1A-3 Pass-Through Rate

            	 
	
              I-2A-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              97,258,000.00

            	
              Class
                I-2A-1 Pass-Through Rate

            	 
	
              I-2A-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              48,629,000.00

            	
              Class
                I-2A-2 Pass-Through Rate

            	 
	
              I-2A-3

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              16,210,000.00

            	
              Class
                I-2A-3 Pass-Through Rate

            	 
	
              I-2X

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              0.00

            	
              1.000%

            	 
	
              II-1A-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              47,535,000.00

            	
              Class
                II-1A-1
                Pass-Through Rate

            	 
	
              II-1A-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              4,096,000.00

            	
              Class
                II-1A-2
                Pass-Through Rate

            	 
	
              II-1X-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              0.00

            	
              0.52187%

            	 
	
              II-2A-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              147,795,000.00

            	
              Class
                II-2A-1 Pass-Through Rate

            	 
	
              II-2A-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              12,735,000.00

            	
              Class
                II-2A-2 Pass-Through Rate

            	 
	
              II-2X-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              0.00

            	
              0.44082%

            	 
	
              II-3A-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              72,093,000.00

            	
              Class
                II-3A-1 Pass-Through Rate

            	 
	
              II-3A-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              6,212,000.00

            	
              Class
                II-3A-2 Pass-Through Rate

            	 
	
              II-3X-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              0.00

            	
              0.39493%

            	 
	
              I-M-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              11,809,000.00

            	
              Class
                I-M-1 Pass-Through Rate

            	 
	
              I-M-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              7,380,000.00

            	
              Class
                I-M-2 Pass-Through Rate

            	 
	
              I-M-3

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              2,583,000.00

            	
              Class
                I-M-3 Pass-Through Rate

            	 
	
              I-B-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              4,244,000.00

            	
              Class
                I-B-1 Pass-Through Rate

            	 
	
              I-B-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              1,845,000.00

            	
              Class
                I-B-2 Pass-Through Rate

            	 
	
              I-B-3

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              4,982,000.00

            	
              Class
                I-B-3 Pass-Through Rate

            	 
	
              I-B-4

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              1,845,000.00

            	
              Class
                I-B-4 Pass-Through Rate

            	 
	
              II-B-1

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              11,755,000.00

            	
              Class
                II-B-1 Pass-Through Rate

            	 
	
              II-B-2

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              3,763,000.00

            	
              Class
                II-B-2 Pass-Through Rate

            	 
	
              II-B-3

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              2,822,000.00

            	
              Class
                II-B-3 Pass-Through Rate

            	 
	
              I-B-IO

            	 	
              100%

            	 	
              N/A

            	 	
              $

            	
              4,059,835.12

            	
              N/A

            	 
	
              R

            	 	
              100%

            	 	
              N/A

            	 	
              $

            	
              50.00

            	
              N/A

            	 
	
              P

            	 	
              $100

            	 	
              N/A

            	 	
              $

            	
              100.00

            	
              N/A

            	 
	
              II-B-4

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              1,879,000.00

            	
              Class
                II-B-4 Pass-Through Rate

            	 
	
              II-B-5

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              1,569,000.00

            	
              Class
                II-B-5 Pass-Through Rate

            	 
	
              II-B-6

            	 	
              $25,000

            	 	
              $1.00

            	 	
              $

            	
              1,257,042.18

            	
              Class
                II-B-6 Pass-Through Rate

            	 

    

    .

    

    The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Securities Administrator 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 Securities
      Administrator shall bind the Securities Administrator, 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 Securities Administrator
      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 Securities Administrator
      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 Securities Administrator on a continuous basis,
      an adequate inventory of Certificates to facilitate transfers.

     

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

     

    (a) The
      Securities
      Administrator
      shall
      maintain, or cause to be maintained in accordance with the provisions of Section
      6.09 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 Securities
      Administrator
      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 Securities
      Administrator 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 Securities Administrator. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator 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 Securities Administrator
      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 Securities Administrator in accordance with the
      Securities Administrator’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 Securities
      Administrator 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
      Securities Administrator an Opinion of Counsel addressed to the Securities
      Administrator 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 Sponsor, the Master Servicer, the Securities Administrator or
      the
      Trustee. 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 Securities Administrator 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 Sponsor, the Securities Administrator 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 shall be made unless either (i)
      the
      Master Servicer and the Securities Administrator 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 Securities
      Administrator, 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 Securities Administrator shall have
      received an Opinion of Counsel for the benefit of the Trustee, the Master
      Servicer and the Securities Administrator and on which they may rely,
      satisfactory to the Securities Administrator, 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” under ERISA or the Code, will not result in any prohibited
      transactions under ERISA or Section 4975 of the Code and will not subject the
      Trustee, the Master Servicer, the Depositor or the Securities Administrator
      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, the Depositor or the Securities Administrator, or, in the case of
      a
      Class I-B-IO, Class II-B-4, Class II-B-5 or Class II-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 Trustee 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
      Exemption (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE 95-60 or PTE 96-23 and (II)
      will not give rise to any additional obligations on the part of the Depositor,
      the Securities Administrator, the Master Servicer or the Trustee.
      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 a representation, deemed representation or the delivery of the
      Opinion of Counsel as described above shall be void and of no effect. None
      of
      the Trustee, the Securities Administrator or 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 none of the Trustee, the Securities Administrator
      or
      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. None of the Trustee,
      the Securities Administrator or 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 6.02(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 and the Securities Administrator shall each 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 or the Securities Administrator shall be paid and
      delivered by the Trustee or the Securities Administrator 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 I-M, Class I-B, Class II-B-1, Class II-B-2 and
      Class
      II-B-3 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 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 Exemption (“PTE”) 95-60, and (3) the
      conditions in Sections I and III of PTE 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 and the
      Securities Administrator 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 Securities
      Administrator
      shall
      not register the Transfer of any Residual Certificate unless, in addition to
      the
      certificates required to be delivered to the Securities
      Administrator
      under
      subparagraph (b) above, the Securities
      Administrator
      shall
      have been furnished with an affidavit (a “Transfer Affidavit”) of the initial
      owner or the proposed transferee in the form attached hereto as Exhibit
      C.

     

    (iii) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Residual
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Residual Certificate and (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.

     

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 6.02(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 6.02(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. Neither the Trustee nor the Securities Administrator shall be
      under
      any liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by Section 6.02(b) and this Section
      6.02(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 Transfer Affidavit. The Securities
      Administrator
      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 Securities Administrator shall be paid and
      delivered by the Securities Administrator to the last preceding Permitted
      Transferee of such Certificate.

     

    (v) The
      Master Servicer shall make available within 60 days of written request from
      the
Securities
      Administrator,
      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
      6.02(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 Securities Administrator of an Opinion of Counsel addressed
      to
      the Securities Administrator, which Opinion of Counsel shall not be an expense
      of the Trustee, the Securities Administrator, the Sponsor or the Master Servicer
      to the effect that the elimination of such restrictions, or any transfer allowed
      by such elimination, will not cause REMIC I, REMIC II, REMIC III, REMIC IV,
      REMIC V or REMIC VI, 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 Securities Administrator and furnished to the Securities Administrator,
      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 6.02 shall not be an expense of the Trust Fund, the Trustee, the
      Depositor, the Sponsor, the Securities Administrator or the Master
      Servicer.

     

    (e) Subject
      to Subsection 6.02(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 6.02(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
      Securities Administrator shall register such transfer only upon compliance
      with
      the provisions of Subsection 6.02(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 Securities Administrator shall register such transfer only upon
      compliance with the provisions of Subsection 6.02(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 Securities Administrator shall register such transfer if
      the
      transferee has provided the Securities Administrator 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 6.02(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 6.02(e) 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 Securities Administrator 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 Securities Administrator 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 Securities
      Administrator 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-2.

     

    (i) Subject
      to the restrictions on transfer and exchange set forth in this Section 6.02,
      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 6.01 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
      Securities Administrator and the Securities Administrator 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 Securities Administrator and the Securities Administrator 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 Securities Administrator 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.

     

    Neither
      the Trustee nor the Securities Administrator 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, the Securities Administrator and the Master
      Servicer from and against any and all liabilities, claims, costs or expenses
      incurred by the Securities Administrator, the Trustee or the Master Servicer
      as
      a result of such attempted or purported transfer. Neither the Trustee nor the
      Securities Administrator shall 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
      6.03 Mutilated,
      Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is
      surrendered to the Securities Administrator, or the Securities Administrator
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Certificate and of the ownership thereof and (b) there is delivered to the
      Securities Administrator and the Securities Administrator such security or
      indemnity as may be required by them to save each of them harmless, then, in
      the
      absence of notice to the Securities Administrator that such Certificate has
      been
      acquired by a bona fide purchaser, the Securities Administrator shall execute,
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor
      and Percentage Interest. In connection with the issuance of any new Certificate
      under this Section 6.03, the Securities Administrator may require the payment
      of
      a sum sufficient to cover any tax or other governmental charge that may be
      imposed in relation thereto and any other expenses (including the fees and
      expenses of the Securities Administrator) connected therewith. Any replacement
      Certificate issued pursuant to this Section 6.03 shall constitute complete
      and
      indefeasible evidence of ownership in the Trust Fund, as if originally issued,
      whether or not the lost, stolen or destroyed Certificate shall be found at
      any
      time. All Certificates surrendered to the Securities Administrator under the
      terms of this Section 7.03 shall be canceled and destroyed by the Securities
      Administrator in accordance with its standard procedures without liability
      on
      its part.

     

    Section
      6.04 Persons
      Deemed Owners. The Securities Administrator, the Trustee and any agent of the
      Securities Administrator or 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 Securities Administrator, the Trustee nor any agent
      of the Securities Administrator or the Trustee shall be affected by any notice
      to the contrary.

     

    Section
      6.05 Access
      to
      List of Certificateholders’ Names and Addresses. If three or more
      Certificateholders (a) request such information in writing from the Securities
      Administrator, (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 Securities
      Administrator, then the Securities Administrator 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 Securities Administrator,
      if
      any. The Depositor and every Certificateholder, by receiving and holding a
      Certificate, agree that the Securities Administrator 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
      6.06 Book-Entry
      Certificates. The Offered 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
      6.08. Unless and until definitive, fully registered Certificates (“Definitive
      Certificates”) have been issued to the Certificate Owners of such Certificates
      pursuant to Section 6.08:

     

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

     

    (b) the
      Depositor, the Securities Administrator 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 6.08, 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
      Securities
      Administrator
      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 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 Securities Administrator cause such Class to become
      Global Certificates, the Depositor (with the assistance of the Securities
      Administrator) 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 Securities Administrator 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
      6.07 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 Securities Administrator
      shall give all such notices and communications to the Depository.

     

    Section
      6.08 Definitive
      Certificates. If, after Book-Entry Certificates have been issued with respect
      to
      any Certificates, (a) the Depositor or the Depository advises the Securities
      Administrator 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 Securities Administrator
      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 not less
      than 51% of the Voting Rights evidenced by any Class of Book-Entry Certificates
      advise the Securities Administrator 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 Securities Administrator 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 Securities Administrator
      with an adequate inventory of certificates to facilitate the issuance and
      transfer of Definitive Certificates. Upon surrender to the Securities
      Administrator of any such Certificates by the Depository, accompanied by
      registration instructions from the Depository for registration, the Securities
      Administrator shall countersign and deliver such Definitive Certificates.
      Neither the Depositor nor the Securities Administrator 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 Securities Administrator, to the extent applicable with respect to such
      Definitive Certificates and the Trustee and the Securities Administrator shall
      recognize the Holders of such Definitive Certificates as Certificateholders
      hereunder.

     

    Section
      6.09 Maintenance
      of Office or Agency. The Securities Administrator 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 Securities Administrator will give
      prompt written notice to the Certificateholders of any change in such location
      of any such office or agency.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VII

     

    THE
      MASTER SERVICER

     

    Section
      7.01 Liabilities
      of the Depositor and the Master Servicer. Each of the Depositor 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
      7.02 Merger
      or
      Consolidation of the Depositor or the Master Servicer. 

     

    (a) Each
      of
      the Depositor 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
      and the other Transaction Documents to which it is a party, the Certificates
      or
      any of the Mortgage Loans and to perform its duties under this Agreement and
      the
      other Transaction Documents to which it is a party.

     

    (b) Any
      Person into which the Depositor or the Master Servicer may be merged or
      consolidated, or any corporation resulting from any merger or consolidation
      to
      which the Depositor or the Master Servicer shall be a party, or any Person
      succeeding to the business of the Depositor or the Master Servicer, shall be
      the
      successor of the Depositor 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
      7.03 Indemnification
      of the Trustee, the Master Servicer and the Securities
      Administrator. 

     

    (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
      3.01 and 3.05 hereof, the Assignment Agreements, the Custodial Agreement 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 Sponsor
      written notice thereof promptly after the Trustee shall have with respect to
      such claim or legal action 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, Master Servicer or the Securities Administrator and the
      termination of this Agreement.

     

    Section
      7.04 Limitations
      on Liability of the Depositor, the Master Servicer and Others. Subject to the
      obligation of the Sponsor and the Master Servicer to indemnify the Indemnified
      Persons pursuant to Section 7.03:

     

    (a) Neither
      the Depositor, the Master Servicer nor any of the directors, officers, employees
      or agents of the Depositor 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 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 Master Servicer and any director, officer, employee or agent
      of
      the Depositor 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 Master Servicer the Securities Administrator, the Trustee, the
      Custodian and any director, officer, employee or agent of the Depositor, the
      Master Servicer, the Securities Administrator and the Trustee 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 Agreement, 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 related Servicer under the related
      Servicing Agreement), other than (i) any such loss, liability or expense related
      to 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 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 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 Distribution Account as
      provided by Section 4.09. Nothing in this Subsection 7.04(d) shall affect the
      Master Servicer’s obligation to supervise.

     

    (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 Servicers,
      except as otherwise expressly provided herein.

     

    Section
      7.05 Master
      Servicer Not to Resign. Except as provided in Section 7.07, 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 8.02 hereof. The Trustee shall notify the Rating Agencies of the
      resignation of the Master Servicer.

     

    Section
      7.06 Successor
      Master Servicer. In connection with the appointment of any successor Master
      Servicer or the assumption of the duties of the Master Servicer or the Trustee
      may make such arrangements for the compensation of such successor master
      servicer out of payments on the Mortgage Loans as 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
      7.07 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
      VIII

     

    DEFAULT;
      TERMINATION OF MASTER SERVICER;

     

     

    Section
      8.01 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 Securities Administrator any
      amounts received or collected by the Master Servicer in respect of the Mortgage
      Loans and required to be remitted by it hereunder or any Advance required to
      be
      made by it 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 7.05 or 7.07; 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 Remittance
      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 (and the Securities Administrator if the Master Servicer and
      the
      Securities Administrator are the same entity) 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 (and, if
      applicable, the Securities Administrator) 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 8.02 (a “Successor Master Servicer” and,
      if applicable, “Successor Securities Administrator”). Such Successor Master
      Servicer shall thereupon if such Successor Master Servicer is a successor to
      the
      Master Servicer, make any Advance required by Article V, subject, in the case
      of
      the Trustee, to Section 8.02. The Trustee is hereby authorized and empowered
      to
      execute and deliver, on behalf of the terminated Master Servicer and, if
      applicable, the terminated Securities Administrator, 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 VII
      or
      Article IX. The Master Servicer and, if applicable, the Securities Administrator
      agrees to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s and, if applicable, the Securities Administrator’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 maintained pursuant to Section 4.08,
      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 Monthly
      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 Section 4.05 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
      8.01 shall occur and the Master
      Servicer
      fails to make such Advance described in clause (vii), 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
      7.02
      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 8.01. Any such action taken by the Trustee must be prior
      to the distribution on the relevant Distribution Date.

     

    Section
      8.02 Trustee
      to Act; Appointment of Successor. On and after the time the Master Servicer
      receives a notice of termination pursuant to Section 8.01 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 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 V 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 V
      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
      the
      related Servicing Agreement with respect to which the original related Servicer
      has been terminated as servicer, and shall have executed and delivered to the
      Depositor and 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 8.01 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 8.02, 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 3.04 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 and the Securities Administrator 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
      9.05. 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 3.04.

     

    Section
      8.03 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
      8.04 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.
      The
      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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      IX

     

    CONCERNING
      THE TRUSTEE AND THE

    SECURITIES
      ADMINISTRATOR

     

    Section
      9.01 Duties
      of
      Trustee and Securities Administrator. 

     

    (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, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement as duties of the Trustee and the
      Securities Administrator, respectively. 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 or the Securities Administrator pursuant to any
      provision of this Agreement, the Trustee or the Securities Administrator,
      respectively, shall examine them to determine whether they are, on their face,
      in the form required by this Agreement; provided, however, that neither the
      Trustee nor the Securities Administrator shall 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 neither the Trustee nor the Securities Administrator shall be responsible
      for the accuracy or verification of any calculation provided to it pursuant
      to
      this Agreement.

     

    (c) On
      each
      Distribution Date, the Securities Administrator shall make monthly distributions
      and the final distribution to the related Certificateholders from related funds
      in the Distribution Account as provided in Sections 5.04 and 10.02 herein based
      solely on the applicable Remittance Report.

     

    (d) No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator 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 with respect to the Trustee
      and
      at all times with respect to the Securities Administrator, the duties and
      obligations of the Trustee and the Securities Administrator shall be determined
      solely by the express provisions of this Agreement, neither the Trustee nor
      the
      Securities Administrator shall 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 or the Securities Administrator and, in the absence of
      bad
      faith on the part of the Trustee or the Securities Administrator, respectively,
      the Trustee or the Securities Administrator, respectively, 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
      or
      the Securities Administrator, respectively, and conforming to the requirements
      of this Agreement;

     

    (ii) Neither
      the Trustee nor the Securities Administrator shall 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 or an officer or officers of the Securities
      Administrator, respectively, unless it shall be proved that the Trustee or
      the
      Securities Administrator, respectively, was negligent in ascertaining the
      pertinent facts;

     

    (iii) Neither
      the Trustee nor the Securities Administrator shall 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 the Securities Administrator, respectively, or exercising any
      trust or other power conferred upon the Trustee or the Securities Administrator,
      respectively, 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
      Securities Administrator 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
      Securities Administrator’s gross negligence or willful misconduct was the
      primary cause of such insufficiency (except to the extent that the Securities
      Administrator is obligor and has defaulted thereon);

     

    (vi) 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);

     

    (vii) Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      or the Securities Administrator 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 or the Securities Administrator, respectively,
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action; and

     

    (viii) None
      of
      the Securities Administrator, the Master Servicer, the Sponsor, 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.

     

    Neither
      the Trustee nor the Securities Administrator shall 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 or the Securities Administrator to perform, or be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer hereunder or any Servicer under the related Servicing
      Agreement.

     

    (e) All
      funds
      received by the Securities Administrator and required to be deposited in the
      Distribution Account pursuant to this Agreement shall be promptly so deposited
      by the Securities Administrator.

     

    Section
      9.02 Certain
      Matters Affecting the Trustee and the Securities Administrator. 

     

    (a) Except
      as
      otherwise provided in Section 9.01:

     

    (i) The
      Trustee and the Securities Administrator may rely and shall be protected in
      acting or refraining from acting in reliance on any resolution or certificate
      of
      the Sponsor, 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 and the Securities Administrator 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) Neither
      the Trustee nor the Securities Administrator shall 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 or the Securities Administrator, as applicable, 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
      and
      at all times with respect to the Securities Administrator, neither the Trustee
      nor the Securities Administrator shall 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) Neither
      the Trustee nor the Securities Administrator shall 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 or the Securities Administrator, as applicable, 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 or the Securities Administrator,
      as applicable, reasonably assured to the Trustee or the Securities
      Administrator, as applicable, by the security afforded to it by the terms of
      this Agreement. The Trustee or the Securities Administrator 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 and the Securities Administrator 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 other than the Securities Administrator 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. Neither the Trustee
      nor the Securities Administrator shall be liable or responsible for the
      misconduct or negligence of any of the Trustee’s or the Securities
      Administrator’s agents or attorneys or paying agent appointed hereunder by the
      Trustee or the Securities Administrator with due care and, when required, with
      the consent of the Master Servicer;

     

    (vii) Should
      the Trustee or the Securities Administrator deem the nature of any action
      required on its part to be unclear, the Trustee or the Securities Administrator,
      respectively, may require prior to such action that it be provided by the
      Depositor with reasonable further instructions; the right of the Trustee or
      the
      Securities Administrator to perform any discretionary act enumerated in this
      Agreement shall not be construed as a duty, and neither the Trustee nor the
      Securities Administrator shall be accountable for other than its negligence
      or
      willful misconduct in the performance of any such act;

     

    (viii) Neither
      the Trustee nor the Securities Administrator shall 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 9.07;
      and

     

    (ix) Neither
      the Trustee nor the Securities Administrator shall 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
      Securities Administrator is hereby directed by the Depositor to execute and
      deliver the Corridor Contracts and to make the representations required therein.
      The Securities Administrator shall not have any liability for any failure or
      delay in payments to the Trust which are required under the Corridor Contracts
      where such failure or delay is due to the failure or delay of the Corridor
      Contract Provider in making such payment to the Securities Administrator. Wells
      Fargo Bank, N.A., in its individual capacity and as Securities Administrator,
      shall be entitled to be indemnified and held harmless by the Trust from and
      against any and all losses, claims, expenses or other liabilities that arise
      by
      reason of or in connection with the performance or observance by the Securities
      Administrator of its duties or obligations under the Corridor Contracts, except
      to the extent that the same is due to the Securities Administrator’s gross
      negligence, willful misconduct or fraud.

     

    Section
      9.03 Trustee
      and Securities Administrator Not Liable for Certificates or Mortgage Loans.
      The
      recitals contained herein and in the Certificates (other than the signature
      and
      countersignature of the Securities Administrator on the Certificates) shall
      be
      taken as the statements of the Depositor, and neither the Trustee nor the
      Securities Administrator shall have any responsibility for their correctness.
      Neither the Trustee nor the Securities Administrator makes any representation
      as
      to the validity or sufficiency of the Certificates (other than the signature
      and
      countersignature of the Securities Administrator 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 Securities Administrator’s signature and
      countersignature (or countersignature of its agent) on the Certificates shall
      be
      solely in its capacity as Securities Administrator and shall not constitute
      the
      Certificates an obligation of the Securities Administrator in any other
      capacity. Neither the Trustee or the Securities Administrator shall 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, neither the Trustee nor the Securities
      Administrator shall be responsible for the legality or validity of this
      Agreement, any other Transaction Document 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. Neither the Trustee nor the Securities
      Administrator shall 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. Neither the Trustee nor the Securities
      Administrator shall 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
      9.04 Trustee
      and Securities Administrator May Own Certificates. Each of the Trustee and
      the
      Securities Administrator in its individual capacity or in any capacity other
      than as Trustee or Securities Administrator hereunder may become the owner
      or
      pledgee of any Certificates with the same rights it would have if it were not
      the Trustee or the Securities Administrator, as applicable, and may otherwise
      deal with the parties hereto.

     

    Section
      9.05 Trustee’s
      and Securities Administrator’s Fees and Expenses. The fees and expenses of the
      Trustee and the Securities Administrator shall be paid in accordance with a
      side
      letter agreement with the Master Servicer and at the expense of the Master
      Servicer. In addition, the Trustee and the Securities Administrator shall be
      entitled to recover from the Distribution Account pursuant to Section 4.09
      all
      reasonable out-of-pocket expenses, disbursements and advances and the expenses
      of the Trustee and the Securities Administrator, respectively, 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 or the Securities Administrator, respectively, in the
      administration of the trusts hereunder or under any other Transaction Document
      (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 and the Securities Administrator
      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
      9.06 Eligibility
      Requirements for Trustee and Securities Administrator. The Trustee and any
      successor Trustee and the Securities Administrator and any successor Securities
      Administrator 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
      or successor Securities Administrator other than pursuant to Section 9.10,
      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 9.06 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 or the Securities Administrator, as applicable,
      shall cease to be eligible in accordance with the provisions of this Section
      9.06, the Trustee or the Securities Administrator shall resign immediately
      in
      the manner and with the effect specified in Section 9.08.

     

    Section
      9.07 Insurance.
      The Securities Administrator, 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 Securities Administrator as to the Securities
      Administrator’s, respectively, compliance with this Section 9.07 shall be
      furnished to any Certificateholder upon reasonable written request.

     

    Section
      9.08 Resignation
      and Removal of Trustee and Securities Administrator. The Trustee and the
      Securities Administrator may at any time resign (including, in the case of
      the
      Securities Administrator, in connection with the resignation or termination
      of
      the Master Servicer) and be discharged from the Trust hereby created by giving
      written notice thereof to the Depositor, the Sponsor, the Securities
      Administrator (or the Trustee, if the Securities Administrator resigns) 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 or
      successor securities administrator, as applicable, by written instrument, in
      triplicate, one copy of which instrument shall be delivered to each of the
      resigning trustee or securities administrator, as applicable, and the successor
      trustee or securities administrator, as applicable. If no successor trustee
      or
      successor securities administrator shall have been so appointed and have
      accepted appointment within 30 days after the giving of such notice of
      resignation, the resigning Trustee or Securities Administrator may petition
      any
      court of competent jurisdiction for the appointment of a successor trustee
      or
      securities administrator.

     

    If
      at any
      time (i) the Trustee or the Securities Administrator shall cease to be eligible
      in accordance with the provisions of Section 9.06 hereof and shall fail to
      resign after written request thereto by the Depositor, (ii) the Trustee or
      the
      Securities Administrator shall become incapable of acting, or shall be adjudged
      as bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Trustee or the Securities Administrator 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 Securities Administrator or the Trust Fund
      is
      located, (B) the imposition of such tax would be avoided by the appointment
      of a
      different trustee or securities administrator and (C) the Trustee or the
      Securities Administrator, as applicable fails to indemnify the Trust Fund
      against such tax, then the Depositor or the Master Servicer may remove the
      Trustee or the Securities Administrator, as applicable, and appoint a successor
      trustee or successor securities administrator, as applicable, by written
      instrument, in multiple copies, a copy of which instrument shall be delivered
      to
      the Trustee, the Securities Administrator, each Master Servicer and the
      successor trustee or successor securities administrator, as
      applicable.

     

    The
      Holders evidencing at least 51% of the Voting Rights of each Class of
      Certificates may at any time remove the Trustee or Securities Administrator
      and
      appoint a successor trustee or securities administrator 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 or successor securities administrator
      to
      each of the Master Servicer, the Trustee or Securities Administrator so removed
      and the successor trustee or securities administrator so appointed. Notice
      of
      any removal of the Trustee or Securities Administrator shall be given to each
      Rating Agency by the Trustee or successor trustee.

     

    Any
      resignation or removal of the Trustee or Securities Administrator and
      appointment of a successor trustee or securities administrator pursuant to
      any
      of the provisions of this Section 9.08 shall become effective upon acceptance
      of
      appointment by the successor trustee or securities administrator as provided
      in
      Section 10.09 hereof.

     

    Section
      9.09 Successor
      Trustee or Securities Administrator. Any successor trustee or securities
      administrator appointed as provided in Section 9.08 hereof shall execute,
      acknowledge and deliver to the Depositor and to its predecessor trustee or
      predecessor securities administrator, as applicable, and the Master Servicer
      an
      instrument accepting such appointment hereunder and thereupon the resignation
      or
      removal of the predecessor trustee or securities administrator shall become
      effective and such successor trustee or securities administrator, 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 or securities administrator
      herein.

     

    No
      successor trustee or securities administrator shall accept appointment as
      provided in this Section 9.09
      unless at the time of such acceptance such successor trustee or securities
      administrator shall be eligible under the provisions of Section 9.06 hereof
      and
      its appointment shall not adversely affect the then current rating of the
      Certificates.

     

    Upon
      acceptance of appointment by a successor trustee or securities administrator
      as
      provided in this Section 9.09, the successor trustee or securities administrator
      shall mail notice of the succession
      of such trustee or securities administrator hereunder to all Holders of
      Certificates. If the successor trustee or securities administrator 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
      9.10 Merger
      or
      Consolidation of Trustee or Securities Administrator. Any corporation, state
      bank or national banking association into which the Trustee or the Securities
      Administrator 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 or the Securities
      Administrator 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 or of the business of the Securities Administrator,
      shall be the successor of the Trustee or the Securities Administrator hereunder,
      provided that such corporation shall be eligible under the provisions of Section
      9.06 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
      9.11 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 9.11, 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 9.06 and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 9.09.

     

    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) (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) (ii) No
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii) (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
      IX.
      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
      9.12 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. In furtherance of such
      intention, the Securities Administrator covenants and agrees that it shall
      act
      as agent for so long as it is also Master Servicer (and the Securities
      Administrator is hereby appointed to act as agent) on behalf of the Trust Fund.
      The Trustee and/or the Securities Administrator, as agent on behalf of the
      Trust
      Fund, shall do or refrain from doing, as applicable, the following: (a) the
      Securities Administrator 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 Securities Administrator 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 Securities Administrator on behalf of 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
      Securities Administrator 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 Securities Administrator shall provide
      information within the Securities Administrator’s possession that may be
      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) each of the Securities Administrator and 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) neither the
      Trustee nor the Securities Administrator shall knowingly or intentionally take
      any action or omit to take any action that would cause the termination of the
      REMIC status of any REMIC formed hereunder; (h) the Securities Administrator
      shall pay, from the sources specified in this Section 9.12, 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, the Securities Administrator at the
      written request of the Trustee, or any other appropriate Person from contesting
      any such tax in appropriate proceedings and shall not prevent the Securities
      Administrator 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 Securities Administrator pursuant to this Section
      9.12
      requiring a signature thereon by the Trustee; (j) the Securities Administrator
      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 Securities Administrator 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, or at the written request of the
      Trustee, the Securities Administrator, 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 each of the Trustee and the Securities Administrator to perform
      its duties as set forth herein, the Depositor shall provide, or cause to be
      provided, to the Trustee or the Securities Administrator within 10 days after
      the Closing Date all information or data that the Trustee or the Securities
      Administrator 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 or the Securities Administrator promptly upon written
      request therefor, any such additional information or data that the Trustee
      or
      the Securities Administrator may, from time to time, request in order to enable
      the Trustee or the Securities Administrator to perform its duties as set forth
      herein. The Depositor hereby indemnifies each of Trustee and the Securities
      Administrator for any losses, liabilities, damages, claims or expenses of the
      Trustee or the Securities Administrator arising from any errors or
      miscalculations of the Trustee or the Securities Administrator, as applicable,
      that result from any failure of the Depositor to provide, or to cause to be
      provided, accurate information or data to the Trustee or the Securities
      Administrator, as applicable, on a timely basis.

     

    In
      the event that any tax is imposed on “prohibited transactions” of any of
REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
      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, REMIC III, REMIC IV, REMIC V or REMIC VI
      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, REMIC III, REMIC IV, REMIC V or REMIC VI,
      and is, in each case, attributable to the activities of REMIC I, REMIC II or
      REMIC III or related to Loan Group I and not paid as otherwise provided for
      herein, such tax shall be paid (i) by the Trustee or the Securities
      Administrator, if any such tax arises out of or results from a breach by the
      Trustee or the Securities Administrator, respectively, of any of its obligations
      under this Agreement, (ii) by any party hereto (other than the Trustee or the
      Securities Administrator) 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 Adjustable Rate
      Certificateholders in the following order of priority: first, to the Class
      I-B-4
      Certificates, second, to the Class I-B-3 Certificates, third, to the Class
      I-B-2
      Certificates, fourth, to the Class I-B-1 Certificates, fifth, to the Class
      I-M-3
      Certificates, sixth, to the Class I-M-2 Certificates, seventh, to the Class
      I-M-1 Certificates and eighth, to the Class I-A Certificates, on a pro rata
      basis, based on the amounts to be distributed. 

     

    In
      the event that any tax is imposed on “prohibited transactions” of any of
REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
      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, REMIC III, REMIC IV, REMIC V or REMIC VI
      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, REMIC III, REMIC IV, REMIC V or REMIC VI,
      and is, in each case, attributable to the activities of REMIC IV or REMIC V
      or
      related to Loan Group II and not paid as otherwise provided for herein, such
      tax
      shall be paid (i) by the Trustee or the Securities Administrator, if any such
      tax arises out of or results from a breach by the Trustee or the Securities
      Administrator, respectively, of any of its obligations under this Agreement,
      (ii) by any party hereto (other than the Trustee or the Securities
      Administrator) 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 the following Classes of Group II
      Certificateholders in the following order of priority: first, to the Class
      II-B-6 Certificates, second, to the Class II-B-5 Certificates, third, to the
      Class II-B-4 Certificates, fourth, to the Class II-B-3 Certificates, fifth,
      to
      the Class II-B-2 Certificates, sixth, to the Class II-B-1 Certificates and
      seventh to the Class II-A Certificates, on a pro rata basis, 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 Securities Administrator is
      hereby authorized to retain on any Distribution Date, from the Holders of the
      Class R Certificates (and, if necessary, from the Holders of the other related
      Certificates in the priority specified in the preceding sentence), funds
      otherwise distributable to such Holders in an amount sufficient to pay such
      tax.
      The Securities Administrator 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 Securities Administrator agrees to
      promptly notify in writing the party liable for any such tax of the amount
      thereof and the due date for the payment thereof.

     

    The
      Trustee and the Securities Administrator each agree that, in the event it should
      obtain any information necessary for the other party to perform its obligations
      pursuant to this Section 9.12, it will promptly notify and provide such
      information to such other party. Notwithstanding anything in this Agreement
      to
      the contrary, the Trustee agrees that, in the event that the Trustee obtains
      actual knowledge that the Securities Administrator has breached any of its
      obligations pursuant to this Section 9.12, the Trustee shall (i) perform such
      obligations on its behalf to the extent that the Trustee possesses all documents
      necessary to so perform and receives reasonable compensation therefor or (ii)
      terminate
      the Securities Administrator and appoint a successor securities
      administrator.

     

    Notwithstanding
      anything to the contrary contained herein, the liability of the Trustee and
      the
      Securities Administrator pursuant to this Article IX, shall not be joint and
      several and in no case shall the Trustee or the Securities Administrator be
      liable for the other’s actions.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      X

     

    TERMINATION

     

    Section
      10.01 Termination
      upon Liquidation or Repurchase of all Mortgage Loans. Subject to Section 10.03,
      the obligations and responsibilities of the Depositor, the Master Servicer,
      the
      Securities Administrator, the Sponsor and the Trustee created hereby with
      respect to the related Sub-Trust shall terminate, with respect to Loan Group
      I,
      upon the earlier of (a) the purchase by the Sponsor or its designee of all
      of
      the Group I Mortgage Loans (and related REO Properties) remaining in the Trust
      Fund at a price (the “Group I Mortgage Loan Purchase Price”) equal to the sum of
      (i) 100% of the Stated Principal Balance of each related Mortgage Loan (other
      than in respect of related 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 Group I
      Sub-Trust (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, (iv) unreimbursed out-of pocket costs of the
      Servicers or the Master Servicer, including, without duplication, unreimbursed
      servicing advances and the principal portion of any unreimbursed Advances made
      on Loan Group I prior to the exercise of such repurchase right and (v) such
      Loan
      Group’s pro rata share (based on the then outstanding aggregate Stated Principal
      Balance thereof) of any unreimbursed costs and expenses of the Trustee and
      the
      Securities Administrator payable pursuant to Section 9.05 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 Group I Sub-Trust and the disposition
      of
      all related REO Property and (ii) the distribution to Group I Certificateholders
      of all amounts required to be distributed to them pursuant to this
      Agreement.

     

    Subject
      to Section 10.03, the obligations and responsibilities of the Depositor, the
      Master Servicer, the Securities Administrator, the Sponsor and the Trustee
      created hereby with respect to the related Sub-Trust shall terminate, with
      respect to Loan Group II, upon the earlier of (a) the purchase by the Sponsor
      or
      its designee of all of the Group II Mortgage Loans (and related REO Properties)
      remaining in the Trust Fund at a price (the “Group II Mortgage Loan Purchase
      Price”) equal to the sum of (i) 100% of the Stated Principal Balance of each
      related Mortgage Loan (other than in respect of related 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 Group II Sub-Trust (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 Servicers or the Master Servicer,
      including, without duplication, unreimbursed servicing advances and the
      principal portion of any unreimbursed Advances made on Loan Group II prior
      to
      the exercise of such repurchase right, and (v) such Loan Group’s pro rata share
      (based on the then outstanding aggregate Stated Principal Balance thereof)
      of
      any unreimbursed costs and expenses of the Trustee and the Securities
      Administrator payable pursuant to Section 9.05 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 Group II Sub-Trust and the disposition of all
      related REO Property and (ii) the distribution to Group II Certificateholders
      of
      all amounts required to be distributed to them pursuant to this Agreement,
      as
      applicable. 

     

    In
      no
      event shall the Sub-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 related Latest Possible Maturity
      Date.

     

    The
      right
      to repurchase all Mortgage Loans in Loan Group I and related REO Properties
      pursuant to the first paragraph in this Section 10.01 shall be exercisable
      on
      any Distribution Date on which the aggregate Stated Principal Balance of the
      Group I Mortgage Loans is less than 10% of the aggregate Stated Principal
      Balance of the Group I Mortgage Loans as of the Cut-off Date.
      

     

    The
      right
      to repurchase all Mortgage Loans in Loan Group I and related REO Properties
      pursuant to the second paragraph in this Section 10.01 shall be exercisable
      on
      any Distribution Date on which the aggregate Stated Principal Balance of the
      Group II Mortgage Loans is less than 10% of the aggregate Stated Principal
      Balance of the Group II Mortgage Loans as of the Cut-off Date.

     

    Notwithstanding
      anything
      to the contrary herein, the
      Class
      R Certificates will not be retired until the retirement of all the Certificates
      (other than the Class R Certificates).

     

    Section
      10.02 Final
      Distribution on the Group I Certificates and Group II Certificates. If on any
      Determination Date, (i) the Master Servicer determines that there are no related
      Outstanding Mortgage Loans and no other funds or assets in the related Sub-Trust
      other than the funds in the Distribution Account, the Master Servicer shall
      direct the Securities Administrator to send a final distribution notice promptly
      to each related Certificateholder or (ii) the Securities Administrator
      determines that a Class of Certificates shall be retired after a final
      distribution on such Class, the Securities Administrator shall notify the
      related 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
      shall be made only upon presentation and surrender of the related Certificates
      at the office of the Securities Administrator specified in the final
      distribution notice to related Certificateholders. If the Sponsor or its
      designee elects to terminate the related Sub-Trust pursuant to Section 10.01,
      at
      least 20 days prior to the date notice is to be mailed to the
      Certificateholders, the Sponsor or its designee shall notify the Depositor,
      the
      Securities Administrator, the Trustee of the date the Sponsor or its designee
      intends to terminate the related Sub-Trust. The Master Servicer shall remit
      the
      related Mortgage Loan Purchase Price to the Securities Administrator on the
      Business Day prior to the Distribution Date for such termination by the Sponsor
      or its designee.

     

    Notice
      of any termination of the related Sub-Trust, specifying the Distribution Date
      on
      which related Certificateholders may
      surrender their Certificates for payment of the final distribution and
      cancellation, shall be given promptly by the Securities Administrator by letter
      to related Certificateholders mailed not earlier than the 10th day and no later
      than the 15th day of the month immediately preceding the month of such final
      distribution. Any such notice shall specify (a) the Distribution Date upon
      which
      final distribution on the related Certificates shall be made upon presentation
      and surrender of related 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 related Certificates
      at
      the office therein specified. The Securities Administrator will give such notice
      to each Rating Agency at the time such notice is given to related
      Certificateholders.

     

    In
      the event such notice is given, the Master Servicer shall cause all related
      funds to be remitted to the Securities Administrator for deposit in the
      Distribution Account on the Business Day prior to the applicable Distribution
      Date in an amount equal to the final distribution in respect of the related
      Certificates. Upon such final deposit with respect to the Sub-Trust and the
      receipt by the Trustee of a Request for Release therefor, the Trustee or the
      Custodian shall promptly release to the Master Servicer, as applicable the
      Mortgage Files for the related 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 related Certificates, the Securities
      Administrator shall cause to be distributed
      to related Certificateholders of each Class in accordance with the Remittance
      Report the amounts allocable to such Certificates held in the Distribution
      Account in the order and priority set forth in Section 5.04 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 Securities
      Administrator 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 Securities Administrator 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 related Sub-Trusts. If within one year after the second notice all related
      Certificates shall not have been surrendered for cancellation, the related
      Residual Certificateholders shall be entitled to all unclaimed funds and other
      assets of the Trust Fund that remain subject hereto.

     

    Section
      10.03 Additional
      Termination Requirements. 

     

    (a) Upon
      exercise by the Sponsor or its designee of its purchase option as provided
      in
      Section 10.01, the related Sub-Trust shall be terminated in accordance with
      the
      following additional requirements, unless each of the Trustee and the Securities
      Administrator have been supplied with an Opinion of Counsel addressed to the
      Trustee, at the expense of the Sponsor or its designee to the effect that the
      failure of the Sub-Trust to comply with the requirements of this Section 10.03
      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
      Sponsor
      or its designee
      shall establish a 90-day liquidation period for REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
      as applicable, and notify the Trustee and Securities Administrator thereof,
      and
      the Securities Administrator shall in turn specify the first day of such period
      in a statement attached to the tax return for REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI,
      as applicable, pursuant to Treasury Regulation Section 1.860F-1. The
Sponsor
      or its designee shall
      satisfy all the requirements of a qualified liquidation under Section 860F
      of
      the Code and any regulations thereunder with respect to each REMIC related
      to
      the terminated Sub-Trust, as evidenced by an Opinion of Counsel addressed to
      the
      Trustee obtained at the expense of the Sponsor
      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 Securities Administrator as agent of the
      Trustee shall sell all of the assets of REMIC I or REMIC IV, as applicable,
      for
      cash; and

     

    (3) At
      the time of the making of the final payment on the related Certificates, the
      Securities Administrator as agent for the Trustee shall distribute or credit,
      or
      cause to be distributed or credited, to the Holders of the related Residual
      Certificates all cash on hand (other than cash retained to meet claims), and
      REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI,
      as applicable, shall terminate at that time.

     

    (b) By
      their
      acceptance of the related Certificates, the Holders thereof hereby authorize
      the
      adoption of a 90-day liquidation period and plan of liquidation for the related
      REMIC, which authorization shall be binding upon all successor related
      Certificateholders.

     

    (c) The
      Securities Administrator, as agent for each related REMIC, hereby agrees to
      adopt and sign such a plan of complete liquidation upon the written request
      of
      the Sponsor or its designee and the receipt of the Opinion of Counsel referred
      to in Section 10.03(a)(1), and to take such other action in connection therewith
      as may be reasonably requested by the Sponsor or its designee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01 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 correct
      or
      supplement any provisions herein (including to give effect to the expectations
      of investors), to change the manner in which the Distribution Account maintained
      by the Securities Administrator 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.

     

    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, REMIC
      III, REMIC IV, REMIC V or REMIC VI, 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,
      REMIC III, REMIC IV, REMIC V or REMIC VI pursuant to the Code that would be
      a
      claim against any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC
      VI
      at any time prior to the final redemption of the Certificates, provided that
      the
      Trustee have 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, the Securities Administrator 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 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, REMIC III, REMIC IV, REMIC V or REMIC VI
      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 or the
      Securities Administrator, 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, REMIC III, REMIC IV, REMIC V or REMIC VI
      or the Certificateholders or cause REMIC
      I,
      REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
      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, the Corridor Contract Provider 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.

     

    The
      Trustee may, but shall not be obligated to, enter into any such amendment which
      affects the Trustee’s own rights, duties or immunities under this
      Agreement.

     

    Section
      11.02 Recordation
      of Agreement; Counterparts. To the extent permitted by applicable law, this
      Agreement is subject to recordation in all appropriate public offices for real
      property records in all 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
      11.03 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
      11.04 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 Seller 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 Seller 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
      11.05 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) (i) Any
      material change or amendment to this Agreement;

     

    (ii) (ii) The
      occurrence of any Event of Default that has not been cured;

     

    (iii) (iii) The
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee and the appointment of any successor;

     

    (iv) (iv) With
      respect to each Loan Group, the repurchase or substitution of related Mortgage
      Loans pursuant to Sections 2.02, 2.03 and 10.01; and

     

    (v) (v) With
      respect to each Loan Group, 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,
      Structured Asset Mortgage Investments II Inc., 383 Madison Avenue, New York,
      New
      York 10179, Attention: Chief Counsel; (ii) in the case of the Sponsor, Luminent
      Mortgage Capital, Inc., One Commerce Square, 2005 Market Street, Suite 2100,
      Philadelphia, PA 19103, Attention: Megan Mahoney 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 Trustee, at each Corporate Trust Office or
      such other address as the Trustee may hereafter furnish to the other parties
      hereto; (iv) in the case of the Master Servicer or the Securities Administrator,
      P. O. Box 98, Columbia, Maryland 21046 (or, for overnight deliveries, 9062
      Old
      Annapolis Road, Columbia, Maryland 21045), Attention: Luminent 2006-3 or such
      other address as may be hereafter furnished to the other parties hereto by
      the
      Securities Administrator in writing, and (v) in the case of the Rating Agencies,
      (x) Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007,
      Attention: MBS Monitoring Department, (y) Standard & Poor’s, 55 Water
      Street, 41st Floor, New York, New York 10041, Attention: Mortgage Surveillance
      Group and (z) Fitch Inc., One State Street Plaza, 33rd Floor, New York, NY
      10004. Any notice delivered to the Sponsor, the Master Servicer, the Securities
      Administrator 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
      11.06 Severability
      of Provisions. If any one or more of the covenants, agreements, provisions
      or
      terms of this Agreement shall be for any reason whatsoever held invalid, then
      such covenants, agreements, provisions or terms shall be deemed severable from
      the remaining covenants, agreements, provisions or terms of this Agreement
      and
      shall in no way affect the validity or enforceability of the other provisions
      of
      this Agreement or of the Certificates or the rights of the Holders
      thereof.

     

    Section
      11.07 Assignment.
      Notwithstanding anything to the contrary contained herein, except as provided
      pursuant to Section 7.07, this Agreement may not be assigned by the Master
      Servicer, the Sponsor or the Depositor.

     

    Section
      11.08 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 or the Securities
      Administrator, as appropriate, 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 or the Securities
      Administrator, as appropriate to institute such action, suit or proceeding
      in
      its own name as Trustee or the Securities Administrator, as appropriate,
      hereunder and shall have offered to the Trustee or the Securities Administrator,
      as appropriate, such reasonable indemnity as it may require against the costs,
      expenses, and liabilities to be incurred therein or thereby, and the Trustee
      or
      the Securities Administrator, as appropriate, 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 11.08, each and every Certificateholder, the
      Trustee or the Securities Administrator shall be entitled to such relief as
      can
      be given either at law or in equity.

     

    Section
      11.09 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 11.09 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 9.05 hereof).

     

    Section
      11.10 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.

     

    Section
      11.11 [reserved]. 

     

    * * *

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Sponsor, the Securities
      Administrator 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.

     

    
      	 	 	 	 	 	 	 	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC.,

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Baron Silverstein 
	 	 	 	 	 	 	 	 	
              Name:
                Baron Silverstein

            
	 	 	 	 	 	 	 	 	
              Title:
                Vice President

            

    

    

     

    
      	 	 	 	 	 	 	 	
              LUMINENT
                MORTGAGE CAPITAL, INC.,

              as
                Sponsor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Christopher J. Zyda
	 	 	 	 	 	 	 	 	
              Name:
                Christopher J. Zyda

            
	 	 	 	 	 	 	 	 	
              Title:
                Chief Financial Officer

            

    

    

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, NATIONAL 

              ASSOCIATION,

              as
                Securities Administrator and Master Servicer

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Amy Doyle 
	 	 	 	 	 	 	 	 	
              Name:
                Amy Doyle

            
	 	 	 	 	 	 	 	 	
              Title:
                Vice President

            

    

    

     

    
      	 	 	 	 	 	 	 	
              HSBC
                BANK USA, NATIONAL ASSOCIATION,

              as
                Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Elena Zheng
	 	 	 	 	 	 	 	 	
              Name:
                Elena Zheng

            
	 	 	 	 	 	 	 	 	
              Title:
                Assistant Vice President

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

    

    On
      this 28th day of April, 2006, before me, a notary public in and for said State,
      appeared Baron Silverstein, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Structured Asset Mortgage
      Investments II Inc., 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.

     

     

    
      	 	/s/
              Ravind Karamsingh 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF SAN FRANCISCO

            	
              )

            	 

    

    

    

    On
      this 28th day of April, 2006, before me, a notary public in and for said State,
      appeared Christopher Zyda, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Luminent Mortgage Capital,
      Inc. 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.

    
 

    
      	 	/s/
              Gerry Cruz 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    
      	
              STATE
                OF MARYLAND

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ANNE ARUNDEL

            	
              )

            	 

    

     

    On
      this 28th day of April, 2006, before me, a notary public in and for said State,
      appeared Amy Doyle, 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.

     

     

    
      	 	/s/
              Joanne K. Stahling 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

    

    On
      this 28th day of April, 2006, before me, a notary public in and for said State,
      appeared Elena Zheng, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of HSBC Bank USA, National
      Association 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.

     

    

     

    
      	 	/s/
              Ecliff C. Jackman 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF CLASS [_-[_]A-_] 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 SECURITIES
        ADMINISTRATOR NAMED HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR 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][Fixed][Floating]
                  Pass-Through Rate

              
	 	 
	
                 

                Class
                  [_-[_]A-_]Senior

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                April
                  1, 2006

              	
                 

                Aggregate
                  Initial Certificate [Principal Balance][Notional Amount] of this
                  Certificate as of the Cut-off Date:

                $[_____________]

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

              	
                 

                Initial
                  [Certificate Principal][Notional] Balance of this Certificate as
                  of the
                  Cut-off Date: $[_____________]

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

              	
                 

                CUSIP:
                  ___________

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                May
                  25, 2036

              	 
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      SERIES
        2006-3

       

      evidencing
        a percentage interest in the distributions allocable to the Class [_-[_]A-_]
        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
        STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Structured Asset Mortgage Investments
        II Inc., the Master Servicer, the Trustee or the Securities Administrator
        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 Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Trustee or the Securities Administrator or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., 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
        Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage Loans
        were sold by Maia Mortgage Finance Statutory Trust (“Maia”) to SAMI II. Wells
        Fargo Bank, National Association 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 SAMI II, as depositor (the “Depositor”), Luminent
        Mortgage Capital, Inc. as Sponsor, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and HSBC Bank USA, 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 from and including the 25th day of the calendar
        month preceding the month in which a Distribution Date (as hereinafter defined)
        occurs (or, with respect to the first accrual period, the Closing Date) 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 Securities Administrator 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, 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.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator 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.

       

      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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      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 Class or Classes of Certificates affected thereby evidencing over
        50% of
        the Voting Rights of such Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, Securities Administrator,
        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, Securities Administrator, the Trustee or
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Group I Sub-Trust created thereby
        (other than the obligations to make payments to related 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 Group I Mortgage Loan remaining in the Group I Sub-Trust
        and disposition of all property acquired upon foreclosure or deed in lieu
        of
        foreclosure of any Group I Mortgage Loan and (B) the remittance of all related
        funds due under the Agreement, or (ii) the optional repurchase by the party
        named in the Agreement of all the Mortgage Loans in Loan Group I and other
        related assets of the Group I Sub-Trust in accordance with the terms of the
        Agreement. Such optional repurchase may be made only on or after the earlier
        of
        (i) the first Distribution Date on which the aggregate Stated Principal Balance
        of the Mortgage Loans in Loan Group I is less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I
        as of
        the Cut-off Date. The exercise of such right will effect the early retirement
        of
        the Group I Certificates. In no event, however, will the Group I Sub-Trust
        created by the Agreement continue beyond the earlier of (i) the expiration
        of
        beyond the expiration of 21 years after the death of certain persons identified
        in the Agreement and (ii) the related Latest Possible Maturity
        Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this

      Certificate
        to be duly executed.

      

      
        	
                Dated:
                  April 28, 2006

              	 	 	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class
        [_-[_]A-_] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 [I-M-[_]][[_]-B-[_]] CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE RELATED SENIOR
        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 SECURITIES ADMINISTRATOR
        NAMED
        HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR 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.

       

      EACH
        BENEFICIAL OWNER OF THIS CERTIFICATE OR ANY INTEREST HEREIN SHALL BE DEEMED
        TO
        HAVE REPRESENTED, BY VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE
        OR
        INTEREST HEREIN, THAT EITHER (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF
        1974, AS AMENDED OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
        AMENDED (“PLAN”), OR INVESTING WITH ASSETS OF A PLAN OR (II) IT HAS ACQUIRED AND
        IS HOLDING SUCH CERTIFICATE IN RELIANCE ON PROHIBITED TRANSACTION EXEMPTION
        90-30, AS AMENDED FROM TIME TO TIME (“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 STANDARD & POOR'S, FITCH, INC. OR MOODY'S
        INVESTORS SERVICE, INC., 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 HEREIN 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	
                 

                Variable
                  Pass-Through Rate

              
	 	 
	
                 

                CLASS
                  [I-M-[_]][[_]-B-[_]] Subordinate

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                April
                  1, 2006

              	
                 

                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $________________

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

              	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $________________

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

              	
                 

                CUSIP:
                  _______________

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                [April][May]
                  25, 2036

              	 
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-3

       

      evidencing
        a percentage interest in the distributions allocable to the CLASS
        [I-M-[_]][[_]-B-[_]] 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 STRUCTURED ASSET MORTGAGE INVESTMENTS II
        INC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Structured Asset Mortgage Investments
        II Inc., the Master Servicer, the Trustee or the Securities Administrator
        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 Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Trustee or the Securities Administrator or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., 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 ATrust
        Fund@)
        generally consisting of conventional first lien, fixed rate mortgage loans
        secured by one- to four- family residences (collectively, the AMortgage
        Loans@)
        sold by
        Structured Asset Mortgage Investments II Inc. (ASAMI
        II@).
        The
        Mortgage Loans were sold by Maia Mortgage Finance Statutory Trust (AMaia@)
        to SAMI
        II. Wells Fargo Bank, National Association will act as master servicer of
        the
        Mortgage Loans (the AMaster
        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 AAgreement@),
        among
        SAMI II, as depositor (the ADepositor@),
        Luminent Mortgage Capital, Inc. as Sponsor, Wells Fargo Bank, National
        Association, as Master Servicer and securities administrator (the ASecurities
        Administrator@)
        and
        HSBC Bank USA, National Association, as trustee (the ATrustee@),
        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. The Securities Administrator 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 ADistribution
        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 Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator 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.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the ACertificates@).
        The
        Certificates, in the aggregate, evidence the entire beneficial ownership
        interest in the Trust Fund formed pursuant to the Agreement.

       

      Each
        beneficial owner of this Certificate or any interest herein shall be deemed
        to
        have represented, by virtue of its acquisition or holding of this certificate
        or
        interest herein, that either (i) it is not an employee benefit plan or other
        retirement arrangement subject to the Employee Retirement Income Security
        Act of
        1974, as amended or section 4975 of the Internal Revenue Code of 1986, as
        amended (APlan@),
        or
        investing with assets of a Plan or (ii) it has acquired and is holding such
        certificate in reliance on Prohibited Transaction Exemption 90-30, as amended
        from time to time (AExemption@),
        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 ABBB-A
        (or its
        equivalent) by Standard & Poor’s, Fitch, Inc. or Moody’s Investors Service,
        Inc., 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
        herein is an Ainsurance
        company general account@,
        as such
        term is defined in Prohibited Transaction Class Exemption (APTCE@)
        95-60,
        and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied.
        

       

      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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      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 Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Group II Sub-Trust created thereby
        (other than the obligations to make payments to related 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 Group II Mortgage Loan remaining in the Group II Sub-Trust
        and disposition of all property acquired upon foreclosure or deed in lieu
        of
        foreclosure of any Group II Mortgage Loan and (B) the remittance of all related
        funds due under the Agreement, or (ii) the optional repurchase by the party
        named in the Agreement of all the Group II Mortgage Loans and other assets
        of
        the Group II Sub-Trust in accordance with the terms of the Agreement. Such
        optional repurchase may be made only on or after the Distribution Date on
        which
        the aggregate Stated Principal Balance of the Group II Mortgage Loans is
        less
        than the percentage of the aggregate Stated Principal Balance specified in
        the
        Agreement of the Group II Mortgage Loans at the Cut-off Date. The exercise
        of
        such right will effect the early retirement of the Group II Certificates.
        In no
        event, however, will the Group II Sub-Trust created by the Agreement continue
        beyond the earlier of (i) the expiration of beyond the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        related Latest Possible Maturity Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  __________, 20__

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the CLASS [I-M-[_]][[_]-B-[_]] Certificates referred to in the
        within-mentioned Agreement.

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, as Securities
                  Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 [_]-[_]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 DEPOSITOR 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

              	
                 

                Fixed

              
	 	 
	
                 

                CLASS
                  [_]-[_]X-[_] Subordinate

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                April
                  1, 2006

              	
                 

                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $________________

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

              	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $________________

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

              	
                 

                CUSIP:
                  _______________

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                April
                  25, 2036

              	 
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-3

       

      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
        STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Structured Asset Mortgage Investments
        II Inc., the Master Servicer, the Trustee or the Securities Administrator
        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 Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Trustee or the Securities Administrator or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., 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
        Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage Loans
        were sold by Maia Mortgage Finance Statutory Trust (“Maia”) to SAMI II. Wells
        Fargo Bank, National Association 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 SAMI II, as depositor (the “Depositor”), Luminent
        Mortgage Capital, Inc. as Sponsor, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and HSBC Bank USA, 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. The Securities Administrator 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 Notional Amount of this Class of Certificates will be reduced
        to zero. The Class II-1X Certificates have no Certificate Principal
        Balance.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The Initial 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      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 Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Group II Sub-Trust created thereby
        (other than the obligations to make payments to related 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 Group II Mortgage Loan remaining in the Group II Sub-Trust
        and disposition of all property acquired upon foreclosure or deed in lieu
        of
        foreclosure of any Group II Mortgage Loan and (B) the remittance of all related
        funds due under the Agreement, or (ii) the optional repurchase by the party
        named in the Agreement of all the Group II Mortgage Loans and other assets
        of
        the Group II Sub-Trust in accordance with the terms of the Agreement. Such
        optional repurchase may be made only on or after the Distribution Date on
        which
        the aggregate Stated Principal Balance of the Group II Mortgage Loans is
        less
        than the percentage the aggregate Stated Principal Balance specified in the
        Agreement of the Group II Mortgage Loans at the Cut-off Date. The exercise
        of
        such right will effect the early retirement of the Group II Certificates.
        In no
        event, however, will the Group II Sub-Trust created by the Agreement continue
        beyond the earlier of (i) the expiration of beyond the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        related Latest Possible Maturity Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this

      Certificate
        to be duly executed.

      

      
        	
                Dated:
                  April 28, 2006

              	 	 	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Securities
                  Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 CERTIFICATE

       

      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”).

       

      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 PROPOSED
        TRANSFEREE PROVIDES THE SECURITIES ADMINISTRATOR WITH AN OPINION OF COUNSEL
        ADDRESSED TO THE TRUSTEE, DEPOSITOR, MASTER SERVICER AND SECURITIES
        ADMINISTRATOR AND ON WHICH THEY MAY RELY THAT IS SATISFACTORY TO THE SECURITIES
        ADMINISTRATOR THAT THE PURCHASE OF CERTIFICATES ON BEHALF OF SUCH PERSON
        WILL
        NOT RESULT IN OR CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION, IS PERMISSIBLE
        UNDER APPLICABLE LAW AND WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS
        ON THE
        PART OF THE DEPOSITOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR
        OR THE
        TRUSTEE.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
        AND
        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 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

              	 
	 	 
	
                Class
                  R

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement 

                and
                  Cut-off Date:

                April
                  1, 2006

              	
                Aggregate
                  Initial Current Principal Amount of this Certificate as of the
                  Cut-off
                  Date:

                $____________

              
	 	 
	
                First
                  Distribution Date:

                May
                  25, 2006

              	
                Initial
                  Current Principal Amount of this Certificate as of the Cut-off
                  Date:

                $____________

              
	 	 
	
                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

              	
                CUSIP:
                  ___________

              
	 	 
	
                Assumed
                  Final Distribution Date:

                May
                  25, 2036

              	 
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-3

       

      evidencing
        a percentage interest in the distributions allocable to the Class R 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 STRUCTURED ASSET
        MORTGAGE INVESTMENTS II INC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Structured Asset Mortgage Investments
        II Inc., the Master Servicer, the Trustee or the Securities Administrator
        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 Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Trustee or the Securities Administrator or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., 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 Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
        Loans were sold by Maia Mortgage Finance Statutory Trust (“Maia”) to SAMI II.
        Wells Fargo Bank, National Association 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 SAMI II, as depositor (the
“Depositor”), Luminent
        Mortgage Capital, Inc., as sponsor,
        Wells
        Fargo Bank, National Association, as Master Servicer and securities
        administrator (the “Securities Administrator”) and HSBC Bank USA, 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
        United
        States Person and a Permitted Transferee, (ii) the transfer of any Ownership
        Interest in this Certificate will be conditioned upon the delivery to the
        Securities Administrator of, among other things, an affidavit to the effect
        that
        it is a United States Person and 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 United States
        Person and 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
        Securities Administrator 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 Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      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 proposed
        transferee provides the Securities Administrator with an Opinion of Counsel
        addressed to the Trustee, Master Servicer and the Securities Administrator
        and
        on which they may rely (which shall not be at the expense of the Trustee,
        Master
        Servicer or the Securities Administrator) which is acceptable to the Securities
        Administrator, that the purchase of this Certificate will not result in or
        constitute a non-exempt prohibited transaction, is permissible under applicable
        law and will not give rise to any additional obligations on the part of the
        Depositor, the Master Servicer, the Securities Administrator or the
        Trustee.

       

      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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      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 the Holders of the Class or Classes
        of Certificates affected thereby evidencing over 50% of the Voting Rights
        of
        such Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and each of the Group I Sub-Trust and
        Group
        II Sub-Trust created thereby (other than the obligations to make payments
        to
        related 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 and disposition of all property acquired upon foreclosure
        or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance
        of
        all related funds due under the Agreement, or (ii) the optional repurchase
        by
        the party or parties named in the Agreement of all the related Mortgage Loans
        in
        each Loan Group and other related assets of the Trust in accordance with
        the
        terms of the Agreement. Each such optional repurchase may be made only on
        or
        after the earlier of the first Distribution Date on which the aggregate Stated
        Principal Balance of the related Mortgage Loans is less than or equal to
        10% of
        the aggregate Stated Principal Balance of the related Mortgage Loans as of
        the
        Cut-off Date. The exercise of such right will effect the early retirement
        of the
        related Certificates (other than the Class R Certificates to the extent that
        any
        other Certificates remain outstanding). In no event, however, will the each
        of
        the Group I Sub-Trust and Group II Sub-Trustcreated by the Agreement continue
        beyond the earlier of (i) the expiration of beyond the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        related Latest Possible Maturity Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  April 28, 2006

              	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class R Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 I-B-IO CERTIFICATES

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE RELATED SENIOR
        CERTIFICATES, CLASS I-M-1, CLASS I-M-2, CLASS I-M-3, CLASS I-B-1, CLASS I-B-2
        AND CLASS I-B-3 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 SECURITIES
        ADMINISTRATOR
        NAMED HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “SECURITIES 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 SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
        144A
        UNDER THE SECURITIES 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 SECURITIES
        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) OF REGULATION
        D
        UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN
        SUCH
        PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES
        ACT,
        SUBJECT TO (A) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER
        SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY
        THE
        SECURITIES ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
        ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
        WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE
        WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER
        APPLICABLE JURISDICTION.

       

      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 EXEMPTION (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE
        95-60 OR PTE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS
        ON
        THE PART OF THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR THE SECURITIES
        ADMINISTRATOR, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY
        CERTIFICATE OR A GLOBAL CERTIFICATE OR UNLESS AN OPINION OF COUNSEL SPECIFIED
        IN
        SECTION 6.02 OF THE AGREEMENT IS PROVIDED.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	 
	 	 
	
                 

                Class
                  I-B-IO Subordinate

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                April
                  1, 2006

              	
                 

                Initial
                  Certificate Notional Amount of this Certificate as of the Cut-off
                  Date:

                $100.00

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

              	
                 

                Aggregate
                  Certificate Notional Amount of this Certificate as of the Cut-off
                  Date:
                  

                $100.00

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

              	
                 

                CUSIP:
                  _________________

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                March
                  25, 2036

              	 
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-3

       

      evidencing
        a percentage interest in the distributions allocable to the Class I-B-IO
        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
        STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Structured Asset Mortgage Investments
        II Inc., the Master Servicer, the Trustee or the Securities Administrator
        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 Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Trustee or the Securities Administrator or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., 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 Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
        Loans were sold by Maia Mortgage Finance Statutory Trust (“Maia”) to SAMI II.
        Wells Fargo Bank, National Association will act as master servicer of the
        Mortgage Loans (the AMaster
        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 SAMI II, as
        depositor (the “Depositor”), Luminent Mortgage Capital, Inc., as sponsor, Wells
        Fargo Bank, National Association, as Master Servicer and securities
        administrator (the “Securities Administrator”) and HSBC Bank USA, 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. The Securities Administrator 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 ADistribution
        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 Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator 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.

       

      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
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit E and either F or G, 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, the Securities Administrator 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, the Securities Administrator 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 Securities
        Administrator, 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.

       

      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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      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 the Holders of the Class or Classes
        of Certificates affected thereby evidencing over 50% of the Voting Rights
        of
        such Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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.

       

      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 Exemption (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE
        95-60 or PTE 96-23 and (ii) will not give rise to any additional obligations
        on
        the part of the Depositor, the Master Servicer, the Trustee or the Securities
        Administrator, which will be deemed represented by an owner of a Book-Entry
        Certificate or a Global Certificate or unless an Opinion of Counsel specified
        in
        section 6.02 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
        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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Group I Sub-Trust created thereby
        (other than the obligations to make payments to related 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 Group I Mortgage Loan remaining in the Group I Sub-Trust
        and disposition of all property acquired upon foreclosure or deed in lieu
        of
        foreclosure of any Group I Mortgage Loan and (B) the remittance of all related
        funds due under the Agreement, or (ii) the optional repurchase by the party
        named in the Agreement of all the Group I Mortgage Loans and other related
        assets of the Group I Sub-Trust in accordance with the terms of the Agreement.
        Such optional repurchase may be made only on or after the earlier of the
        first
        Distribution Date on which the aggregate Stated Principal Balance of the
        Group I
        Mortgage Loans is less than or equal to 10% of the aggregate Stated Principal
        Balance of the Group I Mortgage Loans as of the Cut-off Date. The exercise
        of
        such right will effect the early retirement of the Group I Certificates.
        In no
        event, however, will the Group I Sub-Trust created by the Agreement continue
        beyond the earlier of (i) the expiration of beyond the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        related Latest Possible Maturity Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  April 28, 2006

              	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class I-B-IO Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 II-B-[_] CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE RELATED SENIOR
        CERTIFICATES, CLASS II-B-1, CLASS II-B-2 AND CLASS II-B-3 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 SECURITIES ADMINISTRATOR
        NAMED
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “SECURITIES 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 SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
        144A
        UNDER THE SECURITIES 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 SECURITIES
        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) OF REGULATION
        D
        UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN
        SUCH
        PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES
        ACT,
        SUBJECT TO (A) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER
        SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY
        THE
        SECURITIES ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
        ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
        WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE
        WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER
        APPLICABLE JURISDICTION.

       

      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 EXEMPTION (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE
        95-60 OR PTE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS
        ON
        THE PART OF THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR THE SECURITIES
        ADMINISTRATOR, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY
        CERTIFICATE OR A GLOBAL CERTIFICATE OR UNLESS AN OPINION OF COUNSEL SPECIFIED
        IN
        SECTION 6.02 OF THE AGREEMENT IS PROVIDED.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	
                 

                Adjustable

              
	 	 
	
                 

                CLASS
                  II-B-[_]
                  Subordinate

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                April
                  1, 2006

              	 
	 	
                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date: _____

              
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

              	 
	 	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:_____

              
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

              	 
	 	
                 

                CUSIP:
                  ____________

              
	
                 

                Assumed
                  Final Distribution Date:

                April
                  25, 2036

              	 
	 	 

      

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-3

       

      evidencing
        a percentage interest in the distributions allocable to the CLASS II-B-[_]
        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
        STRUCTURED ASSET MORTGAGE INVESTMENTS II INC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Structured Asset Mortgage Investments
        II Inc., the Master Servicer, the Trustee or the Securities Administrator
        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 Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Trustee or the Securities Administrator or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., 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 Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
        Loans were sold by Maia Mortgage Finance Statutory Trust (“Maia”) to SAMI II.
        Wells Fargo Bank, National Association will act as master servicer of the
        Mortgage Loans (the AMaster
        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 SAMI II, as
        depositor (the “Depositor”), Luminent Mortgage Capital, Inc., as sponsor, Wells
        Fargo Bank, National Association, as Master Servicer and securities
        administrator (the “Securities Administrator”) and HSBC Bank USA, 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
        United
        States Person and 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 United
        States Person and 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 United States Person
        and 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.

       

      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. The Securities Administrator 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 ADistribution
        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 Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator 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.

       

      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
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit E and either F or G, 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, the Securities Administrator 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, the Securities Administrator 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 Securities
        Administrator, 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.

       

      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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      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 the Holders of the Class or Classes
        of Certificates affected thereby evidencing over 50% of the Voting Rights
        of
        such Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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.

       

      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 Exemption (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE
        95-60 or PTE 96-23 and (ii) will not give rise to any additional obligations
        on
        the part of the Depositor, the Master Servicer, the Securities Administrator
        or
        the Trustee, which will be deemed represented by an owner of a Book-Entry
        Certificate or a Global Certificate or unless an Opinion of Counsel specified
        in
        section 6.02 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
        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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Group II Sub-Trust created thereby
        (other than the obligations to make payments to related 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 Group II Mortgage Loan remaining in the Group II Sub-Trust
        and disposition of all property acquired upon foreclosure or deed in lieu
        of
        foreclosure of any Group II Mortgage Loan and (B) the remittance of all related
        funds due under the Agreement, or (ii) the optional repurchase by the party
        named in the Agreement of all the Mortgage Loans in Loan Group II and other
        assets of the Group II Sub-Trust in accordance with the terms of the Agreement.
        Such optional repurchase may be made only on or after the Distribution Date
        on
        which the aggregate Stated Principal Balance of the Mortgage Loans in Loan
        Group
        II is less than the percentage of the aggregate Stated Principal Balance
        specified in the Agreement of the Mortgage Loans in Loan Group II at the
        Cut-off
        Date. The exercise of such right will effect the early retirement of the
        Group
        II Certificates. In no event, however, will the Group II Sub-Trust created
        by
        the Agreement continue beyond the earlier of (i) the expiration of beyond
        the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the related Latest Possible Maturity Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  April 28, 2006

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the CLASS II-B-[_] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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-7

       

      FORM
        OF CLASS P 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 SECURITIES
        ADMINISTRATOR NAMED HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “SECURITIES 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 SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
        144A
        UNDER THE SECURITIES 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 SECURITIES
        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) OF REGULATION
        D
        UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN
        SUCH
        PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES
        ACT,
        SUBJECT TO (A) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER
        SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY
        THE
        SECURITIES ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
        ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
        WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE
        WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER
        APPLICABLE JURISDICTION.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 PROPOSED
        TRANSFEREE PROVIDES THE SECURITIES ADMINISTRATOR WITH AN OPINION OF COUNSEL
        ADDRESSED TO THE TRUSTEE, DEPOSITOR, MASTER SERVICER AND SECURITIES
        ADMINISTRATOR AND ON WHICH THEY MAY RELY THAT IS SATISFACTORY TO THE SECURITIES
        ADMINISTRATOR THAT THE PURCHASE OF CERTIFICATES ON BEHALF OF SUCH PERSON
        WILL
        NOT RESULT IN OR CONSTITUTE A NONEXEMPT PROHIBITED TRANSACTION, IS PERMISSIBLE
        UNDER APPLICABLE LAW AND WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS
        ON THE
        PART OF THE DEPOSITOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR
        OR THE
        TRUSTEE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	
                 

                Percentage
                  Interest: 100%

              
	 	 
	
                 

                CLASS
                  P 

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                April
                  1, 2006

              	
                 

                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $100.00

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

              	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $100.00

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

              	
                 

                CUSIP:
                  ____________

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                May
                  25, 2036

              	 
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-3

       

      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 STRUCTURED ASSET
        MORTGAGE INVESTMENTS II INC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Structured Asset Mortgage Investments
        II Inc., the Master Servicer, the Trustee or the Securities Administrator
        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 Structured Asset Mortgage Investments II Inc.,
        the
        Master Servicer, the Trustee or the Securities Administrator or any of their
        affiliates or any other person. None of Structured Asset Mortgage Investments
        II
        Inc., 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 Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
        Loans were sold by Maia Mortgage Finance Statutory Trust (“Maia”) to SAMI II.
        Wells Fargo Bank, National Association 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 SAMI II, as depositor (the
“Depositor”), Luminent Mortgage Capital, Inc., as sponsor, Wells Fargo Bank,
        National Association, as Master Servicer and securities administrator (the
        “Securities Administrator”) and HSBC Bank USA, 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
        Securities Administrator 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 Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator 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
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit E and either F or G, 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, the Securities Administrator 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, the Securities Administrator 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 Securities
        Administrator, 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.

       

      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 proposed
        transferee provides the Securities Administrator with an opinion of counsel
        addressed to the Trustee, Master Servicer and the Securities Administrator
        and
        on which they may rely (which shall not be at the expense of the Trustee,
        Master
        Servicer or the Securities Administrator) which is acceptable to the Securities
        Administrator, that the purchase of this Certificate will not result in or
        constitute a nonexempt prohibited transaction, is permissible under applicable
        law and will not give rise to any additional obligations on the part of the
        Depositor, the Master Servicer, the Securities Administrator or the
        Trustee.

       

      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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      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 the Holders of the Class or Classes
        of Certificates affected thereby evidencing over 50% of the Voting Rights
        of
        such Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Securities Administrator 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 Securities Administrator,
        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 Group I Sub-Trust created thereby
        (other than the obligations to make payments to related 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 Group I Mortgage Loan remaining in the Group I Sub-Trust
        and disposition of all property acquired upon foreclosure or deed in lieu
        of
        foreclosure of any Group I Mortgage Loan and (B) the remittance of all related
        funds due under the Agreement, or (ii) the optional repurchase by the party
        named in the Agreement of all the Group I Mortgage Loans and other related
        assets of the Group I Sub-Trust in accordance with the terms of the Agreement.
        Such optional repurchase may be made only on or after the earlier of the
        first
        Distribution Date on which the aggregate Stated Principal Balance of the
        Group I
        Mortgage Loans is less than or equal to 10% of the aggregate Stated Principal
        Balance of the Group I Mortgage Loans as of the Cut-off Date. The exercise
        of
        such right will effect the early retirement of the Group I Certificates.
        In no
        event, however, will the Group I Sub-Trust created by the Agreement continue
        beyond the earlier of (i) the expiration of beyond the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        related Latest Possible Maturity Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  April 28, 2006

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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

      

      LOAN_SEQ                 Lum_ID                 DEAL_INFO                                         Group            CURRENT_
                                                                                                                   BALANCE
----------------------------------------------------------------------------------------------------------------------------------
       16180262              240278065          GR2: 5 YR Conf                                    II-2                     199920
      122405144              240268673          GR4: NON3YRHARD                                   I-1                   394177.24
       16178479              240267092          GR2: 5 YR Conf                                    II-2                     104400
       16179674              240272099          GR5: 3YRHARD                                      I-2                   239428.06
       16180224              240278027          GR2: 5 YR Conf                                    II-2                  134927.93
       16179289              240290662          GR4: NON3YRHARD                                   I-1                   438601.69
       16179228              240290618          GR4: NON3YRHARD                                   I-1                   977920.58
       16178371              240266201          GR3: 5 YR Non-Conf                                II-3                     650150
       16179245              240290741          GR4: NON3YRHARD                                   I-1                   697761.46
       16179852              240272597          GR5: 3YRHARD                                      I-2                   602723.07
       16180263              240278066          GR2: 5 YR Conf                                    II-2                  100825.59
       16179810              240272544          GR5: 3YRHARD                                      I-2                   318498.13
       16178940              240268674          GR4: NON3YRHARD                                   I-1                   456561.44
       16180106              240258330          GR4: NON3YRHARD                                   I-1                      665250
       16180161              240258264          GR4: NON3YRHARD                                   I-1                      184800
       16180225              240278028          GR2: 5 YR Conf                                    II-2                  227859.63
       16179773              240272796          GR5: 3YRHARD                                      I-2                   435264.26
       16178566              240267159          GR2: 5 YR Conf                                    II-2                     130000
       16179511              240272512          GR5: 3YRHARD                                      I-2                    224297.7
       16179290              240290727          GR4: NON3YRHARD                                   I-1                    448523.2
       16179920              240272661          GR5: 3YRHARD                                      I-2                      241600
       16179019              240269278          GR4: NON3YRHARD                                   I-1                   357004.91
       16180362              240278167          GR3: 5 YR Non-Conf                                II-3                    1400000
       16180264              240278067          GR2: 5 YR Conf                                    II-2                     173000
       16179811              240272545          GR5: 3YRHARD                                      I-2                   584014.25
       16178420              240266243          GR2: 5 YR Conf                                    II-2                     212400
       16179566              240272387          GR5: 3YRHARD                                      I-2                   367106.67
       16179675              240272100          GR5: 3YRHARD                                      I-2                   157653.94
       16180122              240258281          GR4: NON3YRHARD                                   I-1                      287000
       16178735              240266512          GR2: 5 YR Conf                                    II-2                     133120
       16180226              240278029          GR2: 5 YR Conf                                    II-2                  336798.33
       16179512              240272513          GR5: 3YRHARD                                      I-2                   168901.48
       16179214              240268449          GR4: NON3YRHARD                                   I-1                   420266.96
       16179133              240290623          GR4: NON3YRHARD                                   I-1                   160355.06
       16179373              240272436          GR5: 3YRHARD                                      I-2                   100014.03
       16180363              240278168          GR3: 5 YR Non-Conf                                II-3                     628000
       16180265              240278068          GR2: 5 YR Conf                                    II-2                  127985.74
       16179703              240272174          GR5: 3YRHARD                                      I-2                   201917.67
       16179567              240272384          GR5: 3YRHARD                                      I-2                   347170.69
       16178332              240266955          GR2: 5 YR Conf                                    II-2                     149600
       16178522              240267125          GR2: 5 YR Conf                                    II-2                     343200
       16179482              240272212          GR5: 3YRHARD                                      I-2                   191542.45
       16179118              240290731          GR4: NON3YRHARD                                   I-1                   360877.73
       16179134              240290647          GR4: NON3YRHARD                                   I-1                   463892.11
       16179772              240272794          GR5: 3YRHARD                                      I-2                      380000
       16179374              240272420          GR5: 3YRHARD                                      I-2                   103033.36
       16180364              240278169          GR2: 5 YR Conf                                    II-2                     220800
       16178546              240267143          GR2: 5 YR Conf                                    II-2                     176000
       16178967              240268856          GR4: NON3YRHARD                                   I-1                   274654.84
       16180266              240278069          GR2: 5 YR Conf                                    II-2                     135000
       16179812              240272546          GR5: 3YRHARD                                      I-2                      500000
       16179704              240272176          GR5: 3YRHARD                                      I-2                   162019.85
       16179034              240269409          GR4: NON3YRHARD                                   I-1                   239942.82
       16179692              240272163          GR5: 3YRHARD                                      I-2                   318076.12
       16180137              240258381          GR5: 3YRHARD                                      I-2                   550735.45
       16178328              240266162          GR3: 5 YR Non-Conf                                II-3                     492000
       16179278              240290736          GR4: NON3YRHARD                                   I-1                   463503.53
       16180228              240278031          GR2: 5 YR Conf                                    II-2                     150000
       16178855              240266609          GR2: 5 YR Conf                                    II-2                  127093.14
       16180185              240278945          GR4: NON3YRHARD                                   I-1                      585000
       16179922              240272667          GR5: 3YRHARD                                      I-2                      532000
       16179942              240272649          GR5: 3YRHARD                                      I-2                      295900
       16180598              240278411          GR2: 5 YR Conf                                    II-2                     177406
       16179008              240269174          GR4: NON3YRHARD                                   I-1                   286598.15
       16179013              240269238          GR4: NON3YRHARD                                   I-1                   245411.64
       16179203              240268319          GR4: NON3YRHARD                                   I-1                   144136.44
       16179449              240272321          GR5: 3YRHARD                                      I-2                   216069.94
       16180431              240278239          GR2: 5 YR Conf                                    II-2                     321600
       16178813              240266580          GR2: 5 YR Conf                                    II-2                     161100
       16179102              240290573          GR4: NON3YRHARD                                   I-1                   246800.87
       16179328              240272208          GR5: 3YRHARD                                      I-2                   230304.88
       16178996              240269083          GR4: NON3YRHARD                                   I-1                   252415.44
       16179428              240272477          GR5: 3YRHARD                                      I-2                   272630.04
       16178441              240267053          GR2: 5 YR Conf                                    II-2                     150000
       16179747              240272127          GR5: 3YRHARD                                      I-2                    67408.91
       16178706              240267279          GR2: 5 YR Conf                                    II-2                     137600
       16179393              240272445          GR5: 3YRHARD                                      I-2                   114216.62
       16178681              240267257          GR2: 5 YR Conf                                    II-2                     144000
       16178669              240266457          GR3: 5 YR Non-Conf                                II-3                     496000
       16178528              240267131          GR2: 5 YR Conf                                    II-2                     264000
       16179255              240290813          GR4: NON3YRHARD                                   I-1                   740125.56
       16178249              240266105          GR2: 5 YR Conf                                    II-2                     170700
       16180076              240258351          GR4: NON3YRHARD                                   I-1                   160922.73
       16178600              240266392          GR2: 5 YR Conf                                    II-2                     352000
       16179895              240272590          GR5: 3YRHARD                                      I-2                   118735.98
       16180599              240278412          GR3: 5 YR Non-Conf                                II-3                  439799.41
       16179993              240272705          GR5: 3YRHARD                                      I-2                      101600
       16180432              240278240          GR2: 5 YR Conf                                    II-2                     386456
       16179173              240268114          GR4: NON3YRHARD                                   I-1                   131607.44
       16179429              240272449          GR5: 3YRHARD                                      I-2                   164516.78
       16180129              240258375          GR4: NON3YRHARD                                   I-1                      700000
       16179748              240272128          GR5: 3YRHARD                                      I-2                   128041.46
       16179968              240272733          GR5: 3YRHARD                                      I-2                   124502.59
       16179029              240269369          GR4: NON3YRHARD                                   I-1                   276103.57
       16178912              240268590          GR4: NON3YRHARD                                   I-1                   221965.15
       16178931              240268641          GR4: NON3YRHARD                                   I-1                   279113.19
       16178335              240265902          GR2: 5 YR Conf                                    II-2                     400000
       16179650              240272811          GR5: 3YRHARD                                      I-2                      576000
       16178310              240266937          GR2: 5 YR Conf                                    II-2                     270000
       16178218              240266069          GR3: 5 YR Non-Conf                                II-3                     649900
       16179205              240268349          GR4: NON3YRHARD                                   I-1                   339239.02
       16178739              240267305          GR3: 5 YR Non-Conf                                II-3                     516000
       16180016              240272715          GR5: 3YRHARD                                      I-2                   363132.56
       16178266              240266120          GR2: 5 YR Conf                                    II-2                     138750
       16179847              240272562          GR5: 3YRHARD                                      I-2                      183411
       16179896              240272570          GR5: 3YRHARD                                      I-2                  1211941.99
       16179123              240290549          GR4: NON3YRHARD                                   I-1                   295059.32
       16180600              240278413          GR2: 5 YR Conf                                    II-2                  159643.85
       16179204              240269972          GR4: NON3YRHARD                                   I-1                   208414.39
       16179450              240272316          GR5: 3YRHARD                                      I-2                    209646.1
       16178997              240269085          GR4: NON3YRHARD                                   I-1                   221626.05
       16178781              240267343          GR2: 5 YR Conf                                    II-2                     130000
       16179969              240272734          GR5: 3YRHARD                                      I-2                      260000
       16178953              240268730          GR4: NON3YRHARD                                   I-1                   297209.73
       16178309              240266147          GR2: 5 YR Conf                                    II-2                  132770.33
       16179242              240290688          GR4: NON3YRHARD                                   I-1                    470512.8
       16178250              240266106          GR2: 5 YR Conf                                    II-2                     400000
       16180017              240272716          GR5: 3YRHARD                                      I-2                      312000
       16180601              240278414          GR2: 5 YR Conf                                    II-2                     171950
       16179014              240269241          GR4: NON3YRHARD                                   I-1                   273231.61
       16180433              240278241          GR3: 5 YR Non-Conf                                II-3                     815980
       16178805              240267363          GR2: 5 YR Conf                                    II-2                     218750
       16179355              240272475          GR5: 3YRHARD                                      I-2                   116037.56
       16179042              240269460          GR4: NON3YRHARD                                   I-1                   291294.14
       16180091              240258258          GR5: 3YRHARD                                      I-2                   137320.73
       16178590              240267175          GR3: 5 YR Non-Conf                                II-3                     521600
       16178219              240266070          GR2: 5 YR Conf                                    II-2                     230400
       16178264              240266907          GR2: 5 YR Conf                                    II-2                     196700
       16179897              240272591          GR5: 3YRHARD                                      I-2                   580127.58
       16179125              240290763          GR4: NON3YRHARD                                   I-1                    251313.5
       16179193              240269920          GR4: NON3YRHARD                                   I-1                   348539.67
       16180602              240278415          GR2: 5 YR Conf                                    II-2                     272000
       16179198              240267887          GR4: NON3YRHARD                                   I-1                   308050.24
       16179451              240272340          GR5: 3YRHARD                                      I-2                   253477.86
       16178726              240267294          GR2: 5 YR Conf                                    II-2                     217600
       16180048              240258327          GR4: NON3YRHARD                                   I-1                   618635.25
       16180170              240258405          GR5: 3YRHARD                                      I-2                      210000
       16179970              240272735          GR5: 3YRHARD                                      I-2                      173600
       16179022              240269308          GR4: NON3YRHARD                                   I-1                   272581.88
       16178295              240266137          GR3: 5 YR Non-Conf                                II-3                     479900
       16178575              240267165          GR2: 5 YR Conf                                    II-2                     132000
       16178666              240266453          GR2: 5 YR Conf                                    II-2                     258700
       16180116              240258332          GR4: NON3YRHARD                                   I-1                   683069.43
       16178601              240267182          GR3: 5 YR Non-Conf                                II-3                     429592
       16178251              240266107          GR2: 5 YR Conf                                    II-2                  192692.62
       16179783              240272799          GR5: 3YRHARD                                      I-2                   632787.42
       16179849              240272563          GR5: 3YRHARD                                      I-2                   253955.83
       16179898              240272634          GR5: 3YRHARD                                      I-2                   255458.78
       16179194              240267824          GR4: NON3YRHARD                                   I-1                   104720.36
       16180603              240278416          GR2: 5 YR Conf                                    II-2                     154400
       16179452              240272332          GR5: 3YRHARD                                      I-2                   115787.33
       16180627              240266048          GR2: 5 YR Conf                                    II-2                   105598.1
       16179396              240272452          GR5: 3YRHARD                                      I-2                   200648.62
       16178936              240268669          GR4: NON3YRHARD                                   I-1                   402784.45
       16178954              240268733          GR4: NON3YRHARD                                   I-1                   462744.89
       16178913              240268594          GR4: NON3YRHARD                                   I-1                    528654.6
       16179672              240272097          GR5: 3YRHARD                                      I-2                   192582.35
       16180110              240258367          GR5: 3YRHARD                                      I-2                      303900
       16178291              240266923          GR2: 5 YR Conf                                    II-2                     218160
       16179264              240290562          GR4: NON3YRHARD                                   I-1                   470460.02
       16178220              240266071          GR2: 5 YR Conf                                    II-2                     180000
       16180018              240272717          GR5: 3YRHARD                                      I-2                   256150.75
       16179784              240272802          GR5: 3YRHARD                                      I-2                      472000
       16179108              240290617          GR4: NON3YRHARD                                   I-1                   206579.89
       16179453              240272456          GR5: 3YRHARD                                      I-2                   910294.74
       16180259              240278062          GR2: 5 YR Conf                                    II-2                     399950
       16179673              240272098          GR5: 3YRHARD                                      I-2                      133500
       16178689              240267263          GR2: 5 YR Conf                                    II-2                     188000
       16178822              240266587          GR2: 5 YR Conf                                    II-2                      96000
       16179265              240290691          GR4: NON3YRHARD                                   I-1                   491433.24
       16179217              240290721          GR4: NON3YRHARD                                   I-1                    553677.4
       16179243              240290729          GR4: NON3YRHARD                                   I-1                   575181.96
       16179201              240268285          GR4: NON3YRHARD                                   I-1                   129109.41
       16179850              240272592          GR5: 3YRHARD                                      I-2                    225647.7
       16179899              240272572          GR5: 3YRHARD                                      I-2                    259380.4
       16179454              240272347          GR5: 3YRHARD                                      I-2                   159785.43
       16180260              240278063          GR2: 5 YR Conf                                    II-2                     291200
       16179149              240290635          GR4: NON3YRHARD                                   I-1                   301359.67
       16179033              240269404          GR4: NON3YRHARD                                   I-1                   343706.14
       16179564              240272368          GR5: 3YRHARD                                      I-2                   273934.83
       16178550              240267147          GR2: 5 YR Conf                                    II-2                     492000
       16178937              240268671          GR4: NON3YRHARD                                   I-1                   406857.08
       16179790              240272803          GR5: 3YRHARD                                      I-2                      519200
       16180190              240278947          GR4: NON3YRHARD                                   I-1                   279332.73
       16178581              240267168          GR3: 5 YR Non-Conf                                II-3                     495000
       16178568              240267160          GR2: 5 YR Conf                                    II-2                     296000
       16179132              240290734          GR4: NON3YRHARD                                   I-1                    506789.4
       16179918              240272656          GR5: 3YRHARD                                      I-2                      324000
       16178221              240266072          GR2: 5 YR Conf                                    II-2                  322432.03
       16179244              240290652          GR4: NON3YRHARD                                   I-1                   499408.72
       16179017              240269275          GR4: NON3YRHARD                                   I-1                   489825.57
       16179109              240290802          GR4: NON3YRHARD                                   I-1                   710235.68
       16178364              240266195          GR3: 5 YR Non-Conf                                II-3                     480000
       16179351              240272813          GR5: 3YRHARD                                      I-2                   731253.21
       16179398              240272309          GR5: 3YRHARD                                      I-2                   137231.07
       16180261              240278064          GR2: 5 YR Conf                                    II-2                     162400
       16179052              240269554          GR4: NON3YRHARD                                   I-1                   472118.27
       16179565              240272379          GR5: 3YRHARD                                      I-2                   277350.85
       16178938              240268672          GR4: NON3YRHARD                                   I-1                   349082.24
       16178339              240266171          GR2: 5 YR Conf                                    II-2                  268916.61
       16180105              240258273          GR4: NON3YRHARD                                   I-1                      250000
       16180088              240258266          GR5: 3YRHARD                                      I-2                      208000
       16178281              240266915          GR2: 5 YR Conf                                    II-2                     412000
       16179919              240272657          GR5: 3YRHARD                                      I-2                      232000
       16178192              240266854          GR2: 5 YR Conf                                    II-2                     378750
       16179018              240269276          GR4: NON3YRHARD                                   I-1                   468117.27
       16179851              240272564          GR5: 3YRHARD                                      I-2                   167758.07
       16179456              240272313          GR5: 3YRHARD                                      I-2                   425336.07
       16178773              240267335          GR2: 5 YR Conf                                    II-2                  259764.95
       16178640              240267218          GR2: 5 YR Conf                                    II-2                     174200
       16178688              240267262          GR2: 5 YR Conf                                    II-2                     176000
       16179294              240290645          GR4: NON3YRHARD                                   I-1                   500745.11
       16179235              240290801          GR4: NON3YRHARD                                   I-1                   647951.95
       16180220              240278023          GR2: 5 YR Conf                                    II-2                  211896.84
       16179250              240290660          GR4: NON3YRHARD                                   I-1                   533488.57
       16179207              240268382          GR4: NON3YRHARD                                   I-1                    77397.52
       16180070              240258284          GR4: NON3YRHARD                                   I-1                      303300
       16179478              240272462          GR5: 3YRHARD                                      I-2                   304465.49
       16179370              240272484          GR5: 3YRHARD                                      I-2                   471176.68
       16179526              240272213          GR5: 3YRHARD                                      I-2                   150032.99
       16180452              240278260          GR2: 5 YR Conf                                    II-2                     240000
       16180289              240278092          GR2: 5 YR Conf                                    II-2                  198225.99
       16180358              240278163          GR2: 5 YR Conf                                    II-2                     246740
       16179163              240268057          GR4: NON3YRHARD                                   I-1                   283509.78
       16179036              240269428          GR4: NON3YRHARD                                   I-1                   123247.08
       16179586              240272374          GR5: 3YRHARD                                      I-2                   147693.29
       16178784              240267346          GR2: 5 YR Conf                                    II-2                     173000
       16178485              240267097          GR2: 5 YR Conf                                    II-2                     190490
       16179654              240272164          GR5: 3YRHARD                                      I-2                   203654.17
       16180036              240258305          GR5: 3YRHARD                                      I-2                   415084.29
       16180163              240258399          GR5: 3YRHARD                                      I-2                      512000
       16179273              240290711          GR4: NON3YRHARD                                   I-1                   674997.23
       16180221              240278024          GR3: 5 YR Non-Conf                                II-3                  599137.62
       16178387              240267003          GR2: 5 YR Conf                                    II-2                     348000
       16178359              240266980          GR2: 5 YR Conf                                    II-2                   439100.6
       16178897              240267658          GR4: NON3YRHARD                                   I-1                   155399.14
       16180077              240258352          GR4: NON3YRHARD                                   I-1                   153437.96
       16179371              240272453          GR5: 3YRHARD                                      I-2                   238077.07
       16180453              240278261          GR2: 5 YR Conf                                    II-2                  114991.14
       16180290              240278093          GR2: 5 YR Conf                                    II-2                     236196
       16179716              240272145          GR5: 3YRHARD                                      I-2                   211680.12
       16179061              240269647          GR4: NON3YRHARD                                   I-1                   140047.08
       16179764              240272139          GR5: 3YRHARD                                      I-2                   283591.04
       16179143              240290732          GR4: NON3YRHARD                                   I-1                   548689.32
       16179807              240272541          GR5: 3YRHARD                                      I-2                   457964.32
       16178809              240266010          GR1: 3 YR Hybrids                                 II-1                     562500
       16179024              240269338          GR4: NON3YRHARD                                   I-1                   578536.71
       16178793              240267353          GR2: 5 YR Conf                                    II-2                     238840
       16180139              240278955          GR4: NON3YRHARD                                   I-1                      455250
       16179274              240290600          GR4: NON3YRHARD                                   I-1                   286140.06
       16179295              240290607          GR4: NON3YRHARD                                   I-1                    348887.7
       16180222              240278025          GR2: 5 YR Conf                                    II-2                     118400
       16178842              240266603          GR2: 5 YR Conf                                    II-2                     371200
       16178510              240267116          GR2: 5 YR Conf                                    II-2                     120000
       16180622              240278435          GR2: 5 YR Conf                                    II-2                     160000
       16180454              240278262          GR2: 5 YR Conf                                    II-2                     157840
       16179166              240268074          GR4: NON3YRHARD                                   I-1                    301234.1
       16179073              240269749          GR4: NON3YRHARD                                   I-1                   385530.72
       16180291              240278094          GR2: 5 YR Conf                                    II-2                     169600
       16180359              240278164          GR3: 5 YR Non-Conf                                II-3                     650000
       16178448              240267061          GR3: 5 YR Non-Conf                                II-3                     500000
       16180065              240278957          GR5: 3YRHARD                                      I-2                      520000
       16179808              240272542          GR5: 3YRHARD                                      I-2                   641541.51
       16179587              240272370          GR5: 3YRHARD                                      I-2                   130089.25
       16178638              240267215          GR2: 5 YR Conf                                    II-2                   89585.24
       16179702              240272166          GR5: 3YRHARD                                      I-2                   227456.66
       16179655              240272167          GR5: 3YRHARD                                      I-2                   113236.65
       16179025              240268534          GR4: NON3YRHARD                                   I-1                   117877.95
       16179691              240272117          GR5: 3YRHARD                                      I-2                   215652.43
       16178587              240267173          GR2: 5 YR Conf                                    II-2                     228800
       16178523              240267126          GR2: 5 YR Conf                                    II-2                     266000
       16180223              240278026          GR2: 5 YR Conf                                    II-2                     400000
       16179372              240272432          GR5: 3YRHARD                                      I-2                    280765.4
       16180623              240278436          GR2: 5 YR Conf                                    II-2                      80800
       16180389              240278195          GR2: 5 YR Conf                                    II-2                  297744.47
       16180455              240278263          GR3: 5 YR Non-Conf                                II-3                     636000
       16179074              240269750          GR4: NON3YRHARD                                   I-1                   336195.51
       16180292              240278095          GR2: 5 YR Conf                                    II-2                     126000
       16180360              240278165          GR2: 5 YR Conf                                    II-2                     344000
       16179809              240272543          GR5: 3YRHARD                                      I-2                      436000
       16180141              240258384          GR4: NON3YRHARD                                   I-1                      551200
       16178620              240267200          GR2: 5 YR Conf                                    II-2                     129850
       16178699              240267274          GR2: 5 YR Conf                                    II-2                     135000
       16178629              240267208          GR3: 5 YR Non-Conf                                II-3                  498953.44
       16180084              240258306          GR4: NON3YRHARD                                   I-1                   430970.51
       16178825              240266590          GR3: 5 YR Non-Conf                                II-3                     572000
       16179275              240290776          GR4: NON3YRHARD                                   I-1                   466766.32
       16180181              240258412          GR4: NON3YRHARD                                   I-1                     1200000
       16178378              240266997          GR2: 5 YR Conf                                    II-2                  383935.56
       16180624              240278437          GR2: 5 YR Conf                                    II-2                  314678.46
       16180390              240278196          GR3: 5 YR Non-Conf                                II-3                     264000
       16179184              240269893          GR4: NON3YRHARD                                   I-1                   336099.37
       16180456              240278264          GR2: 5 YR Conf                                    II-2                     195000
       16180293              240278096          GR2: 5 YR Conf                                    II-2                     109600
       16179825              240272533          GR5: 3YRHARD                                      I-2                      316000
       16180361              240278166          GR3: 5 YR Non-Conf                                II-3                  613911.79
       16178449              240267062          GR2: 5 YR Conf                                    II-2                  307936.41
       16179717              240272147          GR5: 3YRHARD                                      I-2                   386431.31
       16180192              240278952          GR4: NON3YRHARD                                   I-1                      618750
       16178652              240266437          GR2: 5 YR Conf                                    II-2                     277600
       16180156              240278954          GR4: NON3YRHARD                                   I-1                      350400
       16178945              240268702          GR4: NON3YRHARD                                   I-1                   154890.97
       16178639              240267216          GR2: 5 YR Conf                                    II-2                      98400
       16178778              240267340          GR2: 5 YR Conf                                    II-2                     182000
       16178304              240247652          GR2: 5 YR Conf                                    II-2                     133000
       16178325              240266948          GR2: 5 YR Conf                                    II-2                  179997.04
       16179775              240272795          GR5: 3YRHARD                                      I-2                   496948.16
       16179236              240290611          GR4: NON3YRHARD                                   I-1                    466512.7
       16178551              240267148          GR2: 5 YR Conf                                    II-2                     149600
       16180556              240278367          GR2: 5 YR Conf                                    II-2                  162904.12
       16180625              240278438          GR2: 5 YR Conf                                    II-2                  163119.73
       16180391              240278197          GR2: 5 YR Conf                                    II-2                     332100
       16179185              240268235          GR4: NON3YRHARD                                   I-1                   401427.45
       16180457              240278265          GR2: 5 YR Conf                                    II-2                     180800
       16179082              240269823          GR4: NON3YRHARD                                   I-1                   333254.13
       16180294              240278097          GR2: 5 YR Conf                                    II-2                     417000
       16179826              240272534          GR5: 3YRHARD                                      I-2                   673516.66
       16179718              240272149          GR5: 3YRHARD                                      I-2                   208948.84
       16179037              240269432          GR4: NON3YRHARD                                   I-1                   104039.73
       16180151              240258272          GR4: NON3YRHARD                                   I-1                      236000
       16178693              240267268          GR2: 5 YR Conf                                    II-2                     134550
       16178865              240266616          GR2: 5 YR Conf                                    II-2                     156000
       16179276              240290728          GR4: NON3YRHARD                                   I-1                   439678.64
       16179499              240272500          GR5: 3YRHARD                                      I-2                   259878.31
       16178512              240266329          GR2: 5 YR Conf                                    II-2                     228000
       16178228              240266083          GR2: 5 YR Conf                                    II-2                     360000
       16180557              240278368          GR2: 5 YR Conf                                    II-2                     181348
       16180392              240278198          GR2: 5 YR Conf                                    II-2                     250000
       16180458              240278266          GR2: 5 YR Conf                                    II-2                     237000
       16180172              240258293          GR4: NON3YRHARD                                   I-1                   369108.33
       16180295              240278098          GR2: 5 YR Conf                                    II-2                    99794.3
       16178407              240267019          GR2: 5 YR Conf                                    II-2                     163920
       16180157              240258395          GR4: NON3YRHARD                                   I-1                   407027.71
       16179062              240269652          GR4: NON3YRHARD                                   I-1                   373715.99
       16178708              240267280          GR2: 5 YR Conf                                    II-2                     388000
       16178338              240266959          GR2: 5 YR Conf                                    II-2                     359650
       16178525              240267128          GR3: 5 YR Non-Conf                                II-3                  488091.78
       16178181              240247742          GR2: 5 YR Conf                                    II-2                     176200
       16179303              240290535          GR4: NON3YRHARD                                   I-1                   446496.51
       16178391              240267006          GR2: 5 YR Conf                                    II-2                     372000
       16179277              240290615          GR4: NON3YRHARD                                   I-1                   463522.23
       16179500              240272501          GR5: 3YRHARD                                      I-2                    267718.6
       16179648              240272791          GR5: 3YRHARD                                      I-2                      280084
       16180074              240258255          GR4: NON3YRHARD                                   I-1                   132979.56
       16180558              240278369          GR2: 5 YR Conf                                    II-2                     198400
       16180327              240278130          GR3: 5 YR Non-Conf                                II-3                    1000000
       16180586              240278399          GR2: 5 YR Conf                                    II-2                   319589.7
       16179932              240272683          GR5: 3YRHARD                                      I-2                   215574.24
       16179985              240272728          GR5: 3YRHARD                                      I-2                      264000
       16178959              240268752          GR4: NON3YRHARD                                   I-1                   172486.95
       16180326              240278129          GR2: 5 YR Conf                                    II-2                     231200
       16179646              240272808          GR5: 3YRHARD                                      I-2                   236298.56
       16179148              240290546          GR4: NON3YRHARD                                   I-1                   343875.24
       16179162              240290668          GR4: NON3YRHARD                                   I-1                   535507.37
       16179740              240272120          GR5: 3YRHARD                                      I-2                   307248.96
       16178713              240266495          GR2: 5 YR Conf                                    II-2                     183200
       16178645              240267221          GR2: 5 YR Conf                                    II-2                     285600
       16178548              240267145          GR2: 5 YR Conf                                    II-2                  119782.45
       16178243              240266099          GR2: 5 YR Conf                                    II-2                  351953.24
       16180518              240278327          GR2: 5 YR Conf                                    II-2                     281250
       16179121              240290720          GR4: NON3YRHARD                                   I-1                   372755.02
       16180587              240278400          GR2: 5 YR Conf                                    II-2                   224451.1
       16179933              240272685          GR5: 3YRHARD                                      I-2                   409304.96
       16180186              240258414          GR5: 3YRHARD                                      I-2                      399900
       16179986              240272701          GR5: 3YRHARD                                      I-2                   319323.49
       16180420              240278228          GR2: 5 YR Conf                                    II-2                  354900.95
       16178733              240267300          GR2: 5 YR Conf                                    II-2                   87668.72
       16180487              240278296          GR2: 5 YR Conf                                    II-2                  121589.49
       16179067              240269713          GR4: NON3YRHARD                                   I-1                    256664.4
       16179170              240268104          GR4: NON3YRHARD                                   I-1                   338891.36
       16178416              240267028          GR2: 5 YR Conf                                    II-2                     168000
       16180067              240258253          GR4: NON3YRHARD                                   I-1                    94591.32
       16179057              240269613          GR4: NON3YRHARD                                   I-1                   331855.07
       16178200              240265859          GR1: 3 YR Hybrids                                 II-1                     348000
       16178201              240265860          GR1: 3 YR Hybrids                                 II-1                     316000
       16178202              240265861          GR1: 3 YR Hybrids                                 II-1                     248000
       16178203              240265862          GR1: 3 YR Hybrids                                 II-1                     242000
       16178204              240265863          GR1: 3 YR Hybrids                                 II-1                     558400
       16178205              240265864          GR1: 3 YR Hybrids                                 II-1                     241800
       16178206              240265865          GR1: 3 YR Hybrids                                 II-1                  359999.94
       16178207              240265866          GR1: 3 YR Hybrids                                 II-1                     428000
       16178208              240265867          GR1: 3 YR Hybrids                                 II-1                     485000
       16178209              240265868          GR1: 3 YR Hybrids                                 II-1                     139200
       16178841              240266602          GR3: 5 YR Non-Conf                                II-3                     572000
       16178762              240266535          GR2: 5 YR Conf                                    II-2                   82388.81
       16178843              240266026          GR1: 3 YR Hybrids                                 II-1                     247000
       16178763              240267325          GR2: 5 YR Conf                                    II-2                      68800
       16178845              240266605          GR3: 5 YR Non-Conf                                II-3                     506400
       16178846              240266027          GR1: 3 YR Hybrids                                 II-1                     231200
       16178684              240265981          GR1: 3 YR Hybrids                                 II-1                     206910
       16178847              240266028          GR1: 3 YR Hybrids                                 II-1                     202400
       16178685              240265982          GR1: 3 YR Hybrids                                 II-1                     160000
       16178686              240265983          GR1: 3 YR Hybrids                                 II-1                   83931.15
       16178848              240266606          GR2: 5 YR Conf                                    II-2                   99925.79
       16178849              240266029          GR1: 3 YR Hybrids                                 II-1                     455992
       16178687              240267261          GR2: 5 YR Conf                                    II-2                     270400
       16178210              240265869          GR1: 3 YR Hybrids                                 II-1                     166400
       16178211              240265870          GR1: 3 YR Hybrids                                 II-1                     172000
       16178212              240265871          GR1: 3 YR Hybrids                                 II-1                     525000
       16178213              240265872          GR1: 3 YR Hybrids                                 II-1                     168000
       16178214              240265873          GR1: 3 YR Hybrids                                 II-1                     315600
       16178215              240265874          GR1: 3 YR Hybrids                                 II-1                  283934.95
       16178850              240266030          GR1: 3 YR Hybrids                                 II-1                     365600
       16178852              240266031          GR1: 3 YR Hybrids                                 II-1                     143150
       16178853              240266608          GR2: 5 YR Conf                                    II-2                     147208
       16178772              240266545          GR2: 5 YR Conf                                    II-2                      76743
       16178854              240266032          GR1: 3 YR Hybrids                                 II-1                  127807.14
       16178692              240266478          GR2: 5 YR Conf                                    II-2                      76743
       16178774              240266001          GR1: 3 YR Hybrids                                 II-1                     171000
       16178857              240266033          GR1: 3 YR Hybrids                                 II-1                   67068.51
       16178858              240266034          GR1: 3 YR Hybrids                                 II-1                     256500
       16178859              240266035          GR1: 3 YR Hybrids                                 II-1                      58400
       16178697              240265984          GR1: 3 YR Hybrids                                 II-1                     112000
       16178779              240266002          GR1: 3 YR Hybrids                                 II-1                  669333.01
       16178301              240247250          GR1: 3 YR Hybrids                                 II-1                     175950
       16178303              240266143          GR2: 5 YR Conf                                    II-2                  118932.96
       16178305              240265893          GR1: 3 YR Hybrids                                 II-1                  311450.05
       16178307              240247258          GR1: 3 YR Hybrids                                 II-1                     184000
       16179831              240272761          GR5: 3YRHARD                                      I-2                      112033
       16178860              240266036          GR1: 3 YR Hybrids                                 II-1                     294862
       16178863              240266614          GR2: 5 YR Conf                                    II-2                     183200
       16178866              240266617          GR2: 5 YR Conf                                    II-2                     200000
       16178786              240266003          GR1: 3 YR Hybrids                                 II-1                     124800
       16178868              240266037          GR1: 3 YR Hybrids                                 II-1                     388000
       16178787              240266004          GR1: 3 YR Hybrids                                 II-1                     105600
       16178869              240266038          GR1: 3 YR Hybrids                                 II-1                    59482.7
       16178311              240247366          GR1: 3 YR Hybrids                                 II-1                  399999.33
       16180194              240277997          GR1: 3 YR Hybrids                                 II-1                     980000
       16180195              240277998          GR1: 3 YR Hybrids                                 II-1                   263572.3
       16180196              240277999          GR1: 3 YR Hybrids                                 II-1                   83874.91
       16180197              240278000          GR1: 3 YR Hybrids                                 II-1                     260000
       16178317              240265896          GR1: 3 YR Hybrids                                 II-1                  384408.57
       16180198              240278001          GR1: 3 YR Hybrids                                 II-1                     185200
       16180199              240278002          GR1: 3 YR Hybrids                                 II-1                  122399.16
       16179921              240272666          GR5: 3YRHARD                                      I-2                      131400
       16178319              240266944          GR2: 5 YR Conf                                    II-2                  169698.28
       16178870              240266039          GR1: 3 YR Hybrids                                 II-1                     255200
       16178790              240266005          GR1: 3 YR Hybrids                                 II-1                     132000
       16178872              240266040          GR1: 3 YR Hybrids                                 II-1                     112800
       16178873              240266041          GR1: 3 YR Hybrids                                 II-1                      97600
       16178792              240267352          GR2: 5 YR Conf                                    II-2                      82500
       16178874              240266042          GR1: 3 YR Hybrids                                 II-1                     572000
       16178794              240267354          GR2: 5 YR Conf                                    II-2                     375000
       16178875              240266043          GR1: 3 YR Hybrids                                 II-1                      92000
       16178876              240266044          GR1: 3 YR Hybrids                                 II-1                  275768.13
       16178795              240266006          GR1: 3 YR Hybrids                                 II-1                     372000
       16178877              240266620          GR2: 5 YR Conf                                    II-2                     200250
       16178322              240247285          GR1: 3 YR Hybrids                                 II-1                  209639.93
       16178880              240266625          GR2: 5 YR Conf                                    II-2                  201726.39
       16179771              240272763          GR5: 3YRHARD                                      I-2                   434162.89
       16178882              240266046          GR1: 3 YR Hybrids                                 II-1                     188000
       16178883              240266627          GR2: 5 YR Conf                                    II-2                     400000
       16179778              240272764          GR5: 3YRHARD                                      I-2                      344000
       16178170              240247322          GR1: 3 YR Hybrids                                 II-1                     272350
       16178173              240265843          GR1: 3 YR Hybrids                                 II-1                     245000
       16178336              240265903          GR1: 3 YR Hybrids                                 II-1                     228000
       16178174              240247342          GR1: 3 YR Hybrids                                 II-1                     320000
       16178177              240247245          GR1: 3 YR Hybrids                                 II-1                     171920
       16178259              240247215          GR1: 3 YR Hybrids                                 II-1                     136000
       16178178              240247296          GR1: 3 YR Hybrids                                 II-1                     228000
       16178179              240265847          GR1: 3 YR Hybrids                                 II-1                     118400
       16179785              240272776          GR5: 3YRHARD                                      I-2                    315137.4
       16179787              240272777          GR5: 3YRHARD                                      I-2                      361800
       16178502              240265931          GR1: 3 YR Hybrids                                 II-1                     404000
       16180626              240265841          GR1: 3 YR Hybrids                                 II-1                  247889.44
       16178503              240267111          GR2: 5 YR Conf                                    II-2                   83795.29
       16178180              240247223          GR1: 3 YR Hybrids                                 II-1                     144500
       16178504              240265932          GR1: 3 YR Hybrids                                 II-1                     159920
       16178263              240247257          GR1: 3 YR Hybrids                                 II-1                     183200
       16178506              240265933          GR1: 3 YR Hybrids                                 II-1                     320000
       16178184              240266848          GR2: 5 YR Conf                                    II-2                     194400
       16178508              240265934          GR1: 3 YR Hybrids                                 II-1                   335925.7
       16178186              240265849          GR1: 3 YR Hybrids                                 II-1                      75990
       16178267              240247302          GR1: 3 YR Hybrids                                 II-1                  231046.88
       16180385              240278191          GR2: 5 YR Conf                                    II-2                     246600
       16180449              240278257          GR2: 5 YR Conf                                    II-2                     230400
       16179601              240272396          GR5: 3YRHARD                                      I-2                   302912.45
       16180286              240278089          GR2: 5 YR Conf                                    II-2                   271494.8
       16178355              240266188          GR2: 5 YR Conf                                    II-2                  147624.86
       16179713              240272142          GR5: 3YRHARD                                      I-2                   142098.95
       16180054              240258301          GR5: 3YRHARD                                      I-2                   403110.71
       16179761              240272133          GR5: 3YRHARD                                      I-2                   243648.63
       16178775              240267336          GR2: 5 YR Conf                                    II-2                     348000
       16178286              240266918          GR3: 5 YR Non-Conf                                II-3                     573600
       16179516              240272816          GR5: 3YRHARD                                      I-2                      336000
       16179407              240272300          GR5: 3YRHARD                                      I-2                   161092.66
       16180246              240278049          GR2: 5 YR Conf                                    II-2                     130400
       16178481              240267094          GR2: 5 YR Conf                                    II-2                     295200
       16178519              240267122          GR2: 5 YR Conf                                    II-2                     219600
       16180479              240278288          GR2: 5 YR Conf                                    II-2                  177964.27
       16178890              240267528          GR4: NON3YRHARD                                   I-1                   198824.68
       16180549              240278360          GR2: 5 YR Conf                                    II-2                     313262
       16180319              240278122          GR2: 5 YR Conf                                    II-2                      68800
       16179089              240269848          GR4: NON3YRHARD                                   I-1                   470519.95
       16180450              240278258          GR2: 5 YR Conf                                    II-2                  198798.73
       16179165              240268071          GR4: NON3YRHARD                                   I-1                   155379.13
       16180058              240258349          GR4: NON3YRHARD                                   I-1                      436000
       16178405              240267017          GR2: 5 YR Conf                                    II-2                  228788.46
       16178314              240266152          GR2: 5 YR Conf                                    II-2                  100630.15
       16179714              240272143          GR5: 3YRHARD                                      I-2                    74821.27
       16178783              240267345          GR3: 5 YR Non-Conf                                II-3                     592000
       16178524              240267127          GR3: 5 YR Non-Conf                                II-3                     630000
       16180247              240278050          GR2: 5 YR Conf                                    II-2                     140760
       16179390              240272487          GR5: 3YRHARD                                      I-2                    152275.2
       16179982              240272698          GR5: 3YRHARD                                      I-2                      216000
       16180480              240278289          GR2: 5 YR Conf                                    II-2                     396000
       16180550              240278361          GR2: 5 YR Conf                                    II-2                     427500
       16180320              240278123          GR3: 5 YR Non-Conf                                II-3                     504000
       16179415              240272314          GR5: 3YRHARD                                      I-2                   146051.11
       16179738              240272243          GR5: 3YRHARD                                      I-2                    97630.25
       16180451              240278259          GR2: 5 YR Conf                                    II-2                  344719.96
       16180144              240258387          GR4: NON3YRHARD                                   I-1                      384000
       16179602              240272383          GR5: 3YRHARD                                      I-2                   177344.25
       16179146              240290591          GR4: NON3YRHARD                                   I-1                   106662.87
       16178428              240267040          GR2: 5 YR Conf                                    II-2                     276792
       16178644              240267220          GR2: 5 YR Conf                                    II-2                     157500
       16178401              240267013          GR2: 5 YR Conf                                    II-2                     251000
       16178691              240267266          GR3: 5 YR Non-Conf                                II-3                     524000
       16179301              240290654          GR4: NON3YRHARD                                   I-1                   447373.71
       16180248              240278051          GR2: 5 YR Conf                                    II-2                  124999.99
       16179254              240290679          GR4: NON3YRHARD                                   I-1                   449464.01
       16179391              240272411          GR5: 3YRHARD                                      I-2                   121882.85
       16179983              240272751          GR5: 3YRHARD                                      I-2                      297350
       16178225              240266079          GR2: 5 YR Conf                                    II-2                  263555.15
       16178562              240267156          GR2: 5 YR Conf                                    II-2                     101500
       16180481              240278290          GR2: 5 YR Conf                                    II-2                     204800
       16178489              240266310          GR3: 5 YR Non-Conf                                II-3                     523992
       16180551              240278362          GR2: 5 YR Conf                                    II-2                  247999.91
       16180321              240278124          GR2: 5 YR Conf                                    II-2                     140000
       16179779              240272773          GR5: 3YRHARD                                      I-2                   227833.31
       16179009              240269194          GR4: NON3YRHARD                                   I-1                   460455.67
       16180386              240278192          GR2: 5 YR Conf                                    II-2                  183533.59
       16178785              240267347          GR2: 5 YR Conf                                    II-2                     155200
       16179048              240269517          GR4: NON3YRHARD                                   I-1                   460175.76
       16179715              240272144          GR5: 3YRHARD                                      I-2                   154073.58
       16180138              240258382          GR5: 3YRHARD                                      I-2                      196300
       16178390              240267005          GR2: 5 YR Conf                                    II-2                  359523.84
       16179984              240272752          GR5: 3YRHARD                                      I-2                      159000
       16180416              240278224          GR2: 5 YR Conf                                    II-2                     352000
       16180482              240278291          GR2: 5 YR Conf                                    II-2                  187951.78
       16180552              240278363          GR2: 5 YR Conf                                    II-2                     364000
       16180322              240278125          GR2: 5 YR Conf                                    II-2                     140000
       16179416              240272328          GR5: 3YRHARD                                      I-2                   252429.31
       16179090              240269850          GR4: NON3YRHARD                                   I-1                   201782.68
       16178976              240268909          GR4: NON3YRHARD                                   I-1                    96358.34
       16180387              240278193          GR2: 5 YR Conf                                    II-2                  279999.99
       16179183              240268232          GR4: NON3YRHARD                                   I-1                   403080.22
       16180052              240258326          GR5: 3YRHARD                                      I-2                      618000
       16180178              240258409          GR4: NON3YRHARD                                   I-1                      375000
       16179739              240272244          GR5: 3YRHARD                                      I-2                   179261.33
       16178992              240269039          GR4: NON3YRHARD                                   I-1                   256605.07
       16179072              240269748          GR4: NON3YRHARD                                   I-1                   231031.43
       16178429              240267041          GR2: 5 YR Conf                                    II-2                     300000
       16178226              240266080          GR3: 5 YR Non-Conf                                II-3                     660000
       16179202              240268304          GR4: NON3YRHARD                                   I-1                   404293.02
       16180417              240278225          GR2: 5 YR Conf                                    II-2                      91040
       16180483              240278292          GR2: 5 YR Conf                                    II-2                     300000
       16178473              240267087          GR3: 5 YR Non-Conf                                II-3                     559900
       16180553              240278364          GR2: 5 YR Conf                                    II-2                     260000
       16180323              240278126          GR2: 5 YR Conf                                    II-2                     149600
       16180388              240278194          GR2: 5 YR Conf                                    II-2                     270000
       16179830              240272806          GR5: 3YRHARD                                      I-2                      247041
       16178297              240266138          GR2: 5 YR Conf                                    II-2                  113498.82
       16178505              240267112          GR2: 5 YR Conf                                    II-2                     300000
       16178483              240267096          GR2: 5 YR Conf                                    II-2                     130500
       16179306              240226645          GR5: 3YRHARD                                      I-2                   142659.68
       16180079              240258279          GR5: 3YRHARD                                      I-2                   278984.54
       16180584              240278397          GR2: 5 YR Conf                                    II-2                  199948.96
       16180418              240278226          GR2: 5 YR Conf                                    II-2                     417000
       16180484              240278293          GR2: 5 YR Conf                                    II-2                  195627.07
       16180554              240278365          GR3: 5 YR Non-Conf                                II-3                  613591.99
       16180324              240278127          GR2: 5 YR Conf                                    II-2                     156000
       16179417              240272311          GR5: 3YRHARD                                      I-2                    293676.6
       16179091              240269852          GR4: NON3YRHARD                                   I-1                   561230.37
       16178437              240267049          GR2: 5 YR Conf                                    II-2                     105500
       16180169              240258404          GR4: NON3YRHARD                                   I-1                      600000
       16179619              240272824          GR5: 3YRHARD                                      I-2                      288000
       16179960              240272718          GR5: 3YRHARD                                      I-2                      276000
       16178541              240267138          GR3: 5 YR Non-Conf                                II-3                     427900
       16178265              240266908          GR2: 5 YR Conf                                    II-2                     180000
       16178462              240267078          GR2: 5 YR Conf                                    II-2                     176800
       16179196              240267871          GR4: NON3YRHARD                                   I-1                   405169.79
       16180585              240278398          GR2: 5 YR Conf                                    II-2                     416000
       16179931              240272682          GR5: 3YRHARD                                      I-2                      287200
       16178227              240266081          GR3: 5 YR Non-Conf                                II-3                     500000
       16178511              240267117          GR2: 5 YR Conf                                    II-2                  144687.23
       16180419              240278227          GR3: 5 YR Non-Conf                                II-3                     675000
       16180485              240278294          GR2: 5 YR Conf                                    II-2                  152509.27
       16180555              240278366          GR2: 5 YR Conf                                    II-2                     341850
       16180325              240278128          GR2: 5 YR Conf                                    II-2                  153397.88
       16179418              240272434          GR5: 3YRHARD                                      I-2                   179705.63
       16178717              240267288          GR2: 5 YR Conf                                    II-2                  169850.01
       16179177              240268166          GR4: NON3YRHARD                                   I-1                   370918.98
       16179092              240269853          GR4: NON3YRHARD                                   I-1                   283107.32
       16179161              240290780          GR4: NON3YRHARD                                   I-1                   197530.86
       16178729              240267297          GR2: 5 YR Conf                                    II-2                   90867.76
       16178406              240267018          GR2: 5 YR Conf                                    II-2                  339027.12
       16178716              240267287          GR2: 5 YR Conf                                    II-2                     228000
       16180047              240258296          GR4: NON3YRHARD                                   I-1                   375172.34
       16179348              240272272          GR5: 3YRHARD                                      I-2                       97991
       16179531              240272352          GR5: 3YRHARD                                      I-2                   291294.32
       16178189              240266062          GR2: 5 YR Conf                                    II-2                  344337.26
       16180099              240258288          GR4: NON3YRHARD                                   I-1                   340098.91
       16179884              240272581          GR5: 3YRHARD                                      I-2                   173232.99
       16179684              240272109          GR5: 3YRHARD                                      I-2                   266513.96
       16180152              240258391          GR5: 3YRHARD                                      I-2                      800000
       16180092              240258269          GR4: NON3YRHARD                                   I-1                      216000
       16178829              240266592          GR2: 5 YR Conf                                    II-2                     122400
       16178761              240267323          GR2: 5 YR Conf                                    II-2                     279960
       16179774              240272798          GR5: 3YRHARD                                      I-2                   729507.38
       16178961              240268781          GR4: NON3YRHARD                                   I-1                   265216.92
       16179206              240268373          GR4: NON3YRHARD                                   I-1                   279665.42
       16180443              240278251          GR2: 5 YR Conf                                    II-2                  295959.99
       16178280              240266914          GR2: 5 YR Conf                                    II-2                  140994.18
       16180281              240278084          GR2: 5 YR Conf                                    II-2                     287200
       16180350              240278154          GR2: 5 YR Conf                                    II-2                   335884.7
       16179757              240272159          GR5: 3YRHARD                                      I-2                      187230
       16180241              240278044          GR2: 5 YR Conf                                    II-2                     104000
       16179293              240290681          GR4: NON3YRHARD                                   I-1                   462516.18
       16178468              240267084          GR3: 5 YR Non-Conf                                II-3                  481099.96
       16179232              240290606          GR4: NON3YRHARD                                   I-1                   545969.42
       16180053              240258262          GR4: NON3YRHARD                                   I-1                   175081.77
       16180061              240258292          GR5: 3YRHARD                                      I-2                   367253.13
       16179386              240272186          GR5: 3YRHARD                                      I-2                   188861.14
       16179367              240272444          GR5: 3YRHARD                                      I-2                   189543.82
       16178610              240267190          GR2: 5 YR Conf                                    II-2                     228000
       16180444              240278252          GR3: 5 YR Non-Conf                                II-3                  549002.88
       16179070              240269739          GR4: NON3YRHARD                                   I-1                   153746.73
       16180282              240278085          GR2: 5 YR Conf                                    II-2                     139400
       16180351              240278155          GR2: 5 YR Conf                                    II-2                     400000
       16179710              240272138          GR5: 3YRHARD                                      I-2                   130902.19
       16179758              240272129          GR5: 3YRHARD                                      I-2                   100833.29
       16179579              240272393          GR5: 3YRHARD                                      I-2                   269393.65
       16178944              240268692          GR4: NON3YRHARD                                   I-1                   440998.42
       16179142              240290653          GR4: NON3YRHARD                                   I-1                   315992.57
       16180193              240278949          GR4: NON3YRHARD                                   I-1                      274400
       16178696              240267272          GR2: 5 YR Conf                                    II-2                     124700
       16178712              240266493          GR2: 5 YR Conf                                    II-2                     195350
       16178269              240266910          GR2: 5 YR Conf                                    II-2                   229998.5
       16180242              240278045          GR2: 5 YR Conf                                    II-2                  207449.41
       16179491              240272492          GR5: 3YRHARD                                      I-2                   159137.47
       16180381              240278187          GR2: 5 YR Conf                                    II-2                  160515.47
       16180445              240278253          GR2: 5 YR Conf                                    II-2                  244499.99
       16179164              240268066          GR4: NON3YRHARD                                   I-1                   413270.12
       16180283              240278086          GR2: 5 YR Conf                                    II-2                  179875.97
       16178427              240267039          GR2: 5 YR Conf                                    II-2                     329000
       16180352              240278156          GR2: 5 YR Conf                                    II-2                   95611.04
       16179759              240272130          GR5: 3YRHARD                                      I-2                   100034.22
       16179580              240272403          GR5: 3YRHARD                                      I-2                   295291.17
       16178789              240266561          GR2: 5 YR Conf                                    II-2                     180000
       16180039              240258347          GR4: NON3YRHARD                                   I-1                      648800
       16179298              240290690          GR4: NON3YRHARD                                   I-1                    617481.9
       16180243              240278046          GR2: 5 YR Conf                                    II-2                     217500
       16179253              240290630          GR4: NON3YRHARD                                   I-1                   633545.98
       16179492              240272493          GR5: 3YRHARD                                      I-2                   267829.46
       16180382              240278188          GR2: 5 YR Conf                                    II-2                  314243.23
       16180446              240278254          GR3: 5 YR Non-Conf                                II-3                     754000
       16179071              240269741          GR4: NON3YRHARD                                   I-1                   170782.99
       16180284              240278087          GR2: 5 YR Conf                                    II-2                  299481.94
       16180353              240278157          GR2: 5 YR Conf                                    II-2                     202759
       16180166              240258402          GR5: 3YRHARD                                      I-2                      552000
       16178803              240267361          GR3: 5 YR Non-Conf                                II-3                     860000
       16179711              240272140          GR5: 3YRHARD                                      I-2                   435078.24
       16179777              240272772          GR5: 3YRHARD                                      I-2                      288800
       16179828              240272789          GR5: 3YRHARD                                      I-2                   197129.11
       16180155              240258303          GR5: 3YRHARD                                      I-2                      407000
       16180127              240258331          GR4: NON3YRHARD                                   I-1                   666529.59
       16179581              240272380          GR5: 3YRHARD                                      I-2                   274940.87
       16180165              240258268          GR4: NON3YRHARD                                   I-1                      212800
       16180037              240258333          GR4: NON3YRHARD                                   I-1                   695216.21
       16180130              240258270          GR4: NON3YRHARD                                   I-1                   215524.54
       16179493              240272494          GR5: 3YRHARD                                      I-2                   200504.26
       16179388              240272184          GR5: 3YRHARD                                      I-2                   114372.77
       16178660              240267235          GR2: 5 YR Conf                                    II-2                     148000
       16180383              240278189          GR2: 5 YR Conf                                    II-2                     409600
       16180447              240278255          GR2: 5 YR Conf                                    II-2                     231096
       16178991              240269034          GR4: NON3YRHARD                                   I-1                   549422.26
       16178963              240268806          GR4: NON3YRHARD                                   I-1                   415465.02
       16179600              240272397          GR5: 3YRHARD                                      I-2                    241423.3
       16180285              240278088          GR2: 5 YR Conf                                    II-2                  349999.95
       16179035              240269425          GR4: NON3YRHARD                                   I-1                   272829.58
       16179582              240272399          GR5: 3YRHARD                                      I-2                   316843.14
       16178597              240267179          GR2: 5 YR Conf                                    II-2                     187950
       16180045              240258334          GR5: 3YRHARD                                      I-2                   696816.73
       16180244              240278047          GR2: 5 YR Conf                                    II-2                     103200
       16178320              240265899          GR1: 3 YR Hybrids                                 II-1                     346500
       16179139              240290610          GR4: NON3YRHARD                                   I-1                   257407.17
       16178377              240266207          GR2: 5 YR Conf                                    II-2                     304000
       16180547              240278358          GR2: 5 YR Conf                                    II-2                      97520
       16180317              240278120          GR2: 5 YR Conf                                    II-2                      71600
       16178171              240266839          GR2: 5 YR Conf                                    II-2                     204250
       16180384              240278190          GR2: 5 YR Conf                                    II-2                  135921.76
       16180448              240278256          GR2: 5 YR Conf                                    II-2                     388800
       16178404              240266227          GR2: 5 YR Conf                                    II-2                  378653.46
       16179155              240290619          GR4: NON3YRHARD                                   I-1                   291072.02
       16179712              240272141          GR5: 3YRHARD                                      I-2                   126209.28
       16180191              240278948          GR4: NON3YRHARD                                   I-1                      235000
       16178928              240268634          GR4: NON3YRHARD                                   I-1                   490976.78
       16179760              240272132          GR5: 3YRHARD                                      I-2                   282071.01
       16178833              240266596          GR2: 5 YR Conf                                    II-2                     115200
       16179583              240272398          GR5: 3YRHARD                                      I-2                   155764.62
       16178625              240266415          GR3: 5 YR Non-Conf                                II-3                     470400
       16178622              240267202          GR2: 5 YR Conf                                    II-2                     200000
       16179299              240290588          GR4: NON3YRHARD                                   I-1                   259010.12
       16180245              240278048          GR2: 5 YR Conf                                    II-2                     131200
       16179484              240272282          GR5: 3YRHARD                                      I-2                   332417.15
       16179272              240290646          GR4: NON3YRHARD                                   I-1                   482214.55
       16179495              240272496          GR5: 3YRHARD                                      I-2                   301641.29
       16178608              240267188          GR2: 5 YR Conf                                    II-2                     168000
       16180548              240278359          GR3: 5 YR Non-Conf                                II-3                     448000
       16180318              240278121          GR2: 5 YR Conf                                    II-2                  315999.99
       16179260              240290783          GR4: NON3YRHARD                                   I-1                   590082.52
       16179863              240272598          GR5: 3YRHARD                                      I-2                   287391.13
       16179195              240267843          GR4: NON3YRHARD                                   I-1                   239360.83
       16180621              240278434          GR2: 5 YR Conf                                    II-2                     216000
       16178884              240267507          GR4: NON3YRHARD                                   I-1                   271087.48
       16179405              240272461          GR5: 3YRHARD                                      I-2                   299056.34
       16180347              240278150          GR2: 5 YR Conf                                    II-2                     332072
       16179575              240272404          GR5: 3YRHARD                                      I-2                   260111.23
       16178892              240239816          GR4: NON3YRHARD                                   I-1                   401425.15
       16178851              240266607          GR2: 5 YR Conf                                    II-2                  154256.99
       16179792              240272778          GR5: 3YRHARD                                      I-2                      343200
       16178736              240266513          GR3: 5 YR Non-Conf                                II-3                     508000
       16178767              240266540          GR3: 5 YR Non-Conf                                II-3                     534000
       16179230              240290696          GR4: NON3YRHARD                                   I-1                   670966.38
       16179113              240290725          GR4: NON3YRHARD                                   I-1                   582110.82
       16179864              240272599          GR5: 3YRHARD                                      I-2                   324110.92
       16178369              240266989          GR2: 5 YR Conf                                    II-2                     276000
       16179365              240272415          GR5: 3YRHARD                                      I-2                    202390.4
       16180278              240278081          GR2: 5 YR Conf                                    II-2                     325430
       16180348              240278151          GR2: 5 YR Conf                                    II-2                      99200
       16179802              240272536          GR5: 3YRHARD                                      I-2                   533172.12
       16178626              240267205          GR2: 5 YR Conf                                    II-2                  254196.58
       16179137              240290560          GR4: NON3YRHARD                                   I-1                    41684.33
       16179248              240290773          GR4: NON3YRHARD                                   I-1                   673079.87
       16178386              240267002          GR2: 5 YR Conf                                    II-2                     335000
       16179261              240290579          GR4: NON3YRHARD                                   I-1                   591719.85
       16179910              240272644          GR5: 3YRHARD                                      I-2                   432766.22
       16179487              240272518          GR5: 3YRHARD                                      I-2                   324785.42
       16180279              240278082          GR2: 5 YR Conf                                    II-2                   271999.9
       16179060              240269635          GR4: NON3YRHARD                                   I-1                   321375.67
       16179577              240272390          GR5: 3YRHARD                                      I-2                      308000
       16179803              240272537          GR5: 3YRHARD                                      I-2                      491250
       16179618              240272825          GR5: 3YRHARD                                      I-2                      324000
       16178764              240267326          GR2: 5 YR Conf                                    II-2                  128501.95
       16178282              240266916          GR3: 5 YR Non-Conf                                II-3                   631993.8
       16179292              240290809          GR4: NON3YRHARD                                   I-1                   430627.11
       16179231              240290719          GR4: NON3YRHARD                                   I-1                   641927.47
       16179138              240290559          GR4: NON3YRHARD                                   I-1                    43180.19
       16178376              240266206          GR2: 5 YR Conf                                    II-2                     343000
       16179100              240290718          GR4: NON3YRHARD                                   I-1                    538112.4
       16180184              240258263          GR4: NON3YRHARD                                   I-1                      176000
       16180442              240278250          GR2: 5 YR Conf                                    II-2                     119280
       16180349              240278153          GR2: 5 YR Conf                                    II-2                  224075.64
       16179578              240272377          GR5: 3YRHARD                                      I-2                   187551.98
       16179804              240272538          GR5: 3YRHARD                                      I-2                   460964.21
       16179045              240269478          GR4: NON3YRHARD                                   I-1                   451782.21
       16180051              240258277          GR5: 3YRHARD                                      I-2                   264596.74
       16178893              240267605          GR4: NON3YRHARD                                   I-1                   324758.51
       16179806              240272540          GR5: 3YRHARD                                      I-2                   425979.38
       16180257              240278060          GR3: 5 YR Non-Conf                                II-3                    1020000
       16179700              240272064          GR5: 3YRHARD                                      I-2                      144000
       16178828              240266591          GR2: 5 YR Conf                                    II-2                  186661.37
       16178748              240267313          GR2: 5 YR Conf                                    II-2                     104000
       16178668              240266455          GR2: 5 YR Conf                                    II-2                     117600
       16178589              240265958          GR1: 3 YR Hybrids                                 II-1                  261225.56
       16180075              240258324          GR4: NON3YRHARD                                   I-1                      600000
       16180159              240258308          GR5: 3YRHARD                                      I-2                   462996.57
       16179801              240272787          GR5: 3YRHARD                                      I-2                      124000
       16178830              240266021          GR1: 3 YR Hybrids                                 II-1                     223560
       16178831              240266593          GR2: 5 YR Conf                                    II-2                   55230.98
       16179628              240272066          GR5: 3YRHARD                                      I-2                   259495.94
       16180582              240278394          GR3: 5 YR Non-Conf                                II-3                  463999.99
       16179439              240272222          GR5: 3YRHARD                                      I-2                   191261.92
       16180415              240278223          GR2: 5 YR Conf                                    II-2                     166000
       16180146              240258257          GR4: NON3YRHARD                                   I-1                      135200
       16180115              240258370          GR5: 3YRHARD                                      I-2                      120000
       16178415              240267027          GR2: 5 YR Conf                                    II-2                     329017
       16179665              240272090          GR5: 3YRHARD                                      I-2                   215878.27
       16180119              240258372          GR5: 3YRHARD                                      I-2                   299339.63
       16178588              240267174          GR2: 5 YR Conf                                    II-2                     280000
       16179520              240272286          GR5: 3YRHARD                                      I-2                   191542.45
       16178368              240266199          GR3: 5 YR Non-Conf                                II-3                     552750
       16180620              240278433          GR3: 5 YR Non-Conf                                II-3                     896846
       16179953              240272674          GR5: 3YRHARD                                      I-2                      528000
       16180109              240258315          GR5: 3YRHARD                                      I-2                      520000
       16179563              240272386          GR5: 3YRHARD                                      I-2                   290778.15
       16178832              240266594          GR2: 5 YR Conf                                    II-2                   83937.66
       16179480              240272249          GR5: 3YRHARD                                      I-2                   283512.64
       16179481              240272284          GR5: 3YRHARD                                      I-2                   468803.75
       16178834              240266022          GR1: 3 YR Hybrids                                 II-1                      84000
       16178591              240265959          GR1: 3 YR Hybrids                                 II-1                  711201.75
       16179644              240272247          GR5: 3YRHARD                                      I-2                      375000
       16178754              240265998          GR1: 3 YR Hybrids                                 II-1                     192000
       16179483              240272281          GR5: 3YRHARD                                      I-2                      246400
       16178835              240266023          GR1: 3 YR Hybrids                                 II-1                     125250
       16178836              240266597          GR3: 5 YR Non-Conf                                II-3                     960000
       16178755              240265999          GR1: 3 YR Hybrids                                 II-1                     478360
       16178593              240265960          GR1: 3 YR Hybrids                                 II-1                  158164.65
       16178756              240266000          GR1: 3 YR Hybrids                                 II-1                     136000
       16180183              240258413          GR4: NON3YRHARD                                   I-1                      572000
       16180174              240258406          GR5: 3YRHARD                                      I-2                      650000
       16180044              240258274          GR4: NON3YRHARD                                   I-1                   253840.01
       16179545              240272361          GR5: 3YRHARD                                      I-2                   167978.98
       16180346              240278149          GR2: 5 YR Conf                                    II-2                  274591.47
       16178323              240266946          GR2: 5 YR Conf                                    II-2                  252305.45
       16178586              240267172          GR2: 5 YR Conf                                    II-2                      97500
       16180219              240278022          GR2: 5 YR Conf                                    II-2                     240450
       16180188              240258416          GR5: 3YRHARD                                      I-2                   449237.14
       16179916              240272654          GR5: 3YRHARD                                      I-2                      952000
       16178455              240267068          GR2: 5 YR Conf                                    II-2                  383754.11
       16179621              240272827          GR5: 3YRHARD                                      I-2                      280000
       16180288              240278091          GR2: 5 YR Conf                                    II-2                     275200
       16178594              240265961          GR1: 3 YR Hybrids                                 II-1                     630000
       16178676              240265978          GR1: 3 YR Hybrids                                 II-1                  159716.88
       16178757              240267319          GR2: 5 YR Conf                                    II-2                     260000
       16178838              240266599          GR2: 5 YR Conf                                    II-2                     240000
       16178758              240266531          GR2: 5 YR Conf                                    II-2                   60255.25
       16178596              240265963          GR1: 3 YR Hybrids                                 II-1                     344000
       16178759              240267321          GR2: 5 YR Conf                                    II-2                     259268
       16179569              240272193          GR5: 3YRHARD                                      I-2                    68254.14
       16178678              240267255          GR2: 5 YR Conf                                    II-2                     409600
       16178679              240265980          GR1: 3 YR Hybrids                                 II-1                     575200
       16179327              240272301          GR5: 3YRHARD                                      I-2                   315334.85
       16178780              240267341          GR2: 5 YR Conf                                    II-2                     457500
       16179347              240272271          GR5: 3YRHARD                                      I-2                    338916.5
       16180614              240278427          GR2: 5 YR Conf                                    II-2                     320000
       16179948              240272669          GR5: 3YRHARD                                      I-2                   439069.79
       16178656              240267230          GR3: 5 YR Non-Conf                                II-3                     970000
       16179044              240268029          GR4: NON3YRHARD                                   I-1                    359542.6
       16179620              240272823          GR5: 3YRHARD                                      I-2                      183200
       16180132              240258377          GR4: NON3YRHARD                                   I-1                   224657.61
       16178771              240266544          GR3: 5 YR Non-Conf                                II-3                     932000
       16178682              240267259          GR2: 5 YR Conf                                    II-2                     356250
       16179136              240290561          GR4: NON3YRHARD                                   I-1                    41684.33
       16179175              240268133          GR4: NON3YRHARD                                   I-1                   126369.96
       16180357              240278162          GR2: 5 YR Conf                                    II-2                  135599.99
       16179763              240272137          GR5: 3YRHARD                                      I-2                   121793.18
       16179585              240272337          GR5: 3YRHARD                                      I-2                    376003.4
       16180258              240278061          GR2: 5 YR Conf                                    II-2                     178080
       16179701              240272161          GR5: 3YRHARD                                      I-2                    116377.6
       16179653              240272162          GR5: 3YRHARD                                      I-2                   375205.09
       16178922              240268494          GR4: NON3YRHARD                                   I-1                   309257.25
       16178598              240265964          GR1: 3 YR Hybrids                                 II-1                     146240
       16178599              240267180          GR2: 5 YR Conf                                    II-2                      95600
       16180512              240278321          GR2: 5 YR Conf                                    II-2                  297446.51
       16179247              240290730          GR4: NON3YRHARD                                   I-1                   457487.68
       16179099              240290808          GR4: NON3YRHARD                                   I-1                   464073.45
       16179952              240272673          GR5: 3YRHARD                                      I-2                      478400
       16179466              240272464          GR5: 3YRHARD                                      I-2                   127993.61
       16179364              240272425          GR5: 3YRHARD                                      I-2                    126420.6
       16178659              240267234          GR2: 5 YR Conf                                    II-2                     257600
       16178820              240266016          GR1: 3 YR Hybrids                                 II-1                     128000
       16178741              240265996          GR1: 3 YR Hybrids                                 II-1                     176000
       16179552              240272766          GR5: 3YRHARD                                      I-2                      376000
       16178742              240267308          GR2: 5 YR Conf                                    II-2                     188900
       16178580              240265956          GR1: 3 YR Hybrids                                 II-1                     470960
       16178661              240265977          GR1: 3 YR Hybrids                                 II-1                     311880
       16178823              240266589          GR2: 5 YR Conf                                    II-2                  186661.37
       16178743              240265997          GR1: 3 YR Hybrids                                 II-1                     359920
       16179553              240272296          GR5: 3YRHARD                                      I-2                      298400
       16178824              240266018          GR1: 3 YR Hybrids                                 II-1                     138000
       16179554              240272297          GR5: 3YRHARD                                      I-2                   271242.02
       16178663              240267239          GR2: 5 YR Conf                                    II-2                     168000
       16178826              240266019          GR1: 3 YR Hybrids                                 II-1                   247775.8
       16178745              240266521          GR2: 5 YR Conf                                    II-2                  239817.38
       16178583              240265957          GR1: 3 YR Hybrids                                 II-1                     180792
       16179404              240272435          GR5: 3YRHARD                                      I-2                   272054.57
       16180345              240278148          GR2: 5 YR Conf                                    II-2                     140000
       16179683              240272108          GR5: 3YRHARD                                      I-2                   243374.37
       16179829              240272788          GR5: 3YRHARD                                      I-2                      365600
       16179762              240272136          GR5: 3YRHARD                                      I-2                   106265.57
       16180126              240258290          GR4: NON3YRHARD                                   I-1                   362200.96
       16180033              240258295          GR4: NON3YRHARD                                   I-1                   375172.34
       16179555              240272260          GR5: 3YRHARD                                      I-2                      399000
       16178827              240266020          GR1: 3 YR Hybrids                                 II-1                     180000
       16179670              240272095          GR5: 3YRHARD                                      I-2                   315246.94
       16179861              240272620          GR5: 3YRHARD                                      I-2                   262705.24
       16178675              240267253          GR2: 5 YR Conf                                    II-2                     329600
       16179249              240290772          GR4: NON3YRHARD                                   I-1                   840172.59
       16179115              240290568          GR4: NON3YRHARD                                   I-1                   179432.85
       16178398              240265913          GR1: 3 YR Hybrids                                 II-1                     213500
       16180200              240278003          GR1: 3 YR Hybrids                                 II-1                  262119.81
       16180201              240278004          GR1: 3 YR Hybrids                                 II-1                     208000
       16179216              240290713          GR4: NON3YRHARD                                   I-1                   159618.71
       16179315              240272275          GR5: 3YRHARD                                      I-2                    137459.5
       16180202              240278005          GR1: 3 YR Hybrids                                 II-1                     324000
       16180204              240278007          GR1: 3 YR Hybrids                                 II-1                  128891.26
       16180205              240278008          GR1: 3 YR Hybrids                                 II-1                     200000
       16180206              240278009          GR1: 3 YR Hybrids                                 II-1                     178400
       16180207              240278010          GR1: 3 YR Hybrids                                 II-1                     228000
       16180208              240278011          GR1: 3 YR Hybrids                                 II-1                      67200
       16180209              240278012          GR1: 3 YR Hybrids                                 II-1                     265000
       16179476              240272188          GR5: 3YRHARD                                      I-2                   254881.24
       16180179              240278956          GR5: 3YRHARD                                      I-2                      430000
       16179530              240272295          GR5: 3YRHARD                                      I-2                   111733.09
       16179611              240272253          GR5: 3YRHARD                                      I-2                      264000
       16180255              240278058          GR2: 5 YR Conf                                    II-2                  309410.17
       16178920              240268493          GR4: NON3YRHARD                                   I-1                   395265.08
       16178801              240266007          GR1: 3 YR Hybrids                                 II-1                     420000
       16179613              240272257          GR5: 3YRHARD                                      I-2                   287415.49
       16178641              240265970          GR1: 3 YR Hybrids                                 II-1                     143820
       16178722              240267291          GR2: 5 YR Conf                                    II-2                     284000
       16178444              240267057          GR2: 5 YR Conf                                    II-2                     178800
       16179561              240272363          GR5: 3YRHARD                                      I-2                   214039.16
       16178804              240266008          GR1: 3 YR Hybrids                                 II-1                  201413.28
       16178561              240265949          GR1: 3 YR Hybrids                                 II-1                     189570
       16180414              240278222          GR2: 5 YR Conf                                    II-2                     248000
       16178436              240267048          GR2: 5 YR Conf                                    II-2                     288500
       16179226              240290642          GR4: NON3YRHARD                                   I-1                   169193.69
       16180619              240278432          GR3: 5 YR Non-Conf                                II-3                     452680
       16178290              240266922          GR2: 5 YR Conf                                    II-2                     272000
       16178293              240247886          GR2: 5 YR Conf                                    II-2                     232000
       16178770              240266543          GR3: 5 YR Non-Conf                                II-3                  677876.35
       16179233              240290571          GR4: NON3YRHARD                                   I-1                    80162.16
       16178642              240267219          GR2: 5 YR Conf                                    II-2                     160000
       16178724              240265993          GR1: 3 YR Hybrids                                 II-1                     248000
       16179346              240272270          GR5: 3YRHARD                                      I-2                   130485.37
       16179840              240272623          GR5: 3YRHARD                                      I-2                   243483.83
       16180217              240278020          GR2: 5 YR Conf                                    II-2                     190323
       16178643              240265971          GR1: 3 YR Hybrids                                 II-1                     130400
       16178806              240266009          GR1: 3 YR Hybrids                                 II-1                     325000
       16178484              240265927          GR1: 3 YR Hybrids                                 II-1                     150400
       16178565              240265950          GR1: 3 YR Hybrids                                 II-1                     221300
       16178889              240267525          GR4: NON3YRHARD                                   I-1                   311529.53
       16179632              240272070          GR5: 3YRHARD                                      I-2                   120265.42
       16178646              240265972          GR1: 3 YR Hybrids                                 II-1                    56442.4
       16178727              240267295          GR2: 5 YR Conf                                    II-2                     147360
       16178647              240267223          GR2: 5 YR Conf                                    II-2                     127200
       16178567              240265951          GR1: 3 YR Hybrids                                 II-1                     390000
       16179947              240272668          GR5: 3YRHARD                                      I-2                      164800
       16179488              240272519          GR5: 3YRHARD                                      I-2                   223193.53
       16179914              240272652          GR5: 3YRHARD                                      I-2                      152000
       16178486              240265928          GR1: 3 YR Hybrids                                 II-1                  135988.51
       16178649              240265973          GR1: 3 YR Hybrids                                 II-1                     197500
       16178488              240265929          GR1: 3 YR Hybrids                                 II-1                  211314.65
       16180210              240278013          GR1: 3 YR Hybrids                                 II-1                     204000
       16180211              240278014          GR1: 3 YR Hybrids                                 II-1                     784000
       16180212              240278015          GR1: 3 YR Hybrids                                 II-1                  397438.69
       16180147              240278946          GR5: 3YRHARD                                      I-2                      525600
       16180213              240278016          GR1: 3 YR Hybrids                                 II-1                  252027.43
       16180214              240278017          GR1: 3 YR Hybrids                                 II-1                     288000
       16180215              240278018          GR1: 3 YR Hybrids                                 II-1                     200000
       16180216              240278019          GR1: 3 YR Hybrids                                 II-1                     628550
       16178172              240266840          GR2: 5 YR Conf                                    II-2                     176000
       16178493              240267103          GR2: 5 YR Conf                                    II-2                     245000
       16180355              240278160          GR2: 5 YR Conf                                    II-2                     202424
       16178730              240265994          GR1: 3 YR Hybrids                                 II-1                     279600
       16178811              240266011          GR1: 3 YR Hybrids                                 II-1                  202345.91
       16178812              240266012          GR1: 3 YR Hybrids                                 II-1                     124000
       16178650              240265974          GR1: 3 YR Hybrids                                 II-1                     181900
       16179622              240272195          GR5: 3YRHARD                                      I-2                   262266.64
       16178570              240265952          GR1: 3 YR Hybrids                                 II-1                  123391.74
       16180256              240278059          GR2: 5 YR Conf                                    II-2                  171978.33
       16179032              240269401          GR4: NON3YRHARD                                   I-1                   456836.58
       16178921              240268616          GR4: NON3YRHARD                                   I-1                   284864.01
       16179081              240269816          GR4: NON3YRHARD                                   I-1                   361660.64
       16178447              240267060          GR2: 5 YR Conf                                    II-2                     166400
       16178571              240265953          GR1: 3 YR Hybrids                                 II-1                     763000
       16178814              240266013          GR1: 3 YR Hybrids                                 II-1                     348000
       16179562              240272385          GR5: 3YRHARD                                      I-2                   183035.42
       16178799              240267358          GR3: 5 YR Non-Conf                                II-3                     453935
       16178490              240267100          GR2: 5 YR Conf                                    II-2                     344800
       16179624              240272298          GR5: 3YRHARD                                      I-2                      364000
       16179363              240272412          GR5: 3YRHARD                                      I-2                   160504.18
       16179051              240269539          GR4: NON3YRHARD                                   I-1                   284107.54
       16178549              240267146          GR3: 5 YR Non-Conf                                II-3                     512400
       16178605              240267186          GR3: 5 YR Non-Conf                                II-3                     572000
       16179234              240290629          GR4: NON3YRHARD                                   I-1                   179367.92
       16178815              240266014          GR1: 3 YR Hybrids                                 II-1                   304840.8
       16178734              240265995          GR1: 3 YR Hybrids                                 II-1                   224796.6
       16178241              240266096          GR2: 5 YR Conf                                    II-2                   61563.62
       16179105              240290710          GR4: NON3YRHARD                                   I-1                   365556.58
       16180218              240278021          GR2: 5 YR Conf                                    II-2                  150999.95
       16178318              240265898          GR1: 3 YR Hybrids                                 II-1                     215000
       16178654              240265975          GR1: 3 YR Hybrids                                 II-1                     324000
       16178655              240265976          GR1: 3 YR Hybrids                                 II-1                     240000
       16179915              240272653          GR5: 3YRHARD                                      I-2                      133600
       16178818              240266583          GR2: 5 YR Conf                                    II-2                     244600
       16178819              240266015          GR1: 3 YR Hybrids                                 II-1                     224800
       16179221              240290540          GR4: NON3YRHARD                                   I-1                   315246.95
       16178495              240265930          GR1: 3 YR Hybrids                                 II-1                     160530
       16178576              240265954          GR1: 3 YR Hybrids                                 II-1                  276757.86
       16178496              240267105          GR2: 5 YR Conf                                    II-2                   203996.6
       16179549              240272218          GR5: 3YRHARD                                      I-2                   479186.29
       16178578              240265955          GR1: 3 YR Hybrids                                 II-1                     400000
       16178497              240267106          GR2: 5 YR Conf                                    II-2                      88000
       16179477              240272428          GR5: 3YRHARD                                      I-2                   234976.06
       16179369              240272323          GR5: 3YRHARD                                      I-2                   231274.87
       16180287              240278090          GR2: 5 YR Conf                                    II-2                     237000
       16180356              240278161          GR3: 5 YR Non-Conf                                II-3                     880000
       16178632              240265969          GR1: 3 YR Hybrids                                 II-1                   215499.8
       16179524              240272250          GR5: 3YRHARD                                      I-2                   207504.31
       16178471              240265921          GR1: 3 YR Hybrids                                 II-1                     205300
       16178552              240265947          GR1: 3 YR Hybrids                                 II-1                     110320
       16178633              240266421          GR2: 5 YR Conf                                    II-2                  101099.25
       16178634              240267211          GR2: 5 YR Conf                                    II-2                     180000
       16179525              240272293          GR5: 3YRHARD                                      I-2                   107932.83
       16180254              240278057          GR2: 5 YR Conf                                    II-2                     304000
       16178919              240268615          GR4: NON3YRHARD                                   I-1                   339189.76
       16178472              240265922          GR1: 3 YR Hybrids                                 II-1                     196400
       16178392              240265911          GR1: 3 YR Hybrids                                 II-1                  577427.34
       16179608              240272194          GR5: 3YRHARD                                      I-2                   265713.61
       16178555              240266362          GR2: 5 YR Conf                                    II-2                  118219.26
       16179527              240272292          GR5: 3YRHARD                                      I-2                   224343.76
       16179609              240272769          GR5: 3YRHARD                                      I-2                      360000
       16178556              240265948          GR1: 3 YR Hybrids                                 II-1                     302250
       16178475              240265923          GR1: 3 YR Hybrids                                 II-1                  236380.99
       16178394              240267008          GR2: 5 YR Conf                                    II-2                  363119.99
       16179366              240272430          GR5: 3YRHARD                                      I-2                   119122.99
       16178637              240267214          GR2: 5 YR Conf                                    II-2                     126600
       16178718              240265991          GR1: 3 YR Hybrids                                 II-1                     288800
       16178476              240267090          GR2: 5 YR Conf                                    II-2                     106400
       16178719              240265992          GR1: 3 YR Hybrids                                 II-1                  207722.72
       16180581              240278393          GR2: 5 YR Conf                                    II-2                  211794.55
       16179438              240272472          GR5: 3YRHARD                                      I-2                   265533.62
       16179529              240272294          GR5: 3YRHARD                                      I-2                   261634.02
       16178395              240267009          GR3: 5 YR Non-Conf                                II-3                     462760
       16178396              240267011          GR2: 5 YR Conf                                    II-2                     171200
       16178798              240267357          GR3: 5 YR Non-Conf                                II-3                     475700
       16178952              240268729          GR4: NON3YRHARD                                   I-1                   143409.53
       16178958              240268749          GR4: NON3YRHARD                                   I-1                   232967.62
       16179011              240269224          GR4: NON3YRHARD                                   I-1                   307141.09
       16179368              240272467          GR5: 3YRHARD                                      I-2                    95946.01
       16178397              240265912          GR1: 3 YR Hybrids                                 II-1                  174659.69
       16178238              240266093          GR2: 5 YR Conf                                    II-2                  171444.88
       16180577              240278388          GR2: 5 YR Conf                                    II-2                     184000
       16179980              240272740          GR5: 3YRHARD                                      I-2                      217600
       16178224              240266076          GR2: 5 YR Conf                                    II-2                     350000
       16179179              240268184          GR4: NON3YRHARD                                   I-1                   206299.71
       16180409              240278217          GR2: 5 YR Conf                                    II-2                     360000
       16179786              240272800          GR5: 3YRHARD                                      I-2                   193936.73
       16179066              240269702          GR4: NON3YRHARD                                   I-1                   861588.69
       16180545              240278356          GR2: 5 YR Conf                                    II-2                     108000
       16180315              240278118          GR2: 5 YR Conf                                    II-2                     232000
       16178413              240267025          GR2: 5 YR Conf                                    II-2                     227500
       16178985              240268967          GR4: NON3YRHARD                                   I-1                   215451.47
       16179313              240272407          GR5: 3YRHARD                                      I-2                   220977.06
       16178403              240267015          GR2: 5 YR Conf                                    II-2                  134997.74
       16180125              240258321          GR4: NON3YRHARD                                   I-1                      571650
       16178891              240267571          GR4: NON3YRHARD                                   I-1                   160803.34
       16178750              240267315          GR3: 5 YR Non-Conf                                II-3                     625000
       16178299              240266929          GR2: 5 YR Conf                                    II-2                     308289
       16178560              240267155          GR2: 5 YR Conf                                    II-2                     101500
       16179208              240268393          GR4: NON3YRHARD                                   I-1                   131277.73
       16179880              240272605          GR5: 3YRHARD                                      I-2                      239400
       16179307              240272254          GR5: 3YRHARD                                      I-2                   168732.97
       16179180              240268185          GR4: NON3YRHARD                                   I-1                   217593.04
       16180410              240278218          GR3: 5 YR Non-Conf                                II-3                     488000
       16180476              240278285          GR2: 5 YR Conf                                    II-2                  231609.06
       16179836              240272547          GR5: 3YRHARD                                      I-2                      725000
       16180066              240258313          GR4: NON3YRHARD                                   I-1                   479841.22
       16180316              240278119          GR2: 5 YR Conf                                    II-2                     320000
       16178974              240268903          GR4: NON3YRHARD                                   I-1                     90278.1
       16178435              240267047          GR2: 5 YR Conf                                    II-2                     270250
       16178723              240267292          GR2: 5 YR Conf                                    II-2                     416200
       16178183              240266058          GR2: 5 YR Conf                                    II-2                     159290
       16179344              240272200          GR5: 3YRHARD                                      I-2                   154340.52
       16179309              240272490          GR5: 3YRHARD                                      I-2                   232409.25
       16179341              240272481          GR5: 3YRHARD                                      I-2                    55599.31
       16178302              240266931          GR2: 5 YR Conf                                    II-2                   125559.5
       16178239              240266094          GR2: 5 YR Conf                                    II-2                  177497.14
       16179209              240268394          GR4: NON3YRHARD                                   I-1                   157533.28
       16180509              240278318          GR3: 5 YR Non-Conf                                II-3                     612000
       16179010              240269221          GR4: NON3YRHARD                                   I-1                   359155.71
       16180411              240278219          GR2: 5 YR Conf                                    II-2                   363639.1
       16180477              240278286          GR2: 5 YR Conf                                    II-2                  154697.93
       16179837              240272548          GR5: 3YRHARD                                      I-2                      110000
       16179413              240272414          GR5: 3YRHARD                                      I-2                   331237.81
       16178414              240267026          GR2: 5 YR Conf                                    II-2                  141068.76
       16178975              240268904          GR4: NON3YRHARD                                   I-1                   200072.16
       16180040              240258325          GR4: NON3YRHARD                                   I-1                   606661.66
       16178509              240267115          GR2: 5 YR Conf                                    II-2                  370241.63
       16180510              240278319          GR2: 5 YR Conf                                    II-2                     217200
       16178494              240267104          GR2: 5 YR Conf                                    II-2                     378000
       16180579              240278391          GR2: 5 YR Conf                                    II-2                  334399.99
       16179781              240272775          GR5: 3YRHARD                                      I-2                      212800
       16179436              240272307          GR5: 3YRHARD                                      I-2                   118852.49
       16180412              240278220          GR3: 5 YR Non-Conf                                II-3                     649900
       16180478              240278287          GR2: 5 YR Conf                                    II-2                     114320
       16179001              240269126          GR4: NON3YRHARD                                   I-1                   457881.64
       16179736              240272241          GR5: 3YRHARD                                      I-2                   175627.92
       16178621              240267201          GR2: 5 YR Conf                                    II-2                     103999
       16179503              240272504          GR5: 3YRHARD                                      I-2                   242653.49
       16178617              240266408          GR3: 5 YR Non-Conf                                II-3                     420000
       16178572              240267162          GR2: 5 YR Conf                                    II-2                     109200
       16178753              240267318          GR2: 5 YR Conf                                    II-2                     112800
       16179623              240272826          GR5: 3YRHARD                                      I-2                   379094.43
       16178240              240266095          GR2: 5 YR Conf                                    II-2                     308000
       16180580              240278392          GR2: 5 YR Conf                                    II-2                     280000
       16179981              240272703          GR5: 3YRHARD                                      I-2                   219534.89
       16179437              240272459          GR5: 3YRHARD                                      I-2                   118676.09
       16180413              240278221          GR3: 5 YR Non-Conf                                II-3                     650000
       16179076              240269776          GR4: NON3YRHARD                                   I-1                   158024.08
       16179737              240272242          GR5: 3YRHARD                                      I-2                   150748.89
       16178340              240266961          GR2: 5 YR Conf                                    II-2                     300000
       16178816              240266581          GR2: 5 YR Conf                                    II-2                     128800
       16179627              240272065          GR5: 3YRHARD                                      I-2                   224579.73
       16179006              240269157          GR4: NON3YRHARD                                   I-1                   519696.62
       16178518              240267121          GR2: 5 YR Conf                                    II-2                     350000
       16179977              240272737          GR5: 3YRHARD                                      I-2                   127729.39
       16179190              240267439          GR4: NON3YRHARD                                   I-1                   383240.11
       16180472              240278280          GR2: 5 YR Conf                                    II-2                  335894.92
       16180541              240278352          GR2: 5 YR Conf                                    II-2                  125599.85
       16180311              240278114          GR2: 5 YR Conf                                    II-2                     282400
       16179410              240272437          GR5: 3YRHARD                                      I-2                   159028.28
       16178658              240267233          GR2: 5 YR Conf                                    II-2                     278000
       16179176              240268152          GR4: NON3YRHARD                                   I-1                    302200.9
       16180378              240278184          GR2: 5 YR Conf                                    II-2                     132600
       16178989              240269029          GR4: NON3YRHARD                                   I-1                   258851.38
       16179732              240272237          GR5: 3YRHARD                                      I-2                   148050.65
       16178728              240267296          GR2: 5 YR Conf                                    II-2                     264000
       16178454              240267067          GR2: 5 YR Conf                                    II-2                     184000
       16178402              240267014          GR2: 5 YR Conf                                    II-2                     253600
       16179697              240272154          GR5: 3YRHARD                                      I-2                   171636.37
       16178595              240267177          GR2: 5 YR Conf                                    II-2                     246750
       16180107              240258365          GR5: 3YRHARD                                      I-2                      135000
       16180240              240278043          GR2: 5 YR Conf                                    II-2                  283182.99
       16178363              240266983          GR2: 5 YR Conf                                    II-2                     219200
       16178602              240267183          GR2: 5 YR Conf                                    II-2                     294000
       16179978              240272738          GR5: 3YRHARD                                      I-2                   187716.33
       16180406              240278214          GR2: 5 YR Conf                                    II-2                     224306
       16180473              240278281          GR2: 5 YR Conf                                    II-2                  191634.69
       16180542              240278353          GR2: 5 YR Conf                                    II-2                     106400
       16180312              240278115          GR2: 5 YR Conf                                    II-2                    81197.8
       16179411              240272308          GR5: 3YRHARD                                      I-2                   321308.13
       16179056              240269598          GR4: NON3YRHARD                                   I-1                   438011.21
       16180379              240278185          GR2: 5 YR Conf                                    II-2                  109326.99
       16178434              240267046          GR3: 5 YR Non-Conf                                II-3                     633600
       16179733              240272238          GR5: 3YRHARD                                      I-2                   199577.18
       16178704              240267278          GR2: 5 YR Conf                                    II-2                     155897
       16179820              240272528          GR5: 3YRHARD                                      I-2                   611997.27
       16180128              240258374          GR4: NON3YRHARD                                   I-1                      358400
       16180153              240258392          GR4: NON3YRHARD                                   I-1                   336258.19
       16178426              240267038          GR2: 5 YR Conf                                    II-2                  358172.18
       16179698              240272155          GR5: 3YRHARD                                      I-2                   193989.01
       16180114              240258369          GR5: 3YRHARD                                      I-2                      116200
       16179283              240290550          GR4: NON3YRHARD                                   I-1                   438103.26
       16178381              240266999          GR2: 5 YR Conf                                    II-2                     155000
       16178900              240267621          GR4: NON3YRHARD                                   I-1                    396101.9
       16178342              240266963          GR2: 5 YR Conf                                    II-2                  199242.39
       16178223              240266075          GR3: 5 YR Non-Conf                                II-3                   459939.3
       16180407              240278215          GR3: 5 YR Non-Conf                                II-3                     465600
       16180474              240278282          GR3: 5 YR Non-Conf                                II-3                     440000
       16179168              240268093          GR4: NON3YRHARD                                   I-1                   421637.93
       16180543              240278354          GR2: 5 YR Conf                                    II-2                  281593.23
       16180313              240278116          GR2: 5 YR Conf                                    II-2                     112896
       16179087              240269842          GR4: NON3YRHARD                                   I-1                   248894.21
       16180380              240278186          GR3: 5 YR Non-Conf                                II-3                     548000
       16179734              240272239          GR5: 3YRHARD                                      I-2                   222877.81
       16178715              240267286          GR2: 5 YR Conf                                    II-2                  105724.64
       16179521              240272291          GR5: 3YRHARD                                      I-2                   491001.47
       16178327              240266950          GR2: 5 YR Conf                                    II-2                     313000
       16179284              240290586          GR4: NON3YRHARD                                   I-1                   438601.69
       16178613              240267193          GR3: 5 YR Non-Conf                                II-3                     520000
       16180576              240278387          GR3: 5 YR Non-Conf                                II-3                     580000
       16178557              240267152          GR2: 5 YR Conf                                    II-2                     192000
       16179979              240272739          GR5: 3YRHARD                                      I-2                   399383.33
       16180408              240278216          GR2: 5 YR Conf                                    II-2                     457600
       16179835              240272552          GR5: 3YRHARD                                      I-2                    99761.69
       16180475              240278283          GR2: 5 YR Conf                                    II-2                     225000
       16179169              240268094          GR4: NON3YRHARD                                   I-1                   269940.94
       16180544              240278355          GR2: 5 YR Conf                                    II-2                     200000
       16180314              240278117          GR2: 5 YR Conf                                    II-2                     269606
       16179088              240269843          GR4: NON3YRHARD                                   I-1                   258587.35
       16179160              240290793          GR4: NON3YRHARD                                   I-1                   264168.97
       16178990              240269032          GR4: NON3YRHARD                                   I-1                   504894.68
       16179735              240272240          GR5: 3YRHARD                                      I-2                   239428.06
       16178306              240266934          GR2: 5 YR Conf                                    II-2                     132000
       16179039              240269449          GR4: NON3YRHARD                                   I-1                   130409.65
       16178949              240268719          GR4: NON3YRHARD                                   I-1                   528337.93
       16179334              240272199          GR5: 3YRHARD                                      I-2                   140623.49
       16179135              240290797          GR4: NON3YRHARD                                   I-1                   568204.02
       16179489              240272520          GR5: 3YRHARD                                      I-2                   178526.31
       16178894              240239823          GR4: NON3YRHARD                                   I-1                   416293.83
       16179381              240272469          GR5: 3YRHARD                                      I-2                    71248.22
       16180536              240278347          GR2: 5 YR Conf                                    II-2                   78174.53
       16179598              240272400          GR5: 3YRHARD                                      I-2                   199698.23
       16179816              240272524          GR5: 3YRHARD                                      I-2                   485165.76
       16180276              240278079          GR2: 5 YR Conf                                    II-2                     159900
       16179144              240290760          GR4: NON3YRHARD                                   I-1                   506647.08
       16178700              240267275          GR2: 5 YR Conf                                    II-2                     192000
       16179573              240272345          GR5: 3YRHARD                                      I-2                   480205.35
       16180124              240258300          GR4: NON3YRHARD                                   I-1                   401115.11
       16178619              240267199          GR2: 5 YR Conf                                    II-2                     332000
       16179282              240290799          GR4: NON3YRHARD                                   I-1                   685752.26
       16178374              240266204          GR3: 5 YR Non-Conf                                II-3                     492000
       16179928              240272679          GR5: 3YRHARD                                      I-2                      216400
       16179382              240272471          GR5: 3YRHARD                                      I-2                   123692.94
       16180537              240278348          GR2: 5 YR Conf                                    II-2                  125965.22
       16180307              240278110          GR2: 5 YR Conf                                    II-2                     287200
       16180374              240278180          GR2: 5 YR Conf                                    II-2                     244000
       16179064              240269663          GR4: NON3YRHARD                                   I-1                   347086.95
       16180439              240278247          GR2: 5 YR Conf                                    II-2                  159707.85
       16178714              240267285          GR2: 5 YR Conf                                    II-2                     195000
       16179599              240272402          GR5: 3YRHARD                                      I-2                   175734.44
       16179817              240272525          GR5: 3YRHARD                                      I-2                      600000
       16178927              240268627          GR4: NON3YRHARD                                   I-1                   443732.46
       16179755              240272180          GR5: 3YRHARD                                      I-2                   118117.84
       16178878              240266621          GR2: 5 YR Conf                                    II-2                   187672.5
       16178349              240266182          GR3: 5 YR Non-Conf                                II-3                  419983.86
       16180022              240272556          GR5: 3YRHARD                                      I-2                   223506.93
       16180236              240278039          GR2: 5 YR Conf                                    II-2                      61600
       16179929              240272680          GR5: 3YRHARD                                      I-2                    162655.4
       16178895              240239822          GR4: NON3YRHARD                                   I-1                   398841.35
       16180538              240278349          GR2: 5 YR Conf                                    II-2                  286640.29
       16180308              240278111          GR3: 5 YR Non-Conf                                II-3                     504000
       16180375              240278181          GR2: 5 YR Conf                                    II-2                     215000
       16180440              240278248          GR3: 5 YR Non-Conf                                II-3                     700000
       16178547              240267144          GR2: 5 YR Conf                                    II-2                      92800
       16179818              240272526          GR5: 3YRHARD                                      I-2                      400000
       16180277              240278080          GR2: 5 YR Conf                                    II-2                     205600
       16179153              240290667          GR4: NON3YRHARD                                   I-1                   179427.96
       16178980              240268932          GR4: NON3YRHARD                                   I-1                    248687.9
       16179054              240269569          GR4: NON3YRHARD                                   I-1                   409655.07
       16178424              240267036          GR2: 5 YR Conf                                    II-2                  151867.92
       16179708              240272131          GR5: 3YRHARD                                      I-2                   301760.69
       16180140              240258383          GR4: NON3YRHARD                                   I-1                   233484.91
       16180023              240272555          GR5: 3YRHARD                                      I-2                      276000
       16178768              240266541          GR2: 5 YR Conf                                    II-2                  400939.72
       16178260              240266115          GR2: 5 YR Conf                                    II-2                     236000
       16180237              240278040          GR2: 5 YR Conf                                    II-2                     316000
       16178375              240266994          GR3: 5 YR Non-Conf                                II-3                     564850
       16178864              240266615          GR2: 5 YR Conf                                    II-2                     179600
       16178341              240266962          GR3: 5 YR Non-Conf                                II-3                  515359.19
       16178611              240267191          GR3: 5 YR Non-Conf                                II-3                  547969.26
       16179383              240272450          GR5: 3YRHARD                                      I-2                   292920.12
       16178222              240266074          GR2: 5 YR Conf                                    II-2                     228000
       16180539              240278350          GR2: 5 YR Conf                                    II-2                     193600
       16180309              240278112          GR2: 5 YR Conf                                    II-2                  304391.22
       16180376              240278182          GR2: 5 YR Conf                                    II-2                     188400
       16178948              240268717          GR4: NON3YRHARD                                   I-1                    146361.9
       16178970              240268867          GR4: NON3YRHARD                                   I-1                   241601.14
       16180171              240258260          GR4: NON3YRHARD                                   I-1                      150000
       16178879              240266622          GR2: 5 YR Conf                                    II-2                     126880
       16180133              240258302          GR5: 3YRHARD                                      I-2                   403336.53
       16178651              240267225          GR2: 5 YR Conf                                    II-2                  112395.87
       16180024              240272558          GR5: 3YRHARD                                      I-2                      365000
       16180238              240278041          GR2: 5 YR Conf                                    II-2                     240000
       16179352              240272299          GR5: 3YRHARD                                      I-2                   391065.84
       16179384              240272442          GR5: 3YRHARD                                      I-2                   308098.86
       16179976              240272736          GR5: 3YRHARD                                      I-2                   383420.61
       16180471              240278279          GR2: 5 YR Conf                                    II-2                     166828
       16180540              240278351          GR2: 5 YR Conf                                    II-2                     312000
       16178983              240268963          GR4: NON3YRHARD                                   I-1                   209661.56
       16180377              240278183          GR2: 5 YR Conf                                    II-2                     127150
       16180441              240278249          GR3: 5 YR Non-Conf                                II-3                     488000
       16179731              240272236          GR5: 3YRHARD                                      I-2                   195532.91
       16179819              240272527          GR5: 3YRHARD                                      I-2                    395951.4
       16178971              240268868          GR4: NON3YRHARD                                   I-1                   233082.49
       16178425              240267037          GR2: 5 YR Conf                                    II-2                     272000
       16180162              240258276          GR5: 3YRHARD                                      I-2                      262500
       16180143              240258386          GR4: NON3YRHARD                                   I-1                       92950
       16179709              240272134          GR5: 3YRHARD                                      I-2                    83822.41
       16179696              240272183          GR5: 3YRHARD                                      I-2                    99761.69
       16178313              240247867          GR2: 5 YR Conf                                    II-2                  222994.27
       16180025              240272557          GR5: 3YRHARD                                      I-2                      367000
       16178592              240267176          GR2: 5 YR Conf                                    II-2                     224150
       16179310              240272479          GR5: 3YRHARD                                      I-2                   195007.95
       16180239              240278042          GR2: 5 YR Conf                                    II-2                  299918.74
       16178380              240266998          GR2: 5 YR Conf                                    II-2                     265000
       16179252              240290811          GR4: NON3YRHARD                                   I-1                   496032.14
       16178856              240266610          GR2: 5 YR Conf                                    II-2                     181200
       16180436              240278244          GR2: 5 YR Conf                                    II-2                     188000
       16180273              240278076          GR3: 5 YR Non-Conf                                II-3                     596000
       16178175              240266841          GR2: 5 YR Conf                                    II-2                   293606.7
       16179707              240272158          GR5: 3YRHARD                                      I-2                   159528.76
       16178925              240268498          GR4: NON3YRHARD                                   I-1                   234225.59
       16179695              240272175          GR5: 3YRHARD                                      I-2                   155628.24
       16178796              240267355          GR2: 5 YR Conf                                    II-2                     121600
       16180177              240278951          GR4: NON3YRHARD                                   I-1                      563200
       16178635              240266423          GR2: 5 YR Conf                                    II-2                     300000
       16178531              240267133          GR3: 5 YR Non-Conf                                II-3                  431117.79
       16179682              240272107          GR5: 3YRHARD                                      I-2                    146888.8
       16180108              240258366          GR5: 3YRHARD                                      I-2                      138700
       16178337              240266958          GR2: 5 YR Conf                                    II-2                     120500
       16179297              240290533          GR4: NON3YRHARD                                   I-1                   214815.14
       16180234              240278037          GR2: 5 YR Conf                                    II-2                     104908
       16179925              240272676          GR5: 3YRHARD                                      I-2                   194288.38
       16179641              240272807          GR5: 3YRHARD                                      I-2                      616000
       16179379              240272488          GR5: 3YRHARD                                      I-2                   203546.17
       16179362              240272448          GR5: 3YRHARD                                      I-2                   274763.08
       16179182              240268214          GR4: NON3YRHARD                                   I-1                   280882.31
       16180372              240278177          GR2: 5 YR Conf                                    II-2                     357000
       16180437              240278245          GR2: 5 YR Conf                                    II-2                     263900
       16178969              240268864          GR4: NON3YRHARD                                   I-1                   333279.23
       16179047              240269503          GR4: NON3YRHARD                                   I-1                   261199.36
       16180274              240278077          GR2: 5 YR Conf                                    II-2                     172000
       16179815              240272523          GR5: 3YRHARD                                      I-2                   635987.24
       16178423              240267035          GR2: 5 YR Conf                                    II-2                     392000
       16178315              240266942          GR2: 5 YR Conf                                    II-2                     125500
       16179753              240272177          GR5: 3YRHARD                                      I-2                   138070.18
       16178821              240266585          GR2: 5 YR Conf                                    II-2                  291742.37
       16179270              240290685          GR4: NON3YRHARD                                   I-1                   541274.35
       16179120              240290531          GR4: NON3YRHARD                                   I-1                   406540.23
       16180062              240258323          GR5: 3YRHARD                                      I-2                   598679.27
       16179926              240272677          GR5: 3YRHARD                                      I-2                      166400
       16179098              240290536          GR4: NON3YRHARD                                   I-1                   203394.39
       16179380              240272433          GR5: 3YRHARD                                      I-2                   150433.07
       16180373              240278178          GR3: 5 YR Non-Conf                                II-3                  503061.09
       16178662              240267237          GR2: 5 YR Conf                                    II-2                     312000
       16180438              240278246          GR2: 5 YR Conf                                    II-2                     163959
       16180275              240278078          GR2: 5 YR Conf                                    II-2                     328000
       16178802              240267360          GR2: 5 YR Conf                                    II-2                     291960
       16178926              240268625          GR4: NON3YRHARD                                   I-1                   211958.94
       16179572              240272331          GR5: 3YRHARD                                      I-2                   182763.42
       16178760              240267322          GR2: 5 YR Conf                                    II-2                      92720
       16180235              240278038          GR2: 5 YR Conf                                    II-2                  114399.96
       16179271              240290672          GR4: NON3YRHARD                                   I-1                   578133.43
       16179640              240272079          GR5: 3YRHARD                                      I-2                   189447.21
       16178887              240267520          GR4: NON3YRHARD                                   I-1                   223798.87
       16179354              240272422          GR5: 3YRHARD                                      I-2                   200064.78
       16180354              240278158          GR2: 5 YR Conf                                    II-2                  279999.99
       16179805              240272539          GR5: 3YRHARD                                      I-2                   310682.09
       16179128              240290622          GR4: NON3YRHARD                                   I-1                   566113.01
       16180618              240278431          GR2: 5 YR Conf                                    II-2                     372000
       16180006              240272747          GR5: 3YRHARD                                      I-2                   131685.43
       16178960              240268762          GR4: NON3YRHARD                                   I-1                   192416.59
       16180517              240278326          GR2: 5 YR Conf                                    II-2                  178043.91
       16179630              240272068          GR5: 3YRHARD                                      I-2                    217120.6
       16179442              240272302          GR5: 3YRHARD                                      I-2                   151951.07
       16178934              240268656          GR4: NON3YRHARD                                   I-1                   201728.37
       16178262              240266906          GR3: 5 YR Non-Conf                                II-3                  619164.79
       16178837              240266598          GR2: 5 YR Conf                                    II-2                     332000
       16180117              240258371          GR4: NON3YRHARD                                   I-1                      500000
       16178563              240267157          GR2: 5 YR Conf                                    II-2                  282674.01
       16179212              240268428          GR4: NON3YRHARD                                   I-1                   361579.71
       16179860              240272619          GR5: 3YRHARD                                      I-2                   174031.29
       16179129              240290735          GR4: NON3YRHARD                                   I-1                   338919.48
       16179909              240272611          GR5: 3YRHARD                                      I-2                   195267.02
       16179016              240269259          GR4: NON3YRHARD                                   I-1                   308448.81
       16178999              240269101          GR4: NON3YRHARD                                   I-1                   434628.38
       16179631              240272069          GR5: 3YRHARD                                      I-2                   220025.52
       16179443              240272342          GR5: 3YRHARD                                      I-2                   311416.63
       16178909              240268581          GR4: NON3YRHARD                                   I-1                   380011.86
       16179664              240272089          GR5: 3YRHARD                                      I-2                   106436.42
       16180027              240258341          GR4: NON3YRHARD                                   I-1                      682500
       16178499              240267108          GR3: 5 YR Non-Conf                                II-3                     525600
       16179858              240272565          GR5: 3YRHARD                                      I-2                    223990.3
       16179551              240272217          GR5: 3YRHARD                                      I-2                   372959.48
       16180270              240278073          GR2: 5 YR Conf                                    II-2                     260000
       16179151              240290665          GR4: NON3YRHARD                                   I-1                   217998.21
       16179750              240272171          GR5: 3YRHARD                                      I-2                   175580.58
       16178942              240268681          GR4: NON3YRHARD                                   I-1                   463327.43
       16179141              240290788          GR4: NON3YRHARD                                   I-1                   482432.33
       16178354              240248250          GR3: 5 YR Non-Conf                                II-3                     532500
       16179680              240272105          GR5: 3YRHARD                                      I-2                    282520.8
       16178690              240267265          GR2: 5 YR Conf                                    II-2                     188000
       16180034              240258289          GR4: NON3YRHARD                                   I-1                   343251.94
       16179268              240290675          GR4: NON3YRHARD                                   I-1                   514374.17
       16179514              240272515          GR5: 3YRHARD                                      I-2                   224426.17
       16178372              240266991          GR2: 5 YR Conf                                    II-2                     232000
       16179097              240290724          GR4: NON3YRHARD                                   I-1                   569997.65
       16179859              240272585          GR5: 3YRHARD                                      I-2                   267433.41
       16178367              240266198          GR2: 5 YR Conf                                    II-2                     297600
       16179464              240272457          GR5: 3YRHARD                                      I-2                   103186.01
       16180434              240278242          GR3: 5 YR Non-Conf                                II-3                     481000
       16178487              240267098          GR2: 5 YR Conf                                    II-2                     144000
       16180271              240278074          GR2: 5 YR Conf                                    II-2                  329387.07
       16178191              240266853          GR2: 5 YR Conf                                    II-2                  379747.48
       16179152              240290595          GR4: NON3YRHARD                                   I-1                   410690.66
       16178979              240268926          GR4: NON3YRHARD                                   I-1                   307429.06
       16178924              240268497          GR4: NON3YRHARD                                   I-1                   653818.92
       16178943              240268682          GR4: NON3YRHARD                                   I-1                   600010.43
       16179610              240272818          GR5: 3YRHARD                                      I-2                      630000
       16179269              240290529          GR4: NON3YRHARD                                   I-1                   645046.79
       16179519              240272288          GR5: 3YRHARD                                      I-2                   420179.67
       16179923              240272672          GR5: 3YRHARD                                      I-2                   279332.73
       16179360              240272408          GR5: 3YRHARD                                      I-2                   104869.65
       16180073              240258314          GR4: NON3YRHARD                                   I-1                   495457.47
       16180435              240278243          GR2: 5 YR Conf                                    II-2                  199999.14
       16180272              240278075          GR2: 5 YR Conf                                    II-2                  250206.09
       16179752              240272173          GR5: 3YRHARD                                      I-2                   171401.65
       16178545              240267142          GR2: 5 YR Conf                                    II-2                     202500
       16178648              240267224          GR2: 5 YR Conf                                    II-2                     188720
       16178915              240268604          GR4: NON3YRHARD                                   I-1                   257699.46
       16179681              240272106          GR5: 3YRHARD                                      I-2                   223578.24
       16178584              240267170          GR3: 5 YR Non-Conf                                II-3                     464000
       16180233              240278036          GR2: 5 YR Conf                                    II-2                  287869.61
       16179291              240290655          GR4: NON3YRHARD                                   I-1                   499305.49
       16178373              240266992          GR2: 5 YR Conf                                    II-2                     260000
       16179361              240272426          GR5: 3YRHARD                                      I-2                      224026
       16180250              240278053          GR2: 5 YR Conf                                    II-2                     157600
       16178935              240268662          GR4: NON3YRHARD                                   I-1                   653859.13
       16179556              240272447          GR5: 3YRHARD                                      I-2                    144260.3
       16178962              240268789          GR4: NON3YRHARD                                   I-1                   297365.42
       16178791              240267351          GR2: 5 YR Conf                                    II-2                     136000
       16178292              240266924          GR2: 5 YR Conf                                    II-2                     220865
       16180083              240258356          GR4: NON3YRHARD                                   I-1                      304000
       16178334              240266168          GR2: 5 YR Conf                                    II-2                  149382.42
       16179262              240290649          GR4: NON3YRHARD                                   I-1                   490449.78
       16178667              240266454          GR2: 5 YR Conf                                    II-2                     236800
       16179241              240290775          GR4: NON3YRHARD                                   I-1                   450535.99
       16179958              240272642          GR5: 3YRHARD                                      I-2                      356000
       16178357              240266190          GR2: 5 YR Conf                                    II-2                     154000
       16178216              240266067          GR2: 5 YR Conf                                    II-2                     320000
       16180013              240272725          GR5: 3YRHARD                                      I-2                      164000
       16179846              240272561          GR5: 3YRHARD                                      I-2                   195001.82
       16179637              240272076          GR5: 3YRHARD                                      I-2                   421991.96
       16180251              240278054          GR2: 5 YR Conf                                    II-2                     224000
       16180102              240258310          GR4: NON3YRHARD                                   I-1                   469364.55
       16178683              240267260          GR2: 5 YR Conf                                    II-2                     232000
       16178300              240247692          GR2: 5 YR Conf                                    II-2                     152000
       16178765              240266538          GR2: 5 YR Conf                                    II-2                     337500
       16179796              240272767          GR5: 3YRHARD                                      I-2                   259472.31
       16178564              240267158          GR2: 5 YR Conf                                    II-2                     266000
       16179114              240290674          GR4: NON3YRHARD                                   I-1                   473088.95
       16178383              240267000          GR2: 5 YR Conf                                    II-2                     292000
       16180014              240272726          GR5: 3YRHARD                                      I-2                      602200
       16179473              240272330          GR5: 3YRHARD                                      I-2                   228949.85
       16179794              240272785          GR5: 3YRHARD                                      I-2                   332006.91
       16180176              240258408          GR4: NON3YRHARD                                   I-1                   654805.45
       16179007              240269173          GR4: NON3YRHARD                                   I-1                   310947.73
       16180252              240278055          GR2: 5 YR Conf                                    II-2                   99782.75
       16179699              240272118          GR5: 3YRHARD                                      I-2                    371762.3
       16179041              240269456          GR4: NON3YRHARD                                   I-1                    267528.4
       16180111              240258317          GR5: 3YRHARD                                      I-2                      525000
       16179614              240272820          GR5: 3YRHARD                                      I-2                      337500
       16178517              240267120          GR2: 5 YR Conf                                    II-2                     226500
       16179213              240268438          GR4: NON3YRHARD                                   I-1                   332142.04
       16179215              240290526          GR4: NON3YRHARD                                   I-1                   410656.82
       16179639              240272078          GR5: 3YRHARD                                      I-2                   423066.69
       16179353              240272463          GR5: 3YRHARD                                      I-2                   168054.41
       16180253              240278056          GR2: 5 YR Conf                                    II-2                  169949.73
       16178951              240268728          GR4: NON3YRHARD                                   I-1                   652422.48
       16179669              240272094          GR5: 3YRHARD                                      I-2                   305378.96
       16180030              240258343          GR5: 3YRHARD                                      I-2                   648569.21
       16179263              240290742          GR4: NON3YRHARD                                   I-1                   582144.06
       16179506              240272507          GR5: 3YRHARD                                      I-2                   192020.77
       16179131              240290608          GR4: NON3YRHARD                                   I-1                   224291.06
       16179227              240290648          GR4: NON3YRHARD                                   I-1                    452101.4
       16179913              240272689          GR5: 3YRHARD                                      I-2                   152414.45
       16178365              240266196          GR3: 5 YR Non-Conf                                II-3                  615998.17
       16178862              240266613          GR3: 5 YR Non-Conf                                II-3                     496000
       16179946              240272659          GR5: 3YRHARD                                      I-2                   180804.08
       16180612              240278425          GR2: 5 YR Conf                                    II-2                  167695.42
       16179461              240272334          GR5: 3YRHARD                                      I-2                   373172.21
       16180057              240258340          GR4: NON3YRHARD                                   I-1                  1291913.93
       16179339              240272210          GR5: 3YRHARD                                      I-2                   207387.66
       16179617              240272780          GR5: 3YRHARD                                      I-2                      497600
       16179023              240269316          GR4: NON3YRHARD                                   I-1                   422561.95
       16178482              240267095          GR2: 5 YR Conf                                    II-2                     228000
       16178906              240267647          GR4: NON3YRHARD                                   I-1                   230686.38
       16178769              240266542          GR2: 5 YR Conf                                    II-2                     400000
       16179219              240290703          GR4: NON3YRHARD                                   I-1                   243917.34
       16178384              240267001          GR2: 5 YR Conf                                    II-2                     250000
       16179096              240290785          GR4: NON3YRHARD                                   I-1                   628831.39
       16178256              240266112          GR2: 5 YR Conf                                    II-2                     195200
       16179112              240290738          GR4: NON3YRHARD                                   I-1                   188646.97
       16179856              240272614          GR5: 3YRHARD                                      I-2                   241388.59
       16179224              240290664          GR4: NON3YRHARD                                   I-1                   643306.35
       16180613              240278426          GR2: 5 YR Conf                                    II-2                     193500
       16179462              240272220          GR5: 3YRHARD                                      I-2                   207224.04
       16178721              240267290          GR2: 5 YR Conf                                    II-2                     197600
       16179358              240272306          GR5: 3YRHARD                                      I-2                    134802.1
       16179408              240272280          GR5: 3YRHARD                                      I-2                   238629.97
       16178941              240268679          GR4: NON3YRHARD                                   I-1                    444059.9
       16179043              240269470          GR4: NON3YRHARD                                   I-1                    266921.5
       16178914              240268602          GR4: NON3YRHARD                                   I-1                   464836.27
       16179678              240272103          GR5: 3YRHARD                                      I-2                   224076.68
       16178933              240268651          GR4: NON3YRHARD                                   I-1                   347880.23
       16178766              240266539          GR3: 5 YR Non-Conf                                II-3                     560000
       16178569              240267161          GR2: 5 YR Conf                                    II-2                  251896.38
       16179220              240290563          GR4: NON3YRHARD                                   I-1                   651643.38
       16179211              240268423          GR4: NON3YRHARD                                   I-1                   340145.46
       16179857              240272615          GR5: 3YRHARD                                      I-2                   151761.12
       16178361              240266192          GR2: 5 YR Conf                                    II-2                  267292.79
       16179127              240290810          GR4: NON3YRHARD                                   I-1                   460104.89
       16179906              240272604          GR5: 3YRHARD                                      I-2                   487297.27
       16178366              240266197          GR2: 5 YR Conf                                    II-2                     271200
       16179463              240272417          GR5: 3YRHARD                                      I-2                    220374.8
       16179403              240272185          GR5: 3YRHARD                                      I-2                   302113.82
       16178657              240267232          GR2: 5 YR Conf                                    II-2                     152000
       16179749              240272170          GR5: 3YRHARD                                      I-2                    119870.1
       16179570              240272401          GR5: 3YRHARD                                      I-2                   220672.86
       16179140              240290792          GR4: NON3YRHARD                                   I-1                   307021.18
       16179031              240269382          GR4: NON3YRHARD                                   I-1                   435166.21
       16179679              240272104          GR5: 3YRHARD                                      I-2                   310991.14
       16178261              240266116          GR2: 5 YR Conf                                    II-2                  104988.94
       16180080              240258354          GR5: 3YRHARD                                      I-2                    374004.2
       16179267              240290545          GR4: NON3YRHARD                                   I-1                   462949.34
       16179259              240290593          GR4: NON3YRHARD                                   I-1                   449513.93
       16179287              240290602          GR4: NON3YRHARD                                   I-1                   560213.96
       16179130              240290761          GR4: NON3YRHARD                                   I-1                   438601.69
       16179956              240272663          GR5: 3YRHARD                                      I-2                      520000
       16180011              240272723          GR5: 3YRHARD                                      I-2                   191594.09
       16178840              240266601          GR2: 5 YR Conf                                    II-2                     144674
       16178817              240266582          GR3: 5 YR Non-Conf                                II-3                     530400
       16179890              240272576          GR5: 3YRHARD                                      I-2                   384131.47
       16180524              240278334          GR2: 5 YR Conf                                    II-2                     308000
       16179642              240272781          GR5: 3YRHARD                                      I-2                      239000
       16179446              240272191          GR5: 3YRHARD                                      I-2                   115525.39
       16179012              240269235          GR4: NON3YRHARD                                   I-1                   199243.81
       16180249              240278052          GR2: 5 YR Conf                                    II-2                     250000
       16179040              240268543          GR4: NON3YRHARD                                   I-1                   282888.62
       16178950              240268725          GR4: NON3YRHARD                                   I-1                   161278.13
       16179504              240272505          GR5: 3YRHARD                                      I-2                    99462.24
       16179288              240290677          GR4: NON3YRHARD                                   I-1                   519583.39
       16179911              240272650          GR5: 3YRHARD                                      I-2                      391050
       16179957              240272641          GR5: 3YRHARD                                      I-2                      153224
       16180012              240272724          GR5: 3YRHARD                                      I-2                      400000
       16180069              240258350          GR4: NON3YRHARD                                   I-1                      790000
       16180060              240258280          GR4: NON3YRHARD                                   I-1                      279350
       16180525              240278335          GR2: 5 YR Conf                                    II-2                     203000
       16179447              240272303          GR5: 3YRHARD                                      I-2                   192062.18
       16179973              240272750          GR5: 3YRHARD                                      I-2                      131000
       16180134              240258378          GR5: 3YRHARD                                      I-2                   920812.03
       16178908              240268574          GR4: NON3YRHARD                                   I-1                   483594.01
       16179657              240272081          GR5: 3YRHARD                                      I-2                   201473.16
       16179788              240272804          GR5: 3YRHARD                                      I-2                   355051.86
       16180032              240258344          GR5: 3YRHARD                                      I-2                      720000
       16179110              240290632          GR4: NON3YRHARD                                   I-1                    340943.3
       16178674              240267252          GR2: 5 YR Conf                                    II-2                     336000
       16179901              240272578          GR5: 3YRHARD                                      I-2                   332320.76
       16180608              240278421          GR2: 5 YR Conf                                    II-2                     304000
       16179457              240272333          GR5: 3YRHARD                                      I-2                    268844.5
       16179997              240272709          GR5: 3YRHARD                                      I-2                   186235.62
       16180049              240258294          GR4: NON3YRHARD                                   I-1                   371181.15
       16179104              240290528          GR4: NON3YRHARD                                   I-1                   150185.43
       16180508              240278317          GR2: 5 YR Conf                                    II-2                     275900
       16179174              240268122          GR4: NON3YRHARD                                   I-1                   407395.86
       16179435              240272325          GR5: 3YRHARD                                      I-2                    124258.5
       16178782              240267344          GR2: 5 YR Conf                                    II-2                     316000
       16180046              240258316          GR4: NON3YRHARD                                   I-1                   520850.97
       16179030              240269376          GR4: NON3YRHARD                                   I-1                   319882.85
       16179020              240269286          GR4: NON3YRHARD                                   I-1                   419323.11
       16178585              240267171          GR2: 5 YR Conf                                    II-2                     186750
       16180098              240258336          GR4: NON3YRHARD                                   I-1                   801232.43
       16178574              240267164          GR2: 5 YR Conf                                    II-2                   90985.06
       16178289              240266921          GR2: 5 YR Conf                                    II-2                     250001
       16178254              240266110          GR2: 5 YR Conf                                    II-2                  140064.94
       16179853              240272609          GR5: 3YRHARD                                      I-2                   127146.28
       16179902              240272602          GR5: 3YRHARD                                      I-2                   177974.86
       16180609              240278422          GR2: 5 YR Conf                                    II-2                     176000
       16179458              240272339          GR5: 3YRHARD                                      I-2                   714425.84
       16179998              240272706          GR5: 3YRHARD                                      I-2                   103353.11
       16179005              240269154          GR4: NON3YRHARD                                   I-1                   349297.72
       16179400              240272423          GR5: 3YRHARD                                      I-2                   116037.57
       16178932              240268647          GR4: NON3YRHARD                                   I-1                   269887.75
       16180081              240258312          GR5: 3YRHARD                                      I-2                      480000
       16178582              240267169          GR2: 5 YR Conf                                    II-2                     234670
       16179257              240290578          GR4: NON3YRHARD                                   I-1                   837313.77
       16178615              240267195          GR2: 5 YR Conf                                    II-2                     360000
       16179126              240290644          GR4: NON3YRHARD                                   I-1                   986880.67
       16179903              240272573          GR5: 3YRHARD                                      I-2                   516176.65
       16180610              240278423          GR2: 5 YR Conf                                    II-2                     180000
       16180160              240258398          GR5: 3YRHARD                                      I-2                      134000
       16179459              240272341          GR5: 3YRHARD                                      I-2                    348973.8
       16179626              240272119          GR5: 3YRHARD                                      I-2                   172419.63
       16178443              240267056          GR2: 5 YR Conf                                    II-2                     227950
       16179357              240272409          GR5: 3YRHARD                                      I-2                   180058.29
       16179401              240272482          GR5: 3YRHARD                                      I-2                   124827.45
       16179021              240268527          GR4: NON3YRHARD                                   I-1                   361359.88
       16178331              240266165          GR2: 5 YR Conf                                    II-2                  252342.85
       16179658              240272083          GR5: 3YRHARD                                      I-2                      313100
       16180041              240258271          GR4: NON3YRHARD                                   I-1                      217000
       16179218              240290626          GR4: NON3YRHARD                                   I-1                   622512.97
       16178465              240267080          GR2: 5 YR Conf                                    II-2                     147400
       16178665              240266452          GR2: 5 YR Conf                                    II-2                  283748.05
       16178255              240266111          GR2: 5 YR Conf                                    II-2                  114102.84
       16179854              240272612          GR5: 3YRHARD                                      I-2                      339800
       16179904              240272595          GR5: 3YRHARD                                      I-2                   378516.67
       16179945              240272658          GR5: 3YRHARD                                      I-2                      153600
       16180611              240278424          GR2: 5 YR Conf                                    II-2                  193999.04
       16179402              240272413          GR5: 3YRHARD                                      I-2                   316102.34
       16179974              240272696          GR5: 3YRHARD                                      I-2                   158115.01
       16178957              240268741          GR4: NON3YRHARD                                   I-1                   454259.88
       16178480              240267093          GR3: 5 YR Non-Conf                                II-3                     560000
       16179677              240272102          GR5: 3YRHARD                                      I-2                   212359.26
       16180093              240258278          GR4: NON3YRHARD                                   I-1                   274945.85
       16178285              240266128          GR2: 5 YR Conf                                    II-2                     380000
       16178346              240266179          GR2: 5 YR Conf                                    II-2                     414900
       16179111              240290527          GR4: NON3YRHARD                                   I-1                   124954.33
       16179855              240272584          GR5: 3YRHARD                                      I-2                   211494.79
       16179905              240272603          GR5: 3YRHARD                                      I-2                      400000
       16180168              240258291          GR4: NON3YRHARD                                   I-1                      363750
       16178703              240267277          GR2: 5 YR Conf                                    II-2                     405000
       16178695              240267271          GR2: 5 YR Conf                                    II-2                  291999.94
       16178777              240267339          GR2: 5 YR Conf                                    II-2                     225200
       16178235              240266090          GR2: 5 YR Conf                                    II-2                     198400
       16179994              240272713          GR5: 3YRHARD                                      I-2                   289961.83
       16179876              240272588          GR5: 3YRHARD                                      I-2                   543077.79
       16180501              240278310          GR2: 5 YR Conf                                    II-2                  151877.26
       16180571              240278382          GR2: 5 YR Conf                                    II-2                     143726
       16179094              240269868          GR4: NON3YRHARD                                   I-1                   224122.45
       16178356              240266978          GR2: 5 YR Conf                                    II-2                     127125
       16180339              240278142          GR2: 5 YR Conf                                    II-2                     306900
       16180403              240278211          GR3: 5 YR Non-Conf                                II-3                  710918.51
       16179730              240272235          GR5: 3YRHARD                                      I-2                   315334.85
       16179343              240272278          GR5: 3YRHARD                                      I-2                    218431.7
       16180086              240258322          GR4: NON3YRHARD                                   I-1                   584710.09
       16178673              240267250          GR2: 5 YR Conf                                    II-2                     110800
       16178185              240266849          GR2: 5 YR Conf                                    II-2                     208200
       16179995              240272707          GR5: 3YRHARD                                      I-2                    275416.5
       16180502              240278311          GR2: 5 YR Conf                                    II-2                     231900
       16180572              240278383          GR2: 5 YR Conf                                    II-2                   127699.1
       16180187              240278953          GR4: NON3YRHARD                                   I-1                      320000
       16179430              240272441          GR5: 3YRHARD                                      I-2                   192605.01
       16180340              240278143          GR2: 5 YR Conf                                    II-2                  132092.96
       16180404              240278212          GR3: 5 YR Non-Conf                                II-3                     693000
       16178810              240266578          GR2: 5 YR Conf                                    II-2                     129600
       16178973              240268897          GR4: NON3YRHARD                                   I-1                   311474.17
       16179050              240269535          GR4: NON3YRHARD                                   I-1                   301253.45
       16178433              240267045          GR2: 5 YR Conf                                    II-2                     276000
       16178329              240266952          GR2: 5 YR Conf                                    II-2                     169950
       16178308              240266146          GR2: 5 YR Conf                                    II-2                     121500
       16178236              240266091          GR2: 5 YR Conf                                    II-2                     232000
       16180503              240278312          GR2: 5 YR Conf                                    II-2                     215016
       16179877              240272580          GR5: 3YRHARD                                      I-2                   560142.22
       16180573              240278384          GR2: 5 YR Conf                                    II-2                  114981.08
       16179078              240269799          GR4: NON3YRHARD                                   I-1                    278258.6
       16179095              240269870          GR4: NON3YRHARD                                   I-1                   434629.55
       16179431              240272473          GR5: 3YRHARD                                      I-2                   416134.73
       16180341              240278144          GR2: 5 YR Conf                                    II-2                     348000
       16180405              240278213          GR2: 5 YR Conf                                    II-2                  416879.25
       16179832              240272553          GR5: 3YRHARD                                      I-2                   211485.86
       16180113              240258338          GR4: NON3YRHARD                                   I-1                   999908.21
       16179971              240272748          GR5: 3YRHARD                                      I-2                      248000
       16178903              240267633          GR4: NON3YRHARD                                   I-1                   607810.81
       16179768              240272793          GR5: 3YRHARD                                      I-2                      203200
       16178788              240267349          GR3: 5 YR Non-Conf                                II-3                     571200
       16178902              240267632          GR4: NON3YRHARD                                   I-1                   362266.15
       16179237              240290555          GR4: NON3YRHARD                                   I-1                   742323.08
       16180604              240278417          GR2: 5 YR Conf                                    II-2                  127489.98
       16179547              240272346          GR5: 3YRHARD                                      I-2                   171590.11
       16179103              240290553          GR4: NON3YRHARD                                   I-1                   376808.98
       16180504              240278313          GR2: 5 YR Conf                                    II-2                     202320
       16180574              240278385          GR2: 5 YR Conf                                    II-2                  199966.37
       16179432              240272317          GR5: 3YRHARD                                      I-2                   120038.86
       16180342              240278145          GR3: 5 YR Non-Conf                                II-3                     521650
       16179833              240272550          GR5: 3YRHARD                                      I-2                   395128.32
       16178800              240266570          GR2: 5 YR Conf                                    II-2                  228797.83
       16179541              240272360          GR5: 3YRHARD                                      I-2                      112500
       16178288              240266920          GR2: 5 YR Conf                                    II-2                     285000
       16178464              240266290          GR2: 5 YR Conf                                    II-2                     144000
       16178252              240266108          GR2: 5 YR Conf                                    II-2                     150000
       16178343              240266175          GR2: 5 YR Conf                                    II-2                     116000
       16178554              240267150          GR2: 5 YR Conf                                    II-2                     163200
       16180605              240278418          GR2: 5 YR Conf                                    II-2                      50000
       16179944              240272665          GR5: 3YRHARD                                      I-2                   403145.91
       16178526              240267129          GR2: 5 YR Conf                                    II-2                     238000
       16178237              240266092          GR2: 5 YR Conf                                    II-2                  270399.74
       16180505              240278314          GR2: 5 YR Conf                                    II-2                  204999.99
       16179878              240272601          GR5: 3YRHARD                                      I-2                    155670.2
       16180575              240278386          GR2: 5 YR Conf                                    II-2                     294300
       16178474              240267088          GR2: 5 YR Conf                                    II-2                   171108.6
       16179433              240272315          GR5: 3YRHARD                                      I-2                   164705.43
       16179780              240272774          GR5: 3YRHARD                                      I-2                      290000
       16180343              240278146          GR2: 5 YR Conf                                    II-2                     182400
       16179834              240272551          GR5: 3YRHARD                                      I-2                      238000
       16178412              240267024          GR2: 5 YR Conf                                    II-2                     408000
       16178698              240267273          GR2: 5 YR Conf                                    II-2                     268000
       16178905              240267646          GR4: NON3YRHARD                                   I-1                   599164.49
       16180131              240258376          GR5: 3YRHARD                                      I-2                   235599.92
       16180104              240258256          GR5: 3YRHARD                                      I-2                   134702.83
       16180031              240258335          GR4: NON3YRHARD                                   I-1                   718415.13
       16178751              240267316          GR2: 5 YR Conf                                    II-2                     182000
       16179256              240290682          GR4: NON3YRHARD                                   I-1                   881194.13
       16178467              240267082          GR2: 5 YR Conf                                    II-2                     292000
       16179222              240290612          GR4: NON3YRHARD                                   I-1                   301813.77
       16179900              240272577          GR5: 3YRHARD                                      I-2                   271424.96
       16178749              240267314          GR2: 5 YR Conf                                    II-2                     268000
       16180606              240278419          GR2: 5 YR Conf                                    II-2                     324000
       16178559              240267154          GR2: 5 YR Conf                                    II-2                     160000
       16178553              240267149          GR2: 5 YR Conf                                    II-2                  158344.85
       16179199              240267891          GR4: NON3YRHARD                                   I-1                   367775.03
       16180506              240278315          GR2: 5 YR Conf                                    II-2                  287199.99
       16179767              240272790          GR5: 3YRHARD                                      I-2                   474865.66
       16180344              240278147          GR2: 5 YR Conf                                    II-2                  153353.59
       16178442              240267055          GR2: 5 YR Conf                                    II-2                     417000
       16179972              240272749          GR5: 3YRHARD                                      I-2                      225600
       16179769              240272792          GR5: 3YRHARD                                      I-2                      316000
       16178253              240266109          GR3: 5 YR Non-Conf                                II-3                     648000
       16179210              240268416          GR4: NON3YRHARD                                   I-1                   257710.21
       16180607              240278420          GR2: 5 YR Conf                                    II-2                  153314.02
       16179996              240272708          GR5: 3YRHARD                                      I-2                   175092.92
       16178492              240267102          GR3: 5 YR Non-Conf                                II-3                     540000
       16180507              240278316          GR2: 5 YR Conf                                    II-2                  169299.76
       16179879              240272569          GR5: 3YRHARD                                      I-2                   209955.18
       16179079              240269803          GR4: NON3YRHARD                                   I-1                   214395.67
       16179434              240272304          GR5: 3YRHARD                                      I-2                   208066.74
       16178720              240267289          GR2: 5 YR Conf                                    II-2                     200520
       16180043              240258348          GR4: NON3YRHARD                                   I-1                      713200
       16178871              240266619          GR2: 5 YR Conf                                    II-2                     240000
       16179281              240290715          GR4: NON3YRHARD                                   I-1                   446576.25
       16178233              240266088          GR2: 5 YR Conf                                    II-2                  151611.01
       16180567              240278378          GR2: 5 YR Conf                                    II-2                     154400
       16180335              240278138          GR2: 5 YR Conf                                    II-2                     240000
       16180399              240278207          GR2: 5 YR Conf                                    II-2                  271518.71
       16180068              240258275          GR4: NON3YRHARD                                   I-1                   254438.69
       16180467              240278275          GR2: 5 YR Conf                                    II-2                     160720
       16179086              240269834          GR4: NON3YRHARD                                   I-1                   374930.96
       16180305              240278108          GR2: 5 YR Conf                                    II-2                     200000
       16178411              240267023          GR3: 5 YR Non-Conf                                II-3                     612000
       16178400              240267012          GR2: 5 YR Conf                                    II-2                  243056.15
       16178452              240267065          GR2: 5 YR Conf                                    II-2                     276000
       16179615              240272821          GR5: 3YRHARD                                      I-2                      195200
       16178500              240267109          GR3: 5 YR Non-Conf                                II-3                     453000
       16179873              240272636          GR5: 3YRHARD                                      I-2                   143595.77
       16180568              240278379          GR2: 5 YR Conf                                    II-2                     237500
       16180336              240278139          GR2: 5 YR Conf                                    II-2                     214480
       16180400              240278208          GR2: 5 YR Conf                                    II-2                     190800
       16180306              240278109          GR2: 5 YR Conf                                    II-2                      91920
       16179645              240272809          GR5: 3YRHARD                                      I-2                      213600
       16180154              240258393          GR5: 3YRHARD                                      I-2                      484000
       16179728              240272233          GR5: 3YRHARD                                      I-2                   207504.31
       16180021              240272554          GR5: 3YRHARD                                      I-2                      727500
       16179616              240272822          GR5: 3YRHARD                                      I-2                      267200
       16178234              240266089          GR2: 5 YR Conf                                    II-2                  317640.03
       16180499              240278308          GR2: 5 YR Conf                                    II-2                     136000
       16179874              240272567          GR5: 3YRHARD                                      I-2                   243773.97
       16180569              240278380          GR2: 5 YR Conf                                    II-2                  383993.84
       16180337              240278140          GR2: 5 YR Conf                                    II-2                     171612
       16180175              240258407          GR4: NON3YRHARD                                   I-1                      284800
       16179479              240272221          GR5: 3YRHARD                                      I-2                    108001.3
       16180401              240278209          GR2: 5 YR Conf                                    II-2                     416000
       16178994              240269054          GR4: NON3YRHARD                                   I-1                   231259.97
       16180468              240278276          GR2: 5 YR Conf                                    II-2                     248000
       16179729              240272234          GR5: 3YRHARD                                      I-2                   181262.03
       16178453              240267066          GR2: 5 YR Conf                                    II-2                     320800
       16180096              240258362          GR5: 3YRHARD                                      I-2                      261000
       16178677              240267254          GR2: 5 YR Conf                                    II-2                     212208
       16178461              240267076          GR2: 5 YR Conf                                    II-2                     234176
       16178182              240247982          GR2: 5 YR Conf                                    II-2                  281141.97
       16180078              240258353          GR5: 3YRHARD                                      I-2                      472000
       16180500              240278309          GR2: 5 YR Conf                                    II-2                  160999.99
       16179875              240272568          GR5: 3YRHARD                                      I-2                   367916.87
       16180570              240278381          GR2: 5 YR Conf                                    II-2                     109600
       16180338              240278141          GR2: 5 YR Conf                                    II-2                  202458.26
       16180402              240278210          GR3: 5 YR Non-Conf                                II-3                   835902.5
       16180469              240278277          GR3: 5 YR Non-Conf                                II-3                     650000
       16178653              240267227          GR3: 5 YR Non-Conf                                II-3                     650000
       16179075              240269765          GR4: NON3YRHARD                                   I-1                   321008.35
       16179049              240269534          GR4: NON3YRHARD                                   I-1                   600887.53
       16180118              240258320          GR4: NON3YRHARD                                   I-1                      560000
       16179501              240272502          GR5: 3YRHARD                                      I-2                   280061.59
       16180229              240278032          GR2: 5 YR Conf                                    II-2                     207000
       16178362              240266193          GR3: 5 YR Non-Conf                                II-3                  617660.44
       16178744              240267309          GR2: 5 YR Conf                                    II-2                     128000
       16179376              240272419          GR5: 3YRHARD                                      I-2                   192002.33
       16179546              240272375          GR5: 3YRHARD                                      I-2                   143656.83
       16180529              240278339          GR3: 5 YR Non-Conf                                II-3                     919700
       16180298              240278101          GR2: 5 YR Conf                                    II-2                     312000
       16180366              240278171          GR2: 5 YR Conf                                    II-2                     189500
       16178421              240267033          GR2: 5 YR Conf                                    II-2                  315844.58
       16179693              240272165          GR5: 3YRHARD                                      I-2                   312133.47
       16180123              240258261          GR4: NON3YRHARD                                   I-1                      162400
       16180035              240258337          GR4: NON3YRHARD                                   I-1                    934417.9
       16179776              240272797          GR5: 3YRHARD                                      I-2                   351161.15
       16180230              240278033          GR2: 5 YR Conf                                    II-2                     236800
       16179502              240272503          GR5: 3YRHARD                                      I-2                    272088.1
       16180063              240258304          GR5: 3YRHARD                                      I-2                    407101.9
       16180180              240258411          GR5: 3YRHARD                                      I-2                      458000
       16179189              240270229          GR4: NON3YRHARD                                   I-1                   212044.79
       16180461              240278269          GR2: 5 YR Conf                                    II-2                     164000
       16180530              240278340          GR2: 5 YR Conf                                    II-2                     176000
       16180299              240278102          GR2: 5 YR Conf                                    II-2                     312000
       16180367              240278172          GR3: 5 YR Non-Conf                                II-3                     432000
       16178491              240267101          GR3: 5 YR Non-Conf                                II-3                  609233.77
       16178450              240267063          GR2: 5 YR Conf                                    II-2                     280000
       16178946              240268707          GR4: NON3YRHARD                                   I-1                   293873.01
       16178968              240268859          GR4: NON3YRHARD                                   I-1                   193050.43
       16179046              240269498          GR4: NON3YRHARD                                   I-1                   208916.03
       16178709              240267281          GR3: 5 YR Non-Conf                                II-3                     806500
       16180112              240258368          GR5: 3YRHARD                                      I-2                   997616.93
       16179053              240269561          GR4: NON3YRHARD                                   I-1                   201669.02
       16179705              240272181          GR5: 3YRHARD                                      I-2                   106746.39
       16178624              240267203          GR2: 5 YR Conf                                    II-2                     156000
       16180103              240258364          GR4: NON3YRHARD                                   I-1                      348000
       16180231              240278034          GR2: 5 YR Conf                                    II-2                     168800
       16179119              240290698          GR4: NON3YRHARD                                   I-1                   582608.29
       16180462              240278270          GR2: 5 YR Conf                                    II-2                     204000
       16180531              240278341          GR2: 5 YR Conf                                    II-2                     308000
       16180300              240278103          GR3: 5 YR Non-Conf                                II-3                  638789.82
       16180368              240278173          GR2: 5 YR Conf                                    II-2                   71267.37
       16179722              240272227          GR5: 3YRHARD                                      I-2                   215543.35
       16178694              240267269          GR2: 5 YR Conf                                    II-2                     215000
       16180050              240258286          GR5: 3YRHARD                                      I-2                      325000
       16180149              240258390          GR4: NON3YRHARD                                   I-1                    167131.3
       16179279              240290787          GR4: NON3YRHARD                                   I-1                   606067.78
       16179296              240290656          GR4: NON3YRHARD                                   I-1                   458500.33
       16180072              240258259          GR4: NON3YRHARD                                   I-1                   143683.02
       16180232              240278035          GR3: 5 YR Non-Conf                                II-3                  431559.99
       16178886              240267519          GR4: NON3YRHARD                                   I-1                   338219.25
       16179308              240227604          GR5: 3YRHARD                                      I-2                   395710.22
       16179377              240272429          GR5: 3YRHARD                                      I-2                   283991.39
       16180463              240278271          GR2: 5 YR Conf                                    II-2                  135723.94
       16180532              240278342          GR2: 5 YR Conf                                    II-2                     313000
       16179147              240290597          GR4: NON3YRHARD                                   I-1                   286089.58
       16179084              240269830          GR4: NON3YRHARD                                   I-1                   305402.33
       16180301              240278104          GR2: 5 YR Conf                                    II-2                  188699.99
       16180369              240278174          GR2: 5 YR Conf                                    II-2                   324351.3
       16179723              240272228          GR5: 3YRHARD                                      I-2                   263370.87
       16178451              240267064          GR3: 5 YR Non-Conf                                II-3                     434000
       16179813              240272521          GR5: 3YRHARD                                      I-2                      376000
       16179027              240269347          GR4: NON3YRHARD                                   I-1                    420318.6
       16179706              240272182          GR5: 3YRHARD                                      I-2                    167986.1
       16178326              240266949          GR2: 5 YR Conf                                    II-2                     230000
       16180089              240258283          GR4: NON3YRHARD                                   I-1                      295000
       16178388              240267004          GR2: 5 YR Conf                                    II-2                     405000
       16178670              240267247          GR2: 5 YR Conf                                    II-2                     139920
       16179378              240272320          GR5: 3YRHARD                                      I-2                      277222
       16180464              240278272          GR2: 5 YR Conf                                    II-2                     252000
       16180533              240278343          GR2: 5 YR Conf                                    II-2                     238000
       16180302              240278105          GR2: 5 YR Conf                                    II-2                     183920
       16180370              240278175          GR2: 5 YR Conf                                    II-2                     200000
       16179724              240272229          GR5: 3YRHARD                                      I-2                   199577.18
       16179766              240272148          GR5: 3YRHARD                                      I-2                   195585.63
       16178702              240267276          GR2: 5 YR Conf                                    II-2                     124000
       16178947              240268710          GR4: NON3YRHARD                                   I-1                   606074.59
       16179814              240272522          GR5: 3YRHARD                                      I-2                     1430000
       16178422              240267034          GR2: 5 YR Conf                                    II-2                     280000
       16180094              240258360          GR4: NON3YRHARD                                   I-1                      500000
       16180150              240258309          GR5: 3YRHARD                                      I-2                   462978.64
       16179515              240272285          GR5: 3YRHARD                                      I-2                   631221.91
       16178740              240267306          GR3: 5 YR Non-Conf                                II-3                     600000
       16180398              240278205          GR2: 5 YR Conf                                    II-2                   281599.5
       16180465              240278273          GR2: 5 YR Conf                                    II-2                     322500
       16180534              240278344          GR3: 5 YR Non-Conf                                II-3                     480000
       16179085              240269832          GR4: NON3YRHARD                                   I-1                   407285.81
       16178972              240268892          GR4: NON3YRHARD                                   I-1                   357006.24
       16180303              240278106          GR2: 5 YR Conf                                    II-2                  108121.99
       16180158              240258396          GR4: NON3YRHARD                                   I-1                      232000
       16179159              240290582          GR4: NON3YRHARD                                   I-1                    588333.4
       16180371              240278176          GR2: 5 YR Conf                                    II-2                     240000
       16179063              240269659          GR4: NON3YRHARD                                   I-1                   345586.84
       16178987              240269022          GR4: NON3YRHARD                                   I-1                   631606.98
       16179725              240272230          GR5: 3YRHARD                                      I-2                   287607.86
       16179595              240272388          GR5: 3YRHARD                                      I-2                   399954.68
       16178797              240267356          GR2: 5 YR Conf                                    II-2                      95000
       16180135              240258379          GR4: NON3YRHARD                                   I-1                      400000
       16178606              240267187          GR2: 5 YR Conf                                    II-2                     300000
       16179342              240272224          GR5: 3YRHARD                                      I-2                   220071.25
       16178899              240239855          GR4: NON3YRHARD                                   I-1                   226091.04
       16180566              240278377          GR2: 5 YR Conf                                    II-2                  395697.92
       16180466              240278274          GR2: 5 YR Conf                                    II-2                     236720
       16178965              240268823          GR4: NON3YRHARD                                   I-1                   602767.72
       16180535              240278345          GR2: 5 YR Conf                                    II-2                     224000
       16180304              240278107          GR2: 5 YR Conf                                    II-2                     183550
       16178432              240267044          GR3: 5 YR Non-Conf                                II-3                     680000
       16178988              240269023          GR4: NON3YRHARD                                   I-1                   435576.93
       16179726              240272231          GR5: 3YRHARD                                      I-2                   194741.89
       16178881              240266626          GR2: 5 YR Conf                                    II-2                     216750
       16180055              240258297          GR4: NON3YRHARD                                   I-1                   390267.74
       16179962              240272694          GR5: 3YRHARD                                      I-2                      183200
       16178910              240268582          GR4: NON3YRHARD                                   I-1                   211126.43
       16178573              240267163          GR2: 5 YR Conf                                    II-2                  251919.67
       16179239              240290695          GR4: NON3YRHARD                                   I-1                   793347.67
       16179305              240226646          GR5: 3YRHARD                                      I-2                   328358.31
       16178244              240266100          GR2: 5 YR Conf                                    II-2                     256000
       16178664              240266451          GR2: 5 YR Conf                                    II-2                  117015.53
       16178513              240267119          GR2: 5 YR Conf                                    II-2                     258600
       16179841              240272596          GR5: 3YRHARD                                      I-2                   157965.98
       16179887              240272618          GR5: 3YRHARD                                      I-2                   211640.61
       16180520              240278329          GR2: 5 YR Conf                                    II-2                  331967.49
       16180589              240278402          GR2: 5 YR Conf                                    II-2                     349316
       16179988              240272722          GR5: 3YRHARD                                      I-2                      238000
       16180422              240278230          GR3: 5 YR Non-Conf                                II-3                  694999.99
       16180182              240278950          GR4: NON3YRHARD                                   I-1                      710000
       16179171              240267433          GR4: NON3YRHARD                                   I-1                   252105.66
       16178417              240267029          GR2: 5 YR Conf                                    II-2                     191900
       16178275              240266913          GR2: 5 YR Conf                                    II-2                     308000
       16178478              240267091          GR3: 5 YR Non-Conf                                II-3                     532000
       16178190              240266852          GR2: 5 YR Conf                                    II-2                     349550
       16180120              240258373          GR5: 3YRHARD                                      I-2                   229493.72
       16180009              240272700          GR5: 3YRHARD                                      I-2                      304000
       16179842              240272579          GR5: 3YRHARD                                      I-2                    100564.5
       16179633              240272071          GR5: 3YRHARD                                      I-2                   199523.39
       16180521              240278330          GR2: 5 YR Conf                                    II-2                     271950
       16180590              240278403          GR2: 5 YR Conf                                    II-2                  279925.22
       16179936              240272664          GR5: 3YRHARD                                      I-2                      176800
       16179444              240272421          GR5: 3YRHARD                                      I-2                   216069.95
       16180059              240258299          GR4: NON3YRHARD                                   I-1                   399046.77
       16180423              240278231          GR3: 5 YR Non-Conf                                II-3                  448751.88
       16179963              240272695          GR5: 3YRHARD                                      I-2                      744000
       16179770              240272783          GR5: 3YRHARD                                      I-2                      420000
       16179954              240272684          GR5: 3YRHARD                                      I-2                      400000
       16178245              240266101          GR2: 5 YR Conf                                    II-2                     220000
       16180522              240278331          GR2: 5 YR Conf                                    II-2                     256000
       16179634              240272072          GR5: 3YRHARD                                      I-2                   203822.54
       16179122              240290566          GR4: NON3YRHARD                                   I-1                   324035.04
       16180591              240278404          GR2: 5 YR Conf                                    II-2                     109600
       16179782              240272801          GR5: 3YRHARD                                      I-2                   410220.08
       16180424              240278232          GR2: 5 YR Conf                                    II-2                     364600
       16178418              240267030          GR2: 5 YR Conf                                    II-2                     238750
       16179964              240272711          GR5: 3YRHARD                                      I-2                      187200
       16178911              240268585          GR4: NON3YRHARD                                   I-1                   497261.81
       16179667              240272092          GR5: 3YRHARD                                      I-2                   143752.46
       16179240              240290699          GR4: NON3YRHARD                                   I-1                   526185.53
       16179955              240272686          GR5: 3YRHARD                                      I-2                      308000
       16179844              240272583          GR5: 3YRHARD                                      I-2                   317277.82
       16179635              240272073          GR5: 3YRHARD                                      I-2                   164365.74
       16179889              240272575          GR5: 3YRHARD                                      I-2                   287391.13
       16180523              240278332          GR2: 5 YR Conf                                    II-2                  214590.92
       16179197              240267877          GR4: NON3YRHARD                                   I-1                   149040.53
       16180592              240278405          GR2: 5 YR Conf                                    II-2                     124000
       16179937              240272643          GR5: 3YRHARD                                      I-2                      203100
       16178457              240267074          GR2: 5 YR Conf                                    II-2                     190320
       16179445              240272336          GR5: 3YRHARD                                      I-2                   650142.98
       16178725              240267293          GR2: 5 YR Conf                                    II-2                    86072.2
       16179069              240269718          GR4: NON3YRHARD                                   I-1                   428219.13
       16178543              240267140          GR2: 5 YR Conf                                    II-2                     200000
       16179668              240272093          GR5: 3YRHARD                                      I-2                   279332.73
       16180085              240258318          GR4: NON3YRHARD                                   I-1                      536000
       16179311              240272225          GR5: 3YRHARD                                      I-2                   196029.66
       16178680              240267256          GR2: 5 YR Conf                                    II-2                     120000
       16179286              240290796          GR4: NON3YRHARD                                   I-1                   418837.84
       16180010              240272721          GR5: 3YRHARD                                      I-2                   107009.16
       16178246              240266102          GR2: 5 YR Conf                                    II-2                  291507.97
       16178844              240266604          GR2: 5 YR Conf                                    II-2                     120000
       16179793              240272784          GR5: 3YRHARD                                      I-2                   129336.97
       16179636              240272074          GR5: 3YRHARD                                      I-2                   225026.11
       16180593              240278406          GR2: 5 YR Conf                                    II-2                  194846.11
       16178419              240267031          GR2: 5 YR Conf                                    II-2                     244000
       16179789              240272768          GR5: 3YRHARD                                      I-2                      438800
       16180136              240258380          GR4: NON3YRHARD                                   I-1                      336000
       16178333              240266956          GR2: 5 YR Conf                                    II-2                     300000
       16178176              240266842          GR2: 5 YR Conf                                    II-2                     365400
       16179375              240272443          GR5: 3YRHARD                                      I-2                   203840.28
       16179550              240272216          GR5: 3YRHARD                                      I-2                   630319.57
       16180528              240278338          GR2: 5 YR Conf                                    II-2                  195949.99
       16180297              240278100          GR2: 5 YR Conf                                    II-2                     214000
       16179158              240290576          GR4: NON3YRHARD                                   I-1                   438828.19
       16180365              240278170          GR2: 5 YR Conf                                    II-2                     238400
       16179038              240268541          GR4: NON3YRHARD                                   I-1                   390798.74
       16180267              240278070          GR2: 5 YR Conf                                    II-2                     104400
       16179591              240272366          GR5: 3YRHARD                                      I-2                   284510.09
       16179026              240269343          GR4: NON3YRHARD                                   I-1                   263710.89
       16178312              240266939          GR2: 5 YR Conf                                    II-2                     262500
       16179568              240272362          GR5: 3YRHARD                                      I-2                   180877.34
       16178324              240266947          GR2: 5 YR Conf                                    II-2                     168000
       16178711              240265989          GR1: 3 YR Hybrids                                 II-1                     544000
       16178630              240267209          GR2: 5 YR Conf                                    II-2                     340000
       16179522              240272289          GR5: 3YRHARD                                      I-2                   259779.45
       16178631              240265968          GR1: 3 YR Hybrids                                 II-1                     116900
       16179523              240272290          GR5: 3YRHARD                                      I-2                   370115.88
       16178470              240265920          GR1: 3 YR Hybrids                                 II-1                     140000
       16180095              240258361          GR4: NON3YRHARD                                   I-1                      480000
       16179961              240272710          GR5: 3YRHARD                                      I-2                      157500
       16179532              240272326          GR5: 3YRHARD                                      I-2                   407027.71
       16178393              240267007          GR2: 5 YR Conf                                    II-2                  415008.28
       16180101              240258339          GR5: 3YRHARD                                      I-2                  1117330.96
       16180087              240258357          GR4: NON3YRHARD                                   I-1                      358500
       16180100              240258363          GR4: NON3YRHARD                                   I-1                      201500
       16178737              240266514          GR2: 5 YR Conf                                    II-2                     132000
       16178614              240267194          GR2: 5 YR Conf                                    II-2                     533850
       16180519              240278328          GR3: 5 YR Non-Conf                                II-3                     650000
       16179886              240272617          GR5: 3YRHARD                                      I-2                   169195.82
       16180588              240278401          GR2: 5 YR Conf                                    II-2                  191868.02
       16179934              240272687          GR5: 3YRHARD                                      I-2                      199200
       16179987              240272702          GR5: 3YRHARD                                      I-2                      180850
       16180421              240278229          GR2: 5 YR Conf                                    II-2                  121999.99
       16178986              240269008          GR4: NON3YRHARD                                   I-1                   487866.29
       16180488              240278297          GR2: 5 YR Conf                                    II-2                   75875.03
       16178995              240269073          GR4: NON3YRHARD                                   I-1                   651748.98
       16179420              240272226          GR5: 3YRHARD                                      I-2                   122757.87
       16178287              240266919          GR2: 5 YR Conf                                    II-2                     255000
       16178438              240267050          GR2: 5 YR Conf                                    II-2                     150000
       16178752              240267317          GR2: 5 YR Conf                                    II-2                     244176
       16178229              240266084          GR3: 5 YR Non-Conf                                II-3                     464000
       16180489              240278298          GR3: 5 YR Non-Conf                                II-3                     476000
       16179865              240272625          GR5: 3YRHARD                                      I-2                   280755.19
       16180559              240278370          GR2: 5 YR Conf                                    II-2                     328000
       16180394              240278200          GR3: 5 YR Non-Conf                                II-3                     424000
       16180459              240278267          GR3: 5 YR Non-Conf                                II-3                     960000
       16178408              240267020          GR2: 5 YR Conf                                    II-2                     294400
       16179606              240272812          GR5: 3YRHARD                                      I-2                   517803.61
       16179625              240272828          GR5: 3YRHARD                                      I-2                    159618.7
       16178982              240268950          GR4: NON3YRHARD                                   I-1                   621465.41
       16179720              240272152          GR5: 3YRHARD                                      I-2                    463133.3
       16180038              240258254          GR5: 3YRHARD                                      I-2                     99680.1
       16180082              240258355          GR4: NON3YRHARD                                   I-1                      404000
       16178867              240266618          GR3: 5 YR Non-Conf                                II-3                  423999.99
       16179989              240272727          GR5: 3YRHARD                                      I-2                   143461.49
       16179866              240272626          GR5: 3YRHARD                                      I-2                   169228.59
       16180490              240278299          GR2: 5 YR Conf                                    II-2                     146500
       16180560              240278371          GR2: 5 YR Conf                                    II-2                     131920
       16179421              240272322          GR5: 3YRHARD                                      I-2                   376640.57
       16180329              240278132          GR2: 5 YR Conf                                    II-2                     180880
       16180395              240278201          GR2: 5 YR Conf                                    II-2                     415430
       16180460              240278268          GR2: 5 YR Conf                                    II-2                     180000
       16178807              240267364          GR2: 5 YR Conf                                    II-2                     330000
       16179167              240268080          GR4: NON3YRHARD                                   I-1                   271883.84
       16180164              240258401          GR4: NON3YRHARD                                   I-1                   540852.59
       16180056              240258311          GR4: NON3YRHARD                                   I-1                    479501.6
       16179827              240272535          GR5: 3YRHARD                                      I-2                   260525.02
       16178430              240267042          GR2: 5 YR Conf                                    II-2                     391200
       16178530              240267132          GR2: 5 YR Conf                                    II-2                     331530
       16178776              240267338          GR2: 5 YR Conf                                    II-2                  151859.22
       16179534              240272348          GR5: 3YRHARD                                      I-2                   144761.89
       16179517              240272516          GR5: 3YRHARD                                      I-2                   306496.21
       16178230              240266085          GR3: 5 YR Non-Conf                                II-3                     650000
       16179990              240272699          GR5: 3YRHARD                                      I-2                    93809.22
       16179867              240272627          GR5: 3YRHARD                                      I-2                   101827.08
       16180491              240278300          GR3: 5 YR Non-Conf                                II-3                     676000
       16180561              240278372          GR2: 5 YR Conf                                    II-2                  416897.92
       16178977              240268917          GR4: NON3YRHARD                                   I-1                    327919.1
       16180330              240278133          GR2: 5 YR Conf                                    II-2                     247200
       16180396              240278202          GR2: 5 YR Conf                                    II-2                     348900
       16178409              240267021          GR2: 5 YR Conf                                    II-2                  247991.64
       16179721              240272153          GR5: 3YRHARD                                      I-2                   213148.42
       16179312              240272255          GR5: 3YRHARD                                      I-2                   125735.18
       16179535              240272355          GR5: 3YRHARD                                      I-2                   128127.76
       16179304              240290723          GR4: NON3YRHARD                                   I-1                   333928.71
       16178577              240267166          GR2: 5 YR Conf                                    II-2                     120000
       16178671              240267248          GR2: 5 YR Conf                                    II-2                     343960
       16178746              240267311          GR2: 5 YR Conf                                    II-2                     247000
       16178507              240266325          GR2: 5 YR Conf                                    II-2                     132720
       16178558              240267153          GR2: 5 YR Conf                                    II-2                     316000
       16180425              240278233          GR2: 5 YR Conf                                    II-2                     164000
       16180492              240278301          GR2: 5 YR Conf                                    II-2                     235720
       16180562              240278373          GR2: 5 YR Conf                                    II-2                      60000
       16179002              240269139          GR4: NON3YRHARD                                   I-1                   529799.13
       16180331              240278134          GR2: 5 YR Conf                                    II-2                     214400
       16178439              240267051          GR2: 5 YR Conf                                    II-2                     287960
       16179058              240268560          GR4: NON3YRHARD                                   I-1                   404154.36
       16178431              240267043          GR2: 5 YR Conf                                    II-2                     316000
       16180167              240258403          GR4: NON3YRHARD                                   I-1                      140000
       16179536              240272357          GR5: 3YRHARD                                      I-2                   616811.72
       16179332              240272276          GR5: 3YRHARD                                      I-2                   527104.92
       16180071              240258267          GR5: 3YRHARD                                      I-2                   210043.45
       16179938              240272645          GR5: 3YRHARD                                      I-2                      320000
       16178231              240266086          GR3: 5 YR Non-Conf                                II-3                  442216.14
       16180426              240278234          GR3: 5 YR Non-Conf                                II-3                   719812.5
       16179868              240272566          GR5: 3YRHARD                                      I-2                   179619.46
       16180493              240278302          GR2: 5 YR Conf                                    II-2                     112000
       16180563              240278374          GR2: 5 YR Conf                                    II-2                  203630.16
       16178978              240268918          GR4: NON3YRHARD                                   I-1                   455610.69
       16179647              240272810          GR5: 3YRHARD                                      I-2                      100000
       16180332              240278135          GR2: 5 YR Conf                                    II-2                     104000
       16180397              240278204          GR3: 5 YR Non-Conf                                II-3                  542914.17
       16179743              240272123          GR5: 3YRHARD                                      I-2                   261845.26
       16180142              240258385          GR4: NON3YRHARD                                   I-1                      336000
       16179965              240272729          GR5: 3YRHARD                                      I-2                   291382.67
       16179537              240272372          GR5: 3YRHARD                                      I-2                   231977.87
       16178672              240267249          GR2: 5 YR Conf                                    II-2                     239900
       16180189              240258417          GR4: NON3YRHARD                                   I-1                      240900
       16179939              240272646          GR5: 3YRHARD                                      I-2                   255458.79
       16180594              240278407          GR2: 5 YR Conf                                    II-2                     379600
       16179991              240272720          GR5: 3YRHARD                                      I-2                      362850
       16180427              240278235          GR2: 5 YR Conf                                    II-2                     184000
       16179869              240272593          GR5: 3YRHARD                                      I-2                   251467.24
       16180494              240278303          GR2: 5 YR Conf                                    II-2                     378750
       16180564              240278375          GR2: 5 YR Conf                                    II-2                      92000
       16179003              240269141          GR4: NON3YRHARD                                   I-1                   501409.26
       16179093              240269862          GR4: NON3YRHARD                                   I-1                   357121.79
       16180333              240278136          GR2: 5 YR Conf                                    II-2                     268000
       16178993              240269049          GR4: NON3YRHARD                                   I-1                   370028.47
       16179798              240272805          GR5: 3YRHARD                                      I-2                      425000
       16179538              240272356          GR5: 3YRHARD                                      I-2                   150962.23
       16179338              240272209          GR5: 3YRHARD                                      I-2                   261711.91
       16178276              240265883          GR1: 3 YR Hybrids                                 II-1                     704000
       16178542              240266350          GR2: 5 YR Conf                                    II-2                     270000
       16178247              240266103          GR2: 5 YR Conf                                    II-2                  251304.09
       16180595              240278408          GR2: 5 YR Conf                                    II-2                     176800
       16178232              240266087          GR3: 5 YR Non-Conf                                II-3                     435000
       16180428              240278236          GR2: 5 YR Conf                                    II-2                     217600
       16179870              240272587          GR5: 3YRHARD                                      I-2                   231509.52
       16180495              240278304          GR3: 5 YR Non-Conf                                II-3                     720000
       16180565              240278376          GR2: 5 YR Conf                                    II-2                     308000
       16179172              240268110          GR4: NON3YRHARD                                   I-1                    172040.6
       16179425              240272427          GR5: 3YRHARD                                      I-2                   611412.93
       16178410              240267022          GR2: 5 YR Conf                                    II-2                     170400
       16178929              240268637          GR4: NON3YRHARD                                   I-1                   271964.63
       16178747              240267312          GR2: 5 YR Conf                                    II-2                     205200
       16179940              240272647          GR5: 3YRHARD                                      I-2                      121500
       16180596              240278409          GR2: 5 YR Conf                                    II-2                  295121.59
       16179992              240272714          GR5: 3YRHARD                                      I-2                      202400
       16180429              240278237          GR2: 5 YR Conf                                    II-2                   69457.71
       16179871              240272631          GR5: 3YRHARD                                      I-2                   143695.56
       16180496              240278305          GR3: 5 YR Non-Conf                                II-3                     680000
       16180173              240258328          GR4: NON3YRHARD                                   I-1                      620000
       16179426              240272466          GR5: 3YRHARD                                      I-2                   333046.16
       16180334              240278137          GR2: 5 YR Conf                                    II-2                     193600
       16178440              240267052          GR2: 5 YR Conf                                    II-2                     236005
       16179745              240272125          GR5: 3YRHARD                                      I-2                   126098.77
       16178808              240267365          GR2: 5 YR Conf                                    II-2                     142400
       16179966              240272731          GR5: 3YRHARD                                      I-2                   251898.28
       16179028              240269366          GR4: NON3YRHARD                                   I-1                    601687.9
       16178930              240268638          GR4: NON3YRHARD                                   I-1                   161130.71
       16178344              240266965          GR2: 5 YR Conf                                    II-2                     349000
       16178248              240266104          GR2: 5 YR Conf                                    II-2                  275999.66
       16179893              240272628          GR5: 3YRHARD                                      I-2                   592345.07
       16179941              240272648          GR5: 3YRHARD                                      I-2                   458337.48
       16180597              240278410          GR2: 5 YR Conf                                    II-2                     155000
       16179181              240268206          GR4: NON3YRHARD                                   I-1                    39894.55
       16180430              240278238          GR2: 5 YR Conf                                    II-2                     300000
       16179186              240268275          GR4: NON3YRHARD                                   I-1                   363622.98
       16179872              240272632          GR5: 3YRHARD                                      I-2                   235501.07
       16180497              240278306          GR2: 5 YR Conf                                    II-2                     196000
       16178861              240266611          GR2: 5 YR Conf                                    II-2                     213858
       16179004              240269144          GR4: NON3YRHARD                                   I-1                   237885.22
       16179427              240272468          GR5: 3YRHARD                                      I-2                   190423.85
       16178731              240267298          GR2: 5 YR Conf                                    II-2                   90867.76
       16180145              240258287          GR5: 3YRHARD                                      I-2                   324449.04
       16179967              240272732          GR5: 3YRHARD                                      I-2                   155628.24
       16179539              240272371          GR5: 3YRHARD                                      I-2                   171590.11
       16178539              240267137          GR2: 5 YR Conf                                    II-2                   44167.82
       16180121              240258307          GR5: 3YRHARD                                      I-2                   437434.99
       16178345              240266178          GR2: 5 YR Conf                                    II-2                  183174.02
       16178217              240266068          GR3: 5 YR Non-Conf                                II-3                     419500
       16178738              240267304          GR2: 5 YR Conf                                    II-2                   95970.28
       16178498              240267107          GR2: 5 YR Conf                                    II-2                     144000
       16180015              240272719          GR5: 3YRHARD                                      I-2                      508000
       16178609              240267189          GR2: 5 YR Conf                                    II-2                     243920
       16179894              240272629          GR5: 3YRHARD                                      I-2                   242071.75
       16180002              240272744          GR5: 3YRHARD                                      I-2                   107771.67
       16179187              240267744          GR4: NON3YRHARD                                   I-1                   400171.12
       16178501              240266321          GR2: 5 YR Conf                                    II-2                     184000
       16180513              240278322          GR2: 5 YR Conf                                    II-2                  375999.99
       16179882              240272610          GR5: 3YRHARD                                      I-2                   125354.67
       16179440              240272219          GR5: 3YRHARD                                      I-2                   222577.24
       16178445              240267058          GR2: 5 YR Conf                                    II-2                  311189.57
       16178316              240266943          GR2: 5 YR Conf                                    II-2                     264000
       16180064              240258285          GR4: NON3YRHARD                                   I-1                      310000
       16179543              240272329          GR5: 3YRHARD                                      I-2                   255389.93
       16178907              240239854          GR4: NON3YRHARD                                   I-1                   546976.22
       16178347              240266969          GR2: 5 YR Conf                                    II-2                     202750
       16179649              240272814          GR5: 3YRHARD                                      I-2                      223500
       16178257              240266113          GR2: 5 YR Conf                                    II-2                     136500
       16179200              240270232          GR4: NON3YRHARD                                   I-1                   148031.27
       16180615              240278428          GR2: 5 YR Conf                                    II-2                     232000
       16180003              240272745          GR5: 3YRHARD                                      I-2                      191200
       16178242              240266097          GR2: 5 YR Conf                                    II-2                     400000
       16178321              240266945          GR2: 5 YR Conf                                    II-2                     160000
       16178998              240269098          GR4: NON3YRHARD                                   I-1                   629484.31
       16180514              240278323          GR3: 5 YR Non-Conf                                II-3                     674908
       16179629              240272067          GR5: 3YRHARD                                      I-2                   189069.63
       16180583              240278396          GR2: 5 YR Conf                                    II-2                     203600
       16179441              240272318          GR5: 3YRHARD                                      I-2                   211740.31
       16179340              240272277          GR5: 3YRHARD                                      I-2                    259380.4
       16178274              240266912          GR3: 5 YR Non-Conf                                II-3                     635000
       16178538              240267136          GR2: 5 YR Conf                                    II-2                  239981.63
       16179612              240272819          GR5: 3YRHARD                                      I-2                    96070.51
       16179651              240272782          GR5: 3YRHARD                                      I-2                      385000
       16178904              240267639          GR4: NON3YRHARD                                   I-1                   297867.56
       16178579              240267167          GR2: 5 YR Conf                                    II-2                     161600
       16180090              240258329          GR4: NON3YRHARD                                   I-1                   627914.78
       16178616              240266407          GR2: 5 YR Conf                                    II-2                     150360
       16179907              240272606          GR5: 3YRHARD                                      I-2                      472000
       16180616              240278429          GR2: 5 YR Conf                                    II-2                     194400
       16179949              240272670          GR5: 3YRHARD                                      I-2                   203568.58
       16179188              240267746          GR4: NON3YRHARD                                   I-1                    87627.65
       16180515              240278324          GR2: 5 YR Conf                                    II-2                  406250.06
       16179080              240269812          GR4: NON3YRHARD                                   I-1                   190326.44
       16178446              240267059          GR2: 5 YR Conf                                    II-2                     172000
       16179800              240272786          GR5: 3YRHARD                                      I-2                   242620.44
       16178839              240266600          GR3: 5 YR Non-Conf                                II-3                     511182
       16179661              240272086          GR5: 3YRHARD                                      I-2                   272064.85
       16178348              240266970          GR3: 5 YR Non-Conf                                II-3                     745000
       16178330              240266953          GR2: 5 YR Conf                                    II-2                  162499.98
       16178258              240266114          GR2: 5 YR Conf                                    II-2                   149632.4
       16180097              240258319          GR4: NON3YRHARD                                   I-1                   558665.48
       16179908              240272607          GR5: 3YRHARD                                      I-2                      291200
       16179238              240290757          GR4: NON3YRHARD                                   I-1                   495580.47
       16180617              240278430          GR2: 5 YR Conf                                    II-2                  167148.39
       16179192              240267808          GR4: NON3YRHARD                                   I-1                   344093.86
       16180516              240278325          GR2: 5 YR Conf                                    II-2                  266499.48
       16180148              240258388          GR4: NON3YRHARD                                   I-1                      716000
       16178732              240267299          GR2: 5 YR Conf                                    II-2                   87668.72
       16179662              240272087          GR5: 3YRHARD                                      I-2                   135698.33
       16178187              240247187          GR1: 3 YR Hybrids                                 II-1                      82400
       16178268              240247406          GR1: 3 YR Hybrids                                 II-1                     646000
       16178188              240247214          GR1: 3 YR Hybrids                                 II-1                  135199.83
       16179791              240272765          GR5: 3YRHARD                                      I-2                      304000
       16179795              240272779          GR5: 3YRHARD                                      I-2                      586320
       16179797              240272759          GR5: 3YRHARD                                      I-2                      411200
       16179959              240272762          GR5: 3YRHARD                                      I-2                      528000
       16179799              240272760          GR5: 3YRHARD                                      I-2                      288000
       16178350              240248164          GR2: 5 YR Conf                                    II-2                     384000
       16178351              240266973          GR3: 5 YR Non-Conf                                II-3                     828000
       16178270              240247383          GR1: 3 YR Hybrids                                 II-1                     470400
       16178514              240265935          GR1: 3 YR Hybrids                                 II-1                     236800
       16178352              240266974          GR2: 5 YR Conf                                    II-2                     264000
       16178271              240247364          GR1: 3 YR Hybrids                                 II-1                  394299.24
       16178272              240247355          GR1: 3 YR Hybrids                                 II-1                     356000
       16179325              240272246          GR5: 3YRHARD                                      I-2                   144157.46
       16179406              240272211          GR5: 3YRHARD                                      I-2                   533494.07
       16178515              240265936          GR1: 3 YR Hybrids                                 II-1                     208000
       16179326              240272251          GR5: 3YRHARD                                      I-2                   288387.96
       16178516              240265937          GR1: 3 YR Hybrids                                 II-1                     135200
       16178273              240247712          GR2: 5 YR Conf                                    II-2                  164778.68
       16178193              240247254          GR1: 3 YR Hybrids                                 II-1                     180000
       16179409              240272279          GR5: 3YRHARD                                      I-2                   237033.78
       16178194              240247249          GR1: 3 YR Hybrids                                 II-1                     175920
       16178195              240247644          GR2: 5 YR Conf                                    II-2                  128697.96
       16178196              240247196          GR1: 3 YR Hybrids                                 II-1                  105422.18
       16178277              240265884          GR1: 3 YR Hybrids                                 II-1                  428419.24
       16178358              240247222          GR1: 3 YR Hybrids                                 II-1                     144000
       16178197              240247208          GR1: 3 YR Hybrids                                 II-1                  128706.27
       16178278              240247240          GR1: 3 YR Hybrids                                 II-1                     164700
       16178198              240265857          GR1: 3 YR Hybrids                                 II-1                     259204
       16178279              240247315          GR1: 3 YR Hybrids                                 II-1                     261600
       16178199              240265858          GR1: 3 YR Hybrids                                 II-1                     172000
       16180004              240272704          GR5: 3YRHARD                                      I-2                   113336.17
       16178520              240265939          GR1: 3 YR Hybrids                                 II-1                  559018.26
       16178603              240267184          GR2: 5 YR Conf                                    II-2                     142000
       16178360              240247253          GR1: 3 YR Hybrids                                 II-1                     179600
       16178604              240267185          GR2: 5 YR Conf                                    II-2                     145700
       16178607              240265965          GR1: 3 YR Hybrids                                 II-1                     102000
       16179336              240272771          GR5: 3YRHARD                                      I-2                      163200
       16178283              240247307          GR1: 3 YR Hybrids                                 II-1                  235308.35
       16178284              240247276          GR1: 3 YR Hybrids                                 II-1                     200000
       16179337              240272770          GR5: 3YRHARD                                      I-2                      163200
       16178527              240266341          GR2: 5 YR Conf                                    II-2                     244000
       16178529              240265940          GR1: 3 YR Hybrids                                 II-1                     650000
       16179892              240272582          GR5: 3YRHARD                                      I-2                   135638.96
       16180019              240272756          GR5: 3YRHARD                                      I-2                      209200
       16178612              240267192          GR2: 5 YR Conf                                    II-2                      55950
       16178370              240265906          GR1: 3 YR Hybrids                                 II-1                  572580.39
       16178533              240265941          GR1: 3 YR Hybrids                                 II-1                  492668.43
       16178534              240265942          GR1: 3 YR Hybrids                                 II-1                  439995.52
       16178535              240267135          GR2: 5 YR Conf                                    II-2                     187360
       16178536              240265943          GR1: 3 YR Hybrids                                 II-1                  142141.85
       16178537              240265944          GR1: 3 YR Hybrids                                 II-1                  247146.14
       16178456              240265915          GR1: 3 YR Hybrids                                 II-1                  467998.43
       16178294              240247202          GR1: 3 YR Hybrids                                 II-1                     116250
       16178618              240267198          GR2: 5 YR Conf                                    II-2                     171500
       16178296              240247346          GR1: 3 YR Hybrids                                 II-1                     335000
       16178459              240265917          GR1: 3 YR Hybrids                                 II-1                     100000
       16178298              240247232          GR1: 3 YR Hybrids                                 II-1                     152010
       16178379              240265907          GR1: 3 YR Hybrids                                 II-1                  564728.36
       16180020              240272758          GR5: 3YRHARD                                      I-2                      308000
       16178701              240265985          GR1: 3 YR Hybrids                                 II-1                     372000
       16178540              240265945          GR1: 3 YR Hybrids                                 II-1                     171200
       16179350              240272252          GR5: 3YRHARD                                      I-2                      320800
       16178460              240265918          GR1: 3 YR Hybrids                                 II-1                     131920
       16178623              240265966          GR1: 3 YR Hybrids                                 II-1                      89747
       16178705              240265986          GR1: 3 YR Hybrids                                 II-1                     180000
       16178463              240265919          GR1: 3 YR Hybrids                                 II-1                      79900
       16178382              240265908          GR1: 3 YR Hybrids                                 II-1                     307200
       16178544              240265946          GR1: 3 YR Hybrids                                 II-1                     195500
       16178707              240265987          GR1: 3 YR Hybrids                                 II-1                     470000
       16179518              240272287          GR5: 3YRHARD                                      I-2                   256065.17
       16178627              240267206          GR2: 5 YR Conf                                    II-2                      97600
       16178385              240265909          GR1: 3 YR Hybrids                                 II-1                     438300
       16178628              240267207          GR2: 5 YR Conf                                    II-2                     150400
       16178466              240267081          GR2: 5 YR Conf                                    II-2                     220000
       16178469              240267086          GR2: 5 YR Conf                                    II-2                     120300
       16178389              240265910          GR1: 3 YR Hybrids                                 II-1                     288000
       16178710              240265988          GR1: 3 YR Hybrids                                 II-1                  164771.36
       16180393              240278199          GR2: 5 YR Conf                                    II-2                   79795.61
       16178964              240268816          GR4: NON3YRHARD                                   I-1                   497061.07
       16179000              240269109          GR4: NON3YRHARD                                   I-1                   210382.02
       16179083              240269825          GR4: NON3YRHARD                                   I-1                   128081.36
       16180296              240278099          GR2: 5 YR Conf                                    II-2                  183749.99
       16179605              240272817          GR5: 3YRHARD                                      I-2                   315246.94
       16179157              240290814          GR4: NON3YRHARD                                   I-1                   305143.94
       16179719              240272151          GR5: 3YRHARD                                      I-2                    239328.3
       16180042              240258298          GR5: 3YRHARD                                      I-2                   391326.67
       16178532              240267134          GR3: 5 YR Non-Conf                                II-3                     532000
       16178521              240267124          GR2: 5 YR Conf                                    II-2                     165084
       16179486              240272517          GR5: 3YRHARD                                      I-2                   362971.24
       16178896              240267615          GR4: NON3YRHARD                                   I-1                    440700.7
       99999001              240278333          GR2: 5 YR Conf                                    II-2                   83858.43
       99999004              240278346          GR2: 5 YR Conf                                    II-2                     109600
       99999005              240278389          GR2: 5 YR Conf                                    II-2                     361600
       99999007              240278206          GR2: 5 YR Conf                                    II-2                  220999.99
       99999010              240268643          GR4: NON3YRHARD                                   I-1                   188667.95
       15980136              240272474          GR5: 3YRHARD                                      I-2                   225423.14
       99999200              240278179          GR3: 5 YR Non-Conf                                II-3                  760521.46
       99999201              240278152          GR2: 5 YR Conf                                    II-2                     448200
       99999202              240278203          GR2: 5 YR Conf                                    II-2                     288000

LOAN_SEQ                 PAYMENT                STATED_                STATED_                 CURRENT_NET
                                                ORIGINAL_              REM_TERM                _COUPON
                                                TERM
-------------------------------------------------------------------------------------------------------------------
       16180262                1041.25                    360                     358                       5.9985
      122405144                1264.04                    360                     355                       6.4115
       16178479                 532.88                    360                     358                       5.8235
       16179674                 771.93                    360                     358                       6.6235
       16180224                 854.56                    360                     358                       6.2485
       16179289                1415.21                    360                     358                       7.0365
       16179228                3135.99                    360                     355                       6.4115
       16178371                2979.85                    360                     356                       5.1985
       16179245                2251.48                    360                     358                       6.9115
       16179852                2157.75                    360                     358                       6.9985
       16180263                 655.09                    360                     358                       6.4985
       16179810                 1019.6                    360                     357                       6.6235
       16178940                1459.44                    360                     356                       7.3115
       16180106                2193.85                    480                     479                       6.9985
       16180161                 683.06                    360                     359                       7.6235
       16180225                1306.25                    360                     358                       6.6235
       16179773                1403.33                    360                     359                       6.9985
       16178566                 677.08                    360                     358                       5.9485
       16179511                 773.07                    360                     356                       6.8735
       16179290                1447.38                    360                     358                       6.4115
       16179920                  863.1                    360                     359                       6.9985
       16179019                1145.04                    360                     356                       7.3865
       16180362                   8750                    360                     358                       7.2485
       16180264                 883.02                    360                     358                       5.8735
       16179811                1881.59                    360                     358                       6.6235
       16178420                1216.88                    360                     357                       6.5735
       16179566                1183.63                    360                     358                       6.9985
       16179675                 563.02                    360                     358                       6.9985
       16180122                1025.29                    360                     359                       7.1235
       16178735                  790.4                    360                     358                       6.8235
       16180226                1754.17                    360                     358                       5.9985
       16179512                 540.35                    360                     356                       6.8735
       16179214                1350.89                    360                     358                       7.2115
       16179133                 635.35                    360                     358                       6.4115
       16179373                 321.64                    360                     357                       6.9985
       16180363                 3532.5                    360                     358                       6.4985
       16180265                    800                    360                     358                       7.2485
       16179703                    651                    360                     358                       6.9985
       16179567                1119.31                    360                     358                       6.9985
       16178332                 857.08                    360                     357                       6.5735
       16178522                1894.75                    360                     358                       6.3235
       16179482                 617.55                    360                     358                       6.6235
       16179118                1337.65                    360                     358                       7.0365
       16179134                1497.55                    360                     358                       6.6615
       16179772                1150.74                    480                     479                       7.4985
       16179374                 331.29                    360                     357                       6.9985
       16180364                   1426                    360                     358                       7.4985
       16178546                 861.67                    360                     358                       5.5735
       16178967                 883.48                    360                     356                       6.5615
       16180266                  787.5                    360                     358                       6.7485
       16179812                 1608.2                    360                     358                       6.2485
       16179704                 522.34                    360                     358                       6.9985
       16179034                 771.93                    360                     357                       7.2115
       16179692                1138.71                    360                     358                       6.9985
       16180137                1839.55                    360                     359                       5.8735
       16178328                2818.75                    360                     357                       6.5735
       16179278                1495.62                    360                     358                       6.7865
       16180228                 781.25                    360                     358                       5.9985
       16178855                 835.61                    360                     359                       6.5735
       16180185                 1881.6                    360                     359                       6.2485
       16179922                1541.92                    480                     479                       6.7485
       16179942                1057.08                    360                     359                       6.9985
       16180598                 979.43                    360                     358                       6.3735
       16179008                 918.53                    360                     357                       7.2115
       16179013                  784.8                    360                     356                       7.0115
       16179203                    518                    360                     358                       7.4365
       16179449                 694.74                    360                     357                       6.9985
       16180431                 1842.5                    360                     358                       6.6235
       16178813                 956.53                    360                     359                       6.8235
       16179102                 914.81                    360                     358                       7.0365
       16179328                 795.16                    360                     355                       6.8735
       16178996                 802.81                    360                     355                       7.9115
       16179428                 874.86                    360                     357                       6.4985
       16178441                 781.25                    360                     357                       5.9485
       16179747                 336.62                    360                     358                      6.96183
       16178706                 702.33                    360                     359                       5.8235
       16179393                 367.63                    360                     357                       6.9985
       16178681                    825                    360                     359                       6.5735
       16178669                   2790                    360                     358                       6.4485
       16178528                 1512.5                    360                     358                       6.5735
       16179255                2388.17                    360                     358                       6.9115
       16178249                 906.84                    360                     354                       5.9485
       16180076                 596.02                    360                     359                       6.9985
       16178600                1796.67                    360                     358                       5.8235
       16179895                 380.82                    360                     356                       6.9985
       16180599                 2612.5                    360                     358                       6.8735
       16179993                 362.96                    360                     359                       6.9985
       16180432                2012.79                    360                     358                       5.9985
       16179173                 574.48                    360                     356                       7.4365
       16179429                 527.49                    360                     357                       6.9985
       16180129                2415.85                    360                     359                       6.3735
       16179748                  411.7                    360                     358                       6.8735
       16179968                 401.41                    360                     359                       6.9985
       16179029                 887.73                    360                     357                       7.8615
       16178912                 707.61                    360                     355                       7.5115
       16178931                 887.73                    360                     355                       7.9115
       16178335                1916.67                    360                     357                       5.4485
       16179650                1852.65                    360                     359                       6.9985
       16178310                1490.63                    360                     358                       6.3235
       16178218                3723.39                    360                     357                       6.4485
       16179205                1257.45                    360                     358                       7.0365
       16178739                2526.25                    360                     359                       5.5735
       16180016                1170.77                    360                     359                       6.9985
       16178266                 780.47                    360                     357                       6.4485
       16179847                 657.33                    360                     358                       6.9985
       16179896                3069.68                    480                     478                       6.8735
       16179123                 952.05                    360                     358                       7.0365
       16180600                1037.24                    360                     358                       6.4985
       16179204                 747.71                    360                     358                       7.4365
       16179450                 674.16                    360                     357                       6.8735
       16178997                 710.18                    360                     356                       7.5115
       16178781                 771.88                    360                     359                       6.8235
       16179969                 836.26                    360                     359                       6.9985
       16178953                1661.04                    360                     356                       7.5115
       16178309                 862.64                    360                     358                       6.4485
       16179242                1518.14                    360                     358                       7.2115
       16178250                   2125                    360                     354                       5.9485
       16180017                 904.28                    480                     479                       6.9985
       16180601                    860                    360                     358                       5.7485
       16179014                 874.86                    360                     356                       6.5115
       16180433                   4080                    360                     358                       5.7485
       16178805                1139.32                    360                     359                       5.9485
       16179355                  373.1                    360                     357                       6.9985
       16179042                 934.36                    360                     357                       6.7615
       16180091                  508.6                    360                     358                       7.4985
       16178590                   2608                    360                     358                       5.6985
       16178219                   1224                    360                     356                       5.9485
       16178264                1167.91                    360                     357                       6.8235
       16179897                1865.51                    360                     357                       6.8735
       16179125                  995.7                    360                     358                       6.6615
       16179193                1125.74                    360                     357                       6.6615
       16180602                1558.33                    360                     358                       6.6235
       16179198                1216.97                    360                     358                       7.0365
       16179451                 815.52                    360                     357                       6.9985
       16178726                1201.33                    360                     359                       6.3235
       16180048                2139.75                    360                     358                       6.6235
       16180170                 675.45                    360                     359                       6.2485
       16179970                 438.96                    480                     479                       6.7485
       16179022                 874.86                    360                     356                       7.0115
       16178295                 2399.5                    360                     358                       5.6985
       16178575                 728.75                    360                     358                       6.3235
       16178666                1455.19                    360                     356                       6.4485
       16180116                2255.36                    480                     478                       6.8735
       16178601                 2461.2                    360                     358                       6.5735
       16178251                1044.05                    360                     355                       6.0735
       16179783                2040.16                    360                     359                       6.9985
       16179849                 816.64                    360                     358                       6.7485
       16179898                 914.54                    360                     358                       6.6235
       16179194                 414.88                    360                     358                       7.0365
       16180603                 884.58                    360                     358                       6.6235
       16179452                 436.99                    360                     357                       6.9985
       16180627                 505.99                    360                     348                       5.4485
       16179396                 714.82                    480                     477                      6.71183
       16178936                1286.56                    360                     355                       6.6115
       16178954                1697.95                    360                     356                       7.5115
       16178913                1688.61                    360                     354                       6.6115
       16179672                 619.16                    360                     358                       6.9985
       16180110                1048.83                    360                     359                       6.8735
       16178291                1227.15                    360                     357                       6.4485
       16179264                1519.75                    360                     358                       6.5365
       16178220                 956.25                    360                     358                       5.9485
       16180018                 776.75                    480                     479                       6.9985
       16179784                1193.49                    480                     479                       6.9985
       16179108                 765.11                    360                     359                       6.9115
       16179453                2926.92                    360                     357                       6.9985
       16180259                1999.75                    360                     358                       5.7485
       16179673                 501.83                    360                     358                       6.9985
       16178689                1037.92                    360                     359                       6.3235
       16178822                    580                    360                     359                       6.9485
       16179265                1585.68                    360                     358                       7.0365
       16179217                 1785.1                    360                     359                       6.5365
       16179243                1855.86                    360                     358                       7.2115
       16179201                 446.93                    360                     358                       6.9115
       16179850                 655.02                    480                     478                       6.9985
       16179899                 836.26                    360                     358                       6.9985
       16179454                 514.62                    360                     357                       6.1235
       16180260                1486.33                    360                     358                       5.8735
       16179149                 972.48                    360                     358                       7.0365
       16179033                1106.44                    360                     357                       6.6115
       16179564                 693.84                    480                     478                       6.7485
       16178550                2613.75                    360                     358                       6.0735
       16178937                1302.64                    360                     356                       6.6115
       16179790                1312.83                    480                     479                       6.9985
       16180190                  900.6                    360                     359                       6.6235
       16178581                2578.13                    360                     358                       5.9485
       16178568                1726.67                    360                     358                       6.6985
       16179132                1633.93                    360                     359                       6.6615
       16179918                1042.11                    360                     359                       6.9985
       16178221                1870.88                    360                     353                       5.1985
       16179244                1607.55                    360                     357                       6.9115
       16179017                1564.45                    360                     356                       7.5115
       16179109                2291.68                    360                     358                       7.0365
       16178364                   2200                    360                     355                       5.1985
       16179351                2357.62                    360                     359                       6.9985
       16179398                    440                    360                     357                       6.9985
       16180261                 998.08                    360                     358                       7.1235
       16179052                1518.14                    360                     357                       7.7115
       16179565                1031.24                    360                     358                       6.8735
       16178938                1125.74                    360                     356                       7.0115
       16178339                1771.08                    360                     357                       6.5735
       16180105                 632.15                    480                     479                       6.7485
       16180088                 669.02                    360                     359                       6.7485
       16178281                2017.08                    360                     357                       5.5735
       16179919                  828.8                    360                     359                       6.9985
       16178192                2091.02                    360                     357                       6.3235
       16179018                1505.27                    360                     357                       7.7115
       16179851                 486.92                    480                     478                       6.9985
       16179456                1363.75                    360                     357                       6.9985
       16178773                1643.38                    360                     359                       6.1985
       16178640                 979.88                    360                     358                       6.4485
       16178688                    935                    360                     359                       6.0735
       16179294                1733.37                    360                     358                       7.0365
       16179235                2090.66                    360                     358                       7.2115
       16180220                 1192.5                    360                     358                       6.4985
       16179250                1723.99                    360                     358                       6.6615
       16179207                 347.56                    360                     358                       7.0365
       16180070                 766.92                    480                     479                       7.1235
       16179478                1280.04                    360                     357                      6.83683
       16179370                1984.06                    360                     357                      6.96183
       16179526                 482.46                    360                     358                       6.7485
       16180452                   1375                    360                     358                       6.6235
       16180289                1197.62                    360                     358                       6.9985
       16180358                1413.61                    360                     357                       6.6235
       16179163                1052.49                    360                     354                       7.0365
       16179036                 396.26                    360                     357                       7.9115
       16179586                 476.03                    360                     358                       6.9985
       16178784                1027.19                    360                     359                       6.8235
       16178485                1071.51                    360                     358                       6.4485
       16179654                 515.83                    480                     478                       6.9985
       16180036                1435.71                    360                     358                       7.1235
       16180163                1419.13                    480                     479                       7.3735
       16179273                 2178.3                    360                     358                       6.1615
       16180221                   3375                    360                     358                       6.4985
       16178387                1703.75                    360                     357                       5.5735
       16178359                2602.77                    360                     358                       5.5735
       16178897                  615.2                    360                     356                       7.2115
       16180077                 568.29                    360                     359                       6.9985
       16179371                  765.5                    360                     357                       6.9985
       16180453                 728.15                    360                     358                       6.2485
       16180290                1377.81                    360                     358                       6.7485
       16179716                  980.6                    360                     358                      6.96183
       16179061                 449.97                    360                     358                       7.7115
       16179764                 823.13                    480                     478                       6.9985
       16179143                1769.02                    360                     359                       6.1615
       16179807                1466.68                    360                     358                       6.2485
       16178809                3046.88                    360                     359                       6.1985
       16179024                1852.64                    360                     357                       7.7115
       16178793                1368.35                    360                     359                       6.5735
       16180139                 807.59                    360                     360                       1.1235
       16179274                  990.5                    360                     358                       7.0365
       16179295                1125.74                    360                     358                       7.0365
       16180222                    592                    360                     358                       5.7485
       16178842                2049.33                    360                     359                       6.3235
       16178510                  612.5                    360                     358                       5.8235
       16180622                   1050                    360                     358                       7.6235
       16180454                 822.08                    360                     358                       5.9985
       16179166                 964.92                    360                     355                       6.8365
       16179073                 1235.1                    360                     357                       7.5115
       16180291                   1060                    360                     358                       7.2485
       16180359                3723.96                    360                     358                       6.6235
       16178448                 2812.5                    360                     357                       6.4485
       16180065                2305.41                    360                     360                       1.1235
       16179808                2058.49                    360                     358                       6.7485
       16179587                 419.42                    360                     358                       6.9985
       16178638                 552.64                    360                     358                       5.9485
       16179702                 733.34                    360                     358                       5.9985
       16179655                  364.1                    360                     358                       6.8735
       16179025                 378.25                    360                     356                       7.1115
       16179691                 774.15                    360                     358                       6.9985
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       16178378                   1960                    360                     357                       5.8235
       16180624                 1992.6                    360                     358                       6.2485
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       16179062                 1196.5                    360                     357                       7.9115
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       16178338                 1948.1                    360                     357                       6.1985
       16178525                3050.72                    360                     358                       6.0735
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       16179303                1440.69                    360                     358                       7.0365
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       16179985                 943.12                    360                     359                       6.9985
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       16178713                 973.25                    360                     358                       6.0735
       16178645                   1666                    360                     358                       6.6985
       16178548                 758.48                    360                     358                       6.1985
       16178243                1686.52                    360                     356                       5.3235
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       16179121                1206.15                    360                     358                       7.0365
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       16180420                2335.39                    360                     358                       6.6235
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       16178416                    840                    360                     358                       5.6985
       16180067                 327.18                    360                     358                       7.3735
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       16178201                1711.67                    360                     358                       6.0735
       16178202                1188.33                    360                     357                       5.3235
       16178203                1285.63                    360                     358                       5.9485
       16178204                3082.83                    360                     358                       6.1985
       16178205                1183.81                    360                     358                       5.4485
       16178206                 1987.5                    360                     357                       6.1985
       16178207                2229.17                    360                     357                       5.8235
       16178208                2323.96                    360                     358                       5.3235
       16178209                    725                    360                     357                       5.8235
       16178841                3515.42                    360                     359                       7.0735
       16178762                  576.5                    360                     359                       7.1985
       16178843                1492.29                    360                     359                       6.9485
       16178763                    430                    360                     359                       7.1985
       16178845                   3165                    360                     359                       7.1985
       16178846                1420.92                    360                     359                       7.0735
       16178684                1271.63                    360                     359                       7.0735
       16178847                1033.08                    360                     359                       5.8235
       16178685                 866.67                    360                     358                       6.1985
       16178686                 558.85                    360                     359                       6.6985
       16178848                 699.21                    360                     359                       7.1985
       16178849                2422.46                    360                     359                       6.0735
       16178687                1661.83                    360                     359                       7.0735
       16178210                 953.33                    360                     358                       6.4485
       16178211                 913.75                    360                     358                       5.9485
       16178212                2789.06                    360                     358                       5.9485
       16178213                    945                    360                     358                       6.3235
       16178214                 1709.5                    360                     358                       6.0735
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       16178850                 2056.5                    360                     359                       6.4485
       16178852                 745.83                    360                     359                       5.9485
       16178853                 920.05                    360                     359                       7.1985
       16178772                    537                    360                     359                       7.1985
       16178854                 819.09                    360                     359                       6.3235
       16178692                    537                    360                     359                       7.1985
       16178774                1050.94                    360                     359                       7.0735
       16178857                 463.58                    360                     359                       7.0735
       16178858                 1282.5                    360                     359                       5.6985
       16178859                 322.42                    360                     359                       6.3235
       16178697                 688.33                    360                     358                       7.0735
       16178779                4016.99                    360                     359                       5.6985
       16178301                1081.36                    360                     358                       7.0735
       16178303                 833.46                    360                     357                       7.1985
       16178305                1656.97                    360                     357                       6.0735
       16178307                1073.33                    360                     358                       6.6985
       16179831                 283.29                    480                     480                       0.6235
       16178860                1412.88                    360                     359                       5.4485
       16178863                   1145                    360                     359                       7.1985
       16178866                   1250                    360                     359                       7.1985
       16178786                    676                    360                     359                       6.1985
       16178868                2222.92                    360                     359                       6.5735
       16178787                    649                    360                     359                       7.0735
       16178869                 411.15                    360                     359                       7.0735
       16178311                2083.33                    360                     357                       5.9485
       16180194                5614.58                    360                     357                       6.6235
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       16178317                2125.52                    360                     357                       6.3235
       16180198                1041.75                    360                     358                       6.4985
       16180199                    765                    360                     358                       7.2485
       16179921                 553.28                    360                     359                      6.96183
       16178319                 972.24                    360                     356                       6.5735
       16178870                1568.42                    360                     359                       7.0735
       16178790                  687.5                    360                     359                       5.9485
       16178872                    611                    360                     359                       6.1985
       16178873                 498.17                    360                     359                       5.8235
       16178792                 515.63                    360                     359                       7.1985
       16178874                3396.25                    360                     359                       6.8235
       16178794                2343.75                    360                     359                       7.1985
       16178875                 507.92                    360                     359                       6.3235
       16178876                1813.12                    360                     359                       6.5735
       16178795                   2170                    360                     359                       6.6985
       16178877                1251.56                    360                     359                       7.1985
       16178322                1379.55                    360                     358                       6.5735
       16178880                1394.33                    360                     359                       7.0735
       16179771                1399.78                    360                     359                       6.9985
       16178882                1155.42                    360                     359                       7.0735
       16178883                   2500                    360                     359                       7.1985
       16179778                 1271.5                    360                     360                       1.6235
       16178170                 1503.6                    360                     354                       6.3235
       16178173                1454.69                    360                     353                       6.8235
       16178336                 1092.5                    360                     356                       5.4485
       16178174                1933.33                    360                     356                       6.9485
       16178177                 931.23                    360                     356                       6.1985
       16178259                 793.33                    360                     357                       6.6985
       16178178                 1377.5                    360                     355                       6.9485
       16178179                 653.67                    360                     357                       6.3235
       16179785                1016.39                    360                     360                       0.6235
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       16178502                1977.92                    360                     358                       5.5735
       16180626                1214.12                    360                     344                       5.5735
       16178503                    525                    360                     358                       7.1985
       16178180                 707.45                    360                     356                       5.5735
       16178504                 949.53                    360                     358                       6.8235
       16178263                 896.92                    360                     356                       5.5735
       16178506                1833.33                    360                     358                       6.5735
       16178184                   1215                    360                     356                       7.1985
       16178508                   1820                    360                     358                       6.1985
       16178186                 467.02                    360                     356                       7.0735
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       16180385                1489.88                    360                     358                       6.9985
       16180449                   1320                    360                     358                       6.6235
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       16179713                 508.71                    360                     358                       6.9985
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       16179165                 586.41                    360                     358                       7.5615
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       16178405                1448.73                    360                     358                       6.1985
       16178314                 662.18                    360                     358                       6.5735
       16179714                 241.23                    360                     358                       6.7485
       16178783                   3145                    360                     359                       6.0735
       16178524                3281.25                    360                     358                       5.9485
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       16180320                   2940                    360                     358                       6.7485
       16179415                 470.88                    360                     357                       6.9985
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       16178428                1441.63                    360                     358                       5.9485
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       16178785                 840.67                    360                     359                       6.1985
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       16179715                 551.58                    360                     358                       6.9985
       16180138                 677.48                    360                     359                       7.1235
       16178390                 1762.5                    360                     357                       5.5735
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       16180482                 959.58                    360                     358                       5.8735
       16180552                   1820                    360                     358                       5.7485
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       16179090                    651                    360                     358                       7.9115
       16178976                 308.77                    360                     356                       7.9115
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       16179072                 742.99                    360                     357                       7.6365
       16178429                   1625                    360                     358                       6.1985
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       16179931                   1026                    360                     359                       6.9985
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       16178511                 916.18                    360                     358                       6.1985
       16180419                3445.31                    360                     358                       5.8735
       16180485                 940.82                    360                     358                       5.9985
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       16180325                 862.88                    360                     358                       6.4985
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       16179092                 913.46                    360                     358                       7.2615
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       16178729                 567.42                    360                     359                       6.0735
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       16178716                   1330                    360                     359                       6.6985
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       16178829                    714                    360                     359                       6.6985
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       16178961                 849.13                    360                     357                       7.9415
       16179206                 966.34                    360                     358                       7.0365
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       16178280                 719.66                    360                     357                       5.8235
       16180281                   1436                    360                     358                       5.7485
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       16179293                1492.41                    360                     358                       6.9115
       16178468                2605.96                    360                     358                       6.1985
       16179232                1757.76                    360                     357                       6.5365
       16180053                 564.48                    360                     358                       7.2485
       16180061                 1360.2                    360                     358                       6.9985
       16179386                 607.26                    360                     357                       6.9985
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       16178610                 1377.5                    360                     358                       6.9485
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       16179070                 492.75                    360                     357                       7.2615
       16180282                 755.08                    360                     358                       6.2485
       16180351                1958.33                    360                     356                       5.6235
       16179710                  606.4                    360                     358                       6.9985
       16179758                 466.94                    360                     358                      6.96183
       16179579                 915.72                    360                     358                       6.8735
       16178944                1415.21                    360                     356                       6.3115
       16179142                 1019.6                    360                     358                       7.0365
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       16178696                 727.42                    360                     359                       6.6985
       16178712                  997.1                    360                     357                       5.8235
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       16180242                   1040                    360                     358                       5.7485
       16179491                1028.52                    360                     355                       6.9985
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       16180445                1247.97                    360                     358                       5.8735
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       16180283                 1012.5                    360                     358                       6.4985
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       16180352                 598.92                    360                     356                       6.1235
       16179759                 357.24                    360                     358                       6.9985
       16179580                1246.35                    360                     358                      6.96183
       16178789                1031.25                    360                     359                       6.5735
       16180039                2239.14                    360                     359                       6.4985
       16179298                1994.17                    360                     358                       7.0365
       16180243                1359.38                    360                     358                       7.2485
       16179253                2058.49                    360                     358                       5.9115
       16179492                 856.85                    360                     355                       6.9985
       16180382                1640.62                    360                     358                       5.9985
       16180446                4241.25                    360                     358                       6.4985
       16179071                 546.79                    360                     357                       7.9115
       16180284                 1945.8                    360                     358                       6.4985
       16180353                1077.16                    360                     358                       6.1235
       16180166                1395.77                    480                     479                       6.8735
       16178803                4120.83                    360                     359                       5.4485
       16179711                1557.58                    360                     358                       1.3735
       16179777                1217.59                    360                     359                       8.2485
       16179828                 635.56                    360                     359                       6.9985
       16180155                1029.13                    480                     479                       7.3735
       16180127                1571.16                    360                     359                       6.7485
       16179581                 1018.3                    360                     358                       6.9985
       16180165                 734.42                    360                     359                       6.8735
       16180037                2404.63                    360                     359                       7.6235
       16180130                 745.46                    360                     358                       7.4985
       16179493                 678.31                    360                     355                       6.9985
       16179388                 367.96                    360                     357                       6.9985
       16178660                  832.5                    360                     359                       6.4485
       16180383                   2560                    360                     357                       7.2485
       16180447                1275.84                    360                     358                       6.3735
       16178991                1762.58                    360                     356                       7.2615
       16178963                1325.15                    360                     353                       7.2615
       16179600                 778.37                    360                     358                       6.9985
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       16178404                2053.46                    360                     357                       6.1985
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       16179248                2411.39                    360                     358                       7.4615
       16178386                1535.42                    360                     357                       5.1985
       16179261                1904.11                    360                     357                       7.0365
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       16179700                 606.33                    360                     358                      6.96183
       16178828                1306.13                    360                     359                       7.1985
       16178748                 639.17                    360                     359                       7.0735
       16178668                 722.75                    360                     358                       7.0735
       16178589                1654.12                    360                     358                       6.1985
       16180075                2293.48                    360                     359                       6.9985
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       16179801                 398.84                    360                     360                       0.6235
       16178830                 1304.1                    360                     359                       6.6985
       16178831                 386.47                    360                     359                       7.1985
       16179628                 897.31                    360                     358                       6.9985
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       16179439                 614.97                    360                     357                       6.9985
       16180415                 864.58                    360                     358                       5.9985
       16180146                 499.73                    360                     359                       6.8735
       16180115                 414.15                    360                     359                       7.6235
       16178415                1782.18                    360                     358                       6.1985
       16179665                 910.55                    360                     358                      6.96183
       16180119                1035.37                    360                     359                       6.8735
       16178588                 1487.5                    360                     358                       6.0735
       16179520                 617.55                    360                     358                       6.9985
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       16180620                5138.18                    360                     358                       6.6235
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       16180109                1314.86                    480                     479                       6.7485
       16179563                    844                    480                     478                       6.9985
       16178832                 587.34                    360                     359                       7.1985
       16179480                1197.36                    360                     359                       8.3735
       16179481                1187.42                    480                     478                       6.9985
       16178834                 516.25                    360                     359                       7.0735
       16178591                4503.48                    360                     358                       6.1985
       16179644                1206.15                    360                     359                       6.9985
       16178754                   1140                    360                     359                       6.8235
       16179483                 623.04                    480                     479                       6.9985
       16178835                 652.34                    360                     359                       5.9485
       16178836                   5900                    360                     359                       7.0735
       16178755                 2740.6                    360                     359                       6.5735
       16178593                1014.54                    360                     358                       6.3235
       16178756                 793.33                    360                     359                       6.6985
       16180183                1886.34                    480                     479                       6.8735
       16180174                2243.29                    360                     359                       6.7485
       16180044                 877.99                    360                     358                       6.7485
       16179545                  654.1                    360                     358                       6.4985
       16180346                1699.38                    360                     355                       5.9985
       16178323                1239.15                    360                     357                       5.5735
       16178586                 568.75                    360                     358                       6.6985
       16180219                1202.25                    360                     358                       5.7485
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       16179916                3400.96                    360                     359                       6.9985
       16178455                1959.09                    360                     357                       5.8235
       16179621                 900.59                    360                     359                       6.9985
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       16178594                3084.38                    360                     358                       5.5735
       16178676                 1024.5                    360                     358                       6.3235
       16178757                   1625                    360                     359                       7.1985
       16178838                   1500                    360                     359                       7.1985
       16178758                 421.63                    360                     359                       7.1985
       16178596                1863.33                    360                     358                       6.1985
       16178759                1620.43                    360                     359                       7.1985
       16179569                 287.38                    360                     358                      6.96183
       16178678                   2560                    360                     359                       7.1985
       16178679                   2876                    360                     359                       5.6985
       16179327                1013.81                    360                     358                       6.9985
       16178780                2478.13                    360                     359                       6.1985
       16179347                1250.79                    360                     356                       6.6235
       16180614                   1800                    360                     358                       6.4985
       16179948                1571.87                    360                     359                       6.9985
       16178656                4748.96                    360                     358                       5.5735
       16179044                1157.42                    360                     357                       6.6115
       16179620                 554.78                    480                     479                       7.4985
       16180132                 623.64                    480                     479                       7.7485
       16178771                4465.83                    360                     358                       5.4485
       16178682                1929.69                    360                     359                       6.1985
       16179136                 165.16                    360                     358                       6.4115
       16179175                  453.7                    360                     358                       7.4615
       16180357                 776.88                    360                     358                       6.6235
       16179763                 308.48                    480                     478                       6.9985
       16179585                1346.09                    360                     358                       1.3735
       16180258                  890.4                    360                     358                       5.7485
       16179701                 453.17                    360                     358                       6.4985
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       16178922                 997.08                    360                     355                       6.4615
       16178598                 700.73                    360                     358                       5.4485
       16178599                 587.54                    360                     358                       7.0735
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       16179466                 538.96                    360                     357                      6.96183
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       16178741                    990                    360                     359                       6.4485
       16179552                 950.74                    480                     479                       6.9985
       16178742                1180.63                    360                     359                       7.1985
       16178580                2551.03                    360                     358                       6.1985
       16178661                1591.89                    360                     359                       5.8235
       16178823                1306.13                    360                     359                       7.1985
       16178743                1949.57                    360                     359                       6.1985
       16179553                 754.53                    480                     479                       6.9985
       16178824                    690                    360                     359                       5.6985
       16179554                 874.51                    360                     359                       6.9985
       16178663                   1050                    360                     359                       7.1985
       16178826                1567.53                    360                     359                       6.1985
       16178745                1657.62                    360                     359                       7.0735
       16178583                1073.45                    360                     358                       6.8235
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       16179670                1016.38                    360                     358                       6.9985
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       16178675                1785.33                    360                     359                       6.1985
       16179249                2704.99                    360                     357                       6.4615
       16179115                 578.95                    360                     358                       7.2115
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       16179216                 514.62                    360                     359                       6.6615
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       16180207                   1330                    360                     358                       6.7485
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       16179611                  975.8                    360                     359                       7.3735
       16180255                1908.73                    360                     358                       5.9985
       16178920                1260.83                    360                     355                       7.0115
       16178801                2231.25                    360                     359                       6.0735
       16179613                1064.51                    360                     359                       7.4985
       16178641                 794.56                    360                     359                       6.3235
       16178722                   1775                    360                     359                       7.1985
       16178444                 949.88                    360                     358                       6.0735
       16179561                 725.79                    360                     358                       6.7485
       16178804                1257.72                    360                     359                       6.0735
       16178561                 947.85                    360                     358                       5.6985
       16180414                1420.83                    360                     358                       6.6235
       16178436                1562.71                    360                     358                       6.1985
       16179226                 540.35                    360                     354                       7.0365
       16180619                 2263.4                    360                     358                       5.7485
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       16179840                 871.67                    360                     358                       6.9985
       16180217                 971.44                    360                     358                       5.8735
       16178643                 706.33                    360                     358                       6.1985
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       16178889                 990.65                    360                     354                       7.2115
       16179632                 445.43                    360                     358                       6.8735
       16178646                 348.19                    360                     358                       5.9485
       16178727                    921                    360                     359                       7.1985
       16178647                    795                    360                     359                       7.1985
       16178567                 2112.5                    360                     358                       6.1985
       16179947                 530.06                    360                     359                       6.9985
       16179488                 825.24                    360                     357                       6.3735
       16179914                 488.89                    360                     359                       6.9985
       16178486                 736.67                    360                     358                       6.1985
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       16178488                1320.72                    360                     358                       7.1985
       16180210                1168.75                    360                     358                       6.6235
       16180211                4491.67                    360                     358                       6.6235
       16180212                2153.13                    360                     358                       6.2485
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       16180213                1618.07                    360                     357                       6.3735
       16180214                   1560                    360                     358                       6.2485
       16180215                   1125                    360                     358                       6.4985
       16180216                3142.75                    360                     357                       5.7485
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       16178812                 762.08                    360                     359                       7.0735
       16178650                1098.98                    360                     358                       6.9485
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       16178570                 811.96                    360                     358                       6.5735
       16180256                  967.5                    360                     358                       6.4985
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       16179081                 1157.9                    360                     357                       7.8865
       16178447                    936                    360                     358                       6.4485
       16178571                4530.31                    360                     358                       6.8235
       16178814                   2175                    360                     359                       7.1985
       16179562                 874.05                    360                     358                      6.96183
       16178799                2458.81                    360                     359                       6.1985
       16178490                   2155                    360                     358                       7.1985
       16179624                1170.77                    360                     358                       6.9985
       16179363                 514.62                    360                     357                       6.9985
       16179051                 913.46                    360                     357                       7.8865
       16178549                2882.25                    360                     358                       6.4485
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       16179234                 578.95                    360                     358                       7.0365
       16178815                 1873.5                    360                     359                       7.0735
       16178734                1422.15                    360                     359                       6.1985
       16178241                 380.51                    360                     356                       5.8235
       16179105                1353.92                    360                     359                       7.0365
       16180218                  865.1                    360                     358                       6.6235
       16178318                1074.82                    360                     357                       5.6975
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       16178655                   1375                    360                     359                       6.5735
       16179915                 477.28                    360                     359                       6.9985
       16178818                1528.75                    360                     359                       7.1985
       16178819                1147.42                    360                     359                       5.8235
       16179221                1016.38                    360                     359                       6.6615
       16178495                 986.59                    360                     358                       7.0735
       16178576                1821.17                    360                     358                       6.5735
       16178496                1274.98                    360                     358                       7.1985
       16179549                1213.71                    480                     478                       6.9985
       16178578                2208.33                    360                     358                       6.3235
       16178497                    550                    360                     358                       7.1985
       16179477                 755.53                    360                     357                       6.9985
       16179369                 743.63                    360                     357                       6.9985
       16180287                   1185                    360                     358                       5.7485
       16180356                   5225                    360                     357                       6.8735
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       16179524                 669.02                    360                     359                       6.9985
       16178471                1091.19                    360                     358                       6.0735
       16178552                 563.09                    360                     357                       5.8235
       16178633                 707.95                    360                     358                       7.1985
       16178634                   1125                    360                     359                       7.1985
       16179525                  327.3                    480                     479                       7.4985
       16180254                1583.33                    360                     358                       5.9985
       16178919                1093.57                    360                     355                       6.9115
       16178472                1043.38                    360                     358                       6.0735
       16178392                2827.34                    360                     357                       5.5735
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       16178555                 817.76                    360                     358                       7.0735
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       16178475                1516.26                    360                     358                       6.3235
       16178394                2231.67                    360                     358                       7.0735
       16179366                 526.32                    360                     357                      6.46183
       16178637                  792.5                    360                     358                       7.1985
       16178718                1504.17                    360                     359                       5.9485
       16178476                    665                    360                     358                       7.1985
       16178719                 1280.2                    360                     359                       5.9485
       16180581                1275.37                    360                     358                       5.7485
       16179438                 852.35                    360                     357                       6.9985
       16179529                 843.53                    360                     358                       6.9985
       16178395                2892.25                    360                     358                       7.1985
       16178396                   1070                    360                     358                       7.1985
       16178798                2527.16                    360                     359                       6.0735
       16178952                  458.5                    360                     356                       7.1615
       16178958                 745.24                    360                     356                       6.9115
       16179011                 984.22                    360                     356                       7.8865
       16179368                 423.88                    360                     357                      6.46183
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       16179980                 777.36                    360                     359                       6.9985
       16178224                1713.54                    360                     355                       5.4485
       16179179                 763.26                    360                     357                       6.6615
       16180409                 2062.5                    360                     358                       6.6235
       16179786                 625.27                    360                     359                       6.9985
       16179066                2772.53                    360                     357                       7.0115
       16180545                    675                    360                     358                       7.2485
       16180315                1329.17                    360                     358                       6.6235
       16178413                1232.29                    360                     357                       6.1985
       16178985                  689.6                    360                     356                       6.7115
       16179313                 807.67                    360                     355                       6.9985
       16178403                 731.25                    360                     357                       6.1985
       16180125                1972.88                    360                     359                       6.4985
       16178891                 542.65                    360                     355                       7.4365
       16178750                3450.52                    360                     359                       6.3235
       16178299                1702.01                    360                     357                       6.3235
       16178560                 560.36                    360                     358                       6.3235
       16179208                  518.6                    360                     358                       7.0365
       16179880                 855.64                    480                     479                      6.83683
       16179307                 635.75                    360                     358                       6.9985
       16179180                 699.57                    360                     358                       6.9615
       16180410                 2592.5                    360                     358                       6.1235
       16180476                1524.08                    360                     358                       6.6235
       16179836                2331.89                    360                     359                       6.6235
       16180066                1660.03                    360                     359                       6.9985
       16180316                1733.33                    360                     358                       6.2485
       16178974                 288.19                    360                     356                       7.7115
       16178435                1463.85                    360                     358                       6.1985
       16178723                2254.42                    360                     359                       6.1985
       16178183                 879.47                    360                     356                       6.3235
       16179344                 495.32                    360                     356                       6.6235
       16179309                 623.22                    480                     474                       6.9985
       16179341                 180.12                    360                     357                       6.9985
       16178302                 693.42                    360                     358                       6.3235
       16178239                1019.79                    360                     358                       6.4485
       16179209                 622.32                    360                     358                       7.0365
       16180509                   3570                    360                     358                       6.7485
       16179010                 1149.7                    360                     356                       7.8865
       16180411                   1820                    360                     358                       5.7485
       16180477                  941.8                    360                     358                       5.8735
       16179837                  353.8                    360                     359                       6.8735
       16179413                1065.27                    360                     357                       6.9985
       16178414                 764.75                    360                     358                       6.1985
       16178975                 643.28                    360                     357                       7.8865
       16180040                2098.34                    360                     358                       6.7485
       16178509                2194.61                    360                     358                       5.5735
       16180510                1153.88                    360                     358                       6.1235
       16178494                1968.75                    360                     358                       5.9485
       16180579                2055.17                    360                     358                       7.1235
       16179781                 868.74                    360                     359                       8.2485
       16179436                 438.37                    360                     357                       6.7485
       16180412                3452.59                    360                     358                       6.1235
       16180478                 607.33                    360                     358                       6.1235
       16179001                1479.54                    360                     356                       7.3115
       16179736                 628.75                    360                     358                       6.9985
       16178621                 552.49                    360                     359                       6.0735
       16179503                 774.51                    360                     355                       6.8735
       16178617                   2275                    360                     359                       6.1985
       16178572                 614.25                    360                     358                       6.4485
       16178753                    658                    360                     359                       6.6985
       16179623                1222.24                    360                     359                       6.9985
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       16178543                1104.17                    360                     358                       6.3235
       16179668                 900.59                    360                     358                       6.9985
       16180085                1723.99                    360                     359                       6.8735
       16179311                 659.32                    360                     353                       6.8735
       16178680                    675                    360                     358                       6.4485
       16179286                1659.51                    360                     358                       6.4115
       16180010                 446.95                    480                     479                      6.96183
       16178246                1918.23                    360                     358                       6.4485
       16178844                  662.5                    360                     359                       6.3235
       16179793                 479.03                    360                     359                       7.2485
       16179636                 723.69                    360                     358                       6.6235
       16180593                 1233.8                    360                     358                       6.2485
       16178419                1321.67                    360                     357                       6.1985
       16179789                1411.36                    360                     359                       6.9985
       16180136                1159.61                    360                     359                       7.2485
       16178333                 1312.5                    360                     357                       4.9485
       16178176                1750.88                    360                     356                       5.4485
       16179375                 653.57                    360                     357                       6.9985
       16179550                2032.77                    360                     358                       6.9985
       16180528                 1061.4                    360                     358                       6.2485
       16180297                 1337.5                    360                     358                       7.2485
       16179158                1738.53                    360                     358                       7.0365
       16180365                1539.67                    360                     358                       7.4985
       16179038                1265.97                    360                     357                       7.2115
       16180267                 587.25                    360                     358                       6.4985
       16179591                1200.04                    360                     358                      6.83683
       16179026                  844.3                    360                     357                       7.8865
       16178312                1339.84                    360                     358                       5.8235
       16179568                 581.52                    360                     358                       6.9985
       16178324                    840                    360                     357                       5.6985
       16178711                2946.67                    360                     358                       6.1985
       16178630                   2125                    360                     359                       7.1985
       16179522                 837.55                    360                     359                       6.9985
       16178631                 633.21                    360                     358                       6.1985
       16179523                1193.29                    360                     358                       6.9985
       16178470                 758.33                    360                     358                       6.1985
       16180095                1543.87                    360                     359                       6.6235
       16179961                 785.45                    360                     359                      6.96183
       16179532                1312.29                    360                     358                       6.9985
       16178393                2166.73                    360                     358                       5.9485
       16180101                3602.37                    360                     358                       6.7485
       16180087                1237.26                    360                     359                       7.2485
       16180100                 695.42                    360                     359                       7.6235
       16178737                 783.75                    360                     359                       6.8235
       16178614                 2947.3                    360                     358                       6.3235
       16180519                3588.54                    360                     358                       6.3735
       16179886                  545.5                    360                     359                       6.9985
       16180588                1039.57                    360                     358                       6.2485
       16179934                 711.63                    360                     359                       6.9985
       16179987                 581.69                    360                     359                       6.9985
       16180421                 648.13                    360                     358                       6.1235
       16178986                1556.74                    360                     356                       7.9115
       16180488                 505.63                    360                     358                       6.7485
       16178995                2084.22                    360                     356                       7.0115
       16179420                    310                    480                     477                       6.4985
       16178287                1328.13                    360                     357                       5.9485
       16178438                  812.5                    360                     358                       6.1985
       16178752                1271.75                    360                     359                       5.9485
       16178229                   2610                    360                     358                       6.3235
       16180489                   2380                    360                     358                       5.7485
       16179865                 1005.1                    360                     358                       6.9985
       16180559                   1845                    360                     358                       6.4985
       16180394                   2385                    360                     358                       6.4985
       16180459                   5400                    360                     358                       6.4985
       16178408                1533.33                    360                     357                       5.9485
       16179606                1314.86                    480                     479                       6.9985
       16179625                 514.63                    360                     359                       6.9985
       16178982                1994.17                    360                     356                       7.1115
       16179720                1833.36                    360                     358                       2.1235
       16180038                 344.78                    360                     359                       7.1235
       16180082                1299.43                    360                     359                       6.4985
       16178867                2340.83                    360                     359                       6.3235
       16179989                 568.97                    360                     358                       2.1235
       16179866                 681.65                    480                     478                      6.96183
       16180490                 915.63                    360                     358                       7.2485
       16180560                 687.08                    360                     358                       5.9985
       16179421                 950.74                    480                     477                       6.9985
       16180329                1017.45                    360                     358                       6.4985
       16180395                2206.97                    360                     358                       6.1235
       16180460                1068.75                    360                     358                       6.8735
       16178807                 1787.5                    360                     359                       6.1985
       16179167                 870.03                    360                     355                       7.2115
       16180164                1507.82                    480                     479                       7.2485
       16180056                1894.61                    360                     358                       6.7485
       16179827                  881.8                    360                     358                       6.3735
       16178430                 2200.5                    360                     358                       6.4485
       16178530                1761.25                    360                     358                       6.0735
       16178776                 948.28                    360                     359                       6.0735
       16179534                 465.42                    360                     358                       6.9985
       16179517                 977.78                    360                     357                       6.9985
       16178230                3588.54                    360                     358                       6.1985
       16179990                 347.44                    360                     359                       6.7485
       16179867                 257.91                    480                     478                       6.9985
       16180491                 3802.5                    360                     358                       6.4985
       16180561                2041.56                    360                     358                       5.6235
       16178977                1054.98                    360                     357                       7.3115
       16180330                   1236                    360                     358                       5.7485
       16180396                1817.19                    360                     358                       5.9985
       16178409                1420.83                    360                     358                       6.5735
       16179721                 763.07                    360                     358                       6.9985
       16179312                 316.07                    480                     476                       6.6235
       16179535                 538.54                    360                     357                      6.96183
       16179304                1077.49                    360                     358                       6.9115
       16178577                  662.5                    360                     358                       6.3235
       16178671                1863.12                    360                     359                       6.1985
       16178746                1337.92                    360                     359                       6.1985
       16178507                 746.55                    360                     358                       6.4485
       16178558                1909.17                    360                     358                       6.9485
       16180425                 871.25                    360                     358                       6.1235
       16180492                1154.05                    360                     358                       5.6235
       16180562                  362.5                    360                     358                       6.9985
       16179002                1698.26                    360                     357                       7.5115
       16180331                1295.33                    360                     358                       6.9985
       16178439                1649.77                    360                     358                       6.5735
       16179058                1299.42                    360                     357                       7.9115
       16178431                1678.75                    360                     358                       6.0735
       16180167                 483.17                    360                     359                       7.1235
       16179536                1984.84                    360                     357                       6.9985
       16179332                1335.08                    480                     478                       6.7485
       16180071                 675.45                    360                     358                       6.8735
       16179938                1143.18                    360                     359                       6.9985
       16178231                2836.58                    360                     358                       6.1985
       16180426                   3750                    360                     358                       5.9985
       16179868                 643.04                    360                     358                       6.9985
       16180493                 641.67                    360                     358                       6.6235
       16180563                1289.42                    360                     358                       6.2485
       16178978                1453.81                    360                     356                       7.9115
       16179647                 321.64                    360                     359                       6.9985
       16180332                 671.67                    360                     358                       7.4985
       16180397                3261.56                    360                     358                       5.7485
       16179743                 937.41                    360                     358                       6.9985
       16180142                1159.61                    360                     359                       7.2485
       16179965                1043.15                    360                     359                       6.9985
       16179537                 788.53                    360                     358                       6.9985
       16178672                1349.44                    360                     359                       6.4485
       16180189                  831.4                    360                     359                       7.2485
       16179939                 914.54                    360                     359                       6.9985
       16180594                1977.08                    360                     358                       5.9985
       16179991                1296.26                    360                     359                       6.9985
       16180427                   1035                    360                     358                       6.4985
       16179869                 900.25                    360                     358                       6.9985
       16180494                2327.73                    360                     358                       7.1235
       16180564                    575                    360                     358                       7.2485
       16179003                 1608.2                    360                     356                       6.4615
       16179093                1145.04                    360                     357                       7.0115
       16180333                1367.92                    360                     358                       5.8735
       16178993                1183.31                    360                     356                       7.0115
       16179798                1366.97                    360                     359                       4.4985
       16179538                 634.54                    360                     357                      6.96183
       16179338                 841.41                    360                     358                       6.9985
       16178276                3886.67                    360                     357                       6.3235
       16178542                1406.25                    360                     358                       5.9485
       16178247                1592.81                    360                     357                       6.0735
       16180595                 939.25                    360                     358                       6.1235
       16178232                2356.25                    360                     355                       6.0735
       16180428                1337.33                    360                     358                       7.1235
       16179870                  828.8                    360                     358                       6.9985
       16180495                   3975                    360                     358                       6.3735
       16180565                1668.33                    360                     358                       6.2485
       16179172                 681.58                    360                     358                       7.0365
       16179425                   1962                    360                     357                       6.4985
       16178410                    923                    360                     358                       6.1985
       16178929                 868.43                    360                     355                       6.7115
       16178747                 1111.5                    360                     359                       6.1985
       16179940                 456.72                    360                     359                       6.9985
       16180596                1568.25                    360                     358                       6.1235
       16179992                 723.06                    360                     359                       6.9985
       16180429                 411.72                    360                     358                       5.6235
       16179871                 514.43                    360                     359                       6.9985
       16180496                3683.33                    360                     358                       6.2485
       16180173                2139.75                    360                     359                       5.9985
       16179426                1067.84                    360                     357                       6.9985
       16180334                 988.17                    360                     358                       5.8735
       16178440                1253.78                    360                     358                       6.0735
       16179745                 406.55                    360                     358                       6.9985
       16178808                  845.5                    360                     359                       6.8235
       16179966                 812.14                    360                     359                       6.4985
       16179028                1929.81                    360                     356                       7.4115
       16178930                 514.62                    360                     355                       6.6615
       16178344                1854.06                    360                     357                       6.0735
       16178248                1351.25                    360                     354                       5.4485
       16179893                 2120.6                    360                     358                       6.9985
       16179941                 2188.7                    360                     359                       6.9115
       16180597                 758.85                    360                     358                       5.6235
       16179181                 158.05                    360                     358                       7.2115
       16180430                   1875                    360                     358                       7.2485
       16179186                1170.77                    360                     357                       6.9615
       16179872                 843.09                    360                     359                       6.9985
       16180497                1041.25                    360                     358                       6.1235
       16178861                1180.67                    360                     359                       6.3235
       16179004                 759.07                    360                     356                       7.9115
       16179427                  612.4                    360                     357                       6.9985
       16178731                 567.42                    360                     359                       6.0735
       16180145                 821.79                    480                     479                       7.4985
       16179967                 501.76                    360                     359                       6.9985
       16179539                 553.22                    360                     358                       6.9985
       16178539                 276.06                    360                     358                       6.0735
       16180121                1513.01                    360                     359                       6.8735
       16178345                 992.33                    360                     356                       6.1985
       16178217                2359.69                    360                     357                       6.3235
       16178738                    470                    360                     359                       5.5735
       16178498                    750                    360                     358                       5.9485
       16180015                 1814.8                    360                     359                       6.9985
       16178609                 980.41                    360                     358                       6.0735
       16179894                 780.46                    360                     358                       6.9985
       16180002                 385.82                    360                     359                       6.9985
       16179187                1286.56                    360                     358                       7.0365
       16178501                   1035                    360                     358                       6.4485
       16180513                2036.67                    360                     358                       6.2485
       16179882                 317.59                    480                     478                       6.8735
       16179440                 800.23                    360                     357                       7.3735
       16178445                2023.63                    360                     357                       6.4485
       16178316                 1512.5                    360                     356                       6.5735
       16180064                 997.09                    360                     359                       6.7485
       16179543                  823.4                    360                     358                       6.9985
       16178907                1749.72                    360                     356                       6.9115
       16178347                1161.59                    360                     357                       6.5735
       16179649                 718.87                    360                     359                       6.8735
       16178257                 710.94                    360                     358                       5.8235
       16179200                 584.78                    360                     358                       7.0365
       16180615                1208.33                    360                     358                       5.9985
       16180003                 483.46                    480                     479                       6.9985
       16178242                2166.67                    360                     358                       6.0735
       16178321                    750                    360                     358                       5.3235
       16178998                 2019.9                    360                     356                       7.1115
       16180514                3444.84                    360                     358                       5.8735
       16179629                 652.28                    360                     358                       6.9985
       16180583                1145.25                    360                     358                       6.4985
       16179441                 892.66                    360                     357                      6.96183
       16179340                 836.27                    360                     358                       6.9985
       16178274                3505.73                    360                     358                       6.3235
       16178538                   1300                    360                     358                       6.1985
       16179612                 309.74                    360                     359                       6.8735
       16179651                  973.5                    480                     479                       6.9985
       16178904                 952.05                    360                     356                       7.2115
       16178579                 976.33                    360                     358                       6.9485
       16180090                2171.85                    360                     358                       7.6235
       16178616                 861.44                    360                     358                       6.5735
       16179907                1686.19                    360                     359                       6.9985
       16180616                 1012.5                    360                     358                       5.9985
       16179949                 728.78                    360                     359                       6.9985
       16179188                 314.37                    360                     358                       7.4615
       16180515                2158.73                    360                     358                       6.1235
       16179080                 705.76                    360                     357                       7.5115
       16178446                 931.67                    360                     357                       6.1985
       16179800                 782.23                    360                     359                       6.9985
       16178839                   2982                    360                     359                       6.6985
       16179661                  971.7                    360                     358                       6.8735
       16178348                3569.79                    360                     357                       5.4485
       16178330                 930.99                    360                     357                       6.5735
       16178258                 985.39                    360                     358                       6.4485
       16180097                1801.19                    360                     359                       6.7485
       16179908                1346.94                    360                     359                      6.96183
       16179238                1595.33                    360                     357                       6.6615
       16180617                   1085                    360                     358                       7.2485
       16179192                1239.46                    360                     358                       7.0615
       16180516                1304.74                    360                     358                       5.6235
       16180148                2471.07                    360                     359                       6.2485
       16178732                 547.45                    360                     359                       6.0735
       16179662                 485.85                    360                     358                       1.3735
       16178187                 506.42                    360                     357                       7.0735
       16178268                   3230                    360                     356                       5.6985
       16178188                 816.83                    360                     356                       6.9485
       16179791                 977.79                    360                     360                       0.6235
       16179795                1482.55                    480                     480                       0.6235
       16179797                1322.59                    360                     360                       0.6235
       16179959                1335.08                    480                     480                       0.6235
       16179799                1064.51                    360                     360                       1.6235
       16178350                   2400                    360                     358                       7.1985
       16178351                   5175                    360                     357                       7.1985
       16178270                   2303                    360                     357                       5.5735
       16178514                   1332                    360                     358                       6.4485
       16178352                   1485                    360                     357                       6.4485
       16178271                2012.57                    360                     356                       5.8235
       16178272                1817.08                    360                     356                       5.8235
       16179325                 587.87                    360                     358                       8.2485
       16179406                1351.26                    480                     478                       6.9985
       16178515                1256.67                    360                     358                       6.9485
       16179326                1214.22                    360                     358                       8.6235
       16178516                 732.33                    360                     358                       6.1985
       16178273                1029.87                    360                     357                       7.1985
       16178193                   1050                    360                     356                       6.6985
       16179409                 764.22                    360                     358                       6.9985
       16178194                 1026.2                    360                     357                       6.6985
       16178195                 807.19                    360                     356                       7.1985
       16178196                 648.64                    360                     357                       7.0735
       16178277                1830.05                    360                     358                       4.8235
       16178358                    825                    360                     358                       6.5735
       16178197                 750.79                    360                     357                       6.6985
       16178278                 909.28                    360                     357                       6.3235
       16178198                1296.02                    360                     356                       5.6985
       16178279                1607.75                    360                     357                       7.0735
       16178199                 877.92                    360                     357                       5.8235
       16180004                 541.21                    360                     359                      6.71183
       16178520                   3029                    360                     358                       6.1985
       16178603                 872.71                    360                     358                       7.0735
       16178360                 935.42                    360                     358                       5.9485
       16178604                 910.63                    360                     358                       7.1985
       16178607                 541.88                    360                     358                       6.0735
       16179336                 494.22                    480                     480                       1.6235
       16178283                1433.96                    360                     357                       5.8235
       16178284                1166.67                    360                     357                       6.6985
       16179337                 494.22                    480                     480                       1.6235
       16178527                   1525                    360                     358                       7.1985
       16178529                3520.83                    360                     358                       6.1985
       16179892                 484.29                    480                     478                      6.58683
       16180019                 528.98                    480                     480                       0.6235
       16178612                    350                    360                     359                       7.1985
       16178370                2685.94                    360                     355                       5.3235
       16178533                3241.94                    360                     358                       6.5735
       16178534                2245.83                    360                     358                       5.8235
       16178535                1151.48                    360                     358                       7.0735
       16178536                 900.06                    360                     358                       6.1985
       16178537                   1339                    360                     358                       6.1985
       16178456                 2827.5                    360                     358                       6.9485
       16178294                 714.45                    360                     357                       7.0735
       16178618                 946.82                    360                     358                       6.3235
       16178296                1744.79                    360                     358                       5.9485
       16178459                 614.58                    360                     358                       7.0735
       16178298                 934.23                    360                     357                       7.0735
       16178379                2766.64                    360                     357                       5.5735
       16180020                 990.65                    360                     360                       0.6235
       16178701                2286.25                    360                     359                       7.0735
       16178540                 998.67                    360                     358                       6.6985
       16179350                 811.17                    480                     479                       6.9985
       16178460                 810.76                    360                     358                       7.0735
       16178623                 568.29                    360                     358                       6.1985
       16178705                 918.75                    360                     359                       5.8235
       16178463                 416.15                    360                     358                       5.9485
       16178382                   1504                    360                     357                       5.5735
       16178544                1201.51                    360                     358                       7.0735
       16178707                2643.75                    360                     359                       6.4485
       16179518                 648.58                    480                     478                       6.9985
       16178627                 599.83                    360                     358                       7.0735
       16178385                2145.84                    360                     357                       5.5735
       16178628                 924.33                    360                     359                       7.0735
       16178466                1352.08                    360                     358                       7.0735
       16178469                 751.88                    360                     358                       7.1985
       16178389                   1260                    360                     357                       4.9485
       16178710                1124.91                    360                     359                       6.9485
       16180393                 512.25                    360                     358                       6.3735
       16178964                1595.33                    360                     356                       7.0115
       16179000                 674.16                    360                     356                       7.9115
       16179083                  411.7                    360                     358                       7.2515
       16180296                1110.16                    360                     358                       6.9985
       16179605                1016.39                    360                     359                       6.8735
       16179157                1131.04                    360                     358                       7.2115
       16179719                 771.61                    360                     358                       6.9985
       16180042                  991.2                    480                     478                       7.3735
       16178532                2770.83                    360                     358                       5.9485
       16178521                 791.03                    360                     357                       5.4485
       16179486                1342.33                    360                     357                       6.1235
       16178896                1402.35                    360                     354                       7.0365
       99999001                 551.83                    360                     358                       6.6235
       99999004                 659.88                    360                     358                       6.9735
       99999005                2071.67                    360                     358                       6.6235
       99999007                1266.15                    360                     358                       6.6235
       99999010                 604.68                    360                     355                       6.6115
       15980136                  73.78                    360                     357                       6.6235
       99999200                 5456.2                    360                     358                       7.4985
       99999201                2474.44                    360                     357                       6.3735
       99999202                   1740                    360                     358                       6.9985

LOAN_SEQ                 TRUSTFEE                LPMI            MSERV              SERV_FEE
---------------------------------------------------------------------------------------------------
       16180262                  0.0015               0                  0                    0.25
      122405144                  0.0015               0                  0                   0.375
       16178479                  0.0015               0                  0                     0.3
       16179674                  0.0015               0                  0                   0.375
       16180224                  0.0015               0                  0                    0.25
       16179289                  0.0015               0                  0                   0.375
       16179228                  0.0015               0                  0                   0.375
       16178371                  0.0015               0                  0                     0.3
       16179245                  0.0015               0                  0                   0.375
       16179852                  0.0015               0                  0                   0.375
       16180263                  0.0015               0                  0                    0.25
       16179810                  0.0015               0                  0                   0.375
       16178940                  0.0015               0                  0                   0.375
       16180106                  0.0015               0                  0                   0.375
       16180161                  0.0015               0                  0                   0.375
       16180225                  0.0015               0                  0                    0.25
       16179773                  0.0015               0                  0                   0.375
       16178566                  0.0015               0                  0                     0.3
       16179511                  0.0015               0                  0                   0.375
       16179290                  0.0015               0                  0                   0.375
       16179920                  0.0015               0                  0                   0.375
       16179019                  0.0015               0                  0                   0.375
       16180362                  0.0015               0                  0                    0.25
       16180264                  0.0015               0                  0                    0.25
       16179811                  0.0015               0                  0                   0.375
       16178420                  0.0015               0                  0                     0.3
       16179566                  0.0015               0                  0                   0.375
       16179675                  0.0015               0                  0                   0.375
       16180122                  0.0015               0                  0                   0.375
       16178735                  0.0015               0                  0                     0.3
       16180226                  0.0015               0                  0                    0.25
       16179512                  0.0015               0                  0                   0.375
       16179214                  0.0015               0                  0                   0.375
       16179133                  0.0015               0                  0                   0.375
       16179373                  0.0015               0                  0                   0.375
       16180363                  0.0015               0                  0                    0.25
       16180265                  0.0015               0                  0                    0.25
       16179703                  0.0015               0                  0                   0.375
       16179567                  0.0015               0                  0                   0.375
       16178332                  0.0015               0                  0                     0.3
       16178522                  0.0015               0                  0                     0.3
       16179482                  0.0015               0                  0                   0.375
       16179118                  0.0015               0                  0                   0.375
       16179134                  0.0015               0                  0                   0.375
       16179772                  0.0015               0                  0                   0.375
       16179374                  0.0015               0                  0                   0.375
       16180364                  0.0015               0                  0                    0.25
       16178546                  0.0015               0                  0                     0.3
       16178967                  0.0015               0                  0                   0.375
       16180266                  0.0015               0                  0                    0.25
       16179812                  0.0015               0                  0                   0.375
       16179704                  0.0015               0                  0                   0.375
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       16179157                  0.0015               0                  0                   0.375
       16179719                  0.0015               0                  0                   0.375
       16180042                  0.0015               0                  0                   0.375
       16178532                  0.0015               0                  0                     0.3
       16178521                  0.0015               0                  0                     0.3
       16179486                  0.0015               0                  0                   0.375
       16178896                  0.0015               0                  0                   0.375
       99999001                  0.0015               0                  0                    0.25
       99999004                  0.0015               0                  0                    0.25
       99999005                  0.0015               0                  0                    0.25
       99999007                  0.0015               0                  0                    0.25
       99999010                  0.0015               0                  0                   0.375
       15980136                  0.0015               0                  0                   0.375
       99999200                  0.0015               0                  0                    0.25
       99999201                  0.0015               0                  0                    0.25
       99999202                  0.0015               0                  0                    0.25

LOAN_SEQ                 Servicer                                CURRENT_
                                                                 GROSS_COUPON
---------------------------------------------------------------------------------------
       16180262          Wells Fargo                                              6.25
      122405144          INDYMAC                                                 6.788
       16178479          GMAC                                                    6.125
       16179674          EMC Mortgage                                                7
       16180224          Wells Fargo                                               6.5
       16179289          INDYMAC                                                 7.413
       16179228          INDYMAC                                                 6.788
       16178371          GMAC                                                      5.5
       16179245          INDYMAC                                                 7.288
       16179852          EMC Mortgage                                            7.375
       16180263          Wells Fargo                                              6.75
       16179810          EMC Mortgage                                                7
       16178940          INDYMAC                                                 7.688
       16180106          PAUL FINANCIAL                                          7.375
       16180161          PAUL FINANCIAL                                              8
       16180225          Wells Fargo                                             6.875
       16179773          EMC Mortgage                                            7.375
       16178566          GMAC                                                     6.25
       16179511          EMC Mortgage                                             7.25
       16179290          INDYMAC                                                 6.788
       16179920          EMC Mortgage                                            7.375
       16179019          INDYMAC                                                 7.763
       16180362          Wells Fargo                                               7.5
       16180264          Wells Fargo                                             6.125
       16179811          EMC Mortgage                                                7
       16178420          GMAC                                                    6.875
       16179566          EMC Mortgage                                            7.375
       16179675          EMC Mortgage                                            7.375
       16180122          PAUL FINANCIAL                                            7.5
       16178735          GMAC                                                    7.125
       16180226          Wells Fargo                                              6.25
       16179512          EMC Mortgage                                             7.25
       16179214          INDYMAC                                                 7.588
       16179133          INDYMAC                                                 6.788
       16179373          EMC Mortgage                                            7.375
       16180363          Wells Fargo                                              6.75
       16180265          Wells Fargo                                               7.5
       16179703          EMC Mortgage                                            7.375
       16179567          EMC Mortgage                                            7.375
       16178332          GMAC                                                    6.875
       16178522          GMAC                                                    6.625
       16179482          EMC Mortgage                                                7
       16179118          INDYMAC                                                 7.413
       16179134          INDYMAC                                                 7.038
       16179772          EMC Mortgage                                            7.875
       16179374          EMC Mortgage                                            7.375
       16180364          Wells Fargo                                              7.75
       16178546          GMAC                                                    5.875
       16178967          INDYMAC                                                 6.938
       16180266          Wells Fargo                                                 7
       16179812          EMC Mortgage                                            6.625
       16179704          EMC Mortgage                                            7.375
       16179034          INDYMAC                                                 7.588
       16179692          EMC Mortgage                                            7.375
       16180137          PAUL FINANCIAL                                           6.25
       16178328          GMAC                                                    6.875
       16179278          INDYMAC                                                 7.163
       16180228          Wells Fargo                                              6.25
       16178855          GMAC                                                    6.875
       16180185          PAUL FINANCIAL                                          6.625
       16179922          EMC Mortgage                                            7.125
       16179942          EMC Mortgage                                            7.375
       16180598          Wells Fargo                                             6.625
       16179008          INDYMAC                                                 7.588
       16179013          INDYMAC                                                 7.388
       16179203          INDYMAC                                                 7.813
       16179449          EMC Mortgage                                            7.375
       16180431          Wells Fargo                                             6.875
       16178813          GMAC                                                    7.125
       16179102          INDYMAC                                                 7.413
       16179328          EMC Mortgage                                             7.25
       16178996          INDYMAC                                                 8.288
       16179428          EMC Mortgage                                            6.875
       16178441          GMAC                                                     6.25
       16179747          EMC Mortgage                                          7.33833
       16178706          GMAC                                                    6.125
       16179393          EMC Mortgage                                            7.375
       16178681          GMAC                                                    6.875
       16178669          GMAC                                                     6.75
       16178528          GMAC                                                    6.875
       16179255          INDYMAC                                                 7.288
       16178249          GMAC                                                    6.375
       16180076          PAUL FINANCIAL                                          7.375
       16178600          GMAC                                                    6.125
       16179895          EMC Mortgage                                            7.375
       16180599          Wells Fargo                                             7.125
       16179993          EMC Mortgage                                            7.375
       16180432          Wells Fargo                                              6.25
       16179173          INDYMAC                                                 7.813
       16179429          EMC Mortgage                                            7.375
       16180129          PAUL FINANCIAL                                           6.75
       16179748          EMC Mortgage                                             7.25
       16179968          EMC Mortgage                                            7.375
       16179029          INDYMAC                                                 8.238
       16178912          INDYMAC                                                 7.888
       16178931          INDYMAC                                                 8.288
       16178335          GMAC                                                     5.75
       16179650          EMC Mortgage                                            7.375
       16178310          GMAC                                                    6.625
       16178218          GMAC                                                    6.875
       16179205          INDYMAC                                                 7.413
       16178739          GMAC                                                    5.875
       16180016          EMC Mortgage                                            7.375
       16178266          GMAC                                                     6.75
       16179847          EMC Mortgage                                            7.375
       16179896          EMC Mortgage                                             7.25
       16179123          INDYMAC                                                 7.413
       16180600          Wells Fargo                                              6.75
       16179204          INDYMAC                                                 7.813
       16179450          EMC Mortgage                                             7.25
       16178997          INDYMAC                                                 7.888
       16178781          GMAC                                                    7.125
       16179969          EMC Mortgage                                            7.375
       16178953          INDYMAC                                                 7.888
       16178309          GMAC                                                     6.75
       16179242          INDYMAC                                                 7.588
       16178250          GMAC                                                    6.375
       16180017          EMC Mortgage                                            7.375
       16180601          Wells Fargo                                                 6
       16179014          INDYMAC                                                 6.888
       16180433          Wells Fargo                                                 6
       16178805          GMAC                                                     6.25
       16179355          EMC Mortgage                                            7.375
       16179042          INDYMAC                                                 7.138
       16180091          PAUL FINANCIAL                                          7.875
       16178590          GMAC                                                        6
       16178219          GMAC                                                    6.375
       16178264          GMAC                                                    7.125
       16179897          EMC Mortgage                                             7.25
       16179125          INDYMAC                                                 7.038
       16179193          INDYMAC                                                 7.038
       16180602          Wells Fargo                                             6.875
       16179198          INDYMAC                                                 7.413
       16179451          EMC Mortgage                                            7.375
       16178726          GMAC                                                    6.625
       16180048          PAUL FINANCIAL                                              7
       16180170          PAUL FINANCIAL                                          6.625
       16179970          EMC Mortgage                                            7.125
       16179022          INDYMAC                                                 7.388
       16178295          GMAC                                                        6
       16178575          GMAC                                                    6.625
       16178666          GMAC                                                     6.75
       16180116          PAUL FINANCIAL                                           7.25
       16178601          GMAC                                                    6.875
       16178251          GMAC                                                      6.5
       16179783          EMC Mortgage                                            7.375
       16179849          EMC Mortgage                                            7.125
       16179898          EMC Mortgage                                                7
       16179194          INDYMAC                                                 7.413
       16180603          Wells Fargo                                             6.875
       16179452          EMC Mortgage                                            7.375
       16180627          GMAC                                                     5.75
       16179396          EMC Mortgage                                          7.08833
       16178936          INDYMAC                                                 6.988
       16178954          INDYMAC                                                 7.888
       16178913          INDYMAC                                                 6.988
       16179672          EMC Mortgage                                            7.375
       16180110          PAUL FINANCIAL                                           7.25
       16178291          GMAC                                                     6.75
       16179264          INDYMAC                                                 6.913
       16178220          GMAC                                                    6.375
       16180018          EMC Mortgage                                            7.375
       16179784          EMC Mortgage                                            7.375
       16179108          INDYMAC                                                 7.288
       16179453          EMC Mortgage                                            7.375
       16180259          Wells Fargo                                                 6
       16179673          EMC Mortgage                                            7.375
       16178689          GMAC                                                    6.625
       16178822          GMAC                                                     7.25
       16179265          INDYMAC                                                 7.413
       16179217          INDYMAC                                                 6.913
       16179243          INDYMAC                                                 7.588
       16179201          INDYMAC                                                 7.288
       16179850          EMC Mortgage                                            7.375
       16179899          EMC Mortgage                                            7.375
       16179454          EMC Mortgage                                              6.5
       16180260          Wells Fargo                                             6.125
       16179149          INDYMAC                                                 7.413
       16179033          INDYMAC                                                 6.988
       16179564          EMC Mortgage                                            7.125
       16178550          GMAC                                                    6.375
       16178937          INDYMAC                                                 6.988
       16179790          EMC Mortgage                                            7.375
       16180190          PAUL FINANCIAL                                              7
       16178581          GMAC                                                     6.25
       16178568          GMAC                                                        7
       16179132          INDYMAC                                                 7.038
       16179918          EMC Mortgage                                            7.375
       16178221          GMAC                                                    5.625
       16179244          INDYMAC                                                 7.288
       16179017          INDYMAC                                                 7.888
       16179109          INDYMAC                                                 7.413
       16178364          GMAC                                                      5.5
       16179351          EMC Mortgage                                            7.375
       16179398          EMC Mortgage                                            7.375
       16180261          Wells Fargo                                             7.375
       16179052          INDYMAC                                                 8.088
       16179565          EMC Mortgage                                             7.25
       16178938          INDYMAC                                                 7.388
       16178339          GMAC                                                    6.875
       16180105          PAUL FINANCIAL                                          7.125
       16180088          PAUL FINANCIAL                                          7.125
       16178281          GMAC                                                    5.875
       16179919          EMC Mortgage                                            7.375
       16178192          GMAC                                                    6.625
       16179018          INDYMAC                                                 8.088
       16179851          EMC Mortgage                                            7.375
       16179456          EMC Mortgage                                            7.375
       16178773          GMAC                                                      6.5
       16178640          GMAC                                                     6.75
       16178688          GMAC                                                    6.375
       16179294          INDYMAC                                                 7.413
       16179235          INDYMAC                                                 7.588
       16180220          Wells Fargo                                              6.75
       16179250          INDYMAC                                                 7.038
       16179207          INDYMAC                                                 7.413
       16180070          PAUL FINANCIAL                                            7.5
       16179478          EMC Mortgage                                          7.21333
       16179370          EMC Mortgage                                          7.33833
       16179526          EMC Mortgage                                            7.125
       16180452          Wells Fargo                                             6.875
       16180289          Wells Fargo                                              7.25
       16180358          Wells Fargo                                             6.875
       16179163          INDYMAC                                                 7.413
       16179036          INDYMAC                                                 8.288
       16179586          EMC Mortgage                                            7.375
       16178784          GMAC                                                    7.125
       16178485          GMAC                                                     6.75
       16179654          EMC Mortgage                                            7.375
       16180036          PAUL FINANCIAL                                            7.5
       16180163          PAUL FINANCIAL                                           7.75
       16179273          INDYMAC                                                 6.538
       16180221          Wells Fargo                                              6.75
       16178387          GMAC                                                    5.875
       16178359          GMAC                                                    5.875
       16178897          INDYMAC                                                 7.588
       16180077          PAUL FINANCIAL                                          7.375
       16179371          EMC Mortgage                                            7.375
       16180453          Wells Fargo                                               6.5
       16180290          Wells Fargo                                                 7
       16179716          EMC Mortgage                                          7.33833
       16179061          INDYMAC                                                 8.088
       16179764          EMC Mortgage                                            7.375
       16179143          INDYMAC                                                 6.538
       16179807          EMC Mortgage                                            6.625
       16178809          GMAC                                                      6.5
       16179024          INDYMAC                                                 8.088
       16178793          GMAC                                                    6.875
       16180139          PAUL FINANCIAL                                            1.5
       16179274          INDYMAC                                                 7.413
       16179295          INDYMAC                                                 7.413
       16180222          Wells Fargo                                                 6
       16178842          GMAC                                                    6.625
       16178510          GMAC                                                    6.125
       16180622          Wells Fargo                                             7.875
       16180454          Wells Fargo                                              6.25
       16179166          INDYMAC                                                 7.213
       16179073          INDYMAC                                                 7.888
       16180291          Wells Fargo                                               7.5
       16180359          Wells Fargo                                             6.875
       16178448          GMAC                                                     6.75
       16180065          PAUL FINANCIAL                                            1.5
       16179808          EMC Mortgage                                            7.125
       16179587          EMC Mortgage                                            7.375
       16178638          GMAC                                                     6.25
       16179702          EMC Mortgage                                            6.375
       16179655          EMC Mortgage                                             7.25
       16179025          INDYMAC                                                 7.488
       16179691          EMC Mortgage                                            7.375
       16178587          GMAC                                                    6.375
       16178523          GMAC                                                    6.875
       16180223          Wells Fargo                                               6.5
       16179372          EMC Mortgage                                            7.125
       16180623          Wells Fargo                                                 7
       16180389          Wells Fargo                                              6.25
       16180455          Wells Fargo                                             6.375
       16179074          INDYMAC                                                 7.688
       16180292          Wells Fargo                                               6.5
       16180360          Wells Fargo                                                 6
       16179809          EMC Mortgage                                            6.625
       16180141          PAUL FINANCIAL                                              7
       16178620          GMAC                                                    6.875
       16178699          GMAC                                                        7
       16178629          GMAC                                                     5.75
       16180084          PAUL FINANCIAL                                          7.125
       16178825          GMAC                                                     6.25
       16179275          INDYMAC                                                 7.588
       16180181          PAUL FINANCIAL                                          7.125
       16178378          GMAC                                                    6.125
       16180624          Wells Fargo                                               6.5
       16180390          Wells Fargo                                             6.625
       16179184          INDYMAC                                                 7.588
       16180456          Wells Fargo                                              6.75
       16180293          Wells Fargo                                             6.875
       16179825          EMC Mortgage                                            6.875
       16180361          Wells Fargo                                             6.625
       16178449          GMAC                                                    6.875
       16179717          EMC Mortgage                                            7.375
       16180192          PAUL FINANCIAL                                            1.5
       16178652          GMAC                                                     6.75
       16180156          PAUL FINANCIAL                                            1.5
       16178945          INDYMAC                                                 7.388
       16178639          GMAC                                                    7.125
       16178778          GMAC                                                     6.75
       16178304          GMAC                                                        7
       16178325          GMAC                                                    5.875
       16179775          EMC Mortgage                                            7.375
       16179236          INDYMAC                                                 7.413
       16178551          GMAC                                                     6.75
       16180556          Wells Fargo                                               6.5
       16180625          Wells Fargo                                              6.75
       16180391          Wells Fargo                                               7.5
       16179185          INDYMAC                                                 7.588
       16180457          Wells Fargo                                             7.375
       16179082          INDYMAC                                                 7.763
       16180294          Wells Fargo                                             6.375
       16179826          EMC Mortgage                                            6.875
       16179718          EMC Mortgage                                            7.375
       16179037          INDYMAC                                                 8.288
       16180151          PAUL FINANCIAL                                           7.25
       16178693          GMAC                                                        7
       16178865          GMAC                                                    6.875
       16179276          INDYMAC                                                 7.413
       16179499          EMC Mortgage                                            7.375
       16178512          GMAC                                                        6
       16178228          GMAC                                                     6.75
       16180557          Wells Fargo                                              6.25
       16180392          Wells Fargo                                              6.25
       16180458          Wells Fargo                                             5.875
       16180172          PAUL FINANCIAL                                          7.875
       16180295          Wells Fargo                                               6.5
       16178407          GMAC                                                    6.625
       16180157          PAUL FINANCIAL                                              7
       16179062          INDYMAC                                                 8.288
       16178708          GMAC                                                    6.375
       16178338          GMAC                                                      6.5
       16178525          GMAC                                                    6.375
       16178181          GMAC                                                    6.875
       16179303          INDYMAC                                                 7.413
       16178391          GMAC                                                    5.625
       16179277          INDYMAC                                                 7.413
       16179500          EMC Mortgage                                            7.375
       16179648          EMC Mortgage                                            7.375
       16180074          PAUL FINANCIAL                                              7
       16180558          Wells Fargo                                             6.625
       16180327          Wells Fargo                                                 7
       16180586          Wells Fargo                                                 6
       16179932          EMC Mortgage                                          7.33833
       16179985          EMC Mortgage                                            7.375
       16178959          INDYMAC                                                 8.288
       16180326          Wells Fargo                                             6.625
       16179646          EMC Mortgage                                            7.375
       16179148          INDYMAC                                                 6.913
       16179162          INDYMAC                                                 7.588
       16179740          EMC Mortgage                                            7.375
       16178713          GMAC                                                    6.375
       16178645          GMAC                                                        7
       16178548          GMAC                                                      6.5
       16178243          GMAC                                                     5.75
       16180518          Wells Fargo                                             6.875
       16179121          INDYMAC                                                 7.413
       16180587          Wells Fargo                                                 6
       16179933          EMC Mortgage                                             7.25
       16180186          PAUL FINANCIAL                                           6.75
       16179986          EMC Mortgage                                            7.375
       16180420          Wells Fargo                                             6.875
       16178733          GMAC                                                    6.375
       16180487          Wells Fargo                                             6.375
       16179067          INDYMAC                                                 7.638
       16179170          INDYMAC                                                 7.663
       16178416          GMAC                                                        6
       16180067          PAUL FINANCIAL                                           7.75
       16179057          INDYMAC                                                 8.088
       16178200          GMAC                                                     5.75
       16178201          GMAC                                                      6.5
       16178202          GMAC                                                     5.75
       16178203          GMAC                                                    6.375
       16178204          GMAC                                                    6.625
       16178205          GMAC                                                    5.875
       16178206          GMAC                                                    6.625
       16178207          GMAC                                                     6.25
       16178208          GMAC                                                     5.75
       16178209          GMAC                                                     6.25
       16178841          GMAC                                                    7.375
       16178762          GMAC                                                      7.5
       16178843          GMAC                                                     7.25
       16178763          GMAC                                                      7.5
       16178845          GMAC                                                      7.5
       16178846          GMAC                                                    7.375
       16178684          GMAC                                                    7.375
       16178847          GMAC                                                    6.125
       16178685          GMAC                                                      6.5
       16178686          GMAC                                                        7
       16178848          GMAC                                                      7.5
       16178849          GMAC                                                    6.375
       16178687          GMAC                                                    7.375
       16178210          GMAC                                                    6.875
       16178211          GMAC                                                    6.375
       16178212          GMAC                                                    6.375
       16178213          GMAC                                                     6.75
       16178214          GMAC                                                      6.5
       16178215          GMAC                                                      5.5
       16178850          GMAC                                                     6.75
       16178852          GMAC                                                     6.25
       16178853          GMAC                                                      7.5
       16178772          GMAC                                                      7.5
       16178854          GMAC                                                    6.625
       16178692          GMAC                                                      7.5
       16178774          GMAC                                                    7.375
       16178857          GMAC                                                    7.375
       16178858          GMAC                                                        6
       16178859          GMAC                                                    6.625
       16178697          GMAC                                                    7.375
       16178779          GMAC                                                        6
       16178301          GMAC                                                    7.375
       16178303          GMAC                                                      7.5
       16178305          GMAC                                                    6.375
       16178307          GMAC                                                        7
       16179831          EMC Mortgage                                                1
       16178860          GMAC                                                     5.75
       16178863          GMAC                                                      7.5
       16178866          GMAC                                                      7.5
       16178786          GMAC                                                      6.5
       16178868          GMAC                                                    6.875
       16178787          GMAC                                                    7.375
       16178869          GMAC                                                    7.375
       16178311          GMAC                                                     6.25
       16180194          Wells Fargo                                             6.875
       16180195          Wells Fargo                                             7.075
       16180196          Wells Fargo                                               7.5
       16180197          Wells Fargo                                             6.375
       16178317          GMAC                                                    6.625
       16180198          Wells Fargo                                              6.75
       16180199          Wells Fargo                                               7.5
       16179921          EMC Mortgage                                          7.33833
       16178319          GMAC                                                    6.875
       16178870          GMAC                                                    7.375
       16178790          GMAC                                                     6.25
       16178872          GMAC                                                      6.5
       16178873          GMAC                                                    6.125
       16178792          GMAC                                                      7.5
       16178874          GMAC                                                    7.125
       16178794          GMAC                                                      7.5
       16178875          GMAC                                                    6.625
       16178876          GMAC                                                    6.875
       16178795          GMAC                                                        7
       16178877          GMAC                                                      7.5
       16178322          GMAC                                                    6.875
       16178880          GMAC                                                    7.375
       16179771          EMC Mortgage                                            7.375
       16178882          GMAC                                                    7.375
       16178883          GMAC                                                      7.5
       16179778          EMC Mortgage                                                2
       16178170          GMAC                                                    6.625
       16178173          GMAC                                                    7.125
       16178336          GMAC                                                     5.75
       16178174          GMAC                                                     7.25
       16178177          GMAC                                                      6.5
       16178259          GMAC                                                        7
       16178178          GMAC                                                     7.25
       16178179          GMAC                                                    6.625
       16179785          EMC Mortgage                                                1
       16179787          EMC Mortgage                                             6.75
       16178502          GMAC                                                    5.875
       16180626          GMAC                                                    5.875
       16178503          GMAC                                                      7.5
       16178180          GMAC                                                    5.875
       16178504          GMAC                                                    7.125
       16178263          GMAC                                                    5.875
       16178506          GMAC                                                    6.875
       16178184          GMAC                                                      7.5
       16178508          GMAC                                                      6.5
       16178186          GMAC                                                    7.375
       16178267          GMAC                                                    5.875
       16180385          Wells Fargo                                              7.25
       16180449          Wells Fargo                                             6.875
       16179601          EMC Mortgage                                            7.375
       16180286          Wells Fargo                                             6.375
       16178355          GMAC                                                    6.875
       16179713          EMC Mortgage                                            7.375
       16180054          PAUL FINANCIAL                                          7.125
       16179761          EMC Mortgage                                            7.375
       16178775          GMAC                                                    6.875
       16178286          GMAC                                                    6.625
       16179516          EMC Mortgage                                            7.375
       16179407          EMC Mortgage                                            7.375
       16180246          Wells Fargo                                             6.875
       16178481          GMAC                                                        7
       16178519          GMAC                                                    6.625
       16180479          Wells Fargo                                             6.625
       16178890          INDYMAC                                                 7.788
       16180549          Wells Fargo                                             6.375
       16180319          Wells Fargo                                               6.5
       16179089          INDYMAC                                                 7.688
       16180450          Wells Fargo                                              6.85
       16179165          INDYMAC                                                 7.938
       16180058          PAUL FINANCIAL                                          7.625
       16178405          GMAC                                                      6.5
       16178314          GMAC                                                    6.875
       16179714          EMC Mortgage                                            7.125
       16178783          GMAC                                                    6.375
       16178524          GMAC                                                     6.25
       16180247          Wells Fargo                                                 7
       16179390          EMC Mortgage                                            7.375
       16179982          EMC Mortgage                                            7.375
       16180480          Wells Fargo                                              6.25
       16180550          Wells Fargo                                             6.375
       16180320          Wells Fargo                                                 7
       16179415          EMC Mortgage                                            7.375
       16179738          EMC Mortgage                                            6.875
       16180451          Wells Fargo                                             6.875
       16180144          PAUL FINANCIAL                                              7
       16179602          EMC Mortgage                                            7.375
       16179146          INDYMAC                                                 7.588
       16178428          GMAC                                                     6.25
       16178644          GMAC                                                        6
       16178401          GMAC                                                    5.875
       16178691          GMAC                                                    6.625
       16179301          INDYMAC                                                 7.413
       16180248          Wells Fargo                                              6.75
       16179254          INDYMAC                                                 7.413
       16179391          EMC Mortgage                                            7.375
       16179983          EMC Mortgage                                            7.375
       16178225          GMAC                                                    6.875
       16178562          GMAC                                                    6.375
       16180481          Wells Fargo                                             6.125
       16178489          GMAC                                                     6.25
       16180551          Wells Fargo                                              6.25
       16180321          Wells Fargo                                               7.5
       16179779          EMC Mortgage                                            7.375
       16179009          INDYMAC                                                 6.763
       16180386          Wells Fargo                                             6.875
       16178785          GMAC                                                      6.5
       16179048          INDYMAC                                                 8.288
       16179715          EMC Mortgage                                            7.375
       16180138          PAUL FINANCIAL                                            7.5
       16178390          GMAC                                                    5.875
       16179984          EMC Mortgage                                          7.33833
       16180416          Wells Fargo                                                 7
       16180482          Wells Fargo                                             6.125
       16180552          Wells Fargo                                                 6
       16180322          Wells Fargo                                               7.5
       16179416          EMC Mortgage                                            7.375
       16179090          INDYMAC                                                 8.288
       16178976          INDYMAC                                                 8.288
       16180387          Wells Fargo                                             6.125
       16179183          INDYMAC                                                 6.538
       16180052          PAUL FINANCIAL                                          6.875
       16180178          PAUL FINANCIAL                                            8.5
       16179739          EMC Mortgage                                            7.375
       16178992          INDYMAC                                                 7.488
       16179072          INDYMAC                                                 8.013
       16178429          GMAC                                                      6.5
       16178226          GMAC                                                      6.5
       16179202          INDYMAC                                                 7.138
       16180417          Wells Fargo                                                 6
       16180483          Wells Fargo                                              7.25
       16178473          GMAC                                                    6.375
       16180553          Wells Fargo                                             6.125
       16180323          Wells Fargo                                               7.5
       16180388          Wells Fargo                                             6.875
       16179830          EMC Mortgage                                            7.375
       16178297          GMAC                                                    6.625
       16178505          GMAC                                                        7
       16178483          GMAC                                                    6.625
       16179306          EMC Mortgage                                            7.375
       16180079          PAUL FINANCIAL                                          7.375
       16180584          Wells Fargo                                             6.125
       16180418          Wells Fargo                                               6.5
       16180484          Wells Fargo                                              6.25
       16180554          Wells Fargo                                             6.375
       16180324          Wells Fargo                                               7.5
       16179417          EMC Mortgage                                            7.375
       16179091          INDYMAC                                                 7.638
       16178437          GMAC                                                     6.75
       16180169          PAUL FINANCIAL                                              7
       16179619          EMC Mortgage                                            7.375
       16179960          EMC Mortgage                                            6.763
       16178541          GMAC                                                    5.875
       16178265          GMAC                                                     6.75
       16178462          GMAC                                                    6.875
       16179196          INDYMAC                                                 7.588
       16180585          Wells Fargo                                                 6
       16179931          EMC Mortgage                                            7.375
       16178227          GMAC                                                     6.25
       16178511          GMAC                                                      6.5
       16180419          Wells Fargo                                             6.125
       16180485          Wells Fargo                                              6.25
       16180555          Wells Fargo                                             6.375
       16180325          Wells Fargo                                              6.75
       16179418          EMC Mortgage                                            7.375
       16178717          GMAC                                                    6.625
       16179177          INDYMAC                                                 7.588
       16179092          INDYMAC                                                 7.638
       16179161          INDYMAC                                                 7.413
       16178729          GMAC                                                    6.375
       16178406          GMAC                                                     6.25
       16178716          GMAC                                                        7
       16180047          PAUL FINANCIAL                                              7
       16179348          EMC Mortgage                                            6.875
       16179531          EMC Mortgage                                            7.375
       16178189          GMAC                                                    6.125
       16180099          PAUL FINANCIAL                                          7.125
       16179884          EMC Mortgage                                            7.375
       16179684          EMC Mortgage                                            7.375
       16180152          PAUL FINANCIAL                                          7.375
       16180092          PAUL FINANCIAL                                          7.125
       16178829          GMAC                                                        7
       16178761          GMAC                                                    6.375
       16179774          EMC Mortgage                                              6.5
       16178961          INDYMAC                                                 8.318
       16179206          INDYMAC                                                 7.413
       16180443          Wells Fargo                                              6.75
       16178280          GMAC                                                    6.125
       16180281          Wells Fargo                                                 6
       16180350          Wells Fargo                                               6.5
       16179757          EMC Mortgage                                            7.375
       16180241          Wells Fargo                                             6.625
       16179293          INDYMAC                                                 7.288
       16178468          GMAC                                                      6.5
       16179232          INDYMAC                                                 6.913
       16180053          PAUL FINANCIAL                                          7.625
       16180061          PAUL FINANCIAL                                          7.375
       16179386          EMC Mortgage                                            7.375
       16179367          EMC Mortgage                                            7.375
       16178610          GMAC                                                     7.25
       16180444          Wells Fargo                                               6.5
       16179070          INDYMAC                                                 7.638
       16180282          Wells Fargo                                               6.5
       16180351          Wells Fargo                                             5.875
       16179710          EMC Mortgage                                            7.375
       16179758          EMC Mortgage                                          7.33833
       16179579          EMC Mortgage                                             7.25
       16178944          INDYMAC                                                 6.688
       16179142          INDYMAC                                                 7.413
       16180193          PAUL FINANCIAL                                              2
       16178696          GMAC                                                        7
       16178712          GMAC                                                    6.125
       16178269          GMAC                                                    6.375
       16180242          Wells Fargo                                                 6
       16179491          EMC Mortgage                                            7.375
       16180381          Wells Fargo                                             6.625
       16180445          Wells Fargo                                             6.125
       16179164          INDYMAC                                                 7.588
       16180283          Wells Fargo                                              6.75
       16178427          GMAC                                                    6.625
       16180352          Wells Fargo                                             6.375
       16179759          EMC Mortgage                                            7.375
       16179580          EMC Mortgage                                          7.33833
       16178789          GMAC                                                    6.875
       16180039          PAUL FINANCIAL                                          6.875
       16179298          INDYMAC                                                 7.413
       16180243          Wells Fargo                                               7.5
       16179253          INDYMAC                                                 6.288
       16179492          EMC Mortgage                                            7.375
       16180382          Wells Fargo                                              6.25
       16180446          Wells Fargo                                              6.75
       16179071          INDYMAC                                                 8.288
       16180284          Wells Fargo                                              6.75
       16180353          Wells Fargo                                             6.375
       16180166          PAUL FINANCIAL                                           7.25
       16178803          GMAC                                                     5.75
       16179711          EMC Mortgage                                             1.75
       16179777          EMC Mortgage                                            8.625
       16179828          EMC Mortgage                                            7.375
       16180155          PAUL FINANCIAL                                           7.75
       16180127          PAUL FINANCIAL                                          7.125
       16179581          EMC Mortgage                                            7.375
       16180165          PAUL FINANCIAL                                           7.25
       16180037          PAUL FINANCIAL                                              8
       16180130          PAUL FINANCIAL                                          7.875
       16179493          EMC Mortgage                                            7.375
       16179388          EMC Mortgage                                            7.375
       16178660          GMAC                                                     6.75
       16180383          Wells Fargo                                               7.5
       16180447          Wells Fargo                                             6.625
       16178991          INDYMAC                                                 7.638
       16178963          INDYMAC                                                 7.638
       16179600          EMC Mortgage                                            7.375
       16180285          Wells Fargo                                             6.375
       16179035          INDYMAC                                                 7.888
       16179582          EMC Mortgage                                            7.375
       16178597          GMAC                                                    6.375
       16180045          PAUL FINANCIAL                                          7.125
       16180244          Wells Fargo                                             6.625
       16178320          GMAC                                                    6.375
       16179139          INDYMAC                                                 7.163
       16178377          GMAC                                                     5.25
       16180547          Wells Fargo                                             6.875
       16180317          Wells Fargo                                                 7
       16178171          GMAC                                                        7
       16180384          Wells Fargo                                             6.875
       16180448          Wells Fargo                                              6.25
       16178404          GMAC                                                      6.5
       16179155          INDYMAC                                                 7.413
       16179712          EMC Mortgage                                          7.33833
       16180191          PAUL FINANCIAL                                              1
       16178928          INDYMAC                                                 7.488
       16179760          EMC Mortgage                                            7.375
       16178833          GMAC                                                        7
       16179583          EMC Mortgage                                          7.33833
       16178625          GMAC                                                    6.375
       16178622          GMAC                                                    6.375
       16179299          INDYMAC                                                 7.413
       16180245          Wells Fargo                                              6.25
       16179484          EMC Mortgage                                            7.375
       16179272          INDYMAC                                                 7.438
       16179495          EMC Mortgage                                            7.375
       16178608          GMAC                                                        6
       16180548          Wells Fargo                                                 6
       16180318          Wells Fargo                                               6.5
       16179260          INDYMAC                                                 7.038
       16179863          EMC Mortgage                                            7.375
       16179195          INDYMAC                                                 7.413
       16180621          Wells Fargo                                             6.625
       16178884          INDYMAC                                                 7.588
       16179405          EMC Mortgage                                            7.375
       16180347          Wells Fargo                                               6.5
       16179575          EMC Mortgage                                            7.375
       16178892          INDYMAC                                                 7.163
       16178851          GMAC                                                    6.375
       16179792          EMC Mortgage                                              3.5
       16178736          GMAC                                                     6.75
       16178767          GMAC                                                    5.875
       16179230          INDYMAC                                                 7.838
       16179113          INDYMAC                                                 7.288
       16179864          EMC Mortgage                                            7.375
       16178369          GMAC                                                    5.125
       16179365          EMC Mortgage                                            7.375
       16180278          Wells Fargo                                             6.875
       16180348          Wells Fargo                                             7.625
       16179802          EMC Mortgage                                            6.625
       16178626          GMAC                                                    6.875
       16179137          INDYMAC                                                 6.788
       16179248          INDYMAC                                                 7.838
       16178386          GMAC                                                      5.5
       16179261          INDYMAC                                                 7.413
       16179910          EMC Mortgage                                            7.375
       16179487          EMC Mortgage                                             6.75
       16180279          Wells Fargo                                              6.25
       16179060          INDYMAC                                                 8.288
       16179577          EMC Mortgage                                            7.375
       16179803          EMC Mortgage                                            6.625
       16179618          EMC Mortgage                                            7.375
       16178764          GMAC                                                    6.875
       16178282          GMAC                                                     6.75
       16179292          INDYMAC                                                 7.413
       16179231          INDYMAC                                                 7.163
       16179138          INDYMAC                                                 6.788
       16178376          GMAC                                                    5.375
       16179100          INDYMAC                                                 7.413
       16180184          PAUL FINANCIAL                                          7.625
       16180442          Wells Fargo                                              6.75
       16180349          Wells Fargo                                             5.875
       16179578          EMC Mortgage                                            7.375
       16179804          EMC Mortgage                                            6.625
       16179045          INDYMAC                                                 8.013
       16180051          PAUL FINANCIAL                                          8.375
       16178893          INDYMAC                                                 7.338
       16179806          EMC Mortgage                                                7
       16180257          Wells Fargo                                              6.75
       16179700          EMC Mortgage                                          7.33833
       16178828          GMAC                                                      7.5
       16178748          GMAC                                                    7.375
       16178668          GMAC                                                    7.375
       16178589          GMAC                                                      6.5
       16180075          PAUL FINANCIAL                                          7.375
       16180159          PAUL FINANCIAL                                          7.125
       16179801          EMC Mortgage                                                1
       16178830          GMAC                                                        7
       16178831          GMAC                                                      7.5
       16179628          EMC Mortgage                                            7.375
       16180582          Wells Fargo                                             6.625
       16179439          EMC Mortgage                                            7.375
       16180415          Wells Fargo                                              6.25
       16180146          PAUL FINANCIAL                                           7.25
       16180115          PAUL FINANCIAL                                              8
       16178415          GMAC                                                      6.5
       16179665          EMC Mortgage                                          7.33833
       16180119          PAUL FINANCIAL                                           7.25
       16178588          GMAC                                                    6.375
       16179520          EMC Mortgage                                            7.375
       16178368          GMAC                                                    5.625
       16180620          Wells Fargo                                             6.875
       16179953          EMC Mortgage                                            7.375
       16180109          PAUL FINANCIAL                                          7.125
       16179563          EMC Mortgage                                            7.375
       16178832          GMAC                                                      7.5
       16179480          EMC Mortgage                                             8.75
       16179481          EMC Mortgage                                            7.375
       16178834          GMAC                                                    7.375
       16178591          GMAC                                                      6.5
       16179644          EMC Mortgage                                            7.375
       16178754          GMAC                                                    7.125
       16179483          EMC Mortgage                                            7.375
       16178835          GMAC                                                     6.25
       16178836          GMAC                                                    7.375
       16178755          GMAC                                                    6.875
       16178593          GMAC                                                    6.625
       16178756          GMAC                                                        7
       16180183          PAUL FINANCIAL                                           7.25
       16180174          PAUL FINANCIAL                                          7.125
       16180044          PAUL FINANCIAL                                          7.125
       16179545          EMC Mortgage                                            6.875
       16180346          Wells Fargo                                              6.25
       16178323          GMAC                                                    5.875
       16178586          GMAC                                                        7
       16180219          Wells Fargo                                                 6
       16180188          PAUL FINANCIAL                                          7.625
       16179916          EMC Mortgage                                            7.375
       16178455          GMAC                                                    6.125
       16179621          EMC Mortgage                                            7.375
       16180288          Wells Fargo                                             6.625
       16178594          GMAC                                                    5.875
       16178676          GMAC                                                    6.625
       16178757          GMAC                                                      7.5
       16178838          GMAC                                                      7.5
       16178758          GMAC                                                      7.5
       16178596          GMAC                                                      6.5
       16178759          GMAC                                                      7.5
       16179569          EMC Mortgage                                          7.33833
       16178678          GMAC                                                      7.5
       16178679          GMAC                                                        6
       16179327          EMC Mortgage                                            7.375
       16178780          GMAC                                                      6.5
       16179347          EMC Mortgage                                                7
       16180614          Wells Fargo                                              6.75
       16179948          EMC Mortgage                                            7.375
       16178656          GMAC                                                    5.875
       16179044          INDYMAC                                                 6.988
       16179620          EMC Mortgage                                            7.875
       16180132          PAUL FINANCIAL                                          8.125
       16178771          GMAC                                                     5.75
       16178682          GMAC                                                      6.5
       16179136          INDYMAC                                                 6.788
       16179175          INDYMAC                                                 7.838
       16180357          Wells Fargo                                             6.875
       16179763          EMC Mortgage                                            7.375
       16179585          EMC Mortgage                                             1.75
       16180258          Wells Fargo                                                 6
       16179701          EMC Mortgage                                            6.875
       16179653          EMC Mortgage                                            7.375
       16178922          INDYMAC                                                 6.838
       16178598          GMAC                                                     5.75
       16178599          GMAC                                                    7.375
       16180512          Wells Fargo                                             6.375
       16179247          INDYMAC                                                 6.788
       16179099          INDYMAC                                                 7.588
       16179952          EMC Mortgage                                            7.375
       16179466          EMC Mortgage                                          7.33833
       16179364          EMC Mortgage                                            7.375
       16178659          GMAC                                                    7.375
       16178820          GMAC                                                    7.375
       16178741          GMAC                                                     6.75
       16179552          EMC Mortgage                                            7.375
       16178742          GMAC                                                      7.5
       16178580          GMAC                                                      6.5
       16178661          GMAC                                                    6.125
       16178823          GMAC                                                      7.5
       16178743          GMAC                                                      6.5
       16179553          EMC Mortgage                                            7.375
       16178824          GMAC                                                        6
       16179554          EMC Mortgage                                            7.375
       16178663          GMAC                                                      7.5
       16178826          GMAC                                                      6.5
       16178745          GMAC                                                    7.375
       16178583          GMAC                                                    7.125
       16179404          EMC Mortgage                                            7.375
       16180345          Wells Fargo                                             6.125
       16179683          EMC Mortgage                                            7.375
       16179829          EMC Mortgage                                            7.875
       16179762          EMC Mortgage                                             7.25
       16180126          PAUL FINANCIAL                                              7
       16180033          PAUL FINANCIAL                                          7.875
       16179555          EMC Mortgage                                            7.625
       16178827          GMAC                                                        6
       16179670          EMC Mortgage                                            7.375
       16179861          EMC Mortgage                                            7.375
       16178675          GMAC                                                      6.5
       16179249          INDYMAC                                                 6.838
       16179115          INDYMAC                                                 7.588
       16178398          GMAC                                                    6.375
       16180200          Wells Fargo                                               6.5
       16180201          Wells Fargo                                              6.25
       16179216          INDYMAC                                                 7.038
       16179315          EMC Mortgage                                            6.875
       16180202          Wells Fargo                                             6.625
       16180204          Wells Fargo                                             7.175
       16180205          Wells Fargo                                               6.5
       16180206          Wells Fargo                                             6.875
       16180207          Wells Fargo                                                 7
       16180208          Wells Fargo                                               7.5
       16180209          Wells Fargo                                             7.175
       16179476          EMC Mortgage                                          6.83833
       16180179          PAUL FINANCIAL                                              8
       16179530          EMC Mortgage                                            7.375
       16179611          EMC Mortgage                                             7.75
       16180255          Wells Fargo                                              6.25
       16178920          INDYMAC                                                 7.388
       16178801          GMAC                                                    6.375
       16179613          EMC Mortgage                                            7.875
       16178641          GMAC                                                    6.625
       16178722          GMAC                                                      7.5
       16178444          GMAC                                                    6.375
       16179561          EMC Mortgage                                            7.125
       16178804          GMAC                                                    6.375
       16178561          GMAC                                                        6
       16180414          Wells Fargo                                             6.875
       16178436          GMAC                                                      6.5
       16179226          INDYMAC                                                 7.413
       16180619          Wells Fargo                                                 6
       16178290          GMAC                                                    6.625
       16178293          GMAC                                                        7
       16178770          GMAC                                                    6.125
       16179233          INDYMAC                                                 7.338
       16178642          GMAC                                                    7.375
       16178724          GMAC                                                    6.875
       16179346          EMC Mortgage                                                7
       16179840          EMC Mortgage                                            7.375
       16180217          Wells Fargo                                             6.125
       16178643          GMAC                                                      6.5
       16178806          GMAC                                                     5.75
       16178484          GMAC                                                        7
       16178565          GMAC                                                     7.25
       16178889          INDYMAC                                                 7.588
       16179632          EMC Mortgage                                             7.25
       16178646          GMAC                                                     6.25
       16178727          GMAC                                                      7.5
       16178647          GMAC                                                      7.5
       16178567          GMAC                                                      6.5
       16179947          EMC Mortgage                                            7.375
       16179488          EMC Mortgage                                             6.75
       16179914          EMC Mortgage                                            7.375
       16178486          GMAC                                                      6.5
       16178649          GMAC                                                     6.75
       16178488          GMAC                                                      7.5
       16180210          Wells Fargo                                             6.875
       16180211          Wells Fargo                                             6.875
       16180212          Wells Fargo                                               6.5
       16180147          PAUL FINANCIAL                                            1.5
       16180213          Wells Fargo                                             6.625
       16180214          Wells Fargo                                               6.5
       16180215          Wells Fargo                                              6.75
       16180216          Wells Fargo                                                 6
       16178172          GMAC                                                    6.125
       16178493          GMAC                                                    6.375
       16180355          Wells Fargo                                             6.875
       16178730          GMAC                                                    7.375
       16178811          GMAC                                                    7.375
       16178812          GMAC                                                    7.375
       16178650          GMAC                                                     7.25
       16179622          EMC Mortgage                                            7.875
       16178570          GMAC                                                    6.875
       16180256          Wells Fargo                                              6.75
       16179032          INDYMAC                                                 7.488
       16178921          INDYMAC                                                 7.388
       16179081          INDYMAC                                                 8.263
       16178447          GMAC                                                     6.75
       16178571          GMAC                                                    7.125
       16178814          GMAC                                                      7.5
       16179562          EMC Mortgage                                          7.33833
       16178799          GMAC                                                      6.5
       16178490          GMAC                                                      7.5
       16179624          EMC Mortgage                                            7.375
       16179363          EMC Mortgage                                            7.375
       16179051          INDYMAC                                                 8.263
       16178549          GMAC                                                     6.75
       16178605          GMAC                                                    6.375
       16179234          INDYMAC                                                 7.413
       16178815          GMAC                                                    7.375
       16178734          GMAC                                                      6.5
       16178241          GMAC                                                     6.25
       16179105          INDYMAC                                                 7.413
       16180218          Wells Fargo                                             6.875
       16178318          GMAC                                                    5.999
       16178654          GMAC                                                    6.375
       16178655          GMAC                                                    6.875
       16179915          EMC Mortgage                                            7.375
       16178818          GMAC                                                      7.5
       16178819          GMAC                                                    6.125
       16179221          INDYMAC                                                 7.038
       16178495          GMAC                                                    7.375
       16178576          GMAC                                                    6.875
       16178496          GMAC                                                      7.5
       16179549          EMC Mortgage                                            7.375
       16178578          GMAC                                                    6.625
       16178497          GMAC                                                      7.5
       16179477          EMC Mortgage                                            7.375
       16179369          EMC Mortgage                                            7.375
       16180287          Wells Fargo                                                 6
       16180356          Wells Fargo                                             7.125
       16178632          GMAC                                                    6.375
       16179524          EMC Mortgage                                            7.375
       16178471          GMAC                                                    6.375
       16178552          GMAC                                                    6.125
       16178633          GMAC                                                      7.5
       16178634          GMAC                                                      7.5
       16179525          EMC Mortgage                                            7.875
       16180254          Wells Fargo                                              6.25
       16178919          INDYMAC                                                 7.288
       16178472          GMAC                                                    6.375
       16178392          GMAC                                                    5.875
       16179608          EMC Mortgage                                            7.375
       16178555          GMAC                                                    7.375
       16179527          EMC Mortgage                                            7.625
       16179609          EMC Mortgage                                                1
       16178556          GMAC                                                    7.375
       16178475          GMAC                                                    6.625
       16178394          GMAC                                                    7.375
       16179366          EMC Mortgage                                          6.83833
       16178637          GMAC                                                      7.5
       16178718          GMAC                                                     6.25
       16178476          GMAC                                                      7.5
       16178719          GMAC                                                     6.25
       16180581          Wells Fargo                                                 6
       16179438          EMC Mortgage                                            7.375
       16179529          EMC Mortgage                                            7.375
       16178395          GMAC                                                      7.5
       16178396          GMAC                                                      7.5
       16178798          GMAC                                                    6.375
       16178952          INDYMAC                                                 7.538
       16178958          INDYMAC                                                 7.288
       16179011          INDYMAC                                                 8.263
       16179368          EMC Mortgage                                          6.83833
       16178397          GMAC                                                        6
       16178238          GMAC                                                    7.125
       16180577          Wells Fargo                                             6.375
       16179980          EMC Mortgage                                            7.375
       16178224          GMAC                                                    5.875
       16179179          INDYMAC                                                 7.038
       16180409          Wells Fargo                                             6.875
       16179786          EMC Mortgage                                            7.375
       16179066          INDYMAC                                                 7.388
       16180545          Wells Fargo                                               7.5
       16180315          Wells Fargo                                             6.875
       16178413          GMAC                                                      6.5
       16178985          INDYMAC                                                 7.088
       16179313          EMC Mortgage                                            7.375
       16178403          GMAC                                                      6.5
       16180125          PAUL FINANCIAL                                          6.875
       16178891          INDYMAC                                                 7.813
       16178750          GMAC                                                    6.625
       16178299          GMAC                                                    6.625
       16178560          GMAC                                                    6.625
       16179208          INDYMAC                                                 7.413
       16179880          EMC Mortgage                                          7.21333
       16179307          EMC Mortgage                                            7.375
       16179180          INDYMAC                                                 7.338
       16180410          Wells Fargo                                             6.375
       16180476          Wells Fargo                                             6.875
       16179836          EMC Mortgage                                                7
       16180066          PAUL FINANCIAL                                          7.375
       16180316          Wells Fargo                                               6.5
       16178974          INDYMAC                                                 8.088
       16178435          GMAC                                                      6.5
       16178723          GMAC                                                      6.5
       16178183          GMAC                                                    6.625
       16179344          EMC Mortgage                                                7
       16179309          EMC Mortgage                                            7.375
       16179341          EMC Mortgage                                            7.375
       16178302          GMAC                                                    6.625
       16178239          GMAC                                                    6.875
       16179209          INDYMAC                                                 7.413
       16180509          Wells Fargo                                                 7
       16179010          INDYMAC                                                 8.263
       16180411          Wells Fargo                                                 6
       16180477          Wells Fargo                                             6.125
       16179837          EMC Mortgage                                             7.25
       16179413          EMC Mortgage                                            7.375
       16178414          GMAC                                                      6.5
       16178975          INDYMAC                                                 8.263
       16180040          PAUL FINANCIAL                                          7.125
       16178509          GMAC                                                    5.875
       16180510          Wells Fargo                                             6.375
       16178494          GMAC                                                     6.25
       16180579          Wells Fargo                                             7.375
       16179781          EMC Mortgage                                            8.625
       16179436          EMC Mortgage                                            7.125
       16180412          Wells Fargo                                             6.375
       16180478          Wells Fargo                                             6.375
       16179001          INDYMAC                                                 7.688
       16179736          EMC Mortgage                                            7.375
       16178621          GMAC                                                    6.375
       16179503          EMC Mortgage                                             7.25
       16178617          GMAC                                                      6.5
       16178572          GMAC                                                     6.75
       16178753          GMAC                                                        7
       16179623          EMC Mortgage                                            7.375
       16178240          GMAC                                                    6.625
       16180580          Wells Fargo                                             6.625
       16179981          EMC Mortgage                                            7.375
       16179437          EMC Mortgage                                             7.25
       16180413          Wells Fargo                                              6.75
       16179076          INDYMAC                                                 8.337
       16179737          EMC Mortgage                                            7.375
       16178340          GMAC                                                    6.875
       16178816          GMAC                                                    6.875
       16179627          EMC Mortgage                                            7.375
       16179006          INDYMAC                                                 7.888
       16178518          GMAC                                                    6.375
       16179977          EMC Mortgage                                            7.375
       16179190          INDYMAC                                                 7.413
       16180472          Wells Fargo                                                 7
       16180541          Wells Fargo                                             6.625
       16180311          Wells Fargo                                              6.75
       16179410          EMC Mortgage                                            7.375
       16178658          GMAC                                                    6.875
       16179176          INDYMAC                                                 7.588
       16180378          Wells Fargo                                             6.875
       16178989          INDYMAC                                                 8.288
       16179732          EMC Mortgage                                            7.375
       16178728          GMAC                                                    6.625
       16178454          GMAC                                                    6.875
       16178402          GMAC                                                    6.375
       16179697          EMC Mortgage                                            7.375
       16178595          GMAC                                                    6.375
       16180107          PAUL FINANCIAL                                              8
       16180240          Wells Fargo                                             6.375
       16178363          GMAC                                                        6
       16178602          GMAC                                                     6.75
       16179978          EMC Mortgage                                          7.33833
       16180406          Wells Fargo                                             6.125
       16180473          Wells Fargo                                              6.25
       16180542          Wells Fargo                                              6.75
       16180312          Wells Fargo                                                 7
       16179411          EMC Mortgage                                          7.33833
       16179056          INDYMAC                                                 8.288
       16180379          Wells Fargo                                             6.625
       16178434          GMAC                                                      6.5
       16179733          EMC Mortgage                                            7.375
       16178704          GMAC                                                      6.5
       16179820          EMC Mortgage                                            6.625
       16180128          PAUL FINANCIAL                                              7
       16180153          PAUL FINANCIAL                                          6.875
       16178426          GMAC                                                     6.25
       16179698          EMC Mortgage                                            7.375
       16180114          PAUL FINANCIAL                                              8
       16179283          INDYMAC                                                 7.413
       16178381          GMAC                                                    5.875
       16178900          INDYMAC                                                 7.413
       16178342          GMAC                                                    6.875
       16178223          GMAC                                                    6.625
       16180407          Wells Fargo                                              6.25
       16180474          Wells Fargo                                             7.375
       16179168          INDYMAC                                                 6.613
       16180543          Wells Fargo                                             7.375
       16180313          Wells Fargo                                               7.5
       16179087          INDYMAC                                                 8.263
       16180380          Wells Fargo                                               6.5
       16179734          EMC Mortgage                                            7.375
       16178715          GMAC                                                        6
       16179521          EMC Mortgage                                             7.75
       16178327          GMAC                                                    6.125
       16179284          INDYMAC                                                 7.413
       16178613          GMAC                                                    6.625
       16180576          Wells Fargo                                             7.125
       16178557          GMAC                                                      6.5
       16179979          EMC Mortgage                                            7.375
       16180408          Wells Fargo                                              6.75
       16179835          EMC Mortgage                                            7.125
       16180475          Wells Fargo                                               6.5
       16179169          INDYMAC                                                 7.338
       16180544          Wells Fargo                                              6.25
       16180314          Wells Fargo                                             6.125
       16179088          INDYMAC                                                 8.288
       16179160          INDYMAC                                                 7.163
       16178990          INDYMAC                                                 8.263
       16179735          EMC Mortgage                                            7.375
       16178306          GMAC                                                    6.375
       16179039          INDYMAC                                                 7.388
       16178949          INDYMAC                                                 7.138
       16179334          EMC Mortgage                                            7.125
       16179135          INDYMAC                                                 7.588
       16179489          EMC Mortgage                                             6.75
       16178894          INDYMAC                                                 7.038
       16179381          EMC Mortgage                                                7
       16180536          Wells Fargo                                             6.375
       16179598          EMC Mortgage                                          7.33833
       16179816          EMC Mortgage                                                7
       16180276          Wells Fargo                                               6.5
       16179144          INDYMAC                                                 7.413
       16178700          GMAC                                                     6.75
       16179573          EMC Mortgage                                            7.375
       16180124          PAUL FINANCIAL                                          7.125
       16178619          GMAC                                                     6.25
       16179282          INDYMAC                                                 6.913
       16178374          GMAC                                                    5.625
       16179928          EMC Mortgage                                          7.33833
       16179382          EMC Mortgage                                            6.875
       16180537          Wells Fargo                                             6.625
       16180307          Wells Fargo                                                 7
       16180374          Wells Fargo                                             6.125
       16179064          INDYMAC                                                 8.088
       16180439          Wells Fargo                                               6.5
       16178714          GMAC                                                    6.875
       16179599          EMC Mortgage                                          7.33833
       16179817          EMC Mortgage                                            6.875
       16178927          INDYMAC                                                 7.488
       16179755          EMC Mortgage                                            7.375
       16178878          GMAC                                                    7.125
       16178349          GMAC                                                    6.375
       16180022          EMC Mortgage                                            7.375
       16180236          Wells Fargo                                                 6
       16179929          EMC Mortgage                                            7.375
       16178895          INDYMAC                                                 7.163
       16180538          Wells Fargo                                             6.125
       16180308          Wells Fargo                                             6.375
       16180375          Wells Fargo                                             6.125
       16180440          Wells Fargo                                               6.5
       16178547          GMAC                                                     6.25
       16179818          EMC Mortgage                                                7
       16180277          Wells Fargo                                             6.875
       16179153          INDYMAC                                                 7.413
       16178980          INDYMAC                                                 7.828
       16179054          INDYMAC                                                 8.263
       16178424          GMAC                                                        6
       16179708          EMC Mortgage                                            7.375
       16180140          PAUL FINANCIAL                                           7.75
       16180023          EMC Mortgage                                            7.375
       16178768          GMAC                                                        7
       16178260          GMAC                                                    6.875
       16180237          Wells Fargo                                              6.25
       16178375          GMAC                                                     6.25
       16178864          GMAC                                                    6.875
       16178341          GMAC                                                    6.375
       16178611          GMAC                                                     6.75
       16179383          EMC Mortgage                                            7.375
       16178222          GMAC                                                      6.5
       16180539          Wells Fargo                                             6.625
       16180309          Wells Fargo                                                 6
       16180376          Wells Fargo                                                 6
       16178948          INDYMAC                                                 7.388
       16178970          INDYMAC                                                 8.188
       16180171          PAUL FINANCIAL                                           7.25
       16178879          GMAC                                                    6.875
       16180133          PAUL FINANCIAL                                          7.125
       16178651          GMAC                                                      6.5
       16180024          EMC Mortgage                                            7.375
       16180238          Wells Fargo                                             6.375
       16179352          EMC Mortgage                                            7.375
       16179384          EMC Mortgage                                            7.375
       16179976          EMC Mortgage                                          7.33833
       16180471          Wells Fargo                                             6.625
       16180540          Wells Fargo                                                 6
       16178983          INDYMAC                                                 8.288
       16180377          Wells Fargo                                              7.25
       16180441          Wells Fargo                                               6.5
       16179731          EMC Mortgage                                            7.375
       16179819          EMC Mortgage                                                7
       16178971          INDYMAC                                                 7.388
       16178425          GMAC                                                    6.625
       16180162          PAUL FINANCIAL                                          8.375
       16180143          PAUL FINANCIAL                                           7.75
       16179709          EMC Mortgage                                             1.75
       16179696          EMC Mortgage                                            7.375
       16178313          GMAC                                                    6.875
       16180025          EMC Mortgage                                            7.375
       16178592          GMAC                                                     7.25
       16179310          EMC Mortgage                                            7.125
       16180239          Wells Fargo                                               6.5
       16178380          GMAC                                                        6
       16179252          INDYMAC                                                 7.588
       16178856          GMAC                                                     7.25
       16180436          Wells Fargo                                               6.5
       16180273          Wells Fargo                                              6.75
       16178175          GMAC                                                    5.375
       16179707          EMC Mortgage                                            7.375
       16178925          INDYMAC                                                 7.788
       16179695          EMC Mortgage                                            7.125
       16178796          GMAC                                                    5.875
       16180177          PAUL FINANCIAL                                            1.5
       16178635          GMAC                                                        6
       16178531          GMAC                                                    6.375
       16179682          EMC Mortgage                                            7.375
       16180108          PAUL FINANCIAL                                              8
       16178337          GMAC                                                    6.125
       16179297          INDYMAC                                                 7.413
       16180234          Wells Fargo                                                 6
       16179925          EMC Mortgage                                            7.375
       16179641          EMC Mortgage                                            7.375
       16179379          EMC Mortgage                                            7.375
       16179362          EMC Mortgage                                            7.375
       16179182          INDYMAC                                                 7.413
       16180372          Wells Fargo                                             6.125
       16180437          Wells Fargo                                             6.875
       16178969          INDYMAC                                                 7.288
       16179047          INDYMAC                                                 8.263
       16180274          Wells Fargo                                             6.375
       16179815          EMC Mortgage                                            7.125
       16178423          GMAC                                                      6.5
       16178315          GMAC                                                     6.75
       16179753          EMC Mortgage                                            7.375
       16178821          GMAC                                                    6.625
       16179270          INDYMAC                                                 7.413
       16179120          INDYMAC                                                 7.288
       16180062          PAUL FINANCIAL                                          7.125
       16179926          EMC Mortgage                                            7.375
       16179098          INDYMAC                                                 7.588
       16179380          EMC Mortgage                                             7.25
       16180373          Wells Fargo                                             6.625
       16178662          GMAC                                                      6.5
       16180438          Wells Fargo                                                 6
       16180275          Wells Fargo                                             6.375
       16178802          GMAC                                                      6.5
       16178926          INDYMAC                                                 7.588
       16179572          EMC Mortgage                                            7.375
       16178760          GMAC                                                     7.25
       16180235          Wells Fargo                                             6.625
       16179271          INDYMAC                                                 7.163
       16179640          EMC Mortgage                                                7
       16178887          INDYMAC                                                 7.588
       16179354          EMC Mortgage                                            7.375
       16180354          Wells Fargo                                               6.5
       16179805          EMC Mortgage                                            6.875
       16179128          INDYMAC                                                 7.163
       16180618          Wells Fargo                                              6.25
       16180006          EMC Mortgage                                                7
       16178960          INDYMAC                                                 7.513
       16180517          Wells Fargo                                                 6
       16179630          EMC Mortgage                                            7.125
       16179442          EMC Mortgage                                            6.875
       16178934          INDYMAC                                                 7.638
       16178262          GMAC                                                     6.25
       16178837          GMAC                                                        7
       16180117          PAUL FINANCIAL                                           6.75
       16178563          GMAC                                                    6.375
       16179212          INDYMAC                                                 7.588
       16179860          EMC Mortgage                                            7.375
       16179129          INDYMAC                                                 7.413
       16179909          EMC Mortgage                                              2.5
       16179016          INDYMAC                                                 8.138
       16178999          INDYMAC                                                 6.488
       16179631          EMC Mortgage                                                7
       16179443          EMC Mortgage                                            7.375
       16178909          INDYMAC                                                 7.388
       16179664          EMC Mortgage                                            7.375
       16180027          PAUL FINANCIAL                                          6.625
       16178499          GMAC                                                     6.75
       16179858          EMC Mortgage                                          7.21333
       16179551          EMC Mortgage                                            7.375
       16180270          Wells Fargo                                              6.25
       16179151          INDYMAC                                                 7.038
       16179750          EMC Mortgage                                            7.375
       16178942          INDYMAC                                                 8.288
       16179141          INDYMAC                                                 7.038
       16178354          GMAC                                                    7.125
       16179680          EMC Mortgage                                            7.375
       16178690          GMAC                                                    6.375
       16180034          PAUL FINANCIAL                                              7
       16179268          INDYMAC                                                 7.588
       16179514          EMC Mortgage                                             7.25
       16178372          GMAC                                                     6.25
       16179097          INDYMAC                                                 6.538
       16179859          EMC Mortgage                                            7.375
       16178367          GMAC                                                    5.125
       16179464          EMC Mortgage                                            7.375
       16180434          Wells Fargo                                              6.25
       16178487          GMAC                                                    6.875
       16180271          Wells Fargo                                             6.375
       16178191          GMAC                                                      6.5
       16179152          INDYMAC                                                 7.413
       16178979          INDYMAC                                                 8.288
       16178924          INDYMAC                                                 6.888
       16178943          INDYMAC                                                 7.788
       16179610          EMC Mortgage                                            7.375
       16179269          INDYMAC                                                 6.413
       16179519          EMC Mortgage                                            7.375
       16179923          EMC Mortgage                                            7.125
       16179360          EMC Mortgage                                             6.75
       16180073          PAUL FINANCIAL                                           8.25
       16180435          Wells Fargo                                             7.375
       16180272          Wells Fargo                                             6.375
       16179752          EMC Mortgage                                            7.375
       16178545          GMAC                                                    6.375
       16178648          GMAC                                                        7
       16178915          INDYMAC                                                 6.988
       16179681          EMC Mortgage                                            7.375
       16178584          GMAC                                                     6.25
       16180233          Wells Fargo                                                 7
       16179291          INDYMAC                                                 7.413
       16178373          GMAC                                                    6.375
       16179361          EMC Mortgage                                            7.125
       16180250          Wells Fargo                                                 6
       16178935          INDYMAC                                                 7.488
       16179556          EMC Mortgage                                            7.375
       16178962          INDYMAC                                                 8.263
       16178791          GMAC                                                     7.25
       16178292          GMAC                                                      6.5
       16180083          PAUL FINANCIAL                                          6.875
       16178334          GMAC                                                    5.875
       16179262          INDYMAC                                                 7.588
       16178667          GMAC                                                     6.75
       16179241          INDYMAC                                                 7.038
       16179958          EMC Mortgage                                            7.375
       16178357          GMAC                                                    6.875
       16178216          GMAC                                                      6.5
       16180013          EMC Mortgage                                             6.75
       16179846          EMC Mortgage                                            7.375
       16179637          EMC Mortgage                                                7
       16180251          Wells Fargo                                              6.25
       16180102          PAUL FINANCIAL                                          8.375
       16178683          GMAC                                                    6.875
       16178300          GMAC                                                        7
       16178765          GMAC                                                    6.375
       16179796          EMC Mortgage                                             7.75
       16178564          GMAC                                                     6.75
       16179114          INDYMAC                                                 7.438
       16178383          GMAC                                                      6.5
       16180014          EMC Mortgage                                            7.375
       16179473          EMC Mortgage                                          6.38833
       16179794          EMC Mortgage                                             7.25
       16180176          PAUL FINANCIAL                                              8
       16179007          INDYMAC                                                 7.938
       16180252          Wells Fargo                                               6.5
       16179699          EMC Mortgage                                            7.375
       16179041          INDYMAC                                                 8.288
       16180111          PAUL FINANCIAL                                          6.875
       16179614          EMC Mortgage                                            7.375
       16178517          GMAC                                                      6.5
       16179213          INDYMAC                                                 7.413
       16179215          INDYMAC                                                 6.913
       16179639          EMC Mortgage                                            7.375
       16179353          EMC Mortgage                                            7.375
       16180253          Wells Fargo                                             6.625
       16178951          INDYMAC                                                 7.288
       16179669          EMC Mortgage                                            7.375
       16180030          PAUL FINANCIAL                                           7.25
       16179263          INDYMAC                                                 7.413
       16179506          EMC Mortgage                                             7.25
       16179131          INDYMAC                                                 7.588
       16179227          INDYMAC                                                 7.413
       16179913          EMC Mortgage                                            7.375
       16178365          GMAC                                                      5.5
       16178862          GMAC                                                        7
       16179946          EMC Mortgage                                          6.96333
       16180612          Wells Fargo                                               6.5
       16179461          EMC Mortgage                                            7.375
       16180057          PAUL FINANCIAL                                          7.125
       16179339          EMC Mortgage                                                7
       16179617          EMC Mortgage                                            7.375
       16179023          INDYMAC                                                 7.488
       16178482          GMAC                                                      6.5
       16178906          INDYMAC                                                 7.838
       16178769          GMAC                                                    6.625
       16179219          INDYMAC                                                 6.788
       16178384          GMAC                                                     5.75
       16179096          INDYMAC                                                 7.588
       16178256          GMAC                                                      6.5
       16179112          INDYMAC                                                 6.538
       16179856          EMC Mortgage                                            7.375
       16179224          INDYMAC                                                 6.663
       16180613          Wells Fargo                                             6.375
       16179462          EMC Mortgage                                            7.125
       16178721          GMAC                                                    6.125
       16179358          EMC Mortgage                                            7.375
       16179408          EMC Mortgage                                            7.375
       16178941          INDYMAC                                                 7.838
       16179043          INDYMAC                                                 7.988
       16178914          INDYMAC                                                 7.088
       16179678          EMC Mortgage                                            7.375
       16178933          INDYMAC                                                 8.288
       16178766          GMAC                                                    5.875
       16178569          GMAC                                                     6.25
       16179220          INDYMAC                                                 7.038
       16179211          INDYMAC                                                 7.413
       16179857          EMC Mortgage                                            7.375
       16178361          GMAC                                                        7
       16179127          INDYMAC                                                 7.038
       16179906          EMC Mortgage                                            7.375
       16178366          GMAC                                                      5.5
       16179463          EMC Mortgage                                            7.375
       16179403          EMC Mortgage                                            7.375
       16178657          GMAC                                                      6.5
       16179749          EMC Mortgage                                          7.33833
       16179570          EMC Mortgage                                            7.375
       16179140          INDYMAC                                                 7.413
       16179031          INDYMAC                                                 8.288
       16179679          EMC Mortgage                                            7.375
       16178261          GMAC                                                    6.625
       16180080          PAUL FINANCIAL                                           7.75
       16179267          INDYMAC                                                 6.538
       16179259          INDYMAC                                                 7.038
       16179287          INDYMAC                                                 7.413
       16179130          INDYMAC                                                 7.413
       16179956          EMC Mortgage                                          7.33833
       16180011          EMC Mortgage                                            7.375
       16178840          GMAC                                                    7.125
       16178817          GMAC                                                    6.625
       16179890          EMC Mortgage                                            7.375
       16180524          Wells Fargo                                                 7
       16179642          EMC Mortgage                                            8.375
       16179446          EMC Mortgage                                             7.25
       16179012          INDYMAC                                                 7.388
       16180249          Wells Fargo                                             6.625
       16179040          INDYMAC                                                 7.438
       16178950          INDYMAC                                                 8.263
       16179504          EMC Mortgage                                             7.25
       16179288          INDYMAC                                                 7.288
       16179911          EMC Mortgage                                            7.375
       16179957          EMC Mortgage                                            7.375
       16180012          EMC Mortgage                                            7.375
       16180069          PAUL FINANCIAL                                          7.125
       16180060          PAUL FINANCIAL                                           7.75
       16180525          Wells Fargo                                             6.375
       16179447          EMC Mortgage                                            7.375
       16179973          EMC Mortgage                                            7.375
       16180134          PAUL FINANCIAL                                          7.625
       16178908          INDYMAC                                                 7.188
       16179657          EMC Mortgage                                                7
       16179788          EMC Mortgage                                            7.375
       16180032          PAUL FINANCIAL                                          6.875
       16179110          INDYMAC                                                 7.588
       16178674          GMAC                                                    6.625
       16179901          EMC Mortgage                                            7.375
       16180608          Wells Fargo                                              6.25
       16179457          EMC Mortgage                                            7.375
       16179997          EMC Mortgage                                            7.375
       16180049          PAUL FINANCIAL                                              7
       16179104          INDYMAC                                                 7.163
       16180508          Wells Fargo                                              6.75
       16179174          INDYMAC                                                 7.838
       16179435          EMC Mortgage                                            7.125
       16178782          GMAC                                                     6.75
       16180046          PAUL FINANCIAL                                          7.875
       16179030          INDYMAC                                                 7.388
       16179020          INDYMAC                                                 8.288
       16178585          GMAC                                                     6.75
       16180098          PAUL FINANCIAL                                          6.125
       16178574          GMAC                                                      6.5
       16178289          GMAC                                                    6.625
       16178254          GMAC                                                     7.25
       16179853          EMC Mortgage                                            7.375
       16179902          EMC Mortgage                                             7.25
       16180609          Wells Fargo                                             6.125
       16179458          EMC Mortgage                                            6.875
       16179998          EMC Mortgage                                             7.25
       16179005          INDYMAC                                                 8.263
       16179400          EMC Mortgage                                            7.375
       16178932          INDYMAC                                                 7.888
       16180081          PAUL FINANCIAL                                            7.5
       16178582          GMAC                                                    7.125
       16179257          INDYMAC                                                 7.288
       16178615          GMAC                                                     6.25
       16179126          INDYMAC                                                 7.588
       16179903          EMC Mortgage                                            7.375
       16180610          Wells Fargo                                             7.125
       16180160          PAUL FINANCIAL                                           7.25
       16179459          EMC Mortgage                                             7.25
       16179626          EMC Mortgage                                            7.375
       16178443          GMAC                                                     6.25
       16179357          EMC Mortgage                                            7.375
       16179401          EMC Mortgage                                             7.25
       16179021          INDYMAC                                                 7.768
       16178331          GMAC                                                     6.75
       16179658          EMC Mortgage                                            7.375
       16180041          PAUL FINANCIAL                                           7.75
       16179218          INDYMAC                                                 7.038
       16178465          GMAC                                                        7
       16178665          GMAC                                                    6.625
       16178255          GMAC                                                     6.75
       16179854          EMC Mortgage                                            7.375
       16179904          EMC Mortgage                                            7.375
       16179945          EMC Mortgage                                            7.375
       16180611          Wells Fargo                                             6.625
       16179402          EMC Mortgage                                            7.375
       16179974          EMC Mortgage                                            7.375
       16178957          INDYMAC                                                 7.188
       16178480          GMAC                                                      6.5
       16179677          EMC Mortgage                                            7.375
       16180093          PAUL FINANCIAL                                           6.75
       16178285          GMAC                                                     6.25
       16178346          GMAC                                                      6.5
       16179111          INDYMAC                                                 7.413
       16179855          EMC Mortgage                                            7.375
       16179905          EMC Mortgage                                            7.375
       16180168          PAUL FINANCIAL                                          7.125
       16178703          GMAC                                                      6.5
       16178695          GMAC                                                     6.25
       16178777          GMAC                                                    6.375
       16178235          GMAC                                                     5.75
       16179994          EMC Mortgage                                          7.33833
       16179876          EMC Mortgage                                            7.375
       16180501          Wells Fargo                                              6.75
       16180571          Wells Fargo                                              6.25
       16179094          INDYMAC                                                 8.328
       16178356          GMAC                                                     6.45
       16180339          Wells Fargo                                             6.875
       16180403          Wells Fargo                                               7.4
       16179730          EMC Mortgage                                            7.375
       16179343          EMC Mortgage                                            7.625
       16180086          PAUL FINANCIAL                                          6.875
       16178673          GMAC                                                     6.75
       16178185          GMAC                                                      6.5
       16179995          EMC Mortgage                                            7.375
       16180502          Wells Fargo                                             5.875
       16180572          Wells Fargo                                              6.75
       16180187          PAUL FINANCIAL                                            7.5
       16179430          EMC Mortgage                                            7.375
       16180340          Wells Fargo                                              7.25
       16180404          Wells Fargo                                              7.75
       16178810          GMAC                                                    6.875
       16178973          INDYMAC                                                 8.263
       16179050          INDYMAC                                                 7.988
       16178433          GMAC                                                      6.5
       16178329          GMAC                                                    6.375
       16178308          GMAC                                                     6.25
       16178236          GMAC                                                      6.5
       16180503          Wells Fargo                                              6.25
       16179877          EMC Mortgage                                            7.375
       16180573          Wells Fargo                                               6.5
       16179078          INDYMAC                                                 7.138
       16179095          INDYMAC                                                 7.638
       16179431          EMC Mortgage                                            7.375
       16180341          Wells Fargo                                               6.5
       16180405          Wells Fargo                                             6.625
       16179832          EMC Mortgage                                            6.875
       16180113          PAUL FINANCIAL                                          6.875
       16179971          EMC Mortgage                                            7.375
       16178903          INDYMAC                                                 7.588
       16179768          EMC Mortgage                                            7.625
       16178788          GMAC                                                    5.875
       16178902          INDYMAC                                                 7.588
       16179237          INDYMAC                                                 7.588
       16180604          Wells Fargo                                               6.5
       16179547          EMC Mortgage                                             7.25
       16179103          INDYMAC                                                 7.588
       16180504          Wells Fargo                                                 7
       16180574          Wells Fargo                                               6.5
       16179432          EMC Mortgage                                            7.375
       16180342          Wells Fargo                                              6.75
       16179833          EMC Mortgage                                            7.375
       16178800          GMAC                                                    6.125
       16179541          EMC Mortgage                                            7.375
       16178288          GMAC                                                     6.75
       16178464          GMAC                                                    6.625
       16178252          GMAC                                                    6.375
       16178343          GMAC                                                    6.875
       16178554          GMAC                                                    6.375
       16180605          Wells Fargo                                              6.75
       16179944          EMC Mortgage                                            7.375
       16178526          GMAC                                                    6.625
       16178237          GMAC                                                     5.75
       16180505          Wells Fargo                                             6.875
       16179878          EMC Mortgage                                            7.375
       16180575          Wells Fargo                                             6.625
       16178474          GMAC                                                     6.75
       16179433          EMC Mortgage                                            7.375
       16179780          EMC Mortgage                                            7.125
       16180343          Wells Fargo                                               6.5
       16179834          EMC Mortgage                                                7
       16178412          GMAC                                                    6.625
       16178698          GMAC                                                    6.875
       16178905          INDYMAC                                                 7.588
       16180131          PAUL FINANCIAL                                          7.375
       16180104          PAUL FINANCIAL                                          7.875
       16180031          PAUL FINANCIAL                                          7.125
       16178751          GMAC                                                      6.5
       16179256          INDYMAC                                                 7.438
       16178467          GMAC                                                     6.75
       16179222          INDYMAC                                                 6.688
       16179900          EMC Mortgage                                            7.375
       16178749          GMAC                                                    6.625
       16180606          Wells Fargo                                             6.125
       16178559          GMAC                                                    7.125
       16178553          GMAC                                                    5.375
       16179199          INDYMAC                                                 6.138
       16180506          Wells Fargo                                               6.5
       16179767          EMC Mortgage                                            7.375
       16180344          Wells Fargo                                             7.125
       16178442          GMAC                                                      6.5
       16179972          EMC Mortgage                                             7.25
       16179769          EMC Mortgage                                            7.375
       16178253          GMAC                                                     5.75
       16179210          INDYMAC                                                 7.413
       16180607          Wells Fargo                                             6.375
       16179996          EMC Mortgage                                            7.375
       16178492          GMAC                                                     7.25
       16180507          Wells Fargo                                             6.625
       16179879          EMC Mortgage                                            7.375
       16179079          INDYMAC                                                 7.988
       16179434          EMC Mortgage                                            7.375
       16178720          GMAC                                                      6.5
       16180043          PAUL FINANCIAL                                          7.125
       16178871          GMAC                                                     6.75
       16179281          INDYMAC                                                 7.413
       16178233          GMAC                                                     6.25
       16180567          Wells Fargo                                             6.375
       16180335          Wells Fargo                                              6.75
       16180399          Wells Fargo                                             6.625
       16180068          PAUL FINANCIAL                                              8
       16180467          Wells Fargo                                               6.5
       16179086          INDYMAC                                                 7.188
       16180305          Wells Fargo                                                 7
       16178411          GMAC                                                     6.75
       16178400          GMAC                                                    6.375
       16178452          GMAC                                                    6.375
       16179615          EMC Mortgage                                            7.875
       16178500          GMAC                                                      6.5
       16179873          EMC Mortgage                                            7.375
       16180568          Wells Fargo                                             6.625
       16180336          Wells Fargo                                                 6
       16180400          Wells Fargo                                              5.75
       16180306          Wells Fargo                                              6.25
       16179645          EMC Mortgage                                            6.625
       16180154          PAUL FINANCIAL                                          7.625
       16179728          EMC Mortgage                                            7.375
       16180021          EMC Mortgage                                            7.125
       16179616          EMC Mortgage                                            7.375
       16178234          GMAC                                                     5.75
       16180499          Wells Fargo                                             6.375
       16179874          EMC Mortgage                                            7.375
       16180569          Wells Fargo                                             6.625
       16180337          Wells Fargo                                              7.25
       16180175          PAUL FINANCIAL                                           6.75
       16179479          EMC Mortgage                                                7
       16180401          Wells Fargo                                             6.875
       16178994          INDYMAC                                                 8.288
       16180468          Wells Fargo                                             6.875
       16179729          EMC Mortgage                                            7.375
       16178453          GMAC                                                    6.625
       16180096          PAUL FINANCIAL                                           7.25
       16178677          GMAC                                                    6.875
       16178461          GMAC                                                     6.25
       16178182          GMAC                                                    6.375
       16180078          PAUL FINANCIAL                                           7.25
       16180500          Wells Fargo                                             6.875
       16179875          EMC Mortgage                                             7.25
       16180570          Wells Fargo                                             6.375
       16180338          Wells Fargo                                             6.875
       16180402          Wells Fargo                                              6.75
       16180469          Wells Fargo                                             7.375
       16178653          GMAC                                                        6
       16179075          INDYMAC                                                 7.388
       16179049          INDYMAC                                                 7.388
       16180118          PAUL FINANCIAL                                          6.875
       16179501          EMC Mortgage                                            7.375
       16180229          Wells Fargo                                              6.75
       16178362          GMAC                                                      5.5
       16178744          GMAC                                                     6.75
       16179376          EMC Mortgage                                                7
       16179546          EMC Mortgage                                            7.375
       16180529          Wells Fargo                                                 6
       16180298          Wells Fargo                                                 6
       16180366          Wells Fargo                                              7.25
       16178421          GMAC                                                    6.625
       16179693          EMC Mortgage                                            7.375
       16180123          PAUL FINANCIAL                                            7.5
       16180035          PAUL FINANCIAL                                              7
       16179776          EMC Mortgage                                            6.875
       16180230          Wells Fargo                                                 6
       16179502          EMC Mortgage                                            7.375
       16180063          PAUL FINANCIAL                                              7
       16180180          PAUL FINANCIAL                                          7.625
       16179189          INDYMAC                                                 7.413
       16180461          Wells Fargo                                              7.25
       16180530          Wells Fargo                                              6.75
       16180299          Wells Fargo                                             7.125
       16180367          Wells Fargo                                             5.875
       16178491          GMAC                                                    5.875
       16178450          GMAC                                                     6.25
       16178946          INDYMAC                                                 7.638
       16178968          INDYMAC                                                 7.263
       16179046          INDYMAC                                                 8.088
       16178709          GMAC                                                    6.875
       16180112          PAUL FINANCIAL                                          7.375
       16179053          INDYMAC                                                 8.288
       16179705          EMC Mortgage                                             1.75
       16178624          GMAC                                                     7.25
       16180103          PAUL FINANCIAL                                          7.875
       16180231          Wells Fargo                                              6.25
       16179119          INDYMAC                                                 6.538
       16180462          Wells Fargo                                                 7
       16180531          Wells Fargo                                               6.5
       16180300          Wells Fargo                                               6.5
       16180368          Wells Fargo                                             6.375
       16179722          EMC Mortgage                                            7.375
       16178694          GMAC                                                    6.875
       16180050          PAUL FINANCIAL                                          7.375
       16180149          PAUL FINANCIAL                                           7.25
       16179279          INDYMAC                                                 7.413
       16179296          INDYMAC                                                 6.913
       16180072          PAUL FINANCIAL                                          7.875
       16180232          Wells Fargo                                               6.5
       16178886          INDYMAC                                                 7.138
       16179308          EMC Mortgage                                            7.875
       16179377          EMC Mortgage                                            7.375
       16180463          Wells Fargo                                             6.375
       16180532          Wells Fargo                                                 6
       16179147          INDYMAC                                                 7.413
       16179084          INDYMAC                                                 8.263
       16180301          Wells Fargo                                              6.75
       16180369          Wells Fargo                                                 6
       16179723          EMC Mortgage                                            7.375
       16178451          GMAC                                                      6.5
       16179813          EMC Mortgage                                            7.125
       16179027          INDYMAC                                                 6.788
       16179706          EMC Mortgage                                            6.875
       16178326          GMAC                                                     5.75
       16180089          PAUL FINANCIAL                                              7
       16178388          GMAC                                                    5.875
       16178670          GMAC                                                     6.75
       16179378          EMC Mortgage                                            7.875
       16180464          Wells Fargo                                               6.5
       16180533          Wells Fargo                                                 7
       16180302          Wells Fargo                                               6.5
       16180370          Wells Fargo                                             6.125
       16179724          EMC Mortgage                                            7.375
       16179766          EMC Mortgage                                            7.375
       16178702          GMAC                                                      6.5
       16178947          INDYMAC                                                 7.513
       16179814          EMC Mortgage                                             6.75
       16178422          GMAC                                                    6.875
       16180094          PAUL FINANCIAL                                           7.75
       16180150          PAUL FINANCIAL                                          7.125
       16179515          EMC Mortgage                                            7.375
       16178740          GMAC                                                    5.625
       16180398          Wells Fargo                                              7.25
       16180465          Wells Fargo                                             7.125
       16180534          Wells Fargo                                               7.5
       16179085          INDYMAC                                                 8.138
       16178972          INDYMAC                                                 7.788
       16180303          Wells Fargo                                             5.875
       16180158          PAUL FINANCIAL                                          7.625
       16179159          INDYMAC                                                 7.413
       16180371          Wells Fargo                                             6.125
       16179063          INDYMAC                                                 8.288
       16178987          INDYMAC                                                 7.288
       16179725          EMC Mortgage                                            7.375
       16179595          EMC Mortgage                                            6.125
       16178797          GMAC                                                     6.75
       16180135          PAUL FINANCIAL                                          7.375
       16178606          GMAC                                                    6.875
       16179342          EMC Mortgage                                            7.375
       16178899          INDYMAC                                                 7.413
       16180566          Wells Fargo                                              6.25
       16180466          Wells Fargo                                              6.25
       16178965          INDYMAC                                                 8.263
       16180535          Wells Fargo                                               6.5
       16180304          Wells Fargo                                              6.25
       16178432          GMAC                                                     6.75
       16178988          INDYMAC                                                 7.388
       16179726          EMC Mortgage                                            7.375
       16178881          GMAC                                                        6
       16180055          PAUL FINANCIAL                                              8
       16179962          EMC Mortgage                                            7.375
       16178910          INDYMAC                                                 8.288
       16178573          GMAC                                                    6.375
       16179239          INDYMAC                                                 7.838
       16179305          EMC Mortgage                                             6.75
       16178244          GMAC                                                    5.875
       16178664          GMAC                                                    6.625
       16178513          GMAC                                                      6.5
       16179841          EMC Mortgage                                                7
       16179887          EMC Mortgage                                            7.375
       16180520          Wells Fargo                                              6.75
       16180589          Wells Fargo                                               7.5
       16179988          EMC Mortgage                                          7.33833
       16180422          Wells Fargo                                                 7
       16180182          PAUL FINANCIAL                                              1
       16179171          INDYMAC                                                 7.588
       16178417          GMAC                                                      6.5
       16178275          GMAC                                                    6.375
       16178478          GMAC                                                    6.375
       16178190          GMAC                                                    6.125
       16180120          PAUL FINANCIAL                                           7.25
       16180009          EMC Mortgage                                            7.125
       16179842          EMC Mortgage                                            7.375
       16179633          EMC Mortgage                                            7.125
       16180521          Wells Fargo                                               6.5
       16180590          Wells Fargo                                             6.375
       16179936          EMC Mortgage                                          7.33833
       16179444          EMC Mortgage                                            7.375
       16180059          PAUL FINANCIAL                                          7.625
       16180423          Wells Fargo                                             6.625
       16179963          EMC Mortgage                                            7.375
       16179770          EMC Mortgage                                            9.125
       16179954          EMC Mortgage                                            7.375
       16178245          GMAC                                                    6.125
       16180522          Wells Fargo                                             6.875
       16179634          EMC Mortgage                                                7
       16179122          INDYMAC                                                 7.588
       16180591          Wells Fargo                                             6.375
       16179782          EMC Mortgage                                            7.375
       16180424          Wells Fargo                                               6.5
       16178418          GMAC                                                     6.75
       16179964          EMC Mortgage                                            7.375
       16178911          INDYMAC                                                 7.488
       16179667          EMC Mortgage                                             7.25
       16179240          INDYMAC                                                 7.413
       16179955          EMC Mortgage                                            7.375
       16179844          EMC Mortgage                                            7.375
       16179635          EMC Mortgage                                            7.125
       16179889          EMC Mortgage                                            7.375
       16180523          Wells Fargo                                              6.25
       16179197          INDYMAC                                                 7.288
       16180592          Wells Fargo                                               6.5
       16179937          EMC Mortgage                                            7.375
       16178457          GMAC                                                    6.375
       16179445          EMC Mortgage                                             7.25
       16178725          GMAC                                                    6.375
       16179069          INDYMAC                                                 7.888
       16178543          GMAC                                                    6.625
       16179668          EMC Mortgage                                            7.375
       16180085          PAUL FINANCIAL                                           7.25
       16179311          EMC Mortgage                                             7.25
       16178680          GMAC                                                     6.75
       16179286          INDYMAC                                                 6.788
       16180010          EMC Mortgage                                          7.33833
       16178246          GMAC                                                    6.875
       16178844          GMAC                                                    6.625
       16179793          EMC Mortgage                                            7.625
       16179636          EMC Mortgage                                                7
       16180593          Wells Fargo                                               6.5
       16178419          GMAC                                                      6.5
       16179789          EMC Mortgage                                            7.375
       16180136          PAUL FINANCIAL                                          7.625
       16178333          GMAC                                                     5.25
       16178176          GMAC                                                     5.75
       16179375          EMC Mortgage                                            7.375
       16179550          EMC Mortgage                                            7.375
       16180528          Wells Fargo                                               6.5
       16180297          Wells Fargo                                               7.5
       16179158          INDYMAC                                                 7.413
       16180365          Wells Fargo                                              7.75
       16179038          INDYMAC                                                 7.588
       16180267          Wells Fargo                                              6.75
       16179591          EMC Mortgage                                          7.21333
       16179026          INDYMAC                                                 8.263
       16178312          GMAC                                                    6.125
       16179568          EMC Mortgage                                            7.375
       16178324          GMAC                                                        6
       16178711          GMAC                                                      6.5
       16178630          GMAC                                                      7.5
       16179522          EMC Mortgage                                            7.375
       16178631          GMAC                                                      6.5
       16179523          EMC Mortgage                                            7.375
       16178470          GMAC                                                      6.5
       16180095          PAUL FINANCIAL                                              7
       16179961          EMC Mortgage                                          7.33833
       16179532          EMC Mortgage                                            7.375
       16178393          GMAC                                                     6.25
       16180101          PAUL FINANCIAL                                          7.125
       16180087          PAUL FINANCIAL                                          7.625
       16180100          PAUL FINANCIAL                                              8
       16178737          GMAC                                                    7.125
       16178614          GMAC                                                    6.625
       16180519          Wells Fargo                                             6.625
       16179886          EMC Mortgage                                            7.375
       16180588          Wells Fargo                                               6.5
       16179934          EMC Mortgage                                            7.375
       16179987          EMC Mortgage                                            7.375
       16180421          Wells Fargo                                             6.375
       16178986          INDYMAC                                                 8.288
       16180488          Wells Fargo                                                 7
       16178995          INDYMAC                                                 7.388
       16179420          EMC Mortgage                                            6.875
       16178287          GMAC                                                     6.25
       16178438          GMAC                                                      6.5
       16178752          GMAC                                                     6.25
       16178229          GMAC                                                     6.75
       16180489          Wells Fargo                                                 6
       16179865          EMC Mortgage                                            7.375
       16180559          Wells Fargo                                              6.75
       16180394          Wells Fargo                                              6.75
       16180459          Wells Fargo                                              6.75
       16178408          GMAC                                                     6.25
       16179606          EMC Mortgage                                            7.375
       16179625          EMC Mortgage                                            7.375
       16178982          INDYMAC                                                 7.488
       16179720          EMC Mortgage                                              2.5
       16180038          PAUL FINANCIAL                                            7.5
       16180082          PAUL FINANCIAL                                          6.875
       16178867          GMAC                                                    6.625
       16179989          EMC Mortgage                                              2.5
       16179866          EMC Mortgage                                          7.33833
       16180490          Wells Fargo                                               7.5
       16180560          Wells Fargo                                              6.25
       16179421          EMC Mortgage                                            7.375
       16180329          Wells Fargo                                              6.75
       16180395          Wells Fargo                                             6.375
       16180460          Wells Fargo                                             7.125
       16178807          GMAC                                                      6.5
       16179167          INDYMAC                                                 7.588
       16180164          PAUL FINANCIAL                                          7.625
       16180056          PAUL FINANCIAL                                          7.125
       16179827          EMC Mortgage                                             6.75
       16178430          GMAC                                                     6.75
       16178530          GMAC                                                    6.375
       16178776          GMAC                                                    6.375
       16179534          EMC Mortgage                                            7.375
       16179517          EMC Mortgage                                            7.375
       16178230          GMAC                                                    6.625
       16179990          EMC Mortgage                                            7.125
       16179867          EMC Mortgage                                            7.375
       16180491          Wells Fargo                                              6.75
       16180561          Wells Fargo                                             5.875
       16178977          INDYMAC                                                 7.688
       16180330          Wells Fargo                                                 6
       16180396          Wells Fargo                                              6.25
       16178409          GMAC                                                    6.875
       16179721          EMC Mortgage                                            7.375
       16179312          EMC Mortgage                                                7
       16179535          EMC Mortgage                                          7.33833
       16179304          INDYMAC                                                 7.288
       16178577          GMAC                                                    6.625
       16178671          GMAC                                                      6.5
       16178746          GMAC                                                      6.5
       16178507          GMAC                                                     6.75
       16178558          GMAC                                                     7.25
       16180425          Wells Fargo                                             6.375
       16180492          Wells Fargo                                             5.875
       16180562          Wells Fargo                                              7.25
       16179002          INDYMAC                                                 7.888
       16180331          Wells Fargo                                              7.25
       16178439          GMAC                                                    6.875
       16179058          INDYMAC                                                 8.288
       16178431          GMAC                                                    6.375
       16180167          PAUL FINANCIAL                                            7.5
       16179536          EMC Mortgage                                            7.375
       16179332          EMC Mortgage                                            7.125
       16180071          PAUL FINANCIAL                                           7.25
       16179938          EMC Mortgage                                            7.375
       16178231          GMAC                                                    6.625
       16180426          Wells Fargo                                              6.25
       16179868          EMC Mortgage                                            7.375
       16180493          Wells Fargo                                             6.875
       16180563          Wells Fargo                                               6.5
       16178978          INDYMAC                                                 8.288
       16179647          EMC Mortgage                                            7.375
       16180332          Wells Fargo                                              7.75
       16180397          Wells Fargo                                                 6
       16179743          EMC Mortgage                                            7.375
       16180142          PAUL FINANCIAL                                          7.625
       16179965          EMC Mortgage                                            7.375
       16179537          EMC Mortgage                                            7.375
       16178672          GMAC                                                     6.75
       16180189          PAUL FINANCIAL                                          7.625
       16179939          EMC Mortgage                                            7.375
       16180594          Wells Fargo                                              6.25
       16179991          EMC Mortgage                                            7.375
       16180427          Wells Fargo                                              6.75
       16179869          EMC Mortgage                                            7.375
       16180494          Wells Fargo                                             7.375
       16180564          Wells Fargo                                               7.5
       16179003          INDYMAC                                                 6.838
       16179093          INDYMAC                                                 7.388
       16180333          Wells Fargo                                             6.125
       16178993          INDYMAC                                                 7.388
       16179798          EMC Mortgage                                            4.875
       16179538          EMC Mortgage                                          7.33833
       16179338          EMC Mortgage                                            7.375
       16178276          GMAC                                                    6.625
       16178542          GMAC                                                     6.25
       16178247          GMAC                                                      6.5
       16180595          Wells Fargo                                             6.375
       16178232          GMAC                                                      6.5
       16180428          Wells Fargo                                             7.375
       16179870          EMC Mortgage                                            7.375
       16180495          Wells Fargo                                             6.625
       16180565          Wells Fargo                                               6.5
       16179172          INDYMAC                                                 7.413
       16179425          EMC Mortgage                                            6.875
       16178410          GMAC                                                      6.5
       16178929          INDYMAC                                                 7.088
       16178747          GMAC                                                      6.5
       16179940          EMC Mortgage                                            7.375
       16180596          Wells Fargo                                             6.375
       16179992          EMC Mortgage                                            7.375
       16180429          Wells Fargo                                             5.875
       16179871          EMC Mortgage                                            7.375
       16180496          Wells Fargo                                               6.5
       16180173          PAUL FINANCIAL                                          6.375
       16179426          EMC Mortgage                                            7.375
       16180334          Wells Fargo                                             6.125
       16178440          GMAC                                                    6.375
       16179745          EMC Mortgage                                            7.375
       16178808          GMAC                                                    7.125
       16179966          EMC Mortgage                                            6.875
       16179028          INDYMAC                                                 7.788
       16178930          INDYMAC                                                 7.038
       16178344          GMAC                                                    6.375
       16178248          GMAC                                                    5.875
       16179893          EMC Mortgage                                            7.375
       16179941          EMC Mortgage                                            7.288
       16180597          Wells Fargo                                             5.875
       16179181          INDYMAC                                                 7.588
       16180430          Wells Fargo                                               7.5
       16179186          INDYMAC                                                 7.338
       16179872          EMC Mortgage                                            7.375
       16180497          Wells Fargo                                             6.375
       16178861          GMAC                                                    6.625
       16179004          INDYMAC                                                 8.288
       16179427          EMC Mortgage                                            7.375
       16178731          GMAC                                                    6.375
       16180145          PAUL FINANCIAL                                          7.875
       16179967          EMC Mortgage                                            7.375
       16179539          EMC Mortgage                                            7.375
       16178539          GMAC                                                    6.375
       16180121          PAUL FINANCIAL                                           7.25
       16178345          GMAC                                                      6.5
       16178217          GMAC                                                     6.75
       16178738          GMAC                                                    5.875
       16178498          GMAC                                                     6.25
       16180015          EMC Mortgage                                            7.375
       16178609          GMAC                                                    6.375
       16179894          EMC Mortgage                                            7.375
       16180002          EMC Mortgage                                            7.375
       16179187          INDYMAC                                                 7.413
       16178501          GMAC                                                     6.75
       16180513          Wells Fargo                                               6.5
       16179882          EMC Mortgage                                             7.25
       16179440          EMC Mortgage                                             7.75
       16178445          GMAC                                                     6.75
       16178316          GMAC                                                    6.875
       16180064          PAUL FINANCIAL                                          7.125
       16179543          EMC Mortgage                                            7.375
       16178907          INDYMAC                                                 7.288
       16178347          GMAC                                                    6.875
       16179649          EMC Mortgage                                             7.25
       16178257          GMAC                                                     6.25
       16179200          INDYMAC                                                 7.413
       16180615          Wells Fargo                                              6.25
       16180003          EMC Mortgage                                            7.375
       16178242          GMAC                                                      6.5
       16178321          GMAC                                                    5.625
       16178998          INDYMAC                                                 7.488
       16180514          Wells Fargo                                             6.125
       16179629          EMC Mortgage                                            7.375
       16180583          Wells Fargo                                              6.75
       16179441          EMC Mortgage                                          7.33833
       16179340          EMC Mortgage                                            7.375
       16178274          GMAC                                                    6.625
       16178538          GMAC                                                      6.5
       16179612          EMC Mortgage                                             7.25
       16179651          EMC Mortgage                                            7.375
       16178904          INDYMAC                                                 7.588
       16178579          GMAC                                                     7.25
       16180090          PAUL FINANCIAL                                              8
       16178616          GMAC                                                    6.875
       16179907          EMC Mortgage                                            7.375
       16180616          Wells Fargo                                              6.25
       16179949          EMC Mortgage                                            7.375
       16179188          INDYMAC                                                 7.838
       16180515          Wells Fargo                                             6.375
       16179080          INDYMAC                                                 7.888
       16178446          GMAC                                                      6.5
       16179800          EMC Mortgage                                            7.375
       16178839          GMAC                                                        7
       16179661          EMC Mortgage                                             7.25
       16178348          GMAC                                                     5.75
       16178330          GMAC                                                    6.875
       16178258          GMAC                                                    6.875
       16180097          PAUL FINANCIAL                                          7.125
       16179908          EMC Mortgage                                          7.33833
       16179238          INDYMAC                                                 7.038
       16180617          Wells Fargo                                               7.5
       16179192          INDYMAC                                                 7.438
       16180516          Wells Fargo                                             5.875
       16180148          PAUL FINANCIAL                                          6.625
       16178732          GMAC                                                    6.375
       16179662          EMC Mortgage                                             1.75
       16178187          GMAC                                                    7.375
       16178268          GMAC                                                        6
       16178188          GMAC                                                     7.25
       16179791          EMC Mortgage                                                1
       16179795          EMC Mortgage                                                1
       16179797          EMC Mortgage                                                1
       16179959          EMC Mortgage                                                1
       16179799          EMC Mortgage                                                2
       16178350          GMAC                                                      7.5
       16178351          GMAC                                                      7.5
       16178270          GMAC                                                    5.875
       16178514          GMAC                                                     6.75
       16178352          GMAC                                                     6.75
       16178271          GMAC                                                    6.125
       16178272          GMAC                                                    6.125
       16179325          EMC Mortgage                                            8.625
       16179406          EMC Mortgage                                            7.375
       16178515          GMAC                                                     7.25
       16179326          EMC Mortgage                                                9
       16178516          GMAC                                                      6.5
       16178273          GMAC                                                      7.5
       16178193          GMAC                                                        7
       16179409          EMC Mortgage                                            7.375
       16178194          GMAC                                                        7
       16178195          GMAC                                                      7.5
       16178196          GMAC                                                    7.375
       16178277          GMAC                                                    5.125
       16178358          GMAC                                                    6.875
       16178197          GMAC                                                        7
       16178278          GMAC                                                    6.625
       16178198          GMAC                                                        6
       16178279          GMAC                                                    7.375
       16178199          GMAC                                                    6.125
       16180004          EMC Mortgage                                          7.08833
       16178520          GMAC                                                      6.5
       16178603          GMAC                                                    7.375
       16178360          GMAC                                                     6.25
       16178604          GMAC                                                      7.5
       16178607          GMAC                                                    6.375
       16179336          EMC Mortgage                                                2
       16178283          GMAC                                                    6.125
       16178284          GMAC                                                        7
       16179337          EMC Mortgage                                                2
       16178527          GMAC                                                      7.5
       16178529          GMAC                                                      6.5
       16179892          EMC Mortgage                                          6.96333
       16180019          EMC Mortgage                                                1
       16178612          GMAC                                                      7.5
       16178370          GMAC                                                    5.625
       16178533          GMAC                                                    6.875
       16178534          GMAC                                                    6.125
       16178535          GMAC                                                    7.375
       16178536          GMAC                                                      6.5
       16178537          GMAC                                                      6.5
       16178456          GMAC                                                     7.25
       16178294          GMAC                                                    7.375
       16178618          GMAC                                                    6.625
       16178296          GMAC                                                     6.25
       16178459          GMAC                                                    7.375
       16178298          GMAC                                                    7.375
       16178379          GMAC                                                    5.875
       16180020          EMC Mortgage                                                1
       16178701          GMAC                                                    7.375
       16178540          GMAC                                                        7
       16179350          EMC Mortgage                                            7.375
       16178460          GMAC                                                    7.375
       16178623          GMAC                                                      6.5
       16178705          GMAC                                                    6.125
       16178463          GMAC                                                     6.25
       16178382          GMAC                                                    5.875
       16178544          GMAC                                                    7.375
       16178707          GMAC                                                     6.75
       16179518          EMC Mortgage                                            7.375
       16178627          GMAC                                                    7.375
       16178385          GMAC                                                    5.875
       16178628          GMAC                                                    7.375
       16178466          GMAC                                                    7.375
       16178469          GMAC                                                      7.5
       16178389          GMAC                                                     5.25
       16178710          GMAC                                                     7.25
       16180393          Wells Fargo                                             6.625
       16178964          INDYMAC                                                 7.388
       16179000          INDYMAC                                                 8.288
       16179083          INDYMAC                                                 7.628
       16180296          Wells Fargo                                              7.25
       16179605          EMC Mortgage                                             7.25
       16179157          INDYMAC                                                 7.588
       16179719          EMC Mortgage                                            7.375
       16180042          PAUL FINANCIAL                                           7.75
       16178532          GMAC                                                     6.25
       16178521          GMAC                                                     5.75
       16179486          EMC Mortgage                                              6.5
       16178896          INDYMAC                                                 7.413
       99999001          Wells Fargo                                             6.875
       99999004          Wells Fargo                                             7.225
       99999005          Wells Fargo                                             6.875
       99999007          Wells Fargo                                             6.875
       99999010          INDYMAC                                                 6.988
       15980136          EMC Mortgage                                                7
       99999200          Wells Fargo                                              7.75
       99999201          Wells Fargo                                             6.625
       99999202          Wells Fargo                                              7.25

LOAN_SEQ                 CITY1                                              STATE              ZIP_CODE
------------------------------------------------------------------------------------------------------------
       16180262          OSWEGO                                             IL                        60543
      122405144          SAN DIEGO                                          CA                        92139
       16178479          LOVELAND                                           CO                        80537
       16179674          SOUTH WINDSOR                                      CT                         6074
       16180224          WINSTON SALEM                                      NC                        27107
       16179289          SAN LEANDRO                                        CA                        94577
       16179228          POWAY                                              CA                        92064
       16178371          SCOTTSDALE                                         AZ                        85260
       16179245          CORONA                                             CA                        92883
       16179852          DENVER                                             CO                        80204
       16180263          HALETHORPE                                         MD                        21227
       16179810          SAN DIEGO                                          CA                        92113
       16178940          LOS ANGELES                                        CA                        90026
       16180106          SAN RAMON                                          CA                        94582
       16180161          COLORADO SPRINGS                                   CO                        80909
       16180225          KANSAS CITY                                        MO                        64119
       16179773          CORONA                                             CA                        92880
       16178566          PEORIA                                             AZ                        85345
       16179511          READING STATION                                    PA                        19606
       16179290          LIVERMORE                                          CA                        94551
       16179920          COTTONWOOD HEIGHTS                                 UT                        84121
       16179019          RANCHO CUCAMONGA                                   CA                        91739
       16180362          ALPINE                                             NJ                         7620
       16180264          SKOKIE                                             IL                        60076
       16179811          LOXAHATCHEE                                        FL                        33470
       16178420          LAS VEGAS                                          NV                        89147
       16179566          PARKER                                             CO                        80138
       16179675          CLEARWATER                                         FL                        33763
       16180122          DOS PALOS                                          CA                        93620
       16178735          DORAL                                              FL                        33166
       16180226          PASO ROBLES                                        CA                        93446
       16179512          OLDSMAR                                            FL                        34677
       16179214          ESCONDIDO                                          CA                        92027
       16179133          MESA                                               AZ                        85207
       16179373          ORLANDO                                            FL                        32826
       16180363          NORTHRIDGE AREA                                    CA                        91324
       16180265          WAUKEGAN                                           IL                        60085
       16179703          LAS VEGAS                                          NV                        89102
       16179567          CENTENNIAL                                         CO                        80112
       16178332          HORSESHOE BAY                                      TX                        78657
       16178522          ROSEVILLE                                          CA                        95661
       16179482          BANNING                                            CA                        92220
       16179118          SUN CITY                                           CA                        92586
       16179134          DALY CITY                                          CA                        94014
       16179772          SAN DIEGO                                          CA                        92154
       16179374          MIAMI                                              FL                        33172
       16180364          SPRING HILL                                        FL                        34609
       16178546          DENVER                                             CO                        80223
       16178967          STUART                                             FL                        34997
       16180266          SHASTA LAKE                                        CA                        96019
       16179812          LONG BEACH                                         CA                        90815
       16179704          CEDAR HILLS                                        UT                        84062
       16179034          INGLEWOOD                                          CA                        90301
       16179692          HESPERIA                                           CA                        92344
       16180137          SANTA CRUZ                                         CA                        95060
       16178328          GARDENA                                            CA                        90247
       16179278          GLENDALE                                           CA                        91204
       16180228          ROHNERT PARK                                       CA                        94928
       16178855          LOUISVILLE                                         KY                        40220
       16180185          WALNUT CREEK                                       CA                        94597
       16179922          HENDERSON                                          NV                        89052
       16179942          FORT MYERS                                         FL                        33913
       16180598          QUEEN CREEK                                        AZ                        85242
       16179008          SAN JACINTO                                        CA                        92582
       16179013          PEORIA                                             AZ                        85382
       16179203          DAVENPORT                                          FL                        33837
       16179449          HOLLYWOOD                                          FL                        33024
       16180431          PHOENIX                                            AZ                        85086
       16178813          GREEN BAY                                          WI                        54311
       16179102          CHANDLER                                           AZ                        85224
       16179328          CHEHALIS                                           WA                        98532
       16178996          GOODYEAR                                           AZ                        85338
       16179428          FRESNO                                             CA                        93726
       16178441          CULVER CITY                                        CA                        90066
       16179747          DETROIT                                            MI                        48228
       16178706          SPANAWAY                                           WA                        98387
       16179393          PITTSBURGH                                         PA                        15239
       16178681          TACOMA                                             WA                        98405
       16178669          TEMPLE CITY                                        CA                        91780
       16178528          EDMONDS                                            WA                        98026
       16179255          SALINAS                                            CA                        93908
       16178249          FORT COLLINS                                       CO                        80525
       16180076          VISALIA                                            CA                        93292
       16178600          FONTANA                                            CA                        92335
       16179895          LAWRENCEVILLE                                      GA                        30044
       16180599          ELK GROVE                                          CA                        95624
       16179993          ACWORTH                                            GA                        30102
       16180432          SMITHTOWN                                          NY                        11787
       16179173          NORTH PORT                                         FL                        34287
       16179429          AURORA                                             CO                        80015
       16180129          SANTA ROSA                                         CA                        95404
       16179748          DAVISON                                            MI                        48423
       16179968          HIGHLANDS RANCH                                    CO                        80126
       16179029          CALEXICO                                           CA                        92231
       16178912          NORTH LAS VEGAS                                    NV                        89032
       16178931          LAS VEGAS                                          NV                        89135
       16178335          RIALTO                                             CA                        92377
       16179650          IRVINE                                             CA                        92603
       16178310          ROSEVILLE                                          CA                        95678
       16178218          LOS ANGELES                                        CA                        90272
       16179205          SACRAMENTO                                         CA                        95824
       16178739          CHULA VISTA                                        CA                        91911
       16180016          SAN DIEGO                                          CA                        92139
       16178266          DECATUR                                            GA                        30034
       16179847          GOLDEN                                             CO                        80403
       16179896          SAN FRANCISCO                                      CA                        94118
       16179123          TORRANCE                                           CA                        90502
       16180600          MELROSE PARK                                       IL                        60160
       16179204          MIAMI BEACH                                        FL                        33140
       16179450          MIAMI                                              FL                        33190
       16178997          SAN BERNARDINO                                     CA                        92410
       16178781          NORTH SAINT PAUL                                   MN                        55109
       16179969          BRIGHTON                                           CO                        80601
       16178953          SUNNYVALE                                          CA                        94086
       16178309          MIDLAND                                            MI                        48642
       16179242          GARDEN GROVE                                       CA                        92844
       16178250          STOCKTON                                           CA                        95206
       16180017          SAN DIEGO                                          CA                        92116
       16180601          OLATHE                                             KS                        66061
       16179014          RIVERSIDE                                          CA                        92503
       16180433          CARLSBAD                                           CA                        92009
       16178805          CONCORD                                            NC                        28027
       16179355          HOUSTON                                            TX                        77089
       16179042          CITRUS HEIGHTS                                     CA                        95621
       16180091          GREELEY                                            CO                        80634
       16178590          ELIZABETH                                          CO                        80107
       16178219          PHOENIX                                            AZ                        85041
       16178264          PALM BAY                                           FL                        32909
       16179897          WAIANAE                                            HI                        96792
       16179125          SACRAMENTO                                         CA                        95864
       16179193          BEAUMONT                                           CA                        92223
       16180602          EVERETT                                            WA                        98208
       16179198          FRESNO                                             CA                        93711
       16179451          MIAMI                                              FL                        33186
       16178726          TAMPA                                              FL                        33647
       16180048          WATSONVILLE                                        CA                        95076
       16180170          SUISUN CITY                                        CA                        94585
       16179970          LITTLETON                                          CO                        80123
       16179022          LITCHFIELD PARK                                    AZ                        85340
       16178295          WASHINGTON                                         DC                        20001
       16178575          ANCHORAGE                                          AK                        99507
       16178666          PALM BEACH GARDENS                                 FL                        33410
       16180116          FAIRFIELD                                          CA                        94534
       16178601          FONTANA                                            CA                        92336
       16178251          HOPKINS                                            MN                        55343
       16179783          MANASSAS                                           VA                        20112
       16179849          PARKER                                             CO                        80134
       16179898          CARLSBAD                                           CA                        92008
       16179194          PUEBLO WEST                                        CO                        81007
       16180603          MT PROSPECT                                        IL                        60056
       16179452          LAUDERHILL                                         FL                        33319
       16180627          WESLEY CHAPEL                                      FL                        33543
       16179396          PALMETTO                                           FL                        34221
       16178936          WILMINGTON AREA                                    CA                        90744
       16178954          TENAFLY                                            NJ                         7670
       16178913          ENCINITAS                                          CA                        92024
       16179672          MIAMI                                              FL                        33178
       16180110          FAIRFIELD                                          CA                        94533
       16178291          TAVARES                                            FL                        32778
       16179264          SAN JOSE                                           CA                        95111
       16178220          PHOENIX                                            AZ                        85018
       16180018          REDDING                                            CA                        96003
       16179784          LAS VEGAS                                          NV                        89109
       16179108          CHICAGO                                            IL                        60639
       16179453          VIRGINIA BEACH                                     VA                        23456
       16180259          TRACY                                              CA                        95376
       16179673          MASON                                              MI                        48854
       16178689          KIRKLAND                                           WA                        98034
       16178822          CAMP VERDE                                         AZ                        86322
       16179265          MILPITAS                                           CA                        95035
       16179217          LOS ANGELES (NORTHRIDGE A                          CA                        91326
       16179243          VENTURA                                            CA                        93001
       16179201          OROVILLE                                           CA                        95966
       16179850          CONIFER                                            CO                        80433
       16179899          RANCHO CUCAMONGA                                   CA                        91737
       16179454          BRIDGEPORT                                         CT                         6606
       16180260          ESCONDIDO                                          CA                        92025
       16179149          INDIO                                              CA                        92201
       16179033          MESA                                               AZ                        85207
       16179564          BRIGHTON                                           CO                        80601
       16178550          HONOLULU                                           HI                        96819
       16178937          SANTA PAULA                                        CA                        93060
       16179790          VALLEJO                                            CA                        94591
       16180190          PALMDALE                                           CA                        93552
       16178581          GILBERT                                            AZ                        85233
       16178568          EVERETT                                            WA                        98208
       16179132          DIXON                                              CA                        95620
       16179918          PARKER                                             CO                        80138
       16178221          CARSON                                             CA                        90745
       16179244          RIVERSIDE                                          CA                        92508
       16179017          COVINA                                             CA                        91724
       16179109          RIVERSIDE                                          CA                        92508
       16178364          TEMECULA                                           CA                        92592
       16179351          ESCONDIDO                                          CA                        92026
       16179398          STONEWALL                                          LA                        71078
       16180261          GALION                                             OH                        44833
       16179052          MISSION VIEJO                                      CA                        92692
       16179565          COLORADO SPRINGS                                   CO                        80920
       16178938          CHULA VISTA                                        CA                        91911
       16178339          MOUNT PROSPECT                                     IL                        60056
       16180105          DANVILLE                                           CA                        94506
       16180088          GOODYEAR                                           AZ                        85338
       16178281          RIVERSIDE                                          CA                        92508
       16179919          GOODYEAR                                           AZ                        85338
       16178192          SPRINGFIELD                                        VA                        22153
       16179018          NOVATO                                             CA                        94947
       16179851          SALT LAKE CITY                                     UT                        84120
       16179456          WASHINGTON                                         DC                        20011
       16178773          PEA RIDGE                                          AR                        72751
       16178640          TEMPE                                              AZ                        85281
       16178688          LOS LUNAS                                          NM                        87031
       16179294          YORBA LINDA                                        CA                        92887
       16179235          ZIMMERMAN                                          MN                        55398
       16180220          RIALTO                                             CA                        92376
       16179250          VENTURA                                            CA                        93004
       16179207          NAMPA                                              ID                        83651
       16180070          RANCHO CORDOVA                                     CA                        95742
       16179478          VISTA                                              CA                        92084
       16179370          LAKE MARY                                          FL                        32746
       16179526          PHILADELPHIA                                       PA                        19103
       16180452          NORTH LAS VEGAS                                    NV                        89030
       16180289          QUEEN CREEK                                        AZ                        85242
       16180358          CHICAGO                                            IL                        60657
       16179163          LOS ANGELES                                        CA                        90011
       16179036          CHANDLER                                           AZ                        85225
       16179586          EAST HARTFORD                                      CT                         6108
       16178784          GLENDALE                                           AZ                        85304
       16178485          HOUSTON                                            TX                        77008
       16179654          KENNESAW                                           GA                        30152
       16180036          STOCKTON                                           CA                        95219
       16180163          PETALUMA                                           CA                        94952
       16179273          EL DORADO HILLS                                    CA                        95762
       16180221          ROHNERT PARK                                       CA                        94928
       16178387          ROWLAND HEIGHTS                                    CA                        91748
       16178359          BROOKLYN                                           NY                        11237
       16178897          DORAL                                              FL                        33178
       16180077          FARMERSVILLE                                       CA                        93223
       16179371          PEMBROKER PINES                                    FL                        33026
       16180453          WILMINGTON                                         DE                        19804
       16180290          GILBERT                                            AZ                        85236
       16179716          KISSIMMEE                                          FL                        34744
       16179061          CORAL SPRINGS                                      FL                        33065
       16179764          LONG BEACH                                         CA                        90802
       16179143          HENDERSON                                          NV                        89015
       16179807          SAN LORENZO                                        CA                        94580
       16178809          CHULA VISTA                                        CA                        91913
       16179024          SAN JOSE                                           CA                        95148
       16178793          SPOKANE                                            WA                        99208
       16180139          SANTA CLARITA                                      CA                        91355
       16179274          MURRIETA                                           CA                        92562
       16179295          CORONA                                             CA                        92882
       16180222          BLANCHARD                                          ND                        58009
       16178842          SURPRISE                                           AZ                        85379
       16178510          FENTON                                             MO                        63026
       16180622          SAINT PAUL                                         MN                        55104
       16180454          PHOENIX                                            AZ                        85033
       16179166          SAN DIEGO                                          CA                        92105
       16179073          DIAMOND BAR                                        CA                        91765
       16180291          NEW PORT RICHEY                                    FL                        34654
       16180359          SHERMAN OAKS AREA                                  CA                        91423
       16178448          LINCOLN                                            CA                        95648
       16180065          RICHMOND                                           CA                        94801
       16179808          GRANADA HILLS                                      CA                        91344
       16179587          SOUTHFIELD                                         MI                        48034
       16178638          SAN ANTONIO                                        TX                        78244
       16179702          WEST BLOOMFIELD                                    MI                        48322
       16179655          NORCROSS                                           GA                        30093
       16179025          IMPERIAL                                           CA                        92251
       16179691          DEARBORN                                           MI                        48126
       16178587          COLORADO SPRINGS                                   CO                        80920
       16178523          LAS VEGAS                                          NV                        89123
       16180223          LYNN                                               MA                         1902
       16179372          ORLANDO                                            FL                        32836
       16180623          ST HELENS                                          OR                        97051
       16180389          FRESNO                                             CA                        93727
       16180455          PITTSBURG                                          CA                        94565
       16179074          SAN LUIS OBISPO                                    CA                        93405
       16180292          GLADSTONE                                          MO                        64118
       16180360          FAIRFIELD                                          CA                        94533
       16179809          SANTA ANA                                          CA                        92707
       16180141          SALINAS                                            CA                        93907
       16178620          NEWBERRY                                           FL                        32669
       16178699          GREELEY                                            CO                        80634
       16178629          BRECKENRIDGE                                       CO                        80424
       16180084          SAN CARLOS                                         CA                        94070
       16178825          TRABUCO CANYON                                     CA                        92679
       16179275          CLOVIS                                             CA                        93611
       16180181          BRISBANE                                           CA                        94005
       16178378          VACAVILLE                                          CA                        95687
       16180624          CHICAGO                                            IL                        60622
       16180390          ALAMEDA                                            CA                        94501
       16179184          HOLLISTER                                          CA                        95023
       16180456          ANNANDALE                                          VA                        22003
       16180293          KANSAS CITY                                        MO                        64110
       16179825          (NORTHRIDGE AREA) LOS ANG                          CA                        91325
       16180361          BATTLE GROUND                                      WA                        98604
       16178449          MESA                                               AZ                        85209
       16179717          BOYNTON BEACH                                      FL                        33437
       16180192          TUSTIN                                             CA                        92780
       16178652          LEESBURG                                           VA                        20176
       16180156          HAYWARD                                            CA                        94541
       16178945          FORT MYERS                                         FL                        33905
       16178639          ATLANTA                                            GA                        30310
       16178778          SURPRISE                                           AZ                        85374
       16178304          PHOENIX                                            AZ                        85053
       16178325          WHITTIER                                           CA                        90604
       16179775          HUNTINGTON BEACH                                   CA                        92648
       16179236          NAPA                                               CA                        94558
       16178551          CASSELBERRY                                        FL                        32707
       16180556          PHOENIX                                            AZ                        85006
       16180625          PORTLAND                                           OR                        97218
       16180391          CRESCENT CITY                                      FL                        32112
       16179185          CANOGA PARK                                        CA                        91304
       16180457          DORAL                                              FL                        33166
       16179082          SOUTH GATE                                         CA                        90280
       16180294          LAUREL                                             MD                        20708
       16179826          VENICE                                             CA                        90291
       16179718          POMPANO BEACH                                      FL                        33064
       16179037          CHANDLER                                           AZ                        85225
       16180151          NORTH HIGHLANDS                                    CA                        95660
       16178693          PALM BAY                                           FL                        32907
       16178865          DENVER                                             CO                        80249
       16179276          SAN JOSE                                           CA                        95138
       16179499          BAKERSFIELD                                        CA                        93313
       16178512          SEATTLE                                            WA                        98178
       16178228          COLTON                                             CA                        92324
       16180557          TOLLESON                                           AZ                        85353
       16180392          LOS ANGELES                                        CA                        90018
       16180458          MORENO VALLEY                                      CA                        92553
       16180172          WOODINVILLE                                        WA                        98072
       16180295          NORTHFIELD                                         NH                         3276
       16178407          CORNELIUS                                          OR                        97113
       16180157          VENICE                                             CA                        90291
       16179062          WEST COVINA                                        CA                        91790
       16178708          SAN DIEGO                                          CA                        92126
       16178338          LARKSPUR                                           CO                        80118
       16178525          LAS VEGAS                                          NV                        89138
       16178181          ORANGE PARK                                        FL                        32065
       16179303          STATEN ISLAND                                      NY                        10301
       16178391          LA MESA                                            CA                        91941
       16179277          COLORADO SPRINGS                                   CO                        80919
       16179500          WHITTIER                                           CA                        90601
       16179648          LONG BEACH                                         CA                        90814
       16180074          ENGLEWOOD                                          CO                        80112
       16180558          SURPRISE                                           AZ                        85379
       16180327          GREAT FALLS                                        VA                        22066
       16180586          FLOWERY BRANCH                                     GA                        30542
       16179932          LARGO                                              FL                        33771
       16179985          HOLLYWOOD                                          FL                        33021
       16178959          HANFORD                                            CA                        93230
       16180326          HASTINGS                                           MN                        55033
       16179646          GLENDALE                                           CA                        91205
       16179148          FAIRPLAY                                           MD                        21733
       16179162          CONCORD                                            CA                        94521
       16179740          VICTORVILLE                                        CA                        92394
       16178713          RICHMOND                                           VA                        23223
       16178645          LAKE WORTH                                         FL                        33467
       16178548          SUMANEE                                            GA                        30024
       16178243          CITRUS HEIGHTS                                     CA                        95610
       16180518          ORLANDO                                            FL                        32837
       16179121          ANAHEIM                                            CA                        92802
       16180587          GALESVILLE                                         MD                        20765
       16179933          WEEKI WACHEE                                       FL                        34613
       16180186          MONROE                                             WA                        98272
       16179986          MIAMI                                              FL                        33165
       16180420          COCOA BEACH                                        FL                        32931
       16178733          WILMINGTON                                         NC                        28412
       16180487          OLATHE                                             KS                        66062
       16179067          REDLANDS                                           CA                        92373
       16179170          REDDING                                            CA                        96003
       16178416          PHOENIX                                            AZ                        85027
       16180067          AURORA                                             CO                        80011
       16179057          LOS BANOS                                          CA                        93635
       16178200          HAYWARD                                            CA                        94545
       16178201          ORLAND                                             CA                        95963
       16178202          SACRAMENTO                                         CA                        95823
       16178203          SACRAMENTO                                         CA                        95820
       16178204          MILPITAS                                           CA                        95035
       16178205          LYNNWOOD                                           WA                        98036
       16178206          PHELAN                                             CA                        92371
       16178207          CONCORD                                            OH                        44077
       16178208          CAPE CORAL                                         FL                        33914
       16178209          WINTER SPRINGS                                     FL                        32708
       16178841          TUSTIN                                             CA                        92780
       16178762          MEMPHIS                                            TN                        38104
       16178843          SACRAMENTO                                         CA                        95820
       16178763          CASPER                                             WY                        82601
       16178845          SCOTTSDALE                                         AZ                        85258
       16178846          HOLLYWOOD                                          FL                        33020
       16178684          PEMBROKE PINES                                     FL                        33024
       16178847          MIAMI                                              FL                        33157
       16178685          PARKER                                             CO                        80138
       16178686          ST.LOUIS                                           MO                        63116
       16178848          HOUSTON                                            TX                        77064
       16178849          NATIONAL CITY                                      CA                        91950
       16178687          NORTH MIAMI                                        FL                        33181
       16178210          HAMPSHIRE                                          IL                        60140
       16178211          ORTING                                             WA                        98360
       16178212          SAN JOSE                                           CA                        95111
       16178213          BRANDYWINE                                         MD                        20613
       16178214          STOCKTON                                           CA                        95206
       16178215          BOULDER                                            CO                        80302
       16178850          TOQUERVILLE                                        UT                        84774
       16178852          CHARLESTON                                         SC                        29492
       16178853          SUMMERVILLE                                        SC                        29485
       16178772          DERBY                                              KS                        67037
       16178854          FAIRBANKS                                          AK                        99709
       16178692          LITTLE RIVER                                       SC                        29566
       16178774          FRESNO                                             CA                        93704
       16178857          TAYLORS                                            SC                        29687
       16178858          NORTH PORT                                         FL                        34286
       16178859          AUSTIN                                             TX                        78753
       16178697          PORT ORANGE                                        FL                        32129
       16178779          DESTIN                                             FL                        32541
       16178301          MAUMELLE                                           AR                        72113
       16178303          TOMBALL                                            TX                        77375
       16178305          NORTH LAS VEGAS                                    NV                        89031
       16178307          PONTIAC                                            MI                        48341
       16179831          LITHONIA                                           GA                        30038
       16178860          LANCASTER                                          CA                        93535
       16178863          ATLANTA                                            GA                        30312
       16178866          POMONA                                             CA                        91767
       16178786          AURORA                                             CO                        80010
       16178868          WEST COVINA                                        CA                        91791
       16178787          PONTIAC                                            MI                        48342
       16178869          HARVEY                                             LA                        70058
       16178311          SAN LEANDRO                                        CA                        94578
       16180194          SOMIS                                              CA                        93066
       16180195          OLATHE                                             KS                        66062
       16180196          APOPKA                                             FL                        32712
       16180197          PROVIDENCE                                         RI                         2909
       16178317          VISTA                                              CA                        92081
       16180198          FAIRVIEW                                           TN                        37062
       16180199          PUEBLO                                             CO                        81006
       16179921          KENNESAW                                           GA                        30144
       16178319          LOS ANGELES                                        CA                        90006
       16178870          TAMARAC                                            FL                        33321
       16178790          AURORA                                             CO                        80010
       16178872          COLORADO SPRINGS                                   CO                        80916
       16178873          ALABASTER                                          AL                        35007
       16178792          CLAYTON                                            NC                        27520
       16178874          IRVINE                                             CA                        92604
       16178794          SEATTLE                                            WA                        98122
       16178875          DEERFIELD BEACH                                    FL                        33441
       16178876          CHICAGO                                            IL                        60656
       16178795          LA MESA                                            CA                        91942
       16178877          GILBERT                                            AZ                        85296
       16178322          SAINT LOUIS                                        MO                        63110
       16178880          BRIDGEPORT                                         CT                         6607
       16179771          DOWNEY                                             CA                        90242
       16178882          HARTFORD                                           CT                         6114
       16178883          EDMONDS                                            WA                        98026
       16179778          FRESNO                                             CA                        93726
       16178170          STERLING                                           VA                        20165
       16178173          FT LAUDERDALE                                      FL                        33312
       16178336          RALEIGH                                            NC                        27601
       16178174          LIGHTHOUSE POINT                                   FL                        33064
       16178177          MERRIMACK                                          NH                         3054
       16178259          FRESNO                                             CA                        93705
       16178178          ANOKA                                              MN                        55303
       16178179          SALT LAKE CITY                                     UT                        84118
       16179785          STERLING                                           VA                        20165
       16179787          CENTREVILLE                                        VA                        20120
       16178502          CARSON                                             CA                        90745
       16180626          ENGLEWOOD                                          CO                        80111
       16178503          SAINT PETERSBURG                                   FL                        33712
       16178180          SCOTTSDALE                                         AZ                        85251
       16178504          WEST PALM BEACH                                    FL                        33401
       16178263          LAS VEGAS                                          NV                        89108
       16178506          MURRIETA                                           CA                        92563
       16178184          SEDONA                                             AZ                        86351
       16178508          TOLLESON                                           AZ                        85353
       16178186          COLUMBIANA                                         AL                        35051
       16178267          BERLIN                                             CT                         6037
       16180385          JACKSONVILLE                                       FL                        32246
       16180449          LAKE BLUFF                                         IL                        60044
       16179601          BALDWIN PARK                                       CA                        91706
       16180286          CHICAGO                                            IL                        60624
       16178355          LAHAINA                                            HI                        96761
       16179713          MIAMI                                              FL                        33172
       16180054          SAN LEANDRO                                        CA                        94577
       16179761          SACRAMENTO                                         CA                        95827
       16178775          SAN DIEGO                                          CA                        92128
       16178286          WASHINGTON                                         DC                        20010
       16179516          FONTANA                                            CA                        92336
       16179407          LEES SUMMIT                                        MO                        64063
       16180246          TAMPA                                              FL                        33619
       16178481          DEER PARK                                          NY                        11729
       16178519          NEW ORLEANS                                        LA                        70117
       16180479          AURORA                                             CO                        80013
       16178890          MIAMI                                              FL                        33055
       16180549          HESPERIA                                           CA                        92344
       16180319          FARGO                                              ND                        58103
       16179089          WESTON                                             FL                        33332
       16180450          NORTH LAS VEGAS                                    NV                        89031
       16179165          AVENTURA                                           FL                        33108
       16180058          SNOHOMISH                                          WA                        98296
       16178405          VISALIA                                            CA                        93291
       16178314          GREEN BAY                                          WI                        54304
       16179714          NORTH PORT                                         FL                        34286
       16178783          SAN JOSE                                           CA                        95124
       16178524          HERCULES                                           CA                        94547
       16180247          WINTER HAVEN                                       FL                        33880
       16179390          NORTH LAWRENCE                                     OH                        44666
       16179982          FORT LAUDERDALE                                    FL                        33311
       16180480          CANOGA PARK AREA                                   CA                        91303
       16180550          CHICAGO                                            IL                        60659
       16180320          CAMARILLO                                          CA                        93010
       16179415          LAWRENCEVILLE                                      GA                        30045
       16179738          PORTSMOUTH                                         VA                        23707
       16180451          CHICAGO                                            IL                        60601
       16180144          ROMOLAND                                           CA                        92585
       16179602          TUCSON                                             AZ                        85743
       16179146          ALBUQUERQUE                                        NM                        87121
       16178428          MERCED                                             CA                        95348
       16178644          BURLINGTON                                         WA                        98233
       16178401          CARSON                                             CA                        90745
       16178691          ANAHEIM                                            CA                        92807
       16179301          STOCKTON                                           CA                        95206
       16180248          LONG BEACH                                         NY                        11561
       16179254          OXNARD                                             CA                        93033
       16179391          STOW                                               OH                        44224
       16179983          CAPE CORAL                                         FL                        33993
       16178225          RIVERSIDE AREA                                     CA                        92509
       16178562          WILMINGTON                                         NC                        28411
       16180481          MARIETTA                                           GA                        30062
       16178489          DISCOVERY BAY                                      CA                        94514
       16180551          CHULA VISTA                                        CA                        91911
       16180321          SAINT PAUL                                         MN                        55106
       16179779          CHANDLER                                           AZ                        85249
       16179009          ANAHEIM                                            CA                        92805
       16180386          E LONGMEADOW                                       MA                         1028
       16178785          FOUNTAIN                                           CO                        80817
       16179048          TURLOCK                                            CA                        95382
       16179715          BRANDON                                            FL                        33510
       16180138          LAS VEGAS                                          NV                        89106
       16178390          CASTROVILLE                                        CA                        95012
       16179984          LAS VEGAS                                          NV                        89110
       16180416          CATHEDRAL CITY                                     CA                        92234
       16180482          CRIPPLE CREEK                                      CO                        80813
       16180552          ESCONDIDO                                          CA                        92027
       16180322          ST. PAUL                                           MN                        55106
       16179416          HAVERHILL                                          FL                        33417
       16179090          CLEARWATER                                         FL                        33762
       16178976          PORTSMOUTH                                         VA                        23703
       16180387          PORT CHARLOTTE                                     FL                        33981
       16179183          ROCKLIN                                            CA                        95765
       16180052          DISCOVERY BAY                                      CA                        94514
       16180178          LOS ANGELES                                        CA                        90044
       16179739          VIRGINIA BEACH                                     VA                        23454
       16178992          LAS VEGAS                                          NV                        89141
       16179072          PORT ST. LUCIE                                     FL                        34986
       16178429          DAYTON                                             NV                        89403
       16178226          SAN JOSE                                           CA                        95127
       16179202          SAN DIEGO                                          CA                        92115
       16180417          SALEM                                              OR                        97302
       16180483          SILVER SPRING                                      MD                        20906
       16178473          SEASIDE                                            CA                        93955
       16180553          ATLANTA                                            GA                        30305
       16180323          ST. PAUL                                           MN                        55106
       16180388          LONG BEACH                                         CA                        90807
       16179830          SURPRISE                                           AZ                        85388
       16178297          CHARLOTTESVILLE                                    VA                        22901
       16178505          HAMILTON                                           NJ                         8620
       16178483          SANDY                                              UT                        84070
       16179306          BRANDON                                            FL                        33510
       16180079          LAS VEGAS                                          NV                        89144
       16180584          COMMERCE CITY                                      CO                        80022
       16180418          DENVER                                             CO                        80210
       16180484          BEND                                               OR                        97702
       16180554          FAIRFIELD                                          CA                        94534
       16180324          ST. PAUL                                           MN                        55119
       16179417          HEMET                                              CA                        92545
       16179091          GLENDORA                                           CA                        91741
       16178437          HUNTINGTON BEACH                                   CA                        92649
       16180169          NOVATO                                             CA                        94945
       16179619          RANCHO SANTA MARGARITA                             CA                        92688
       16179960          ARVADA                                             CO                        80004
       16178541          LA HABRA                                           CA                        90631
       16178265          COLORADO SPRINGS                                   CO                        80922
       16178462          BEND                                               OR                        97702
       16179196          STOCKTON                                           CA                        95219
       16180585          FAIR OAKS                                          CA                        95628
       16179931          JACKSONVILLE                                       FL                        32225
       16178227          SAN JOSE                                           CA                        95111
       16178511          VERO BEACH                                         FL                        32963
       16180419          DISCOVERY BAY                                      CA                        94514
       16180485          MONTGOMERY                                         IL                        60538
       16180555          MURRELLS INLET                                     SC                        29576
       16180325          LEVITTOWN                                          PA                        19055
       16179418          SANGER                                             CA                        93657
       16178717          PHOENIX                                            AZ                        85043
       16179177          SUISUN CITY                                        CA                        94585
       16179092          GARDENA                                            CA                        90247
       16179161          SANDY                                              UT                        84094
       16178729          WILMINGTON                                         NC                        28412
       16178406          VICTORVILLE                                        CA                        92395
       16178716          SCOTTSDALE                                         AZ                        85251
       16180047          WATSONVILLE                                        CA                        95076
       16179348          PINELLAS PARK                                      FL                        33781
       16179531          ATLANTA                                            GA                        30319
       16178189          RUTHER GLEN                                        VA                        22546
       16180099          BOULDER                                            CO                        80305
       16179884          FARMINGTON                                         MI                        48335
       16179684          CULPEPER                                           VA                        22701
       16180152          SANTA ROSA                                         CA                        95409
       16180092          AURORA                                             CO                        80015
       16178829          EASLEY                                             SC                        29642
       16178761          KENT                                               WA                        98032
       16179774          SEAL BEACH                                         CA                        90743
       16178961          COLTON                                             CA                        92324
       16179206          CAMERON PARK                                       CA                        95682
       16180443          LONG BEACH                                         NY                        11561
       16178280          CHANDLER                                           AZ                        85225
       16180281          PINOLE                                             CA                        94564
       16180350          LANCASTER                                          CA                        93536
       16179757          CINCINNATI                                         OH                        45247
       16180241          GILLETT                                            WI                        54124
       16179293          INDIO                                              CA                        92203
       16178468          CORONA                                             CA                        92883
       16179232          WILDOMAR (AREA)                                    CA                        92595
       16180053          YUBA CITY                                          CA                        95991
       16180061          COMMERCE CITY                                      CO                        80022
       16179386          WOOSTER                                            OH                        44691
       16179367          RIVERVIEW                                          FL                        33569
       16178610          SAHUARITA                                          AZ                        85629
       16180444          WESTON                                             FL                        33327
       16179070          MYRTLE BEACH                                       SC                        29588
       16180282          ORANGE PARK                                        FL                        32003
       16180351          ENCINITAS                                          CA                        92024
       16179710          TULSA                                              OK                        74134
       16179758          JACKSON                                            MO                        63755
       16179579          MIAMI                                              FL                        33165
       16178944          NEWHALL AREA                                       CA                        91321
       16179142          OAKLAND                                            CA                        94621
       16180193          LITTLETON                                          CO                        80125
       16178696          BATTLE GROUND                                      WA                        98604
       16178712          ACWORTH                                            GA                        30101
       16178269          DUVALL                                             WA                        98019
       16180242          LITTLETON                                          CO                        80127
       16179491          CEDARPINES                                         CA                        92322
       16180381          THOMASVILLE                                        NC                        27360
       16180445          ORANGEVALE                                         CA                        95662
       16179164          GRASS VALLEY                                       CA                        95945
       16180283          RALEIGH                                            NC                        27613
       16178427          CHOWCHILLA                                         CA                        93610
       16180352          PORTALES                                           NM                        88130
       16179759          LOUSIVILLE                                         KY                        40218
       16179580          DORAL                                              FL                        33178
       16178789          PFLUGERVILLE                                       TX                        78660
       16180039          FREMONT                                            CA                        94539
       16179298          PLEASANTON                                         CA                        94588
       16180243          BULLHEAD CITY                                      AZ                        86442
       16179253          HOLLISTER                                          CA                        95023
       16179492          LOS ANGELES                                        CA                        91325
       16180382          SPRING VALLEY                                      CA                        91977
       16180446          OAKLAND                                            CA                        94619
       16179071          LAS VEGAS                                          NV                        89106
       16180284          OLD BRIDGE                                         NJ                         8857
       16180353          VALRICO                                            FL                        33594
       16180166          PETALUMA                                           CA                        94952
       16178803          PEORIA                                             AZ                        85383
       16179711          ORLANDO                                            FL                        32801
       16179777          SAN BERNARDINO                                     CA                        92405
       16179828          PHOENIX                                            AZ                        85016
       16180155          NAPA                                               CA                        94559
       16180127          MISSION VIEJO                                      CA                        92692
       16179581          DAVIE                                              FL                        33325
       16180165          LAS VEGAS                                          NV                        89149
       16180037          DANVILLE                                           CA                        94526
       16180130          OCEANSIDE                                          CA                        92056
       16179493          BAKERSFIELD                                        CA                        93307
       16179388          HARTVILLE                                          OH                        44632
       16178660          SUMMERVILLE                                        SC                        29485
       16180383          BOSTON                                             MA                         2124
       16180447          ALISO VIEJO                                        CA                        92656
       16178991          LOS GATOS                                          CA                        95033
       16178963          SANTA ANA                                          CA                        92706
       16179600          MARYSVILLE                                         WA                        98270
       16180285          MILTON                                             MA                         2186
       16179035          SAN DIEGO                                          CA                        92105
       16179582          PEMBROKE PINES                                     FL                        33029
       16178597          EVERETT                                            WA                        98205
       16180045          SANTA ROSA                                         CA                        95404
       16180244          LAVERGNE                                           TN                        37086
       16178320          INGLEWOOD                                          CA                        90302
       16179139          KENT                                               WA                        98030
       16178377          FONTANA                                            CA                        92336
       16180547          WICHITA                                            KS                        67209
       16180317          WATERVILLE                                         MN                        56096
       16178171          PUYALLUP                                           WA                        98374
       16180384          SAINT PAUL                                         MN                        55119
       16180448          MISSION VIEJO                                      CA                        92694
       16178404          CHOWCHILLA                                         CA                        93610
       16179155          OCEANSIDE                                          CA                        92057
       16179712          PLANT CITY                                         FL                        33563
       16180191          VALLEJO                                            CA                        94589
       16178928          SUNNYVALE                                          CA                        94089
       16179760          SAN JACINTO                                        CA                        92583
       16178833          BOILING SPRINGS                                    SC                        29316
       16179583          WEST PALM BEACH                                    FL                        33407
       16178625          NAPA                                               CA                        94558
       16178622          WOODLAND                                           CA                        95695
       16179299          NEWPORT RICHEY                                     FL                        34655
       16180245          BLUE SPRINGS                                       MO                        64014
       16179484          LEESBURG                                           VA                        20176
       16179272          MANALAPAN                                          NJ                         7726
       16179495          LOS ANGELES                                        CA                        91325
       16178608          MAUMEE                                             OH                        43537
       16180548          CONCORD                                            CA                        94519
       16180318          BOXFORD                                            MA                         1921
       16179260          SAN JOSE                                           CA                        95127
       16179863          BOCA RATON                                         FL                        33433
       16179195          NORTH LAS VEGAS                                    NV                        89031
       16180621          TALLAHASSEE                                        FL                        32317
       16178884          MORENO VALLEY                                      CA                        92555
       16179405          SAN LEANDRO                                        CA                        94578
       16180347          MENIFEE                                            CA                        92585
       16179575          NAPLES                                             FL                        34109
       16178892          SANTA PAULA                                        CA                        93060
       16178851          SPOKANE                                            WA                        99208
       16179792          ASHBURN                                            VA                        20147
       16178736          HAYWARD                                            CA                        94545
       16178767          UPLAND                                             CA                        91784
       16179230          SAN JOSE                                           CA                        95131
       16179113          CAMARILLO                                          CA                        93010
       16179864          PEMBROKE PINES                                     FL                        33028
       16178369          TAHOE CITY                                         CA                        96145
       16179365          TAMPA                                              FL                        33635
       16180278          MIAMI                                              FL                        33131
       16180348          FOREST PARK                                        GA                        30297
       16179802          NORTH HOLLYWOOD                                    CA                        91606
       16178626          KENNEWICK                                          WA                        99338
       16179137          PHOENIX                                            AZ                        85009
       16179248          LOS ANGELES (SHERMAN OAKS                          CA                        91423
       16178386          MANASSAS                                           VA                        20112
       16179261          PALM CITY                                          FL                        34990
       16179910          MARIETTA                                           GA                        30064
       16179487          LAS VEGAS                                          NV                        89123
       16180279          GUALALA                                            CA                        95445
       16179060          PERRIS                                             CA                        92571
       16179577          NAPLES                                             FL                        34120
       16179803          CASTROVILLE                                        CA                        95012
       16179618          BURKE                                              VA                        22015
       16178764          CHARLOTTE                                          NC                        28208
       16178282          WOODBRIDGE                                         VA                        22193
       16179292          STOCKTON                                           CA                        95219
       16179231          CUPERTINO                                          CA                        95014
       16179138          PHOENIX                                            AZ                        85009
       16178376          SAN DIEGO                                          CA                        92131
       16179100          LOS ANGELES                                        CA                        90042
       16180184          DENVER                                             CO                        80220
       16180442          CHICAGO                                            IL                        60645
       16180349          RANCHO CORDOVA                                     CA                        95670
       16179578          FORT WALTON BEACH                                  FL                        32548
       16179804          ESTERO                                             FL                        33928
       16179045          LA MESA                                            CA                        91942
       16180051          OAKLAND                                            CA                        94605
       16178893          HAWTHORNE                                          CA                        90250
       16179806          HAYWARD                                            CA                        94544
       16180257          SACRAMENTO                                         CA                        95818
       16179700          ATLANTA                                            GA                        30312
       16178828          SCOTTSDALE                                         AZ                        85258
       16178748          WARREN                                             MI                        48092
       16178668          WAYNESBORO                                         PA                        17268
       16178589          PORT SAINT LUCIE                                   FL                        34986
       16180075          SAN RAFAEL                                         CA                        94903
       16180159          PORT HUENEME                                       CA                        93041
       16179801          MESA                                               AZ                        85210
       16178830          CLINTON                                            MD                        20735
       16178831          SAN ANTONIO                                        TX                        78244
       16179628          MESA                                               AZ                        85215
       16180582          PLACERVILLE                                        CA                        95667
       16179439          KISSIMMEE                                          FL                        34759
       16180415          GULF BREEZE                                        FL                        32563
       16180146          LAKEWOOD                                           CO                        80214
       16180115          OROVILLE                                           CA                        95966
       16178415          STOCKTON                                           CA                        95206
       16179665          PICKERINGTON                                       OH                        43147
       16180119          LAS VEGAS                                          NV                        89131
       16178588          FORT COLLINS                                       CO                        80525
       16179520          LAS VEGAS                                          NV                        89107
       16178368          WOODBURY                                           MN                        55129
       16180620          ORLANDO                                            FL                        32814
       16179953          LITCHFIELD PARK                                    AZ                        85340
       16180109          PETALUMA                                           CA                        94954
       16179563          RENTON                                             WA                        98055
       16178832          SAN ANTONIO                                        TX                        78244
       16179480          SAN BERNARDINO                                     CA                        92404
       16179481          BUCKEYE                                            AZ                        85396
       16178834          COLORADO SPRINGS                                   CO                        80906
       16178591          DAVIE                                              FL                        33330
       16179644          HUNTINGDON VALLEY                                  PA                        19006
       16178754          KANSAS CITY                                        MO                        64119
       16179483          CHANDLER                                           AZ                        85224
       16178835          AVONDALE                                           AZ                        85323
       16178836          SCOTTSDALE                                         AZ                        85262
       16178755          SEATTLE                                            WA                        98103
       16178593          TITUSVILLE                                         FL                        32780
       16178756          MIAMI                                              FL                        33145
       16180183          MODESTO                                            CA                        95356
       16180174          SAN FRANCISCO                                      CA                        94134
       16180044          FREMONT                                            CA                        94538
       16179545          PALM BAY                                           FL                        32905
       16180346          MADISON                                            AL                        35757
       16178323          LAKE ELSINORE                                      CA                        92530
       16178586          BARSTOW                                            CA                        92311
       16180219          RENTON                                             WA                        98058
       16180188          HAYWARD                                            CA                        94544
       16179916          CORDOVA                                            TN                        38016
       16178455          STEPHENS CITY                                      VA                        22655
       16179621          SACRAMENTO                                         CA                        95823
       16180288          PRINCETON                                          MN                        55371
       16178594          ORANGE BEACH                                       AL                        36561
       16178676          ISLAMORADA                                         FL                        33036
       16178757          TEMPE                                              AZ                        85282
       16178838          NORTH PALM BEACH                                   FL                        33408
       16178758          DETROIT                                            MI                        48216
       16178596          DENVER                                             CO                        80207
       16178759          DENVER                                             CO                        80230
       16179569          ORRVILLE                                           OH                        44667
       16178678          SEASIDE PARK                                       NJ                         8752
       16178679          SCOTTSDALE                                         AZ                        85255
       16179327          DUARTE                                             CA                        91010
       16178780          GARDENA                                            CA                        90247
       16179347          ORANGE PARK                                        FL                        32065
       16180614          CHICAGO                                            IL                        60659
       16179948          DELRAY BEACH                                       FL                        33444
       16178656          WRIGHTSVILLE BEACH                                 NC                        28480
       16179044          OAKLEY                                             CA                        94561
       16179620          QUEEN CREEK                                        AZ                        85242
       16180132          SACRAMENTO                                         CA                        95838
       16178771          BURBANK                                            CA                        91501
       16178682          BOCA RATON                                         FL                        33433
       16179136          PHOENIX                                            AZ                        85009
       16179175          FLORISSANT                                         MO                        63033
       16180357          DELTONA                                            FL                        32725
       16179763          SEFFNER                                            FL                        33584
       16179585          SMITHFIELD                                         VA                        23430
       16180258          GRANTS PASS                                        OR                        97527
       16179701          FOREST PARK                                        GA                        30297
       16179653          MARIETTA                                           GA                        30062
       16178922          NAPA                                               CA                        94558
       16178598          FORT LAUDERDALE                                    FL                        33312
       16178599          SUMMERVILLE                                        SC                        29483
       16180512          BRENTWOOD                                          NY                        11717
       16179247          LINCOLN                                            CA                        95648
       16179099          LAS VEGAS                                          NV                        89113
       16179952          NORTHRIDGE                                         CA                        91343
       16179466          HUBER HEIGHTS                                      OH                        45424
       16179364          NASHVILLE                                          TN                        37205
       16178659          COMPTON (LA)                                       CA                        90059
       16178820          GOLDEN VALLEY                                      AZ                        86413
       16178741          SAINT GEORGE                                       UT                        84770
       16179552          REDLANDS                                           CA                        92373
       16178742          FLETCHER                                           NC                        28732
       16178580          SYLMAR                                             CA                        91342
       16178661          RENTON                                             WA                        98056
       16178823          SCOTTSDALE                                         AZ                        85258
       16178743          STEPHENS CITY                                      VA                        22655
       16179553          MESA                                               AZ                        85212
       16178824          SENECA                                             SC                        29672
       16179554          RICHMOND                                           VA                        23227
       16178663          NORTHGLEN                                          CO                        80233
       16178826          PATERSON                                           NJ                         7502
       16178745          STEVENSVILLE                                       MI                        49127
       16178583          SAINT PETERSBURG                                   FL                        33703
       16179404          MISSION VIEJO                                      CA                        92691
       16180345          SKOWHEGAN                                          ME                         4976
       16179683          DOVER                                              DE                        19904
       16179829          SCOTTSDALE                                         AZ                        85260
       16179762          LOUISVILLE                                         KY                        40215
       16180126          FAIRFIELD                                          CA                        94534
       16180033          BAKERSFIELD                                        CA                        93314
       16179555          KISSIMMEE                                          FL                        34746
       16178827          WARWICK                                            RI                         2889
       16179670          HIALEAH                                            FL                        33015
       16179861          HIALEAH GARDENS                                    FL                        33018
       16178675          ANCHORAGE                                          AK                        99516
       16179249          SAN RAMON                                          CA                        94582
       16179115          HYATTSVILLE                                        MD                        20785
       16178398          CAPE CORAL                                         FL                        33991
       16180200          HERMITAGE                                          TN                        37076
       16180201          ZANESVILLE                                         OH                        43701
       16179216          SEVIERVILLE                                        TN                        37876
       16179315          SEBRING                                            FL                        33870
       16180202          WOODBRIDGE                                         VA                        22192
       16180204          ST. LOUIS                                          MO                        63123
       16180205          CLARKSTON                                          GA                        30021
       16180206          BELTSVILLE                                         MD                        20705
       16180207          SUGAR GROVE                                        IL                        60554
       16180208          CINCINNATI                                         OH                        45223
       16180209          OAKLAND                                            CA                        94611
       16179476          STOCKTON                                           CA                        95207
       16180179          SANTA ROSA                                         CA                        95407
       16179530          VIRGINIA BEACH                                     VA                        23462
       16179611          WOODBRIDGE                                         VA                        22193
       16180255          CHICAGO                                            IL                        60618
       16178920          LOS ANGELES                                        CA                        91402
       16178801          RIVERSIDE                                          CA                        92505
       16179613          LAKE ELSINORE                                      CA                        92530
       16178641          SUWANEE                                            GA                        30024
       16178722          CAMANO ISLAND                                      WA                        98282
       16178444          BEAVERTON                                          OR                        97006
       16179561          MEDFORD                                            OR                        97501
       16178804          LOUISVILLE                                         KY                        40214
       16178561          RUTHER GLEN                                        VA                        22546
       16180414          EVERETT                                            WA                        98203
       16178436          GLENDALE                                           AZ                        85310
       16179226          TUCSON                                             AZ                        85742
       16180619          CORONA                                             CA                        92883
       16178290          TAMPA                                              FL                        33647
       16178293          FREDERICK                                          MD                        21703
       16178770          HUNTINGTON BEACH                                   CA                        92648
       16179233          FLORISSANT                                         MO                        63033
       16178642          PALM BAY                                           FL                        32907
       16178724          MIAMI                                              FL                        33183
       16179346          PENSACOLA                                          FL                        32526
       16179840          STONE MOUNTAIN                                     GA                        30087
       16180217          COLORADO SPRINGS                                   CO                        80911
       16178643          SOUTH SAINT PAUL                                   MN                        55075
       16178806          SAN JOSE                                           CA                        95110
       16178484          FORT LAUDERDALE                                    FL                        33317
       16178565          PORT ST. LUCIE                                     FL                        34953
       16178889          FAIR OAKS                                          CA                        95628
       16179632          TAMPA                                              FL                        33624
       16178646          SAINT PETERSBURG                                   FL                        33702
       16178727          LYNCHBURG                                          VA                        24501
       16178647          PUYALLUP                                           WA                        98371
       16178567          MIDDLE ISLAND                                      NY                        11953
       16179947          HORTON                                             MI                        49246
       16179488          HOMESTEAD                                          FL                        33032
       16179914          CASA GRANDE                                        AZ                        85222
       16178486          THORNTON                                           CO                        80229
       16178649          SACRAMENTO                                         CA                        95822
       16178488          CAPE CORAL                                         FL                        33909
       16180210          DENVER                                             CO                        80205
       16180211          SAN DIEGO                                          CA                        92110
       16180212          STAFFORD                                           VA                        22556
       16180147          SAN JOSE                                           CA                        95123
       16180213          VIRGINIA BEACH                                     VA                        23451
       16180214          SOMERVILLE                                         NJ                         8876
       16180215          PITTSBURG                                          CA                        94565
       16180216          DISCOVERY BAY                                      CA                        94514
       16178172          BUNKER HILL                                        WV                        25413
       16178493          PERRIS                                             CA                        92571
       16180355          LEES SUMMIT                                        MO                        64082
       16178730          EL CAJON                                           CA                        92019
       16178811          FLORENCE                                           KY                        41042
       16178812          MIAMI BEACH                                        FL                        33139
       16178650          ALBUQUERQUE                                        NM                        87114
       16179622          HIGLEY                                             AZ                        85236
       16178570          KELLER                                             TX                        76248
       16180256          ORLANDO                                            FL                        32811
       16179032          SALINAS                                            CA                        93905
       16178921          PALMDALE                                           CA                        93551
       16179081          OZONE PARK                                         NY                        11417
       16178447          AURORA                                             CO                        80011
       16178571          ROYAL PALM BEACH                                   FL                        33411
       16178814          CLEARWATER BEACH                                   FL                        33767
       16179562          FAIRFIELD                                          OH                        45014
       16178799          CORONA                                             CA                        92883
       16178490          HERRIMAN                                           UT                        84065
       16179624          MIAMI                                              FL                        33131
       16179363          NASHVILLE                                          TN                        37207
       16179051          LAS VEGAS                                          NV                        89148
       16178549          DULUTH                                             GA                        30097
       16178605          FULLERTON                                          CA                        92832
       16179234          MODESTO                                            CA                        95356
       16178815          ORLANDO                                            FL                        32835
       16178734          PROVIDENCE                                         RI                         2907
       16178241          PHILADELPHIA                                       PA                        19120
       16179105          ORANGE PARK                                        FL                        32003
       16180218          PALM COAST                                         FL                        32164
       16178318          SACRAMENTO                                         CA                        95864
       16178654          LOGANVILLE                                         GA                        30052
       16178655          CENTRAL ISLIP                                      NY                        11722
       16179915          KENNESAW                                           GA                        30144
       16178818          FORT LAUDERDALE                                    FL                        33312
       16178819          KISSIMMEE                                          FL                        34744
       16179221          LOS BANOS                                          CA                        93635
       16178495          FERNANDINA BEACH                                   FL                        32034
       16178576          DRAPER                                             UT                        84020
       16178496          PHOENIX                                            AZ                        85018
       16179549          SPRINGFIELD                                        VA                        22153
       16178578          WOODBURY                                           MN                        55129
       16178497          CANTONMENT                                         FL                        32533
       16179477          SUN CITY WEST                                      AZ                        85375
       16179369          DORAL                                              FL                        33178
       16180287          VANCOUVER                                          WA                        98683
       16180356          PALM COAST                                         FL                        32137
       16178632          FEDERAL WAY                                        WA                        98023
       16179524          CHESAPEAKE                                         VA                        23320
       16178471          BRICK                                              NJ                         8724
       16178552          TAMPA                                              FL                        33619
       16178633          JACKSONVILLE                                       FL                        32205
       16178634          BYRAM TOWNSHIP                                     NJ                         7874
       16179525          AUSTELL                                            GA                        30106
       16180254          ESCONDIDO                                          CA                        92026
       16178919          ONTARIO                                            CA                        91762
       16178472          FAIRFAX                                            VA                        22033
       16178392          LUTZ                                               FL                        33548
       16179608          PHOENIX                                            AZ                        85037
       16178555          LYMAN                                              SC                        29365
       16179527          FEDERAL WAY                                        WA                        98003
       16179609          LAS VEGAS                                          NV                        89144
       16178556          MIAMI                                              FL                        33131
       16178475          CENTERVILLE                                        MA                         2632
       16178394          SHAVANO PARK                                       TX                        78249
       16179366          ST. PETERSBURG                                     FL                        33705
       16178637          LACEY                                              WA                        98503
       16178718          LOMA LINDA                                         CA                        92354
       16178476          TACOMA                                             WA                        98409
       16178719          ORLANDO                                            FL                        32825
       16180581          JOLIET                                             IL                        60431
       16179438          BRIGHTON                                           CO                        80603
       16179529          SURPRISE                                           AZ                        85388
       16178395          LAKE ELSINORE                                      CA                        92532
       16178396          TUCSON                                             AZ                        85730
       16178798          FONTANA                                            CA                        92336
       16178952          MYRTLE BEACH                                       SC                        29588
       16178958          PALMDALE                                           CA                        93550
       16179011          ROSEVILLE                                          CA                        95678
       16179368          ST. PETERSBURG                                     FL                        33701
       16178397          FALL RIVER                                         MA                         2720
       16178238          NEW HOPE                                           MN                        55428
       16180577          LONGWOOD                                           FL                        32779
       16179980          OVIEDO                                             FL                        32765
       16178224          LOS ANGELES                                        CA                        90011
       16179179          SURPRISE                                           AZ                        85388
       16180409          CLARENDON HILLS                                    IL                        60514
       16179786          SURPRISE                                           AZ                        85379
       16179066          SAN RAMON                                          CA                        94583
       16180545          PORT RICHEY                                        FL                        34668
       16180315          KEY LARGO                                          FL                        33037
       16178413          PORTLAND                                           OR                        97219
       16178985          BAKERSFIELD                                        CA                        93313
       16179313          RENTON                                             WA                        98058
       16178403          SANGER                                             CA                        93657
       16180125          IRVINE                                             CA                        92612
       16178891          WEST SACRAMENTO                                    CA                        95691
       16178750          PEORIA                                             AZ                        85383
       16178299          ANAHEIM                                            CA                        92801
       16178560          WILMINGTON                                         NC                        28411
       16179208          COLORADO SPRINGS                                   CO                        80919
       16179880          QUINTON                                            VA                        23141
       16179307          MANITOU SPRINGS                                    CO                        80829
       16179180          SAN DIEGO                                          CA                        92126
       16180410          CANYON COUNTRY                                     CA                        91387
       16180476          HARTFORD                                           CT                         6106
       16179836          WESTON                                             FL                        33327
       16180066          HENDERSON                                          NV                        89052
       16180316          MARLBOROUGH                                        MA                         1752
       16178974          SAINT PETERSBURG                                   FL                        33711
       16178435          CHOWCHILLA                                         CA                        93610
       16178723          FONTANA                                            CA                        92336
       16178183          GERRARDSTOWN                                       WV                        25420
       16179344          PALM COAST                                         FL                        32164
       16179309          CHANDLER                                           AZ                        85249
       16179341          TEXARKANA                                          TX                        75503
       16178302          FORT COLLINS                                       CO                        80524
       16178239          HENDERSON                                          NV                        89014
       16179209          MANITOU SPRINGS                                    CO                        80829
       16180509          SAN FRANCISCO                                      CA                        94132
       16179010          NORTH LAS VEGAS                                    NV                        89086
       16180411          VAN NUYS AREA                                      CA                        91406
       16180477          BARTLETT                                           IL                        60103
       16179837          HIALEAH                                            FL                        33012
       16179413          ATLANTA                                            GA                        30319
       16178414          OGDEN                                              UT                        84405
       16178975          LOS OSOS                                           CA                        93402
       16180040          BRENTWOOD                                          CA                        94513
       16178509          SEATTLE                                            WA                        98121
       16180510          CASTLE ROCK                                        CO                        80104
       16178494          FAIRFIELD                                          CA                        94533
       16180579          WALL TOWNSHIP                                      NJ                         7719
       16179781          LYNNWOOD                                           WA                        98036
       16179436          HENDERSONVILLE                                     TN                        37075
       16180412          PORT SAINT JOE                                     FL                        32456
       16180478          MURRAYVILLE                                        GA                        30564
       16179001          STOCKTON                                           CA                        95212
       16179736          FORT WALTON BEACH                                  FL                        32547
       16178621          TOMBALL                                            TX                        77377
       16179503          CAPE CORAL                                         FL                        33991
       16178617          TUCSON                                             AZ                        85737
       16178572          SAINT MICHAEL                                      MN                        55376
       16178753          ASHEVILLE                                          NC                        28804
       16179623          WESTMINSTER                                        CA                        92683
       16178240          HENDERSON                                          NV                        89074
       16180580          FONTANA                                            CA                        92336
       16179981          MIAMI                                              FL                        33196
       16179437          CIBOLO                                             TX                        78108
       16180413          YULEE                                              FL                        32097
       16179076          MIAMI                                              FL                        33173
       16179737          VIRGINIA BEACH                                     VA                        23452
       16178340          FONTANA                                            CA                        92336
       16178816          HUTTO                                              TX                        78634
       16179627          SACRAMENTO                                         CA                        95827
       16179006          CAMAS                                              WA                        98607
       16178518          LOS ANGELES                                        CA                        90015
       16179977          PORT RICHEY                                        FL                        34668
       16179190          LA PUENTE                                          CA                        91744
       16180472          MIAMI BEACH                                        FL                        33140
       16180541          APPLE VALLEY                                       MN                        55124
       16180311          CHICAGO                                            IL                        60641
       16179410          SUWANNE                                            GA                        30024
       16178658          SHORELINE                                          WA                        98133
       16179176          ALBANY                                             CA                        94706
       16180378          PORT SAINT LUCIE                                   FL                        34952
       16178989          DIAMOND BAR                                        CA                        91765
       16179732          DEERFIED BEACH                                     FL                        33441
       16178728          SAN BERNARDINO                                     CA                        92405
       16178454          PHOENIX                                            AZ                        85008
       16178402          SCAPPOOSE                                          OR                        97056
       16179697          MESA                                               AZ                        85209
       16178595          SILVER SPRING                                      MD                        20906
       16180107          OROVILLE                                           CA                        95966
       16180240          YORKVILLE                                          IL                        60560
       16178363          KILL DEVIL HILLS                                   NC                        27948
       16178602          SCOTTSDALE                                         AZ                        85259
       16179978          KISSIMMEE                                          FL                        34759
       16180406          LOS ANGELES                                        CA                        90044
       16180473          PORTLAND                                           OR                        97225
       16180542          TALLAHASSEE                                        FL                        32311
       16180312          AURORA                                             CO                        80018
       16179411          LAGRANGE                                           GA                        30240
       16179056          SAN LORENZO                                        CA                        94580
       16180379          AURORA                                             CO                        80011
       16178434          VISTA                                              CA                        92084
       16179733          SARASOTA                                           FL                        34232
       16178704          SCOTTSDALE                                         AZ                        85260
       16179820          VALLEJO PLACE                                      CA                        94590
       16180128          CANYON LAKE                                        CA                        92587
       16180153          SIMI VALLEY                                        CA                        93065
       16178426          PORTLAND                                           OR                        97219
       16179698          SCOTTSDALE                                         AZ                        85257
       16180114          OROVILLE                                           CA                        95966
       16179283          SCOTTSDALE                                         AZ                        85255
       16178381          PHOENIX                                            AZ                        85043
       16178900          NORTH LAS VEGAS                                    NV                        89081
       16178342          ORLANDO                                            FL                        32828
       16178223          FOUNTAIN VALLEY                                    CA                        92708
       16180407          DENAIR                                             CA                        95316
       16180474          CASTAIC AREA                                       CA                        91384
       16179168          ESCONDIDO                                          CA                        92025
       16180543          BEAVERTON                                          OR                        97006
       16180313          WEST DEPTFORD TWP                                  NJ                         8086
       16179087          EDGEWOOD                                           WA                        98372
       16180380          CAPE CORAL                                         FL                        33914
       16179734          PORT SAINT LUCIE                                   FL                        34953
       16178715          OGDEN                                              UT                        84404
       16179521          NOKESVILLE                                         VA                        20181
       16178327          LA MIRADA                                          CA                        90638
       16179284          SAN DIEGO                                          CA                        92117
       16178613          SAN JOSE                                           CA                        95127
       16180576          HAYWARD                                            CA                        94544
       16178557          ORTING                                             WA                        98360
       16179979          SAFETY HARBOR                                      FL                        34695
       16180408          WOODHAVEN                                          NY                        11421
       16179835          PHOENIX                                            AZ                        85033
       16180475          ANNANDALE                                          VA                        22003
       16179169          SPRING VALLEY                                      CA                        91977
       16180544          TOLLESON                                           AZ                        85353
       16180314          EL CENTRO                                          CA                        92243
       16179088          SAINT CHARLES                                      IL                        60175
       16179160          OCOEE                                              FL                        34761
       16178990          PASADENA                                           CA                        91107
       16179735          DORAL                                              FL                        33178
       16178306          OLYMPIA                                            WA                        98513
       16179039          MADERA                                             CA                        93638
       16178949          CAMARILLO                                          CA                        93010
       16179334          MINNEAPOLIS                                        MN                        55413
       16179135          PASO ROBLES                                        CA                        93446
       16179489          LAS VEGAS                                          NV                        89178
       16178894          VACAVILLE                                          CA                        95687
       16179381          VIRGINIA BEACH                                     VA                        23452
       16180536          MANCHESTER                                         NH                         3102
       16179598          NEWPORT                                            MI                        48166
       16179816          CHULA VISTA                                        CA                        91915
       16180276          TUCSON                                             AZ                        85741
       16179144          LOS ANGELES                                        CA                        90042
       16178700          RIVERSIDE                                          CA                        92507
       16179573          MIAMI                                              FL                        33172
       16180124          LITTLETON                                          CO                        80123
       16178619          RIVERSIDE                                          CA                        92509
       16179282          MOORPARK                                           CA                        93021
       16178374          SAN JOSE                                           CA                        95121
       16179928          HUMBLE                                             TX                        77396
       16179382          VIRGINIA BEACH                                     VA                        23452
       16180537          NORTH BRANCH                                       MN                        55056
       16180307          ROUND LAKE                                         IL                        60073
       16180374          SAN BERNARDINO                                     CA                        92405
       16179064          ELK GROVE                                          CA                        95757
       16180439          GLOUCESTER CITY                                    NJ                         8030
       16178714          TEHACHAPI                                          CA                        93561
       16179599          HATTIESBURG                                        MS                        39402
       16179817          CORONA                                             CA                        92880
       16178927          TRACY                                              CA                        95376
       16179755          HIGHLAND                                           MI                        48356
       16178878          LOVELAND                                           CO                        80537
       16178349          WHITE PLAINS                                       MD                        20695
       16180022          MIAMI                                              FL                        33162
       16180236          CLEVELAND                                          OH                        44104
       16179929          KELLER                                             TX                        76248
       16178895          VISTA                                              CA                        92084
       16180538          MOUNTLAKE TERRACE                                  WA                        98043
       16180308          SEATTLE                                            WA                        98103
       16180375          RIVERSIDE                                          CA                        92506
       16180440          WESTON                                             FL                        33332
       16178547          WEST VALLEY CITY                                   UT                        84119
       16179818          SAN DIEGO                                          CA                        92126
       16180277          MIAMI GARDENS                                      FL                        33169
       16179153          EL MIRAGE                                          AZ                        85335
       16178980          HENDERSON                                          NV                        89015
       16179054          BAKERSFIELD                                        CA                        93314
       16178424          BEAVERTON                                          OR                        97005
       16179708          PASADENA                                           CA                        91106
       16180140          RIVERSIDE                                          CA                        92504
       16180023          CORONA                                             CA                        92879
       16178768          LOS ANGELES PANORAMA                               CA                        91402
       16178260          OAKLAND PARK                                       FL                        33334
       16180237          SAN DIEGO                                          CA                        92111
       16178375          VANCOUVER                                          WA                        98685
       16178864          PEYTON                                             CO                        80831
       16178341          CENTREVILLE                                        VA                        20120
       16178611          MOUNT PLEASANT                                     SC                        29466
       16179383          WARRENTON                                          VA                        20186
       16178222          MERCED                                             CA                        95348
       16180539          GLENDALE                                           AZ                        85302
       16180309          BURKE                                              VA                        22015
       16180376          ANCHORAGE                                          AK                        99507
       16178948          MYRTLE BEACH                                       SC                        29588
       16178970          GRASS VALLEY                                       CA                        95945
       16180171          SAN FRANCISCO                                      CA                        94110
       16178879          LYNNWOOD                                           WA                        98037
       16180133          SAN JOSE                                           CA                        95127
       16178651          FRESNO                                             CA                        93703
       16180024          ANAHEIM                                            CA                        92802
       16180238          LAS VEGAS                                          NV                        89123
       16179352          MANASSAS                                           VA                        20110
       16179384          FAIRFAX                                            VA                        22032
       16179976          NORTH MIAMI BEACH                                  FL                        33160
       16180471          PHOENIX                                            AZ                        85037
       16180540          KENNESAW                                           GA                        30144
       16178983          LAKE HAVASU CITY                                   AZ                        86403
       16180377          BELLINGHAM                                         WA                        98226
       16180441          SANTEE                                             CA                        92071
       16179731          TAMPA                                              FL                        33612
       16179819          LOS BANOS                                          CA                        93635
       16178971          SAN BERNARDINO                                     CA                        92410
       16178425          SAN DIEGO                                          CA                        92114
       16180162          SACRAMENTO                                         CA                        95820
       16180143          DENVER                                             CO                        80221
       16179709          LA VERGNE                                          TN                        37086
       16179696          PHOENIX                                            AZ                        85013
       16178313          SPARKS                                             NV                        89431
       16180025          WINCHESTER                                         CA                        92596
       16178592          PALM BAY                                           FL                        32909
       16179310          LUTZ                                               FL                        33559
       16180239          SAN DIEGO                                          CA                        92107
       16178380          PALM DESERT                                        CA                        92260
       16179252          LOS ANGELES (NORTHRIDGE A                          CA                        91324
       16178856          ARDEN                                              NC                        28704
       16180436          SAHUARITA                                          AZ                        85629
       16180273          ANTHEM                                             AZ                        85086
       16178175          MIAMI                                              FL                        33155
       16179707          COLORADO SPRINGS                                   CO                        80922
       16178925          OAKLAND                                            CA                        94603
       16179695          BREMERTON                                          WA                        98312
       16178796          TALLAHASSEE                                        FL                        32303
       16180177          IRVINE                                             CA                        92612
       16178635          RANCHO CORDOVA                                     CA                        95670
       16178531          METHUEN                                            MA                         1844
       16179682          VIRGINIA BEACH                                     VA                        23455
       16180108          OROVILLE                                           CA                        95966
       16178337          PHOENIX                                            AZ                        85016
       16179297          BRANFORD                                           CT                         6405
       16180234          CORNELIUS                                          NC                        28031
       16179925          NASHVILLE                                          TN                        37215
       16179641          LONG BEACH                                         CA                        90808
       16179379          ALEXANDRIA                                         VA                        22311
       16179362          MONTGOMERY                                         IL                        60538
       16179182          CRESTLINE                                          CA                        92325
       16180372          LOS ANGELES                                        CA                        90032
       16180437          RIO LINDA                                          CA                        95673
       16178969          GUSTINE                                            CA                        95322
       16179047          UNINCORPORATED AREA OF HE                          CA                        92544
       16180274          MORENO VALLEY                                      CA                        92553
       16179815          LA QUINTA                                          CA                        92253
       16178423          BAKERSFIELD                                        CA                        93314
       16178315          GLENDALE                                           AZ                        85302
       16179753          CUYAHOGA FALLS                                     OH                        44223
       16178821          REXBURG                                            ID                        83440
       16179270          WESTMINSTER                                        CA                        92683
       16179120          RESTON                                             VA                        20191
       16180062          DALY CITY                                          CA                        94015
       16179926          HENDERSONVILLE                                     TN                        37075
       16179098          APOLLO BEACH                                       FL                        33572
       16179380          VIRGINIA BEACH                                     VA                        23452
       16180373          OXNARD                                             CA                        93033
       16178662          BELLPORT                                           NY                        11713
       16180438          AURORA                                             CO                        80013
       16180275          WELLINGTON                                         FL                        33414
       16178802          RENTON                                             WA                        98059
       16178926          QUEEN CREEK                                        AZ                        85242
       16179572          MADISON                                            MS                        39110
       16178760          SUMMERVILLE                                        SC                        29485
       16180235          JACKSONVILLE                                       FL                        32210
       16179271          SAN FRANCISCO                                      CA                        94112
       16179640          WOODBRIDGE                                         VA                        22191
       16178887          BAKERSFIELD                                        CA                        93311
       16179354          SMYRNA                                             GA                        30082
       16180354          CAMANO ISLAND                                      WA                        98282
       16179805          SALINAS                                            CA                        93906
       16179128          LOS ANGELES                                        CA                        91367
       16180618          CHAGRIN FALLS                                      OH                        44023
       16180006          ARVADA                                             CO                        80004
       16178960          PAHOA                                              HI                        96778
       16180517          HILLSBORO                                          OR                        97123
       16179630          SACRAMENTO                                         CA                        95820
       16179442          JACKSONVILLE                                       FL                        32246
       16178934          VANCOUVER                                          WA                        98662
       16178262          HAMILTON                                           VA                        20158
       16178837          COEUR D' ALENE                                     ID                        83815
       16180117          HERCULES                                           CA                        94547
       16178563          TOMBALL                                            TX                        77375
       16179212          SANTA CLARITA (CANYON COU                          CA                        91387
       16179860          TALLAHASSEE                                        FL                        32309
       16179129          MURRIETA                                           CA                        92563
       16179909          MESA                                               AZ                        85204
       16179016          CHULA VISTA                                        CA                        91915
       16178999          MURRIETA                                           CA                        92562
       16179631          LOS ANGELES                                        CA                        90023
       16179443          ORLANDO                                            FL                        32827
       16178909          PEMBROKE PINES                                     FL                        33029
       16179664          ORLANDO                                            FL                        32810
       16180027          TRACY                                              CA                        95376
       16178499          CORONA                                             CA                        92883
       16179858          FORT LAUDERDALE                                    FL                        33334
       16179551          RICHMOND                                           VA                        23221
       16180270          UPPER MARLBORO                                     MD                        20774
       16179151          FULSHEAR                                           TX                        77441
       16179750          OPA LOCKA                                          FL                        33055
       16178942          CONCORD                                            CA                        94518
       16179141          WATSONVILLE                                        CA                        95076
       16178354          CASTAIC                                            CA                        91384
       16179680          HAVERTOWN                                          PA                        19083
       16178690          LARGO                                              FL                        33774
       16180034          SANTA ROSA                                         CA                        95403
       16179268          TRACY                                              CA                        95376
       16179514          MERRIMACK                                          NH                         3054
       16178372          CARSON CITY                                        NV                        89703
       16179097          LATHROP                                            CA                        95330
       16179859          BONITA SPRINGS                                     FL                        34135
       16178367          PORTLAND                                           OR                        97219
       16179464          FARGO                                              ND                        58103
       16180434          TEMPLETON                                          CA                        93465
       16178487          WINCHESTER                                         VA                        22601
       16180271          RIVERSIDE                                          CA                        92503
       16178191          NEWPORT NEWS                                       VA                        23606
       16179152          ROCKLIN                                            CA                        95677
       16178979          PHOENIX                                            AZ                        85044
       16178924          OXNARD                                             CA                        93039
       16178943          SAN JOSE                                           CA                        95136
       16179610          RANCHO CUCAMONGA                                   CA                        91739
       16179269          MIAMI                                              FL                        33176
       16179519          CENTREVILLE                                        VA                        20120
       16179923          GALLATIN                                           TN                        37066
       16179360          STRASBURG                                          CO                        80136
       16180073          NOVATO                                             CA                        94945
       16180435          MEDFORD                                            OR                        97504
       16180272          MABLETON                                           GA                        30126
       16179752          STERLING HEIGHTS                                   MI                        48310
       16178545          GRANTS PASS                                        OR                        97526
       16178648          PUYALLUP                                           WA                        98374
       16178915          VICTORVILLE                                        CA                        92392
       16179681          SNOQUALMIE                                         WA                        98065
       16178584          PHOENIX                                            AZ                        85045
       16180233          LOWELL                                             MA                         1854
       16179291          MOUNTAIN HOUSE                                     CA                        95391
       16178373          ROSEVILLE                                          CA                        95747
       16179361          AURORA                                             CO                        80013
       16180250          DENVER                                             CO                        80205
       16178935          UNION CITY                                         CA                        94587
       16179556          WATERFORD                                          MI                        48329
       16178962          STOCKTON                                           CA                        95212
       16178791          RAINIER                                            WA                        98576
       16178292          WESLEY CHAPEL                                      FL                        33543
       16180083          GILBERT                                            AZ                        85297
       16178334          THORNTON                                           CO                        80260
       16179262          HAYWARD                                            CA                        94544
       16178667          HAYWARD                                            CA                        94545
       16179241          ANTIOCH                                            CA                        94509
       16179958          OAKLAND                                            CA                        94605
       16178357          HUNTERSVILLE                                       NC                        28078
       16178216          LINCOLN                                            CA                        95648
       16180013          PHOENIX                                            AZ                        85031
       16179846          TEMPLE                                             GA                        30179
       16179637          WOODBRIDGE                                         VA                        22193
       16180251          SEATTLE                                            WA                        98144
       16180102          LOS ANGELES                                        CA                        90016
       16178683          SUN VALLEY                                         NV                        89433
       16178300          HILLSBORO                                          OR                        97123
       16178765          LA PALMA                                           CA                        90623
       16179796          ADELANTO                                           CA                        92301
       16178564          CHANDLER                                           AZ                        85225
       16179114          ACCOKEEK                                           MD                        20607
       16178383          SACRAMENTO                                         CA                        95841
       16180014          ARROYO GRANDE                                      CA                        93420
       16179473          AVON                                               IN                        46123
       16179794          ONTARIO                                            CA                        91762
       16180176          SANTA CLARA                                        CA                        95050
       16179007          PLACENTIA                                          CA                        92870
       16180252          BALLSTON SPA                                       NY                        12020
       16179699          FAYETTEVILLE                                       GA                        30214
       16179041          OLYMPIC VALLEY                                     CA                        96146
       16180111          BURLINGAME                                         CA                        94010
       16179614          ESCONDIDO                                          CA                        92027
       16178517          TACOMA                                             WA                        98422
       16179213          ATWATER                                            CA                        95301
       16179215          BIXBY                                              OK                        74008
       16179639          MANASSAS                                           VA                        20110
       16179353          CUMMING                                            GA                        30040
       16180253          SEATAC                                             WA                        98188
       16178951          SNOQUALMIE                                         WA                        98065
       16179669          LAUDERHILL                                         FL                        33351
       16180030          SANTA ROSA                                         CA                        95403
       16179263          TRACY                                              CA                        95377
       16179506          ATLANTIC BEACH                                     FL                        32233
       16179131          SPRINGFIELD                                        VA                        22151
       16179227          NORWALK                                            CA                        90650
       16179913          ATLANTA                                            GA                        30340
       16178365          CULVER CITY                                        CA                        90230
       16178862          SAN JOSE                                           CA                        95131
       16179946          BROOKVILLE                                         OH                        45309
       16180612          ENGLEWOOD                                          CO                        80110
       16179461          CHANTILLY                                          VA                        20151
       16180057          GREENBRAE                                          CA                        94904
       16179339          LAS VEGAS                                          NV                        89107
       16179617          OXNARD                                             CA                        93035
       16179023          LOS ANGELES                                        CA                        90002
       16178482          ADELANTO                                           CA                        92301
       16178906          CHANDLER                                           AZ                        85248
       16178769          LOS ANGELES                                        CA                        90007
       16179219          CHANDLER                                           AZ                        85249
       16178384          NORTHRIDGE AREA LOS ANGEL                          CA                        91325
       16179096          NORCO                                              CA                        92860
       16178256          MIRAMAR                                            FL                        33023
       16179112          RIO LINDA                                          CA                        95673
       16179856          SAINT AUGUSTINE                                    FL                        32092
       16179224          ROSEVILLE                                          CA                        95747
       16180613          AVONDALE                                           AZ                        85323
       16179462          SAVANNAH                                           GA                        31410
       16178721          WENATCHEE                                          WA                        98801
       16179358          GROTON                                             SD                        57445
       16179408          BIG BEAR CITY                                      CA                        92314
       16178941          SAN DIEGO                                          CA                        92107
       16179043          AMERICAN CANYON                                    CA                        94503
       16178914          CONCORD                                            CA                        94519
       16179678          NAPLES                                             FL                        34113
       16178933          GRASS VALLEY                                       CA                        95945
       16178766          CORONA                                             CA                        92883
       16178569          KENT                                               WA                        98031
       16179220          SCOTTSDALE                                         AZ                        85255
       16179211          LOS BANOS                                          CA                        93635
       16179857          SAINT PETERSBURG                                   FL                        33712
       16178361          BALTIMORE                                          MD                        21217
       16179127          LAKEWOOD                                           CA                        90715
       16179906          LAKEWOOD                                           CA                        90712
       16178366          VANCOUVER                                          WA                        98684
       16179463          PAINESVILLE                                        OH                        44077
       16179403          PALMDALE                                           CA                        93551
       16178657          DENVER                                             CO                        80239
       16179749          COLUMBUS                                           OH                        43230
       16179570          ORLANDO                                            FL                        32829
       16179140          MESA                                               AZ                        85209
       16179031          DURHAM                                             CA                        95938
       16179679          OVIEDO                                             FL                        32766
       16178261          TROUTDALE                                          OR                        97060
       16180080          SAN JOSE                                           CA                        95126
       16179267          CORONA AREA                                        CA                        92880
       16179259          LAGUNA HILLS                                       CA                        92653
       16179287          DOWNEY                                             CA                        90241
       16179130          FAIRFAX                                            VA                        22032
       16179956          SAN CLEMENTE                                       CA                        92672
       16180011          ORANGE PARK                                        FL                        32065
       16178840          MONROE                                             NC                        28110
       16178817          SOUTH SAN FRANCISCO                                CA                        94080
       16179890          ASHBURN                                            VA                        20147
       16180524          ELK GROVE                                          CA                        95758
       16179642          BAKERSFIELD                                        CA                        93306
       16179446          BOYNTON BEACH                                      FL                        33437
       16179012          HAYDEN                                             ID                        83835
       16180249          PARAMUS                                            NJ                         7652
       16179040          WINNETKA AREA                                      CA                        91306
       16178950          MORENO VALLEY                                      CA                        92557
       16179504          STANDISH                                           ME                         4084
       16179288          WESTMINSTER                                        CA                        92683
       16179911          SMYRNA                                             GA                        30082
       16179957          BULLHEAD CITY                                      AZ                        86442
       16180012          LAKE ELSINORE                                      CA                        92532
       16180069          SANTA ROSA                                         CA                        95407
       16180060          OAKLAND                                            CA                        94609
       16180525          ST AUGUSTINE                                       FL                        32080
       16179447          MIAMI                                              FL                        33032
       16179973          LAVERGNE                                           TN                        37086
       16180134          AGUA DULCE AREA                                    CA                        91390
       16178908          LONG BEACH                                         CA                        90815
       16179657          HARVEST                                            AL                        35749
       16179788          ASHBURN                                            VA                        20147
       16180032          HENDERSON                                          NV                        89052
       16179110          MORRIS PLAINS                                      NJ                         7950
       16178674          LONG BEACH                                         CA                        90805
       16179901          SAN DIEGO                                          CA                        92111
       16180608          SACRAMENTO                                         CA                        95826
       16179457          DUMFRIES                                           VA                        22026
       16179997          OLMSTED FALLS                                      OH                        44138
       16180049          LAGUNA NIGUEL                                      CA                        92677
       16179104          KISSIMMEE                                          FL                        34741
       16180508          NORTH LAS VEGAS                                    NV                        89081
       16179174          STUDIO CITY                                        CA                        91604
       16179435          ENGLEWOOD                                          CO                        80110
       16178782          BEAUMONT                                           CA                        92223
       16180046          BERMUDA DUNES                                      CA                        92203
       16179030          ALISO VIEJO                                        CA                        92656
       16179020          LATHROP                                            CA                        95330
       16178585          HARDYSTON TOWNSHIP                                 NJ                         7419
       16180098          ELK GROVE                                          CA                        95624
       16178574          VALLEY CENTER                                      KS                        67147
       16178289          ARLINGTON                                          VA                        22204
       16178254          TWENTYNINE PALMS                                   CA                        92277
       16179853          TOOELE                                             UT                        84074
       16179902          SIERRA VISTA                                       AZ                        85635
       16180609          DEARBORN HEIGHTS                                   MI                        48127
       16179458          ASHBURN                                            VA                        20147
       16179998          SAINT LOUIS                                        MO                        63123
       16179005          CORONA                                             CA                        92883
       16179400          ST LOUIS                                           MO                        63112
       16178932          LA QUINTA                                          CA                        92253
       16180081          NATIONAL CITY                                      CA                        91950
       16178582          PALM BAY                                           FL                        32909
       16179257          LONG BEACH                                         CA                        90803
       16178615          SANTA MARIA                                        CA                        93455
       16179126          LAGUNA HILLS                                       CA                        92653
       16179903          LITCHFIELD PARK                                    AZ                        85340
       16180610          LAKE HAVASU CITY                                   AZ                        86406
       16180160          ALBANY                                             CA                        94706
       16179459          FAYETTEVILLE                                       GA                        30214
       16179626          STOCKTON                                           CA                        95205
       16178443          KENT                                               WA                        98030
       16179357          PHOENIX                                            AZ                        85027
       16179401          FORT WORTH                                         TX                        76123
       16179021          QUEENS VILLAGE                                     NY                        11427
       16178331          VICTORVILLE                                        CA                        92395
       16179658          ESCONDIDO                                          CA                        92027
       16180041          SAN LORENZO                                        CA                        94580
       16179218          DALY CITY                                          CA                        94015
       16178465          JEFFERSON TOWNSHIP                                 NJ                         7438
       16178665          ATLANTA                                            GA                        30309
       16178255          ENGLEWOOD                                          CO                        80112
       16179854          JENKS                                              OK                        74037
       16179904          SAN JOSE                                           CA                        95116
       16179945          ELYRIA                                             OH                        44035
       16180611          GLENDALE HEIGHTS                                   IL                        60139
       16179402          IRVING                                             TX                        75063
       16179974          BRANDON                                            FL                        33511
       16178957          CAMARILLO                                          CA                        93010
       16178480          RIVERSIDE                                          CA                        92505
       16179677          MARGATE                                            FL                        33063
       16180093          PLACERVILLE                                        CA                        95667
       16178285          ELIZABETH                                          NJ                         7206
       16178346          ALEXANDRIA                                         VA                        22309
       16179111          LEHI                                               UT                        84043
       16179855          SANFORD                                            FL                        32771
       16179905          RAMONA                                             CA                        92065
       16180168          LOS ANGELES                                        CA                        91406
       16178703          OCEANO                                             CA                        93445
       16178695          MINNEAPOLIS                                        MN                        55408
       16178777          LAKE WORTH                                         FL                        33463
       16178235          WEST JORDAN                                        UT                        84088
       16179994          FALLS CHURCH                                       VA                        22042
       16179876          MURRIETA                                           CA                        92562
       16180501          JACKSONVILLE                                       FL                        32225
       16180571          DENVER                                             CO                        80239
       16179094          STOCKTON                                           CA                        95204
       16178356          NORTH LAS VEGAS                                    NV                        89030
       16180339          JACKSONVILLE                                       FL                        32226
       16180403          ACAMPO                                             CA                        95220
       16179730          MIAMI                                              FL                        33186
       16179343          GILBERT                                            AZ                        85297
       16180086          LOS ANGELES                                        CA                        90007
       16178673          AUSTIN                                             TX                        78728
       16178185          LAS VEGAS                                          NV                        89149
       16179995          WOODBRIDGE                                         VA                        22192
       16180502          SAINT GEORGE                                       UT                        84770
       16180572          WARWICK                                            RI                         2889
       16180187          OAKLAND                                            CA                        94605
       16179430          WOODLAND PARK                                      CO                        80863
       16180340          DUNEDIN                                            FL                        34698
       16180404          BROOKLYN                                           NY                        11220
       16178810          HIRAM                                              GA                        30141
       16178973          LAS VEGAS                                          NV                        89148
       16179050          VISTA                                              CA                        92084
       16178433          PALM DESERT                                        CA                        92211
       16178329          GILBERT                                            AZ                        85233
       16178308          LAUDERDALE LAKES                                   FL                        33319
       16178236          NAPERVILLE                                         IL                        60564
       16180503          ATLANTA                                            GA                        30312
       16179877          PURCELLVILLE                                       VA                        20132
       16180573          CLEARWATER                                         FL                        33756
       16179078          POMONA                                             CA                        91766
       16179095          CHULA VISTA                                        CA                        91911
       16179431          SAMMAMISH                                          WA                        98074
       16180341          MESA                                               AZ                        85207
       16180405          EL SEGUNDO                                         CA                        90245
       16179832          SALIDA                                             CA                        95368
       16180113          SAN CLEMENTE                                       CA                        92673
       16179971          BROOMFIELD                                         CO                        80020
       16178903          LAGUNA HILLS                                       CA                        92653
       16179768          AVONDALE                                           AZ                        85323
       16178788          WOODBRIDGE                                         VA                        22192
       16178902          ANTIOCH                                            CA                        94509
       16179237          ROSLYN                                             NY                        11576
       16180604          MILWAUKEE                                          WI                        53224
       16179547          CICERO                                             IL                        60804
       16179103          FREEHOLD                                           NJ                         7728
       16180504          BRADENTON                                          FL                        34212
       16180574          SAN BERNARDINO                                     CA                        92404
       16179432          BISMARCK                                           ND                        58501
       16180342          BRENTWOOD                                          CA                        94513
       16179833          CAMERON PARK                                       CA                        95682
       16178800          SACRAMENTO                                         CA                        95864
       16179541          SOUTHFIELD                                         MI                        48076
       16178288          MANASSAS                                           VA                        20109
       16178464          VANCOUVER                                          WA                        98665
       16178252          SOQUEL                                             CA                        95073
       16178343          ATLANTA                                            GA                        30312
       16178554          COLONIAL HEIGHTS                                   VA                        23834
       16180605          HILLSBORO                                          NH                         3244
       16179944          ALEXANDRIA                                         VA                        22310
       16178526          VICTORVILLE                                        CA                        92392
       16178237          MARIETTA                                           GA                        30066
       16180505          METHUEN                                            MA                         1844
       16179878          CHESAPEAKE                                         VA                        23320
       16180575          HYATTSVILLE                                        MD                        20783
       16178474          ARVADA                                             CO                        80005
       16179433          BROOMFIELD                                         CO                        80020
       16179780          LAVEEN                                             AZ                        85339
       16180343          TAMPA                                              FL                        33615
       16179834          MADERA                                             CA                        93637
       16178412          SAN DIEGO                                          CA                        92126
       16178698          SAN DIEGO                                          CA                        92101
       16178905          LOS ANGELES (NORTH HILLS                           CA                        91343
       16180131          SACRAMENTO                                         CA                        95828
       16180104          BRIGHTON                                           CO                        80602
       16180031          GRANITE BAY                                        CA                        95746
       16178751          TUCSON                                             AZ                        85745
       16179256          CORONA                                             CA                        92883
       16178467          MOUNT PLEASANT                                     SC                        29464
       16179222          NEW YORK                                           NY                        10035
       16179900          WEST SACRAMENTO                                    CA                        95605
       16178749          BEND                                               OR                        97702
       16180606          OCEANSIDE                                          CA                        92054
       16178559          CARY                                               NC                        27519
       16178553          MIAMI                                              FL                        33176
       16179199          LOS ANGELES (NORTH HOLLYW                          CA                        91602
       16180506          GIBSONTON                                          FL                        33534
       16179767          VISTA                                              CA                        92084
       16180344          YORK                                               ME                         3909
       16178442          TEHACHAPI                                          CA                        93561
       16179972          APISON                                             TN                        37302
       16179769          CORONA                                             CA                        92881
       16178253          CYPRESS                                            CA                        90630
       16179210          SAN DIEGO                                          CA                        92129
       16180607          SCHAUMBURG                                         IL                        60194
       16179996          NORMAN                                             OK                        73072
       16178492          COLORADO SPRINGS                                   CO                        80920
       16180507          BARTLETT                                           IL                        60103
       16179879          JOHNSTON                                           RI                         2919
       16179079          COALINGA                                           CA                        93210
       16179434          ARVADA                                             CO                        80004
       16178720          LEMOORE                                            CA                        93245
       16180043          TRACY                                              CA                        95304
       16178871          GRAY                                               TN                        37615
       16179281          ELK GROVE                                          CA                        95757
       16178233          RENTON                                             WA                        98055
       16180567          WHITE HOUSE                                        TN                        37188
       16180335          OAKLAND PARK                                       FL                        33334
       16180399          WARREN                                             RI                         2885
       16180068          SACRAMENTO                                         CA                        95821
       16180467          PHOENIX                                            AZ                        85054
       16179086          MURRIETA                                           CA                        92563
       16180305          LAKE BARRINGTON                                    IL                        60010
       16178411          MALIBU                                             CA                        90265
       16178400          SINKING SPRING                                     PA                        19608
       16178452          CITRUS HEIGHTS                                     CA                        95610
       16179615          SURPRISE                                           AZ                        85379
       16178500          SUNNYVALE                                          CA                        94086
       16179873          POMPANO BEACH                                      FL                        33069
       16180568          FORT PIERCE                                        FL                        34951
       16180336          ST MICHAEL                                         MN                        55376
       16180400          ELK RIVER                                          MN                        55330
       16180306          ST LOUIS PARK                                      MN                        55426
       16179645          BELLINGHAM                                         WA                        98226
       16180154          LOS ANGELES                                        CA                        90291
       16179728          ORLANDO                                            FL                        32824
       16180021          MIAMI                                              FL                        33176
       16179616          PERRIS                                             CA                        92571
       16178234          MENIFEE                                            CA                        92584
       16180499          EDMONDS                                            WA                        98026
       16179874          CHESAPEAKE                                         VA                        23320
       16180569          REDMOND                                            WA                        98052
       16180337          CHARLOTTE                                          NC                        28269
       16180175          LINCOLN                                            CA                        95648
       16179479          SAVANNAH                                           GA                        31404
       16180401          NORTH HOLLYWOOD AREA                               CA                        91601
       16178994          SEVERN                                             MD                        21144
       16180468          NORTH BRANFORD                                     CT                         6471
       16179729          HOMESTEAD                                          FL                        33035
       16178453          KIRKLAND                                           WA                        98034
       16180096          ELK GROVE                                          CA                        95624
       16178677          GLENDALE                                           AZ                        85307
       16178461          GILBERT                                            AZ                        85296
       16178182          ROCKVILLE                                          MD                        20850
       16180078          SAN JOSE                                           CA                        95127
       16180500          PHOENIX                                            AZ                        85043
       16179875          BRISTOL                                            RI                         2809
       16180570          FAIRFIELD                                          OH                        45014
       16180338          LINO LAKES                                         MN                        55014
       16180402          CORONA                                             CA                        92881
       16180469          SARASOTA                                           FL                        34242
       16178653          RIVERSIDE                                          CA                        92503
       16179075          DAMASCUS                                           MD                        20872
       16179049          IRVINE                                             CA                        92620
       16180118          NOVATO                                             CA                        94945
       16179501          STOCKTON                                           CA                        95219
       16180229          KANSAS CITY                                        MO                        64151
       16178362          WEST SACRAMENTO                                    CA                        95691
       16178744          ROYAL OAK                                          MI                        48073
       16179376          TAMARAC                                            FL                        33321
       16179546          GLENWOOD                                           IL                        60425
       16180529          MIAMI BEACH                                        FL                        33139
       16180298          LAGUNA NIGUEL                                      CA                        92677
       16180366          PORT ST. LUCIE                                     FL                        34953
       16178421          STOCKTON                                           CA                        95206
       16179693          ANTIOCH                                            CA                        94509
       16180123          BOISE                                              ID                        83713
       16180035          CORONA                                             CA                        92881
       16179776          SPRINGFIELD                                        MO                        65803
       16180230          YUBA CITY                                          CA                        95991
       16179502          LANCASTER                                          CA                        93535
       16180063          ANAHEIM                                            CA                        92808
       16180180          LAS VEGAS                                          NV                        89123
       16179189          GLENDALE                                           AZ                        85308
       16180461          MIAMI                                              FL                        33183
       16180530          EVERETT                                            WA                        98201
       16180299          CHARLOTTE                                          NC                        28270
       16180367          NORTH HOLLYWOOD                                    CA                        91605
       16178491          AMERICAN CANYON                                    CA                        94503
       16178450          VANCOUVER                                          WA                        98686
       16178946          SAN BERANRDINO                                     CA                        92324
       16178968          DELRAY BEACH                                       FL                        33444
       16179046          REEDLEY                                            CA                        93654
       16178709          SYLMAR AREA (LA)                                   CA                        91342
       16180112          SANTA BARBARA                                      CA                        93101
       16179053          MIRAMAR                                            FL                        33025
       16179705          MURRAY                                             UT                        84107
       16178624          SALT LAKE CITY                                     UT                        84106
       16180103          SAN DIEGO                                          CA                        92101
       16180231          RIVERDALE                                          UT                        84405
       16179119          AMERICAN CANYON                                    CA                        94503
       16180462          BRIGHTON                                           CO                        80601
       16180531          LOS ANGELES                                        CA                        90002
       16180300          MUKILTEO                                           WA                        98275
       16180368          MYRTLE BEACH                                       SC                        29579
       16179722          CLEARWATER                                         FL                        33756
       16178694          PATERSON                                           NJ                         7522
       16180050          ELK GROVE                                          CA                        95757
       16180149          CASTLE ROCK                                        CO                        80104
       16179279          REDWOOD CITY                                       CA                        94063
       16179296          ANTIOCH                                            CA                        94509
       16180072          BELLEVUE                                           WA                        98007
       16180232          FONTANA                                            CA                        92336
       16178886          LORTON                                             VA                        22079
       16179308          ATLANTA                                            GA                        30338
       16179377          ORLANDO                                            FL                        32828
       16180463          PORTLAND                                           OR                        97266
       16180532          LINCOLN                                            CA                        95648
       16179147          GILBERT                                            AZ                        85233
       16179084          STOCKTON                                           CA                        95206
       16180301          TAMPA                                              FL                        33624
       16180369          NEW BRUNSWICK                                      NJ                         8901
       16179723          MARGATE                                            FL                        33063
       16178451          PACHECO                                            CA                        94553
       16179813          HELENDALE                                          CA                        92342
       16179027          ANTIOCH                                            CA                        94531
       16179706          SANTAQUIN                                          UT                        84655
       16178326          YORBA LINDA                                        CA                        92886
       16180089          POLLOCK PINES                                      CA                        95726
       16178388          CLAREMONT                                          CA                        91711
       16178670          SALEM                                              OR                        97302
       16179378          MIAMI                                              FL                        33193
       16180464          ALGONA                                             WA                        98001
       16180533          LAS VEGAS                                          NV                        89131
       16180302          NORTHGLENN                                         CO                        80260
       16180370          RIVERSIDE                                          CA                        92503
       16179724          ORLANDO                                            FL                        32821
       16179766          EL MIRAGE                                          AZ                        85335
       16178702          AURORA                                             CO                        80010
       16178947          RANCHO MIRAGE                                      CA                        92270
       16179814          HUNTINGTON BEACH                                   CA                        92648
       16178422          TOLLESON                                           AZ                        85353
       16180094          LA QUINTA                                          CA                        92253
       16180150          TRACY                                              CA                        95377
       16179515          LAS VEGAS                                          NV                        89149
       16178740          BROKEN ARROW                                       OK                        74014
       16180398          MIAMI                                              FL                        33137
       16180465          MORENO VALLEY                                      CA                        92553
       16180534          SURPRISE                                           AZ                        85388
       16179085          ELBURN                                             IL                        60119
       16178972          POMONA                                             CA                        91768
       16180303          PORT ST LUCIE                                      FL                        34952
       16180158          SACRAMENTO                                         CA                        95823
       16179159          SAN DIEGO                                          CA                        92126
       16180371          RIVERSIDE                                          CA                        92505
       16179063          MURRIETA                                           CA                        92563
       16178987          SAN BRUNO                                          CA                        94066
       16179725          MIAMI                                              FL                        33179
       16179595          MEDINAH                                            IL                        60157
       16178797          GREEN MOUNTAIN FALLS                               CO                        80819
       16180135          WINDSOR                                            CA                        95492
       16178606          SPRINGFIELD                                        MO                        65810
       16179342          LYONS                                              IL                        60534
       16178899          SARASOTA                                           FL                        34243
       16180566          NORTH MIAMI BEACH                                  FL                        33180
       16180466          MARIETTA                                           GA                        30064
       16178965          SAN GABRIEL                                        CA                        91775
       16180535          COPIAGUE                                           NY                        11726
       16180304          AUBURN                                             WA                        98002
       16178432          SAN MATEO                                          CA                        94403
       16178988          LOS ANGELES                                        CA                        91436
       16179726          CAPE CORAL                                         FL                        33909
       16178881          HOMESTEAD                                          FL                        33032
       16180055          SANTA FE                                           NM                        87501
       16179962          NEWNAN                                             GA                        30265
       16178910          SANDY                                              UT                        84070
       16178573          HEMET                                              CA                        92544
       16179239          FOSTER CITY                                        CA                        94404
       16179305          NAPLES                                             FL                        34114
       16178244          SACRAMENTO                                         CA                        95827
       16178664          MADISON                                            WI                        53719
       16178513          CROZET                                             VA                        22932
       16179841          UNION CITY                                         GA                        30291
       16179887          WATERFORD                                          MI                        48327
       16180520          LOS ANGELES                                        CA                        90016
       16180589          AVONDALE                                           AZ                        85323
       16179988          TAMPA                                              FL                        33634
       16180422          TARZANA AREA                                       CA                        91356
       16180182          HEALDSBURG                                         CA                        95448
       16179171          VALLEJO                                            CA                        94591
       16178417          NEWBERG                                            OR                        97132
       16178275          STAFFORD                                           VA                        22554
       16178478          LAFAYETTE                                          LA                        70508
       16178190          FREDERICKSBURG                                     VA                        22401
       16180120          MADERA                                             CA                        93638
       16180009          LOUISVILLE                                         KY                        40245
       16179842          CHEYENNE                                           WY                        82001
       16179633          MODESTO                                            CA                        95351
       16180521          JAMAICA                                            NY                        11434
       16180590          CHESHIRE                                           CT                         6410
       16179936          OPA LOCKA                                          FL                        33056
       16179444          SAN DIEGO                                          CA                        92154
       16180059          INCLINE VILLAGE                                    NV                        89451
       16180423          REDLANDS                                           CA                        92374
       16179963          BARRINGTON                                         IL                        60010
       16179770          LAS VEGAS                                          NV                        89108
       16179954          ANTIOCH                                            CA                        94531
       16178245          CARMICHAEL                                         CA                        95608
       16180522          KINGMAN                                            AZ                        86401
       16179634          MIRAMAR                                            FL                        33023
       16179122          AMERICAN CANYON                                    CA                        94503
       16180591          ORLANDO                                            FL                        32819
       16179782          HENDERSON                                          NV                        89074
       16180424          WOODLAND HILLS AREA                                CA                        91367
       16178418          RENO                                               NV                        89521
       16179964          LAS VEGAS                                          NV                        89103
       16178911          MURRIETA                                           CA                        92562
       16179667          DUNEDIN                                            FL                        34698
       16179240          CHULA VISTA                                        CA                        91911
       16179955          PHOENIX                                            AZ                        85032
       16179844          HEMET                                              CA                        92545
       16179635          WEST PALM BEACH                                    FL                        33407
       16179889          CHICAGO                                            IL                        60641
       16180523          BARTLETT                                           IL                        60103
       16179197          RED BLUFF                                          CA                        96080
       16180592          TAMPA                                              FL                        33604
       16179937          HOMESTEAD                                          FL                        33032
       16178457          MIAMI                                              FL                        33055
       16179445          POMPANO BEACH                                      FL                        33067
       16178725          WILMINGTON                                         NC                        28412
       16179069          WAIPAHU                                            HI                        96797
       16178543          FORT COLLINS                                       CO                        80528
       16179668          CUMMING                                            GA                        30041
       16180085          NORTH HOLLYWOOD                                    CA                        91606
       16179311          SACRAMENTO                                         CA                        95815
       16178680          LOVELAND                                           CO                        80537
       16179286          BELLFLOWER                                         CA                        90706
       16180010          LUBBOCK                                            TX                        79424
       16178246          NILES                                              IL                        60714
       16178844          FEDERAL WAY                                        WA                        98003
       16179793          TEMPE                                              AZ                        85281
       16179636          NORWALK                                            CA                        90650
       16180593          ZEPHYRHILLS                                        FL                        33544
       16178419          DELHI                                              CA                        95315
       16179789          VALLEJO                                            CA                        94591
       16180136          STOCKTON                                           CA                        95212
       16178333          VALLEJO                                            CA                        94591
       16178176          STEPHENS CITY                                      VA                        22655
       16179375          KISSIMMEE                                          FL                        34746
       16179550          MANASSAS                                           VA                        20112
       16180528          LACEY                                              WA                        98513
       16180297          GRAND JUNCTION                                     CO                        81503
       16179158          RAMONA                                             CA                        92065
       16180365          SPRING HILL                                        FL                        34609
       16179038          LOS ANGELES (SYLMAR AREA)                          CA                        91342
       16180267          AURORA                                             CO                        80017
       16179591          SOUTHFIELD                                         MI                        48034
       16179026          RIVERBANK                                          CA                        95367
       16178312          SACRAMENTO                                         CA                        95826
       16179568          KISSIMMEE                                          FL                        34758
       16178324          AVONDALE                                           AZ                        85323
       16178711          PANAMA CITY BEACH                                  FL                        32413
       16178630          SAN DIEGO                                          CA                        92104
       16179522          BOTHELL                                            WA                        98012
       16178631          TROY                                               MI                        48083
       16179523          MESA                                               AZ                        85207
       16178470          RIGBY                                              ID                        83442
       16180095          MURRIETA                                           CA                        92563
       16179961          PENSACOLA                                          FL                        32514
       16179532          ALPHARETTA                                         GA                        30022
       16178393          HENDERSON                                          NV                        89015
       16180101          MILL VALLEY                                        CA                        94941
       16180087          SAN FRANCISCO                                      CA                        94108
       16180100          SAN DIEGO                                          CA                        92111
       16178737          LOVELAND                                           CO                        80537
       16178614          SAN PEDRO (LA)                                     CA                        90731
       16180519          SCOTTSDALE                                         AZ                        85259
       16179886          NORTH RIDGEVILLE                                   OH                        44039
       16180588          HIGHLANDS RANCH                                    CO                        80130
       16179934          APOPKA                                             FL                        32703
       16179987          INDIANAPOLIS                                       IN                        46237
       16180421          LITHONIA                                           GA                        30058
       16178986          MURRIETA                                           CA                        92562
       16180488          COLUMBUS                                           OH                        43223
       16178995          SAN BRUNO                                          CA                        94066
       16179420          RAPID CITY                                         SD                        57701
       16178287          LEESBURG                                           VA                        20175
       16178438          FRESNO                                             CA                        93710
       16178752          JACKSONVILLE                                       FL                        32258
       16178229          SAN JOSE                                           CA                        95112
       16180489          ORANGE                                             CA                        92867
       16179865          LANCASTER                                          CA                        93536
       16180559          VALLEY STREAM                                      NY                        11580
       16180394          HAYESVILLE                                         NC                        28904
       16180459          KISSIMMEE                                          FL                        34747
       16178408          ANTELOPE                                           CA                        95843
       16179606          MISSION VIEJO                                      CA                        92691
       16179625          PHOENIX                                            AZ                        85006
       16178982          AUBURN                                             CA                        95602
       16179720          PARKLAND                                           FL                        33067
       16180038          PUEBLO                                             CO                        81008
       16180082          WILDOMAR                                           CA                        92595
       16178867          CONCORD                                            CA                        94520
       16179989          KISSIMMEE                                          FL                        34741
       16179866          MIAMI                                              FL                        33172
       16180490          TUCSON                                             AZ                        85746
       16180560          URBANA                                             OH                        43078
       16179421          HENDERSON                                          NV                        89014
       16180329          APPLE VALLEY                                       MN                        55124
       16180395          BEND                                               OR                        97702
       16180460          TUCSON                                             AZ                        85757
       16178807          SCOTTSDALE                                         AZ                        85257
       16179167          STATEN ISLAND                                      NY                        10301
       16180164          PETALUMA                                           CA                        94952
       16180056          DUBLIN                                             CA                        94568
       16179827          OAKLEY                                             CA                        94561
       16178430          SANTA MARIA                                        CA                        93454
       16178530          BESSEMER                                           AL                        35022
       16178776          PERRY                                              UT                        84302
       16179534          ELLIJAY                                            GA                        30540
       16179517          LAS VEGAS                                          NV                        89139
       16178230          HALF MOON BAY                                      CA                        94019
       16179990          SAVANNAH                                           GA                        31419
       16179867          MIAMI                                              FL                        33193
       16180491          WOODSIDE                                           NY                        11377
       16180561          COVINA                                             CA                        91724
       16178977          STOCKTON                                           CA                        95203
       16180330          BAKERSFIELD                                        CA                        93313
       16180396          LANCASTER                                          CA                        93536
       16178409          NORTH PLAINS                                       OR                        97133
       16179721          MIAMI                                              FL                        33177
       16179312          PINE GROVE                                         CA                        95665
       16179535          WINDER                                             GA                        30680
       16179304          FAIRFIELD                                          CA                        94534
       16178577          COLORADO SPRINGS                                   CO                        80903
       16178671          KENMORE                                            WA                        98028
       16178746          SACRAMENTO                                         CA                        95838
       16178507          OTIS ORCHARDS                                      WA                        99027
       16178558          PALM HARBOR                                        FL                        34683
       16180425          CINCINNATI                                         OH                        45251
       16180492          COLORADO SPRINGS                                   CO                        80922
       16180562          SPOKANE                                            WA                        99207
       16179002          SACRAMENTO                                         CA                        95834
       16180331          PORT ST LUCIE                                      FL                        34953
       16178439          GOLDEN                                             CO                        80401
       16179058          CORONA                                             CA                        92881
       16178431          ESCALON                                            CA                        95320
       16180167          CLEARLAKE                                          CA                        95422
       16179536          ALPHARETTA                                         GA                        30004
       16179332          SEATTLE                                            WA                        98119
       16180071          STOCKTON                                           CA                        95206
       16179938          WESTON                                             FL                        33327
       16178231          MODESTO                                            CA                        95355
       16180426          CLIFFSIDE PARK                                     NJ                         7010
       16179868          ORANGE PARK                                        FL                        32073
       16180493          WAKEFIELD                                          MA                         1880
       16180563          PHOENIX                                            AZ                        85014
       16178978          ANAHEIM                                            CA                        92801
       16179647          RICHMOND                                           VA                        23222
       16180332          ELLENWOOD                                          GA                        30294
       16180397          BROOKHAVEN                                         NY                        11719
       16179743          SMYRNA                                             GA                        30082
       16180142          STOCKTON                                           CA                        95212
       16179965          LAS VEGAS                                          NV                        89118
       16179537          MARIETTA                                           GA                        30068
       16178672          CALDWELL                                           ID                        83607
       16180189          DENVER                                             CO                        80203
       16179939          NORTH MIAMI BEACH                                  FL                        33162
       16180594          ANTHEM                                             AZ                        85086
       16179991          CHESAPEAKE                                         VA                        23323
       16180427          TUCSON                                             AZ                        85747
       16179869          MIAMI                                              FL                        33174
       16180494          SYLMAR AREA                                        CA                        91342
       16180564          SPOKANE                                            WA                        99201
       16179003          SANTA MONICA                                       CA                        90404
       16179093          FULLERTON                                          CA                        92833
       16180333          ANTELOPE                                           CA                        95843
       16178993          SOUTH LAKE TAHOE                                   CA                        96150
       16179798          HOLLAND                                            PA                        18966
       16179538          BETHLEHEM                                          GA                        30620
       16179338          LAS VEGAS                                          NV                        89117
       16178276          PINECREST                                          FL                        33156
       16178542          RIALTO                                             CA                        92335
       16178247          SEATTLE                                            WA                        98126
       16180595          SUNRISE                                            FL                        33313
       16178232          SAN JUAN CAPISTRANO                                CA                        92675
       16180428          DENVER                                             CO                        80211
       16179870          TAMARAC                                            FL                        33321
       16180495          HAYESVILLE                                         NC                        28904
       16180565          FREEPORT                                           NY                        11520
       16179172          PHOENIX                                            AZ                        85020
       16179425          KANEOHE                                            HI                        96744
       16178410          CORNELIUS                                          OR                        97113
       16178929          EL CENTRO                                          CA                        92243
       16178747          REDDING                                            CA                        96001
       16179940          JACKSONVILLE                                       FL                        32256
       16180596          SEATTLE                                            WA                        98103
       16179992          KISSIMMEE                                          FL                        34746
       16180429          WILMINGTON                                         DE                        19802
       16179871          HIALEAH                                            FL                        33016
       16180496          BELLEVUE                                           WA                        98004
       16180173          LAFAYETTE                                          CA                        94549
       16179426          NEW CASTLE                                         CO                        81647
       16180334          SMYRNA                                             GA                        30080
       16178440          MERCED                                             CA                        95340
       16179745          NORTH OLMSTED                                      OH                        44070
       16178808          AUSTIN                                             TX                        78748
       16179966          RAPID CITY                                         SD                        57701
       16179028          SANTA ANA                                          CA                        92703
       16178930          VICTORVILLE                                        CA                        92395
       16178344          BUENA PARK                                         CA                        90620
       16178248          AURORA                                             CO                        80014
       16179893          HEATH                                              TX                        75032
       16179941          MIAMI                                              FL                        33178
       16180597          MCKINLEYVILLE                                      CA                        95519
       16179181          PHILADELPHIA                                       PA                        19120
       16180430          GILBERT                                            AZ                        85296
       16179186          VALLEJO                                            CA                        94591
       16179872          HIALEAH                                            FL                        33010
       16180497          WHEATRIDGE                                         CO                        80212
       16178861          MT PLEASANT                                        SC                        29464
       16179004          CONCORD                                            CA                        94520
       16179427          LAFAYETTE                                          CO                        80026
       16178731          WILMINGTON                                         NC                        28412
       16180145          ONTARIO                                            CA                        91764
       16179967          AURORA                                             CO                        80013
       16179539          NORTH PORT                                         FL                        34286
       16178539          SOUTH BEND                                         IN                        46628
       16180121          CORONA                                             CA                        92883
       16178345          CHICAGO                                            IL                        60614
       16178217          SANTA ROSA                                         CA                        95407
       16178738          WAYNE                                              MI                        48184
       16178498          SPRINGFIELD                                        OR                        97477
       16180015          CORONA                                             CA                        92880
       16178609          PALM COAST                                         FL                        32137
       16179894          MANSFIELD                                          TX                        76063
       16180002          TWIN LAKE                                          MI                        49457
       16179187          OAKLAND                                            CA                        94619
       16178501          KUNA                                               ID                        83634
       16180513          FAR ROCKAWAY                                       NY                        11691
       16179882          GROVE CITY                                         OH                        43123
       16179440          ORANGE PARK                                        FL                        32003
       16178445          PHOENIX                                            AZ                        85086
       16178316          WEST JORDAN                                        UT                        84084
       16180064          PITTSBURG                                          CA                        94565
       16179543          ARVADA                                             CO                        80003
       16178907          WESTON                                             FL                        33332
       16178347          PHOENIX                                            AZ                        85041
       16179649          FLORISSANT                                         MO                        63034
       16178257          LONGMONT                                           CO                        80501
       16179200          KUNA                                               ID                        83634
       16180615          MANITOU SPRINGS                                    CO                        80829
       16180003          LIBERTY TOWNSHIP                                   OH                        45011
       16178242          SANFORD                                            FL                        32771
       16178321          GOODYEAR                                           AZ                        85338
       16178998          SAN JOSE                                           CA                        95148
       16180514          RANCHO CUCAMONGA                                   CA                        91739
       16179629          STOCKTON                                           CA                        95206
       16180583          CHICAGO                                            IL                        60625
       16179441          LUTZ                                               FL                        33558
       16179340          RIVERSIDE                                          CA                        92509
       16178274          ELKWOOD                                            VA                        22718
       16178538          NEW PRAGUE                                         MN                        56071
       16179612          SAINT LOUIS                                        MO                        63135
       16179651          RANCHO CUCAMONGA                                   CA                        91730
       16178904          MEGALIA                                            CA                        95954
       16178579          MT PLEASANT                                        SC                        29464
       16180090          CAMPBELL                                           CA                        95008
       16178616          KENT                                               WA                        98042
       16179907          SANTA CLARITA                                      CA                        91350
       16180616          KANSAS CITY                                        MO                        64157
       16179949          NORTHFIELD                                         OH                        44067
       16179188          DESOTO                                             MO                        63020
       16180515          KENT                                               WA                        98031
       16179080          FORT MYERS                                         FL                        33919
       16178446          APACHE JUNCTION                                    AZ                        85219
       16179800          FT LAUDERDALE                                      FL                        33301
       16178839          LIVERMORE                                          CA                        94551
       16179661          LEBANON                                            TN                        37090
       16178348          HONOLULU                                           HI                        96825
       16178330          BAKERSFIELD                                        CA                        93304
       16178258          PENNSAUKEN                                         NJ                         8110
       16180097          SAN FRANCISCO                                      CA                        94110
       16179908          CULVER CITY                                        CA                        90230
       16179238          SCOTTSDALE                                         AZ                        85254
       16180617          BARRINGTON                                         NJ                         8007
       16179192          ST. AUGUSTINE                                      FL                        32095
       16180516          FONTANA                                            CA                        92336
       16180148          CASTRO VALLEY                                      CA                        94552
       16178732          WILMINGTON                                         NC                        28412
       16179662          WHITE HOUSE                                        TN                        37188
       16178187          EAGLE                                              ID                        83616
       16178268          COLFAX                                             CA                        95713
       16178188          MISSOURI CITY                                      TX                        77489
       16179791          STERLING                                           VA                        20165
       16179795          RICHMOND                                           CA                        94806
       16179797          LA VERNE                                           CA                        91750
       16179959          LAKEWOOD                                           CA                        90712
       16179799          SHORELINE                                          WA                        98133
       16178350          SEATTLE                                            WA                        98122
       16178351          SAN FRANCISCO                                      CA                        94133
       16178270          EWA BEACH                                          HI                        96706
       16178514          AVONDALE                                           AZ                        85323
       16178352          GREENBELT                                          MD                        20770
       16178271          ALTADENA                                           CA                        91001
       16178272          LAUREL                                             MD                        20707
       16179325          CHANDLER                                           AZ                        85225
       16179406          ANNANDALE                                          VA                        22003
       16178515          ANNAPOLIS                                          MD                        21403
       16179326          CHANDLER                                           AZ                        85225
       16178516          JACKSONVILLE                                       FL                        32259
       16178273          ROSWELL                                            GA                        30076
       16178193          LAKE ORION                                         MI                        48359
       16179409          MONROE                                             WA                        98272
       16178194          TAMPA                                              FL                        33607
       16178195          SAN ANTONIO                                        TX                        78251
       16178196          COLORADO SPRINGS                                   CO                        80917
       16178277          LORTON                                             VA                        22079
       16178358          OREM                                               UT                        84057
       16178197          ARIZONA CITY                                       AZ                        85223
       16178278          CAPE CORAL                                         FL                        33993
       16178198          BRADENTON                                          FL                        34203
       16178279          BRECKENRIDGE                                       CO                        80424
       16178199          SPOKANE                                            WA                        99205
       16180004          CAMBY                                              IN                        46113
       16178520          SAN JOSE                                           CA                        95133
       16178603          THORNTON                                           CO                        80229
       16178360          KIMBERLY                                           AL                        35091
       16178604          OCALA                                              FL                        34472
       16178607          ABERDEEN                                           NJ                         7747
       16179336          RIVERVIEW                                          FL                        33569
       16178283          TUCSON                                             AZ                        85704
       16178284          HOLLYWOOD                                          FL                        33020
       16179337          RIVERVIEW                                          FL                        33569
       16178527          SACRAMENTO                                         CA                        95842
       16178529          WESTON                                             CT                         6883
       16179892          FAIRBURN                                           GA                        30213
       16180019          MOUNT VERNON                                       WA                        98273
       16178612          NORTH CHARLESTON                                   SC                        29405
       16178370          MIDDLEBURY                                         CT                         6762
       16178533          ALPHARETTA                                         GA                        30005
       16178534          CORONA                                             CA                        92883
       16178535          LIBERTY LAKE                                       WA                        99019
       16178536          BIRMINGHAM                                         AL                        35244
       16178537          LYNNWOOD                                           WA                        98087
       16178456          TORRANCE                                           CA                        90501
       16178294          CLINTON                                            UT                        84015
       16178618          PRESCOTT                                           AZ                        86301
       16178296          PALM BEACH GARDENS                                 FL                        33410
       16178459          LAFAYETTE                                          AL                        36862
       16178298          MIAMI                                              FL                        33166
       16178379          LAUREL                                             MD                        20723
       16180020          LAGUNA NIGUEL                                      CA                        92677
       16178701          MILFORD                                            MI                        48380
       16178540          DAYTONA BEACH                                      FL                        32117
       16179350          DESERT HOT SPRINGS                                 CA                        92240
       16178460          DORAL                                              FL                        33166
       16178623          INDIANAPOLIS                                       IN                        46221
       16178705          PUYALLUP                                           WA                        98371
       16178463          FENTON                                             MO                        63026
       16178382          DENAIR                                             CA                        95316
       16178544          VERO BEACH                                         FL                        32967
       16178707          NEWCASTLE                                          CA                        95658
       16179518          AVONDALE                                           AZ                        85323
       16178627          FOUNTAIN                                           CO                        80817
       16178385          SAN MARCOS                                         CA                        92078
       16178628          COLORADO SPRINGS                                   CO                        80906
       16178466          WITTMANN                                           AZ                        85361
       16178469          GAHANNA                                            OH                        43230
       16178389          WEST COVINA                                        CA                        91792
       16178710          LIMA                                               OH                        45805
       16180393          ATLANTA                                            GA                        30317
       16178964          HAWTHORNE                                          NJ                         7506
       16179000          DESERT HOT SPRINGS                                 CA                        92240
       16179083          MIAMI                                              FL                        33141
       16180296          KISSIMMEE                                          FL                        34758
       16179605          MESA                                               AZ                        85213
       16179157          DANBURY                                            CT                         6811
       16179719          CAPE CORAL                                         FL                        33990
       16180042          ELK GROVE                                          CA                        95757
       16178532          LAYTON                                             UT                        84040
       16178521          GRANTSVILLE                                        UT                        84029
       16179486          MIAMI GARDENS                                      FL                        33169
       16178896          SPRING VALLEY                                      CA                        91977
       99999001          INDEPENDENCE                                       MO                        64054
       99999004          BLUE SPRINGS                                       MO                        64014
       99999005          ST AUGUSTINE                                       FL                        32086
       99999007          OCEANSIDE                                          CA                        92057
       99999010          SACRAMENTO                                         CA                        95820
       15980136          Lakewood                                           CO                        80226
       99999200          WINCHESTER                                         MA                         1890
       99999201          DORCHESTER                                         MA                         2124
       99999202          MARSTON MILLS                                      MA                         2648

LOAN_SEQ                 PROPTYPE                         MATURITY_               ORIGINAL_               FIRST_PAY_
                                                          DATE                    BALANCE                 DATE
--------------------------------------------------------------------------------------------------------------------------
       16180262          Single Family                          20360201                  199920                 20060301
      122405144          PUD                                    20351101                  393000                 20051201
       16178479          Single Family                          20360201                  104400                 20060301
       16179674          Single Family                          20360201                  240000                 20060301
       16180224          Single Family                          20360201                  135200                 20060301
       16179289          Condominium                            20360201                  440000                 20060301
       16179228          Single Family                          20351101                  975000                 20051201
       16178371          Single Family                          20351201                  650150                 20060101
       16179245          PUD                                    20360201                  700000                 20060301
       16179852          Condominium                            20360201                  604000                 20060301
       16180263          Single Family                          20360201                  101000                 20060301
       16179810          Single Family                          20360101                  317000                 20060201
       16178940          Single Family                          20351201                  453750                 20060101
       16180106          PUD                                    20460301                  665250                 20060401
       16180161          2-4 Family                             20360301                  184800                 20060401
       16180225          Single Family                          20360201                  228000                 20060301
       16179773          Single Family                          20360301                  436304                 20060401
       16178566          Single Family                          20360201                  130000                 20060301
       16179511          Single Family                          20351201                  224000                 20060101
       16179290          PUD                                    20360201                  450000                 20060301
       16179920          Single Family                          20360301                  241600                 20060401
       16179019          Single Family                          20351201                  356000                 20060101
       16180362          Single Family                          20360201                 1400000                 20060301
       16180264          Single Family                          20360201                  173000                 20060301
       16179811          Single Family                          20360201                  585000                 20060301
       16178420          Single Family                          20360101                  212400                 20060201
       16179566          Single Family                          20360201                  368000                 20060301
       16179675          Single Family                          20360201                  157600                 20060301
       16180122          Single Family                          20360301                  287000                 20060401
       16178735          Condominium                            20360201                  133120                 20060301
       16180226          Single Family                          20360201                  336800                 20060301
       16179512          PUD                                    20351201                  168000                 20060101
       16179214          Single Family                          20360201                  420000                 20060301
       16179133          Single Family                          20360201                  160800                 20060301
       16179373          PUD                                    20360101                  100000                 20060201
       16180363          Single Family                          20360201                  628000                 20060301
       16180265          2-4 Family                             20360201                  128000                 20060301
       16179703          Single Family                          20360201                  202400                 20060301
       16179567          PUD                                    20360201                  348000                 20060301
       16178332          PUD                                    20360101                  149600                 20060201
       16178522          Single Family                          20360201                  343200                 20060301
       16179482          Single Family                          20360201                  192000                 20060301
       16179118          Single Family                          20360201                  361900                 20060301
       16179134          Single Family                          20360201                  465600                 20060301
       16179772          Single Family                          20460301                  380000                 20060401
       16179374          Condominium                            20360101                  103000                 20060201
       16180364          Single Family                          20360201                  220800                 20060301
       16178546          Single Family                          20360201                  176000                 20060301
       16178967          PUD                                    20351201                  274680                 20060101
       16180266          Single Family                          20360201                  135000                 20060301
       16179812          Single Family                          20360201                  500000                 20060301
       16179704          PUD                                    20360201                  162400                 20060301
       16179034          Condominium                            20360101                  240000                 20060201
       16179692          Single Family                          20360201                  318750                 20060301
       16180137          Single Family                          20360301                  552000                 20060401
       16178328          Condominium                            20360101                  492000                 20060201
       16179278          Single Family                          20360201                  465000                 20060301
       16180228          Single Family                          20360201                  150000                 20060301
       16178855          Single Family                          20360301                  127200                 20060401
       16180185          Single Family                          20360301                  585000                 20060401
       16179922          PUD                                    20460301                  532000                 20060401
       16179942          PUD                                    20360301                  295900                 20060401
       16180598          Single Family                          20360201                  177406                 20060301
       16179008          Single Family                          20360101                  285579                 20060201
       16179013          PUD                                    20351201                  244000                 20060101
       16179203          PUD                                    20360201                  145000                 20060301
       16179449          Single Family                          20360101                  216000                 20060201
       16180431          Single Family                          20360201                  321600                 20060301
       16178813          Single Family                          20360301                  161100                 20060401
       16179102          Single Family                          20360201                  247500                 20060301
       16179328          Single Family                          20351101                  230400                 20051201
       16178996          PUD                                    20351101                  249600                 20051201
       16179428          Single Family                          20360101                  272000                 20060201
       16178441          Single Family                          20360101                  150000                 20060201
       16179747          Single Family                          20360201                   67500                 20060301
       16178706          Single Family                          20360301                  137600                 20060401
       16179393          Single Family                          20360101                  114300                 20060201
       16178681          Single Family                          20360301                  144000                 20060401
       16178669          Condominium                            20360201                  496000                 20060301
       16178528          Single Family                          20360201                  264000                 20060301
       16179255          Single Family                          20360201                  742500                 20060301
       16178249          Single Family                          20351001                  170700                 20051101
       16180076          Single Family                          20360301                  161250                 20060401
       16178600          Single Family                          20360201                  352000                 20060301
       16179895          Single Family                          20351201                  118400                 20060101
       16180599          Single Family                          20360201                  440000                 20060301
       16179993          Single Family                          20360301                  101600                 20060401
       16180432          Single Family                          20360201                  386456                 20060301
       16179173          Single Family                          20351201                  132000                 20060101
       16179429          Single Family                          20360101                  164000                 20060201
       16180129          Single Family                          20360301                  700000                 20060401
       16179748          Single Family                          20360201                  128000                 20060301
       16179968          Condominium                            20360301                  124800                 20060401
       16179029          Single Family                          20360101                  276000                 20060201
       16178912          Single Family                          20351101                  220000                 20051201
       16178931          PUD                                    20351101                  276000                 20051201
       16178335          Single Family                          20360101                  400000                 20060201
       16179650          Condominium                            20360301                  576000                 20060401
       16178310          Single Family                          20360201                  270000                 20060301
       16178218          Single Family                          20360101                  649900                 20060201
       16179205          Single Family                          20360201                  340200                 20060301
       16178739          Single Family                          20360301                  516000                 20060401
       16180016          2-4 Family                             20360301                  364000                 20060401
       16178266          Single Family                          20360101                  138750                 20060201
       16179847          Single Family                          20360201                  184000                 20060301
       16179896          Single Family                          20460201                 1214000                 20060301
       16179123          Condominium                            20360201                  296000                 20060301
       16180600          Single Family                          20360201                  159920                 20060301
       16179204          Condominium                            20360201                  209300                 20060301
       16179450          PUD                                    20360101                  209600                 20060201
       16178997          Single Family                          20351201                  220800                 20060101
       16178781          Single Family                          20360301                  130000                 20060401
       16179969          Single Family                          20360301                  260000                 20060401
       16178953          PUD                                    20351201                  450000                 20060101
       16178309          Single Family                          20360201                  133000                 20060301
       16179242          Single Family                          20360201                  472000                 20060301
       16178250          Single Family                          20351001                  400000                 20051101
       16180017          Condominium                            20460301                  312000                 20060401
       16180601          Single Family                          20360201                  172000                 20060301
       16179014          Single Family                          20351201                  272000                 20060101
       16180433          Single Family                          20360201                  816000                 20060301
       16178805          PUD                                    20360301                  218750                 20060401
       16179355          PUD                                    20360101                  116000                 20060201
       16179042          Single Family                          20360101                  290500                 20060201
       16180091          Single Family                          20360201                  137600                 20060301
       16178590          Single Family                          20360201                  521600                 20060301
       16178219          PUD                                    20351201                  230400                 20060101
       16178264          PUD                                    20360101                  196700                 20060201
       16179897          Single Family                          20360101                  580000                 20060201
       16179125          Single Family                          20360201                  252000                 20060301
       16179193          PUD                                    20360101                  350000                 20060201
       16180602          Single Family                          20360201                  272000                 20060301
       16179198          Single Family                          20360201                  308000                 20060301
       16179451          PUD                                    20360101                  253550                 20060201
       16178726          PUD                                    20360301                  217600                 20060401
       16180048          Single Family                          20360201                  620000                 20060301
       16180170          Single Family                          20360301                  210000                 20060401
       16179970          Single Family                          20460301                  173600                 20060401
       16179022          PUD                                    20351201                  272000                 20060101
       16178295          Condominium                            20360201                  479900                 20060301
       16178575          Townhouse                              20360201                  132000                 20060301
       16178666          Single Family                          20351201                  258700                 20060101
       16180116          Single Family                          20460201                  683900                 20060301
       16178601          Single Family                          20360201                  429592                 20060301
       16178251          Single Family                          20351101                  192800                 20051201
       16179783          PUD                                    20360301                  634299                 20060401
       16179849          PUD                                    20360201                  253900                 20060301
       16179898          Condominium                            20360201                  256000                 20060301
       16179194          Single Family                          20360201                  105000                 20060301
       16180603          Single Family                          20360201                  154400                 20060301
       16179452          Condominium                            20360101                  116250                 20060201
       16180627          PUD                                    20350401                  105600                 20050501
       16179396          Single Family                          20460101                  200000                 20060201
       16178936          Single Family                          20351101                  400000                 20051201
       16178954          Single Family                          20351201                  460000                 20060101
       16178913          Single Family                          20351001                  525000                 20051101
       16179672          Condominium                            20360201                  192500                 20060301
       16180110          Single Family                          20360301                  303900                 20060401
       16178291          PUD                                    20360101                  218160                 20060201
       16179264          Single Family                          20360201                  472500                 20060301
       16178220          Condominium                            20360201                  180000                 20060301
       16180018          Single Family                          20460301                  256500                 20060401
       16179784          PUD                                    20460301                  472000                 20060401
       16179108          Single Family                          20360301                  207000                 20060401
       16179453          Single Family                          20360101                  910000                 20060201
       16180259          Single Family                          20360201                  399950                 20060301
       16179673          Single Family                          20360201                  133500                 20060301
       16178689          Condominium                            20360301                  188000                 20060401
       16178822          Single Family                          20360301                   96000                 20060401
       16179265          Single Family                          20360201                  493000                 20060301
       16179217          Single Family                          20360301                  555000                 20060401
       16179243          Single Family                          20360201                  577000                 20060301
       16179201          Single Family                          20360201                  129500                 20060301
       16179850          Single Family                          20460201                  226000                 20060301
       16179899          Condominium                            20360201                  260000                 20060301
       16179454          Condominium                            20360101                  160000                 20060201
       16180260          Condominium                            20360201                  291200                 20060301
       16179149          PUD                                    20360201                  302350                 20060301
       16179033          Single Family                          20360101                  344000                 20060201
       16179564          PUD                                    20460201                  274400                 20060301
       16178550          Single Family                          20360201                  492000                 20060301
       16178937          Single Family                          20351201                  405000                 20060101
       16179790          PUD                                    20460301                  519200                 20060401
       16180190          Single Family                          20360301                  280000                 20060401
       16178581          PUD                                    20360201                  495000                 20060301
       16178568          Single Family                          20360201                  296000                 20060301
       16179132          Single Family                          20360301                  508000                 20060401
       16179918          Single Family                          20360301                  324000                 20060401
       16178221          Single Family                          20350901                  325000                 20051001
       16179244          PUD                                    20360101                  499800                 20060201
       16179017          Single Family                          20351201                  486400                 20060101
       16179109          Single Family                          20360201                  712500                 20060301
       16178364          PUD                                    20351101                  480000                 20051201
       16179351          Single Family                          20360301               731253.21                 20060401
       16179398          Single Family                          20360101                  136800                 20060201
       16180261          Single Family                          20360201                  162400                 20060301
       16179052          PUD                                    20360101                  472000                 20060201
       16179565          Single Family                          20360201                  279000                 20060301
       16178938          Single Family                          20351201                  350000                 20060101
       16178339          Single Family                          20360101                  269600                 20060201
       16180105          Single Family                          20460301                  250000                 20060401
       16180088          PUD                                    20360301                  208000                 20060401
       16178281          Single Family                          20360101                  412000                 20060201
       16179919          PUD                                    20360301                  232000                 20060401
       16178192          PUD                                    20360101                  378750                 20060201
       16179018          Single Family                          20360101                  468000                 20060201
       16179851          Single Family                          20460201                  168000                 20060301
       16179456          Single Family                          20360101                  424000                 20060201
       16178773          Single Family                          20360301                  260000                 20060401
       16178640          PUD                                    20360201                  174200                 20060301
       16178688          Single Family                          20360301                  176000                 20060401
       16179294          Single Family                          20360201                  502250                 20060301
       16179235          Single Family                          20360201                  650000                 20060301
       16180220          Condominium                            20360201                  212000                 20060301
       16179250          Single Family                          20360201                  536000                 20060301
       16179207          Single Family                          20360201                   77400                 20060301
       16180070          PUD                                    20460301                  303300                 20060401
       16179478          Single Family                          20360101                  304000                 20060201
       16179370          PUD                                    20360101                  471200                 20060201
       16179526          Condominium                            20360201                  150000                 20060301
       16180452          2-4 Family                             20360201                  240000                 20060301
       16180289          Single Family                          20360201                  198226                 20060301
       16180358          Condominium                            20360101                  246740                 20060201
       16179163          Single Family                          20351001                  284750                 20051101
       16179036          Condominium                            20360101                  123200                 20060201
       16179586          2-4 Family                             20360201                  148000                 20060301
       16178784          Single Family                          20360301                  173000                 20060401
       16178485          Single Family                          20360201                  190490                 20060301
       16179654          PUD                                    20460201                  204000                 20060301
       16180036          PUD                                    20360201                  416000                 20060301
       16180163          Single Family                          20460301                  512000                 20060401
       16179273          Single Family                          20360201                  677250                 20060301
       16180221          Single Family                          20360201                  600000                 20060301
       16178387          Single Family                          20360101                  348000                 20060201
       16178359          2-4 Family                             20360201                  440000                 20060301
       16178897          Condominium                            20351201                  155700                 20060101
       16180077          Single Family                          20360301                  153750                 20060401
       16179371          PUD                                    20360101                  238000                 20060201
       16180453          Single Family                          20360201                  115200                 20060301
       16180290          Single Family                          20360201                  236196                 20060301
       16179716          Single Family                          20360201                  212000                 20060301
       16179061          Condominium                            20360201                  139900                 20060301
       16179764          Condominium                            20460201                  284000                 20060301
       16179143          Single Family                          20360301                  550000                 20060401
       16179807          Single Family                          20360201                  456000                 20060301
       16178809          PUD                                    20360301                  562500                 20060401
       16179024          Single Family                          20360101                  576000                 20060201
       16178793          Single Family                          20360301                  238840                 20060401
       16180139          PUD                                    20360401                  455250                 20060501
       16179274          Single Family                          20360201                  287000                 20060301
       16179295          PUD                                    20360201                  350000                 20060301
       16180222          Single Family                          20360201                  118400                 20060301
       16178842          PUD                                    20360301                  371200                 20060401
       16178510          PUD                                    20360201                  120000                 20060301
       16180622          Single Family                          20360201                  160000                 20060301
       16180454          Single Family                          20360201                  157840                 20060301
       16179166          Single Family                          20351101                  300000                 20051201
       16179073          Condominium                            20360101                  384000                 20060201
       16180291          Single Family                          20360201                  169600                 20060301
       16180359          Single Family                          20360201                  650000                 20060301
       16178448          Single Family                          20360101                  500000                 20060201
       16180065          2-4 Family                             20360401                  520000                 20060501
       16179808          Single Family                          20360201                  640000                 20060301
       16179587          Condominium                            20360201                  130400                 20060301
       16178638          PUD                                    20360201                   89756                 20060301
       16179702          Single Family                          20360201                  228000                 20060301
       16179655          Single Family                          20360201                  113200                 20060301
       16179025          Single Family                          20351201                  117600                 20060101
       16179691          Single Family                          20360201                  216700                 20060301
       16178587          Single Family                          20360201                  228800                 20060301
       16178523          PUD                                    20360201                  266000                 20060301
       16180223          2-4 Family                             20360201                  400000                 20060301
       16179372          PUD                                    20360101                  280000                 20060201
       16180623          Single Family                          20360201                   80800                 20060301
       16180389          Single Family                          20360201                  299550                 20060301
       16180455          Single Family                          20360201                  636000                 20060301
       16179074          Single Family                          20360101                  335000                 20060201
       16180292          Single Family                          20360201                  126000                 20060301
       16180360          Single Family                          20360201                  344000                 20060301
       16179809          Single Family                          20360301                  436000                 20060401
       16180141          Single Family                          20360301                  551200                 20060401
       16178620          Condominium                            20360201                  129850                 20060301
       16178699          Single Family                          20360301                  135000                 20060401
       16178629          Single Family                          20360201                  500000                 20060301
       16180084          Condominium                            20360301                  432000                 20060401
       16178825          PUD                                    20360301                  572000                 20060401
       16179275          Single Family                          20360201                  468000                 20060301
       16180181          Single Family                          20360301                 1200000                 20060401
       16178378          Single Family                          20360101                  384000                 20060201
       16180624          Single Family                          20360201                  315250                 20060301
       16180390          Single Family                          20360201                  764000                 20060301
       16179184          Single Family                          20360101                  335000                 20060201
       16180456          Condominium                            20360201                  195000                 20060301
       16180293          Single Family                          20360201                  109600                 20060301
       16179825          Condominium                            20360201                  316000                 20060301
       16180361          Single Family                          20360201                  615000                 20060301
       16178449          PUD                                    20360201                  308000                 20060301
       16179717          PUD                                    20360201                  387250                 20060301
       16180192          Single Family                          20360401                  618750                 20060501
       16178652          PUD                                    20360101                  277600                 20060201
       16180156          Single Family                          20360401                  350400                 20060501
       16178945          Single Family                          20351201                  154000                 20060101
       16178639          Single Family                          20360201                   98400                 20060301
       16178778          PUD                                    20360301                  182000                 20060401
       16178304          PUD                                    20360101                  133000                 20060201
       16178325          Single Family                          20360101                  180000                 20060201
       16179775          Townhouse                              20460301                  496000                 20060401
       16179236          Single Family                          20360201                  468000                 20060301
       16178551          PUD                                    20351201                  149600                 20060101
       16180556          Single Family                          20360201                  163200                 20060301
       16180625          Single Family                          20360201                  163120                 20060301
       16180391          Single Family                          20360201                  332100                 20060301
       16179185          Single Family                          20360101                  400000                 20060201
       16180457          Condominium                            20360201                  180800                 20060301
       16179082          Single Family                          20360101                  332000                 20060201
       16180294          Single Family                          20360201                  417000                 20060301
       16179826          Single Family                          20360201                  672000                 20060301
       16179718          Single Family                          20360201                  210000                 20060301
       16179037          Condominium                            20360101                  104000                 20060201
       16180151          Single Family                          20360301                  236000                 20060401
       16178693          Single Family                          20360301                  134550                 20060401
       16178865          Single Family                          20360301                  156000                 20060401
       16179276          Single Family                          20360201                  441000                 20060301
       16179499          Single Family                          20360101                  259200                 20060201
       16178512          Single Family                          20360201                  228000                 20060301
       16178228          Single Family                          20360101                  360000                 20060201
       16180557          Single Family                          20360201                  181348                 20060301
       16180392          2-4 Family                             20360201                  250000                 20060301
       16180458          Single Family                          20360201                  237000                 20060301
       16180172          Single Family                          20360301                  370000                 20060401
       16180295          Condominium                            20360201                  100000                 20060301
       16178407          PUD                                    20360101                  163920                 20060201
       16180157          Single Family                          20360301                  408000                 20060401
       16179062          Single Family                          20360101                  372000                 20060201
       16178708          Single Family                          20360301                  388000                 20060401
       16178338          Single Family                          20360101                  359650                 20060201
       16178525          PUD                                    20360201                  489000                 20060301
       16178181          Single Family                          20351101                  176200                 20051201
       16179303          Single Family                          20360201                  447920                 20060301
       16178391          Single Family                          20360101                  372000                 20060201
       16179277          Single Family                          20360201                  465000                 20060301
       16179500          Condominium                            20351201                  268000                 20060101
       16179648          Condominium                            20360301                  280800                 20060401
       16180074          Condominium                            20360201                  133250                 20060301
       16180558          Single Family                          20360201                  198400                 20060301
       16180327          Single Family                          20360201                 1000000                 20060301
       16180586          Single Family                          20360201                  320472                 20060301
       16179932          PUD                                    20360301                  215900                 20060401
       16179985          Single Family                          20360301                  264000                 20060401
       16178959          Single Family                          20351201                  171120                 20060101
       16180326          Single Family                          20360201                  231200                 20060301
       16179646          Condominium                            20460301                  236800                 20060401
       16179148          Single Family                          20360201                  345000                 20060301
       16179162          Single Family                          20360201                  537200                 20060301
       16179740          Single Family                          20360201                  307900                 20060301
       16178713          PUD                                    20360201                  183200                 20060301
       16178645          PUD                                    20360201                  285600                 20060301
       16178548          Single Family                          20360201                  120000                 20060301
       16178243          Single Family                          20351201                  352000                 20060101
       16180518          Single Family                          20360201                  281250                 20060301
       16179121          Single Family                          20360201                  375000                 20060301
       16180587          Single Family                          20360201                  224900                 20060301
       16179933          PUD                                    20460301                  410000                 20060401
       16180186          PUD                                    20360301                  399900                 20060401
       16179986          Single Family                          20360301                  320000                 20060401
       16180420          Condominium                            20360201                  355500                 20060301
       16178733          PUD                                    20360301                   87750                 20060401
       16180487          Single Family                          20360201                  121600                 20060301
       16179067          PUD                                    20351201                  256000                 20060101
       16179170          Single Family                          20351101                  336000                 20051201
       16178416          PUD                                    20360201                  168000                 20060301
       16180067          Single Family                          20360201                   94800                 20060301
       16179057          Single Family                          20360101                  330400                 20060201
       16178200          PUD                                    20360201                  348000                 20060301
       16178201          Single Family                          20360201                  316000                 20060301
       16178202          Single Family                          20360101                  248000                 20060201
       16178203          2-4 Family                             20360201                  242000                 20060301
       16178204          Single Family                          20360201                  558400                 20060301
       16178205          Single Family                          20360201                  241800                 20060301
       16178206          Single Family                          20360101                  360000                 20060201
       16178207          Single Family                          20360101                  428000                 20060201
       16178208          Single Family                          20360201                  485000                 20060301
       16178209          PUD                                    20360101                  139200                 20060201
       16178841          Single Family                          20360301                  572000                 20060401
       16178762          Single Family                          20360301                   82450                 20060401
       16178843          Single Family                          20360301                  247000                 20060401
       16178763          Single Family                          20360301                   68800                 20060401
       16178845          PUD                                    20360301                  506400                 20060401
       16178846          2-4 Family                             20360301                  231200                 20060401
       16178684          Condominium                            20360301                  206910                 20060401
       16178847          Single Family                          20360301                  202400                 20060401
       16178685          Single Family                          20360201                  160000                 20060301
       16178686          Single Family                          20360301                   84000                 20060401
       16178848          PUD                                    20360301                  100000                 20060401
       16178849          Condominium                            20360301                  455992                 20060401
       16178687          Condominium                            20360301                  270400                 20060401
       16178210          PUD                                    20360201                  166400                 20060301
       16178211          Single Family                          20360201                  172000                 20060301
       16178212          Single Family                          20360201                  525000                 20060301
       16178213          Single Family                          20360201                  168000                 20060301
       16178214          Single Family                          20360201                  315600                 20060301
       16178215          Single Family                          20360201                  284000                 20060301
       16178850          PUD                                    20360301                  365600                 20060401
       16178852          Condominium                            20360301                  143200                 20060401
       16178853          PUD                                    20360301                  147208                 20060401
       16178772          PUD                                    20360301                   76800                 20060401
       16178854          Single Family                          20360301                  127920                 20060401
       16178692          PUD                                    20360301                   76800                 20060401
       16178774          Single Family                          20360301                  171000                 20060401
       16178857          Single Family                          20360301                   67120                 20060401
       16178858          Single Family                          20360301                  256500                 20060401
       16178859          Condominium                            20360301                   58400                 20060401
       16178697          PUD                                    20360201                  112000                 20060301
       16178779          Condominium                            20360301                  670000                 20060401
       16178301          Single Family                          20360201                  175950                 20060301
       16178303          PUD                                    20360101                  119200                 20060201
       16178305          PUD                                    20360101                  311900                 20060201
       16178307          Single Family                          20360201                  184000                 20060301
       16179831          Single Family                          20460401                  112033                 20060501
       16178860          Single Family                          20360301                  294862                 20060401
       16178863          PUD                                    20360301                  183200                 20060401
       16178866          Condominium                            20360301                  200000                 20060401
       16178786          Single Family                          20360301                  124800                 20060401
       16178868          Single Family                          20360301                  388000                 20060401
       16178787          Single Family                          20360301                  105600                 20060401
       16178869          Single Family                          20360301                   59528                 20060401
       16178311          Single Family                          20360101                  400000                 20060201
       16180194          Single Family                          20360101                  980000                 20060201
       16180195          Single Family                          20360201                  264000                 20060301
       16180196          Single Family                          20360201                   84000                 20060301
       16180197          2-4 Family                             20360201                  260000                 20060301
       16178317          Single Family                          20360101                  385000                 20060201
       16180198          Single Family                          20360201                  185200                 20060301
       16180199          Single Family                          20360201                  122400                 20060301
       16179921          PUD                                    20360301                  131400                 20060401
       16178319          2-4 Family                             20351201                  170000                 20060101
       16178870          PUD                                    20360301                  255200                 20060401
       16178790          Single Family                          20360301                  132000                 20060401
       16178872          Single Family                          20360301                  112800                 20060401
       16178873          Single Family                          20360301                   97600                 20060401
       16178792          Single Family                          20360301                   82500                 20060401
       16178874          Single Family                          20360301                  572000                 20060401
       16178794          Single Family                          20360301                  375000                 20060401
       16178875          Condominium                            20360301                   92000                 20060401
       16178876          Single Family                          20360301                  276000                 20060401
       16178795          Single Family                          20360301                  372000                 20060401
       16178877          PUD                                    20360301                  200250                 20060401
       16178322          Single Family                          20360201                  210000                 20060301
       16178880          2-4 Family                             20360301                  201880                 20060401
       16179771          Single Family                          20360301                  435200                 20060401
       16178882          Condominium                            20360301                  188000                 20060401
       16178883          2-4 Family                             20360301                  400000                 20060401
       16179778          PUD                                    20360401                  344000                 20060501
       16178170          Condominium                            20351001                  272350                 20051101
       16178173          Condominium                            20350901                  245000                 20051001
       16178336          Single Family                          20351201                  228000                 20060101
       16178174          Single Family                          20351201                  320000                 20060101
       16178177          Condominium                            20351201                  171920                 20060101
       16178259          Single Family                          20360101                  136000                 20060201
       16178178          Single Family                          20351101                  228000                 20051201
       16178179          Condominium                            20360101                  118400                 20060201
       16179785          PUD                                    20360401                  316000                 20060501
       16179787          Townhouse                              20360301                  361800                 20060401
       16178502          Single Family                          20360201                  404000                 20060301
       16180626          Single Family                          20341201                  251100                 20050101
       16178503          Single Family                          20360201                   84000                 20060301
       16178180          Single Family                          20351201                  144500                 20060101
       16178504          Single Family                          20360201                  159920                 20060301
       16178263          Single Family                          20351201                  183200                 20060101
       16178506          PUD                                    20360201                  320000                 20060301
       16178184          PUD                                    20351201                  194400                 20060101
       16178508          PUD                                    20360201                  336000                 20060301
       16178186          Single Family                          20351201                   76000                 20060101
       16178267          Single Family                          20351201                  232000                 20060101
       16180385          Single Family                          20360201                  246600                 20060301
       16180449          Single Family                          20360201                  230400                 20060301
       16179601          Single Family                          20460201                  302400                 20060301
       16180286          2-4 Family                             20360201                  272000                 20060301
       16178355          Condominium                            20360101                  148000                 20060201
       16179713          Condominium                            20360201                  142400                 20060301
       16180054          Single Family                          20360301                  404000                 20060401
       16179761          Single Family                          20460201                  244000                 20060301
       16178775          Condominium                            20360301                  348000                 20060401
       16178286          Townhouse                              20360201                  573600                 20060301
       16179516          Single Family                          20360301                  336000                 20060401
       16179407          PUD                                    20360201                  161500                 20060301
       16180246          Single Family                          20360201                  130400                 20060301
       16178481          Single Family                          20360201                  295200                 20060301
       16178519          Single Family                          20360201                  219600                 20060301
       16180479          Single Family                          20360201                  178000                 20060301
       16178890          Single Family                          20351001                  198750                 20051101
       16180549          Single Family                          20360201                  313312                 20060301
       16180319          Single Family                          20360201                   68800                 20060301
       16179089          Condominium                            20360201                  472000                 20060301
       16180450          Single Family                          20360201                  198800                 20060301
       16179165          Condominium                            20360201                  156000                 20060301
       16180058          Single Family                          20460301                  436000                 20060401
       16178405          Single Family                          20360201                  229204                 20060301
       16178314          Single Family                          20360201                  100800                 20060301
       16179714          Single Family                          20360201                   75000                 20060301
       16178783          Single Family                          20360301                  592000                 20060401
       16178524          Single Family                          20360201                  630000                 20060301
       16180247          Single Family                          20360201                  140760                 20060301
       16179390          Single Family                          20360101                  152000                 20060201
       16179982          Single Family                          20360301                  216000                 20060401
       16180480          Single Family                          20360201                  396000                 20060301
       16180550          2-4 Family                             20360201                  427500                 20060301
       16180320          Single Family                          20360201                  504000                 20060301
       16179415          PUD                                    20360101                  146400                 20060201
       16179738          Single Family                          20360201                   97850                 20060301
       16180451          Condominium                            20360201                  344720                 20060301
       16180144          PUD                                    20360301                  384000                 20060401
       16179602          PUD                                    20460201                  177600                 20060301
       16179146          PUD                                    20360201                  107000                 20060301
       16178428          Single Family                          20360201                  276792                 20060301
       16178644          Single Family                          20360201                  157500                 20060301
       16178401          Single Family                          20360101                  251000                 20060201
       16178691          Single Family                          20360301                  524000                 20060401
       16179301          Single Family                          20360201                  448800                 20060301
       16180248          Single Family                          20360201                  125000                 20060301
       16179254          Single Family                          20360101                  450000                 20060201
       16179391          Single Family                          20360101                  121500                 20060201
       16179983          Single Family                          20360301                  297350                 20060401
       16178225          PUD                                    20360201                  264000                 20060301
       16178562          Single Family                          20360201                  101500                 20060301
       16180481          Single Family                          20360201                  204800                 20060301
       16178489          PUD                                    20360201                  523992                 20060301
       16180551          Single Family                          20360201                  248000                 20060301
       16180321          2-4 Family                             20360201                  140000                 20060301
       16179779          PUD                                    20360301                  228480                 20060401
       16179009          Single Family                          20351201                  460000                 20060101
       16180386          Single Family                          20360101                  184000                 20060201
       16178785          Single Family                          20360301                  155200                 20060401
       16179048          Single Family                          20360101                  460000                 20060201
       16179715          Single Family                          20360201                  154400                 20060301
       16180138          PUD                                    20360301                  196300                 20060401
       16178390          Single Family                          20360101                  360000                 20060201
       16179984          Single Family                          20360301                  159000                 20060401
       16180416          Single Family                          20360201                  352000                 20060301
       16180482          Single Family                          20360201                  188000                 20060301
       16180552          Single Family                          20360201                  364000                 20060301
       16180322          Single Family                          20360201                  140000                 20060301
       16179416          PUD                                    20460101                  252000                 20060201
       16179090          Condominium                            20360201                  202400                 20060301
       16178976          PUD                                    20351201                   96000                 20060101
       16180387          Single Family                          20360201                  280000                 20060301
       16179183          Single Family                          20360101                  402400                 20060201
       16180052          PUD                                    20360301                  618000                 20060401
       16180178          2-4 Family                             20360301                  375000                 20060401
       16179739          Single Family                          20360201                  179200                 20060301
       16178992          PUD                                    20351201                  256000                 20060101
       16179072          PUD                                    20360101                  231000                 20060201
       16178429          2-4 Family                             20360201                  300000                 20060301
       16178226          Single Family                          20351101                  660000                 20051201
       16179202          Single Family                          20360201                  405600                 20060301
       16180417          Single Family                          20360201                   91040                 20060301
       16180483          Single Family                          20360201                  300000                 20060301
       16178473          Single Family                          20360201                  560000                 20060301
       16180553          Condominium                            20360201                  260000                 20060301
       16180323          Single Family                          20360201                  149600                 20060301
       16180388          Condominium                            20360201                  270000                 20060301
       16179830          PUD                                    20360301                  247041                 20060401
       16178297          Condominium                            20360201                  113700                 20060301
       16178505          Single Family                          20360201                  300000                 20060301
       16178483          Single Family                          20360201                  130500                 20060301
       16179306          PUD                                    20350801                  142400                 20050901
       16180079          PUD                                    20360201                  279600                 20060301
       16180584          Single Family                          20360201                  200000                 20060301
       16180418          Single Family                          20360201                  417000                 20060301
       16180484          Single Family                          20360201                  196000                 20060301
       16180554          Single Family                          20360201                  613592                 20060301
       16180324          Single Family                          20360201                  156000                 20060301
       16179417          Single Family                          20460101                  292750                 20060201
       16179091          Single Family                          20360101                  563000                 20060201
       16178437          Condominium                            20360201                  105500                 20060301
       16180169          Single Family                          20360301                  600000                 20060401
       16179619          Condominium                            20360301                  288000                 20060401
       16179960          Single Family                          20460301                  276000                 20060401
       16178541          Single Family                          20360201                  428000                 20060301
       16178265          Single Family                          20360101                  180000                 20060201
       16178462          Single Family                          20360201                  176800                 20060301
       16179196          Single Family                          20360201                  405000                 20060301
       16180585          Single Family                          20360201                  416000                 20060301
       16179931          PUD                                    20360301                  287200                 20060401
       16178227          Single Family                          20351101                  500000                 20051201
       16178511          Condominium                            20360201                  144950                 20060301
       16180419          Single Family                          20360201                  675000                 20060301
       16180485          Single Family                          20360201                  152800                 20060301
       16180555          Single Family                          20360201                  341850                 20060301
       16180325          Single Family                          20360201                  153400                 20060301
       16179418          Single Family                          20460101                  179400                 20060201
       16178717          PUD                                    20360301                  170000                 20060401
       16179177          Single Family                          20360101                  369600                 20060201
       16179092          Condominium                            20360201                  284000                 20060301
       16179161          Single Family                          20360201                  198000                 20060301
       16178729          PUD                                    20360301                   90952                 20060401
       16178406          PUD                                    20360101                  340000                 20060201
       16178716          Condominium                            20360301                  228000                 20060401
       16180047          Condominium                            20360201                  376000                 20060301
       16179348          Single Family                          20360101                   98000                 20060201
       16179531          PUD                                    20360101                  291200                 20060201
       16178189          PUD                                    20360201                  344400                 20060301
       16180099          Single Family                          20360201                  340800                 20060301
       16179884          Single Family                          20360201                  173600                 20060301
       16179684          PUD                                    20360201                  266400                 20060301
       16180152          Single Family                          20360301                  800000                 20060401
       16180092          PUD                                    20360301                  216000                 20060401
       16178829          PUD                                    20360301                  122400                 20060401
       16178761          Single Family                          20360301                  279960                 20060401
       16179774          PUD                                    20360301                  731250                 20060401
       16178961          2-4 Family                             20360101                  264000                 20060201
       16179206          Single Family                          20360201                  280000                 20060301
       16180443          Single Family                          20360201                  295960                 20060301
       16178280          Condominium                            20360101                  141000                 20060201
       16180281          Condominium                            20360201                  287200                 20060301
       16180350          Single Family                          20360201                  335900                 20060301
       16179757          Single Family                          20460201                  187500                 20060301
       16180241          Single Family                          20360201                  104000                 20060301
       16179293          PUD                                    20360201                  464000                 20060301
       16178468          PUD                                    20360201                  481100                 20060301
       16179232          PUD                                    20360101                  546500                 20060201
       16180053          Single Family                          20360201                  175500                 20060301
       16180061          PUD                                    20360201                  368000                 20060301
       16179386          Single Family                          20360101                  188800                 20060201
       16179367          PUD                                    20360101                  189600                 20060201
       16178610          PUD                                    20360201                  228000                 20060301
       16180444          Single Family                          20360201                  550000                 20060301
       16179070          PUD                                    20360101                  153200                 20060201
       16180282          Single Family                          20360201                  139400                 20060301
       16180351          Condominium                            20351201                  400000                 20060101
       16179710          Single Family                          20360201                  131100                 20060301
       16179758          Single Family                          20360201                  100950                 20060301
       16179579          Single Family                          20360201                  270000                 20060301
       16178944          Single Family                          20351201                  440000                 20060101
       16179142          Single Family                          20360201                  317000                 20060301
       16180193          PUD                                    20360401                  274400                 20060501
       16178696          Single Family                          20360301                  124700                 20060401
       16178712          PUD                                    20360101                  195350                 20060201
       16178269          Single Family                          20351201                  230000                 20060101
       16180242          Single Family                          20360201                  208000                 20060301
       16179491          Single Family                          20351101                  160000                 20051201
       16180381          Single Family                          20360201                  160800                 20060301
       16180445          Single Family                          20360201                  244500                 20060301
       16179164          Single Family                          20351101                  409600                 20051201
       16180283          Single Family                          20360201                  180000                 20060301
       16178427          PUD                                    20360201                  329000                 20060301
       16180352          Single Family                          20351201                   96000                 20060101
       16179759          Single Family                          20360201                  100000                 20060301
       16179580          PUD                                    20360201                  296000                 20060301
       16178789          PUD                                    20360301                  180000                 20060401
       16180039          PUD                                    20360301                  648800                 20060401
       16179298          PUD                                    20360201                  620000                 20060301
       16180243          Single Family                          20360201                  217500                 20060301
       16179253          Single Family                          20360201                  640000                 20060301
       16179492          Condominium                            20351101                  266400                 20051201
       16180382          Single Family                          20360201                  315000                 20060301
       16180446          Single Family                          20360201                  754000                 20060301
       16179071          Single Family                          20360101                  170000                 20060201
       16180284          2-4 Family                             20360201                  300000                 20060301
       16180353          Single Family                          20360201                  202759                 20060301
       16180166          Single Family                          20460301                  552000                 20060401
       16178803          Single Family                          20360301                  860000                 20060401
       16179711          Single Family                          20360201                  436000                 20060301
       16179777          2-4 Family                             20360301                  288800                 20060401
       16179828          Single Family                          20360301                  197600                 20060401
       16180155          Single Family                          20460301                  407000                 20060401
       16180127          Single Family                          20360301                  668000                 20060401
       16179581          PUD                                    20360201                  275500                 20060301
       16180165          PUD                                    20360301                  212800                 20060401
       16180037          PUD                                    20360301                  696750                 20060401
       16180130          PUD                                    20360201                  216000                 20060301
       16179493          Single Family                          20351101                  200000                 20051201
       16179388          Single Family                          20360101                  114400                 20060201
       16178660          PUD                                    20360301                  148000                 20060401
       16180383          2-4 Family                             20360101                  409600                 20060201
       16180447          Condominium                            20360201                  231096                 20060301
       16178991          Single Family                          20351201                  548000                 20060101
       16178963          Single Family                          20350901                  412000                 20051001
       16179600          Single Family                          20360201                  242000                 20060301
       16180285          2-4 Family                             20360201                  350000                 20060301
       16179035          Condominium                            20351201                  272000                 20060101
       16179582          Single Family                          20360201                  317600                 20060301
       16178597          Single Family                          20360201                  187950                 20060301
       16180045          Single Family                          20460301                  698000                 20060401
       16180244          Single Family                          20360201                  103200                 20060301
       16178320          Single Family                          20360101                  346500                 20060201
       16179139          Single Family                          20360201                  258400                 20060301
       16178377          Single Family                          20351101                  304000                 20051201
       16180547          Single Family                          20360201                   97520                 20060301
       16180317          Single Family                          20360201                   71600                 20060301
       16178171          Condominium                            20350901                  204250                 20051001
       16180384          Single Family                          20360201                  136000                 20060301
       16180448          Condominium                            20360201                  388800                 20060301
       16178404          PUD                                    20360101                  379600                 20060201
       16179155          Single Family                          20360201                  292000                 20060301
       16179712          Single Family                          20360201                  126400                 20060301
       16180191          Single Family                          20360401                  235000                 20060501
       16178928          Single Family                          20351201                  488000                 20060101
       16179760          Single Family                          20460201                  282550                 20060301
       16178833          Single Family                          20360301                  115200                 20060401
       16179583          Single Family                          20360201                  156000                 20060301
       16178625          Single Family                          20360201                  470400                 20060301
       16178622          PUD                                    20360201                  200000                 20060301
       16179299          PUD                                    20360201                  260000                 20060301
       16180245          Single Family                          20360201                  131200                 20060301
       16179484          PUD                                    20360201                  332275                 20060301
       16179272          Single Family                          20360201                  483750                 20060301
       16179495          Condominium                            20351101                  300000                 20051201
       16178608          Single Family                          20360301                  168000                 20060401
       16180548          Single Family                          20360201                  448000                 20060301
       16180318          Single Family                          20360201                  316000                 20060301
       16179260          Single Family                          20360201                  592000                 20060301
       16179863          PUD                                    20360201                  288000                 20060301
       16179195          PUD                                    20360201                  240000                 20060301
       16180621          Single Family                          20360201                  216000                 20060301
       16178884          Single Family                          20350901                  268000                 20051001
       16179405          Condominium                            20460101                  300000                 20060201
       16180347          Single Family                          20360201                  332072                 20060301
       16179575          Condominium                            20360201                  260000                 20060301
       16178892          Single Family                          20350701                  396000                 20050801
       16178851          Single Family                          20360301                  154400                 20060401
       16179792          PUD                                    20360301                  343200                 20060401
       16178736          Single Family                          20360201                  508000                 20060301
       16178767          PUD                                    20360201                  534000                 20060301
       16179230          Single Family                          20351201                  675750                 20060101
       16179113          Single Family                          20360201                  584000                 20060301
       16179864          PUD                                    20360201                  324000                 20060301
       16178369          PUD                                    20351101                  276000                 20051201
       16179365          PUD                                    20360101                  202350                 20060201
       16180278          Condominium                            20360201                  325430                 20060301
       16180348          Single Family                          20360201                   99200                 20060301
       16179802          Single Family                          20360201                  532000                 20060301
       16178626          Single Family                          20360201                  254240                 20060301
       16179137          Condominium                            20360201                   41800                 20060301
       16179248          Single Family                          20360201                  675000                 20060301
       16178386          Single Family                          20360101                  335000                 20060201
       16179261          PUD                                    20360101                  592000                 20060201
       16179910          PUD                                    20360301                  433800                 20060401
       16179487          PUD                                    20360101                  324849                 20060201
       16180279          Single Family                          20360201                  272000                 20060301
       16179060          Single Family                          20360101                  319900                 20060201
       16179577          Single Family                          20360201                  308000                 20060301
       16179803          Single Family                          20360201                  491250                 20060301
       16179618          Townhouse                              20460301                  324000                 20060401
       16178764          PUD                                    20360301                  128610                 20060401
       16178282          PUD                                    20360101                  632000                 20060201
       16179292          PUD                                    20360201                  432000                 20060301
       16179231          Single Family                          20360201                  644000                 20060301
       16179138          Condominium                            20360201                   43300                 20060301
       16178376          Condominium                            20351101                  343000                 20051201
       16179100          Single Family                          20360201                  540000                 20060301
       16180184          Single Family                          20360301                  176000                 20060401
       16180442          Condominium                            20360201                  119280                 20060301
       16180349          Single Family                          20351201                  225000                 20060101
       16179578          Single Family                          20360201                  188000                 20060301
       16179804          PUD                                    20360201                  460000                 20060301
       16179045          Single Family                          20360101                  450000                 20060201
       16180051          Single Family                          20460201                  265000                 20060301
       16178893          Condominium                            20350801                  320000                 20050901
       16179806          Single Family                          20360201                  425000                 20060301
       16180257          Single Family                          20360201                 1020000                 20060301
       16179700          Single Family                          20360201                  144000                 20060301
       16178828          Condominium                            20360301                  186800                 20060401
       16178748          Single Family                          20360301                  104000                 20060401
       16178668          Single Family                          20360201                  117600                 20060301
       16178589          Single Family                          20360201                  261700                 20060301
       16180075          PUD                                    20360301                  600000                 20060401
       16180159          Single Family                          20360301                  463900                 20060401
       16179801          PUD                                    20360401                  124000                 20060501
       16178830          Single Family                          20360301                  223560                 20060401
       16178831          Single Family                          20360301                   55272                 20060401
       16179628          PUD                                    20360201                  260000                 20060301
       16180582          Single Family                          20360201                  464000                 20060301
       16179439          PUD                                    20360101                  191200                 20060201
       16180415          Single Family                          20360201                  166000                 20060301
       16180146          Condominium                            20360301                  135200                 20060401
       16180115          Single Family                          20360301                  120000                 20060401
       16178415          Single Family                          20360201                  329017                 20060301
       16179665          Single Family                          20360201                  216250                 20060301
       16180119          Single Family                          20360301                  300000                 20060401
       16178588          Single Family                          20360201                  280000                 20060301
       16179520          Single Family                          20360201                  192000                 20060301
       16178368          Single Family                          20351201                  552750                 20060101
       16180620          Single Family                          20360201                  896846                 20060301
       16179953          PUD                                    20360301                  528000                 20060401
       16180109          Single Family                          20460301                  520000                 20060401
       16179563          Single Family                          20460201                  291200                 20060301
       16178832          PUD                                    20360301                   84000                 20060401
       16179480          2-4 Family                             20360301                  284000                 20060401
       16179481          PUD                                    20460201                  469600                 20060301
       16178834          Single Family                          20360301                   84000                 20060401
       16178591          PUD                                    20360201                  712500                 20060301
       16179644          Single Family                          20360301                  375000                 20060401
       16178754          Single Family                          20360301                  192000                 20060401
       16179483          PUD                                    20460301                  246400                 20060401
       16178835          Single Family                          20360301                  125250                 20060401
       16178836          PUD                                    20360301                  960000                 20060401
       16178755          Single Family                          20360301                  478360                 20060401
       16178593          PUD                                    20360201                  158445                 20060301
       16178756          Condominium                            20360301                  136000                 20060401
       16180183          Single Family                          20460301                  572000                 20060401
       16180174          Single Family                          20360301                  650000                 20060401
       16180044          Condominium                            20360201                  254400                 20060301
       16179545          Single Family                          20360201                  168300                 20060301
       16180346          Single Family                          20351101                  276000                 20051201
       16178323          Single Family                          20360101                  253500                 20060201
       16178586          Single Family                          20360201                   97500                 20060301
       16180219          Single Family                          20360201                  240450                 20060301
       16180188          Single Family                          20460301                  450000                 20060401
       16179916          Single Family                          20360301                  952000                 20060401
       16178455          PUD                                    20360101                  383950                 20060201
       16179621          Single Family                          20360301                  280000                 20060401
       16180288          Single Family                          20360201                  275200                 20060301
       16178594          Condominium                            20360201                  630000                 20060301
       16178676          Townhouse                              20360201                  160000                 20060301
       16178757          Single Family                          20360301                  260000                 20060401
       16178838          Single Family                          20360301                  240000                 20060401
       16178758          Single Family                          20360301                   60300                 20060401
       16178596          Single Family                          20360201                  344000                 20060301
       16178759          PUD                                    20360301                  259268                 20060401
       16179569          Single Family                          20360201                   68250                 20060301
       16178678          Single Family                          20360301                  409600                 20060401
       16178679          PUD                                    20360301                  575200                 20060401
       16179327          Condominium                            20360201                  315200                 20060301
       16178780          2-4 Family                             20360301                  457500                 20060401
       16179347          PUD                                    20351201                  338400                 20060101
       16180614          Single Family                          20360201                  320000                 20060301
       16179948          Single Family                          20360301                  440000                 20060401
       16178656          2-4 Family                             20360201                  970000                 20060301
       16179044          Single Family                          20360101                  359850                 20060201
       16179620          PUD                                    20460301                  183200                 20060401
       16180132          Single Family                          20460301                  225000                 20060401
       16178771          Single Family                          20360201                  932000                 20060301
       16178682          PUD                                    20360301                  356250                 20060401
       16179136          Condominium                            20360201                   41800                 20060301
       16179175          Single Family                          20360201                  127000                 20060301
       16180357          Single Family                          20360201                  135600                 20060301
       16179763          Single Family                          20460201                  122000                 20060301
       16179585          PUD                                    20360201                  376800                 20060301
       16180258          Single Family                          20360201                  178080                 20060301
       16179701          Single Family                          20360201                  116600                 20060301
       16179653          PUD                                    20360201                  376000                 20060301
       16178922          Single Family                          20351101                  310000                 20051201
       16178598          Condominium                            20360201                  146240                 20060301
       16178599          Single Family                          20360201                   95600                 20060301
       16180512          Single Family                          20360201                  298000                 20060301
       16179247          Single Family                          20360201                  459000                 20060301
       16179099          Single Family                          20360201                  465300                 20060301
       16179952          Single Family                          20360301                  478400                 20060401
       16179466          Single Family                          20360101                  128000                 20060201
       16179364          Condominium                            20360101                  126400                 20060201
       16178659          Single Family                          20360201                  257600                 20060301
       16178820          Single Family                          20360301                  128000                 20060401
       16178741          PUD                                    20360301                  176000                 20060401
       16179552          Single Family                          20460301                  376000                 20060401
       16178742          Single Family                          20360301                  188900                 20060401
       16178580          Single Family                          20360201                  470960                 20060301
       16178661          Single Family                          20360301                  311880                 20060401
       16178823          Condominium                            20360301                  186800                 20060401
       16178743          PUD                                    20360301                  359920                 20060401
       16179553          PUD                                    20460301                  298400                 20060401
       16178824          Single Family                          20360301                  138000                 20060401
       16179554          PUD                                    20360301                  271890                 20060401
       16178663          PUD                                    20360301                  168000                 20060401
       16178826          Condominium                            20360301                  248000                 20060401
       16178745          Single Family                          20360301                  240000                 20060401
       16178583          PUD                                    20360201                  180792                 20060301
       16179404          Condominium                            20360101                  271200                 20060201
       16180345          2-4 Family                             20351201                  140000                 20060101
       16179683          Single Family                          20360201                  243900                 20060301
       16179829          PUD                                    20460301                  365600                 20060401
       16179762          2-4 Family                             20360201                  106500                 20060301
       16180126          Single Family                          20360301                  363000                 20060401
       16180033          Single Family                          20360201                  376000                 20060301
       16179555          PUD                                    20360301                  399000                 20060401
       16178827          Single Family                          20360301                  180000                 20060401
       16179670          PUD                                    20360201                  316000                 20060301
       16179861          Single Family                          20360201                  264000                 20060301
       16178675          PUD                                    20360301                  329600                 20060401
       16179249          Single Family                          20360101                  841000                 20060201
       16179115          PUD                                    20360201                  180000                 20060301
       16178398          Single Family                          20351001                  213500                 20051101
       16180200          Single Family                          20360201                  262120                 20060301
       16180201          Single Family                          20360201                  208000                 20060301
       16179216          Single Family                          20360301                  160000                 20060401
       16179315          Single Family                          20350901                  136800                 20051001
       16180202          Single Family                          20360201                  324000                 20060301
       16180204          Single Family                          20360101                  129200                 20060201
       16180205          Single Family                          20360101                  200000                 20060201
       16180206          Condominium                            20360201                  178400                 20060301
       16180207          Single Family                          20360201                  228000                 20060301
       16180208          Single Family                          20360201                   67200                 20060301
       16180209          Condominium                            20360201                  265000                 20060301
       16179476          PUD                                    20360101                  255000                 20060201
       16180179          2-4 Family                             20360301                  430000                 20060401
       16179530          Single Family                          20360201                  112000                 20060301
       16179611          Townhouse                              20360301                  264000                 20060401
       16180255          2-4 Family                             20360201                  310000                 20060301
       16178920          Single Family                          20351101                  392000                 20051201
       16178801          PUD                                    20360301                  420000                 20060401
       16179613          Single Family                          20360301                  288000                 20060401
       16178641          PUD                                    20360301                  143920                 20060401
       16178722          Single Family                          20360301                  284000                 20060401
       16178444          PUD                                    20360201                  178800                 20060301
       16179561          Single Family                          20360201                  214000                 20060301
       16178804          Single Family                          20360301                  201600                 20060401
       16178561          PUD                                    20360201                  189570                 20060301
       16180414          Single Family                          20360201                  248000                 20060301
       16178436          Single Family                          20360201                  288500                 20060301
       16179226          PUD                                    20351001                  168000                 20051101
       16180619          Single Family                          20360201                  452680                 20060301
       16178290          PUD                                    20360101                  272000                 20060201
       16178293          PUD                                    20360101                  232000                 20060201
       16178770          PUD                                    20360201                  679200                 20060301
       16179233          Condominium                            20351201                   80000                 20060101
       16178642          Single Family                          20360201                  160000                 20060301
       16178724          Single Family                          20360201                  248000                 20060301
       16179346          Single Family                          20360101                  130500                 20060201
       16179840          PUD                                    20360201                  244000                 20060301
       16180217          Single Family                          20360201                  190323                 20060301
       16178643          Single Family                          20360201                  130400                 20060301
       16178806          Single Family                          20360301                  325000                 20060401
       16178484          Single Family                          20360201                  150400                 20060301
       16178565          Single Family                          20360201                  221300                 20060301
       16178889          PUD                                    20351001                  308000                 20051101
       16179632          Condominium                            20360201                  120510                 20060301
       16178646          Condominium                            20360201                   56550                 20060301
       16178727          Single Family                          20360301                  147360                 20060401
       16178647          Single Family                          20360301                  127200                 20060401
       16178567          Single Family                          20360201                  390000                 20060301
       16179947          Single Family                          20360301                  164800                 20060401
       16179488          PUD                                    20360101                  223265                 20060201
       16179914          PUD                                    20360301                  152000                 20060401
       16178486          PUD                                    20360201                  136000                 20060301
       16178649          Single Family                          20360201                  197500                 20060301
       16178488          Single Family                          20360201                  212000                 20060301
       16180210          Single Family                          20360201                  204000                 20060301
       16180211          Single Family                          20360201                  784000                 20060301
       16180212          Single Family                          20360201                  397500                 20060301
       16180147          Single Family                          20360401                  525600                 20060501
       16180213          Condominium                            20360101                  252700                 20060201
       16180214          Single Family                          20360201                  288000                 20060301
       16180215          Single Family                          20360201                  200000                 20060301
       16180216          Single Family                          20360101                  628550                 20060201
       16178172          Single Family                          20351201                  176000                 20060101
       16178493          Single Family                          20360201                  245000                 20060301
       16180355          Single Family                          20360201                  202424                 20060301
       16178730          Condominium                            20360301                  279600                 20060401
       16178811          Single Family                          20360301                  202500                 20060401
       16178812          Condominium                            20360301                  124000                 20060401
       16178650          PUD                                    20360201                  181900                 20060301
       16179622          PUD                                    20360201                  262800                 20060301
       16178570          Single Family                          20360201                  123600                 20060301
       16180256          Condominium                            20360201                  172000                 20060301
       16179032          Single Family                          20360101                  457000                 20060201
       16178921          Single Family                          20351101                  285000                 20051201
       16179081          Single Family                          20360101                  360000                 20060201
       16178447          Condominium                            20360201                  166400                 20060301
       16178571          PUD                                    20360201                  763000                 20060301
       16178814          Condominium                            20360301                  348000                 20060401
       16179562          Single Family                          20360201                  183300                 20060301
       16178799          PUD                                    20360301                  453935                 20060401
       16178490          Single Family                          20360201                  344800                 20060301
       16179624          Condominium                            20360201                  364000                 20060301
       16179363          Single Family                          20360101                  160000                 20060201
       16179051          PUD                                    20360101                  284000                 20060201
       16178549          PUD                                    20360201                  512400                 20060301
       16178605          Single Family                          20360201                  572000                 20060301
       16179234          PUD                                    20360201                  180000                 20060301
       16178815          Condominium                            20360301                304840.8                 20060401
       16178734          2-4 Family                             20360301                  225000                 20060401
       16178241          Single Family                          20351201                   61800                 20060101
       16179105          PUD                                    20360301                  366300                 20060401
       16180218          Single Family                          20360201                  151000                 20060301
       16178318          2-4 Family                             20360101                  215000                 20060201
       16178654          PUD                                    20360301                  324000                 20060401
       16178655          Townhouse                              20360301                  240000                 20060401
       16179915          PUD                                    20360301                  133600                 20060401
       16178818          PUD                                    20360301                  244600                 20060401
       16178819          PUD                                    20360301                  224800                 20060401
       16179221          Single Family                          20360301                  316000                 20060401
       16178495          PUD                                    20360201                  160530                 20060301
       16178576          PUD                                    20360201                  277225                 20060301
       16178496          Single Family                          20360201                  204000                 20060301
       16179549          Single Family                          20460201                  480000                 20060301
       16178578          Single Family                          20360201                  400000                 20060301
       16178497          PUD                                    20360201                   88000                 20060301
       16179477          PUD                                    20360101                  234900                 20060201
       16179369          Condominium                            20360101                  231200                 20060201
       16180287          Single Family                          20360201                  237000                 20060301
       16180356          Condominium                            20360101                  880000                 20060201
       16178632          Single Family                          20360201                  216000                 20060301
       16179524          PUD                                    20360301                  208000                 20060401
       16178471          Single Family                          20360201                  205500                 20060301
       16178552          Condominium                            20360101                  110320                 20060201
       16178633          Single Family                          20360201                  101250                 20060301
       16178634          Single Family                          20360301                  180000                 20060401
       16179525          PUD                                    20460301                  108080                 20060401
       16180254          Single Family                          20360201                  304000                 20060301
       16178919          Single Family                          20351101                  340000                 20051201
       16178472          Condominium                            20360201                  196400                 20060301
       16178392          Single Family                          20360101                  577500                 20060201
       16179608          PUD                                    20360201                  265600                 20060301
       16178555          Single Family                          20360201                  118400                 20060301
       16179527          Single Family                          20360201                  224800                 20060301
       16179609          PUD                                    20360401                  360000                 20060501
       16178556          Condominium                            20360201                  302250                 20060301
       16178475          Single Family                          20360201                  236800                 20060301
       16178394          PUD                                    20360201                  363120                 20060301
       16179366          2-4 Family                             20360101                  119200                 20060201
       16178637          Single Family                          20360201                  126800                 20060301
       16178718          Single Family                          20360301                  288800                 20060401
       16178476          Single Family                          20360201                  106400                 20060301
       16178719          PUD                                    20360301                  207920                 20060401
       16180581          Single Family                          20360201                  212720                 20060301
       16179438          Single Family                          20360101                  265000                 20060201
       16179529          PUD                                    20360201                  262259                 20060301
       16178395          PUD                                    20360201                  462760                 20060301
       16178396          Single Family                          20360201                  171200                 20060301
       16178798          Single Family                          20360301                  475700                 20060401
       16178952          PUD                                    20351201                  142550                 20060101
       16178958          Single Family                          20351201                  231700                 20060101
       16179011          Single Family                          20351201                  306000                 20060101
       16179368          Single Family                          20360101                   96000                 20060201
       16178397          Condominium                            20351101                  175920                 20051201
       16178238          Single Family                          20351201                  172000                 20060101
       16180577          Single Family                          20360201                  184000                 20060301
       16179980          PUD                                    20360301                  217600                 20060401
       16178224          2-4 Family                             20351101                  350000                 20051201
       16179179          PUD                                    20360101                  206500                 20060201
       16180409          Single Family                          20360201                  360000                 20060301
       16179786          Single Family                          20360301                  194400                 20060401
       16179066          Single Family                          20360101                  862000                 20060201
       16180545          Single Family                          20360201                  108000                 20060301
       16180315          Condominium                            20360201                  232000                 20060301
       16178413          2-4 Family                             20360101                  227500                 20060201
       16178985          Single Family                          20351201                  214400                 20060101
       16179313          Single Family                          20351101                  220000                 20051201
       16178403          Single Family                          20360101                  135000                 20060201
       16180125          Condominium                            20360301                  571650                 20060401
       16178891          Single Family                          20351101                  160000                 20051201
       16178750          PUD                                    20360301                  625000                 20060401
       16178299          Single Family                          20360101                  308289                 20060201
       16178560          Single Family                          20360201                  101500                 20060301
       16179208          Condominium                            20360201                  131250                 20060301
       16179880          Single Family                          20460301                  239400                 20060401
       16179307          Single Family                          20360201                  172000                 20060301
       16179180          Condominium                            20360201                  217500                 20060301
       16180410          Single Family                          20360201                  488000                 20060301
       16180476          2-4 Family                             20360201                  232000                 20060301
       16179836          PUD                                    20360301                  725000                 20060401
       16180066          PUD                                    20360301                  481000                 20060401
       16180316          2-4 Family                             20360201                  320000                 20060301
       16178974          Single Family                          20351201                   89600                 20060101
       16178435          Single Family                          20360201                  270250                 20060301
       16178723          Single Family                          20360301                  416200                 20060401
       16178183          Single Family                          20351201                  159300                 20060101
       16179344          Single Family                          20351201                  154000                 20060101
       16179309          PUD                                    20451001                  230000                 20051101
       16179341          Single Family                          20360101                   56000                 20060201
       16178302          Single Family                          20360201                  125600                 20060301
       16178239          PUD                                    20360201                  178000                 20060301
       16179209          Single Family                          20360201                  157500                 20060301
       16180509          Single Family                          20360201                  612000                 20060301
       16179010          PUD                                    20351201                  357450                 20060101
       16180411          Single Family                          20360201                  364000                 20060301
       16180477          Single Family                          20360201                  155000                 20060301
       16179837          Condominium                            20360301                  110000                 20060401
       16179413          Single Family                          20360101                  331200                 20060201
       16178414          Single Family                          20360201                  141185                 20060301
       16178975          Single Family                          20360101                  200000                 20060201
       16180040          Single Family                          20360201                  608000                 20060301
       16178509          Condominium                            20360201                  371000                 20060301
       16180510          Single Family                          20360201                  217200                 20060301
       16178494          Single Family                          20360201                  378000                 20060301
       16180579          Single Family                          20360201                  334400                 20060301
       16179781          2-4 Family                             20360301                  212800                 20060401
       16179436          Single Family                          20360101                  118600                 20060201
       16180412          Single Family                          20360201                  649900                 20060301
       16180478          Single Family                          20360201                  114320                 20060301
       16179001          Single Family                          20351201                  460000                 20060101
       16179736          PUD                                    20360201                  176000                 20060301
       16178621          PUD                                    20360301                  103999                 20060401
       16179503          Single Family                          20351101                  240800                 20051201
       16178617          PUD                                    20360301                  420000                 20060401
       16178572          PUD                                    20360201                  109200                 20060301
       16178753          Single Family                          20360301                  112800                 20060401
       16179623          Condominium                            20360301                  380000                 20060401
       16178240          PUD                                    20360201                  308000                 20060301
       16180580          Single Family                          20360201                  280000                 20060301
       16179981          PUD                                    20360301                  220000                 20060401
       16179437          PUD                                    20360101                  118650                 20060201
       16180413          Single Family                          20360201                  650000                 20060301
       16179076          PUD                                    20360101                  160000                 20060201
       16179737          Single Family                          20360201                  150750                 20060301
       16178340          Single Family                          20360101                  300000                 20060201
       16178816          PUD                                    20360301                  128800                 20060401
       16179627          Single Family                          20360201                  225000                 20060301
       16179006          PUD                                    20351201                  520000                 20060101
       16178518          Single Family                          20360201                  350000                 20060301
       16179977          PUD                                    20360301                  128000                 20060401
       16179190          Single Family                          20360201                  384000                 20060301
       16180472          Condominium                            20360201                  336000                 20060301
       16180541          Condominium                            20360201                  125600                 20060301
       16180311          Single Family                          20360201                  282400                 20060301
       16179410          PUD                                    20360101                  159600                 20060201
       16178658          Single Family                          20360301                  278000                 20060401
       16179176          Condominium                            20360201                  303200                 20060301
       16180378          Single Family                          20360201                  132600                 20060301
       16178989          Condominium                            20351201                  256800                 20060101
       16179732          Condominium                            20360201                  148000                 20060301
       16178728          Single Family                          20360301                  264000                 20060401
       16178454          2-4 Family                             20360201                  184000                 20060301
       16178402          Single Family                          20360101                  253600                 20060201
       16179697          Condominium                            20360201                  172000                 20060301
       16178595          Single Family                          20360201                  246750                 20060301
       16180107          Single Family                          20360301                  135000                 20060401
       16180240          Single Family                          20360201                  283183                 20060301
       16178363          Single Family                          20360101                  219200                 20060201
       16178602          PUD                                    20360201                  294000                 20060301
       16179978          PUD                                    20360301                  188000                 20060401
       16180406          Single Family                          20360201                  225000                 20060301
       16180473          Single Family                          20360201                  192000                 20060301
       16180542          Single Family                          20360201                  106400                 20060301
       16180312          Condominium                            20360201                   81200                 20060301
       16179411          PUD                                    20360101                  320750                 20060201
       16179056          PUD                                    20360101                  436000                 20060201
       16180379          Single Family                          20360201                  109327                 20060301
       16178434          Single Family                          20360201                  633600                 20060301
       16179733          Single Family                          20360201                  200000                 20060301
       16178704          Condominium                            20360201                  155897                 20060301
       16179820          Single Family                          20360201                  611250                 20060301
       16180128          PUD                                    20360301                  358400                 20060401
       16180153          Single Family                          20360301                  337000                 20060401
       16178426          Single Family                          20360101                  359200                 20060201
       16179698          Single Family                          20360201                  194400                 20060301
       16180114          Single Family                          20360301                  116200                 20060401
       16179283          PUD                                    20360201                  439500                 20060301
       16178381          Single Family                          20360101                  155000                 20060201
       16178900          PUD                                    20351201                  394250                 20060101
       16178342          PUD                                    20351201                  199920                 20060101
       16178223          PUD                                    20351101                  462000                 20051201
       16180407          Single Family                          20360201                  465600                 20060301
       16180474          Condominium                            20360201                  440000                 20060301
       16179168          Single Family                          20351201                  420000                 20060101
       16180543          Single Family                          20360201                  281600                 20060301
       16180313          Condominium                            20360201                  112896                 20060301
       16179087          Single Family                          20360101                  248800                 20060201
       16180380          Single Family                          20360201                  548000                 20060301
       16179734          Single Family                          20360201                  223350                 20060301
       16178715          Single Family                          20360301                  105840                 20060401
       16179521          Single Family                          20360201                  492000                 20060301
       16178327          Single Family                          20360101                  313000                 20060201
       16179284          Single Family                          20360201                  440000                 20060301
       16178613          Single Family                          20360301                  520000                 20060401
       16180576          Single Family                          20360201                  580000                 20060301
       16178557          Single Family                          20360201                  192000                 20060301
       16179979          PUD                                    20460301                  400000                 20060401
       16180408          2-4 Family                             20360201                  457600                 20060301
       16179835          Single Family                          20360301                  100000                 20060401
       16180475          Condominium                            20360201                  225000                 20060301
       16179169          Single Family                          20351201                  270500                 20060101
       16180544          Single Family                          20360201                  200000                 20060301
       16180314          Single Family                          20360201                  269606                 20060301
       16179088          PUD                                    20360101                  257400                 20060201
       16179160          PUD                                    20360301                  264800                 20060401
       16178990          Single Family                          20351201                  504000                 20060101
       16179735          Condominium                            20360201                  240000                 20060301
       16178306          PUD                                    20360201                  132000                 20060301
       16179039          Single Family                          20360101                  130000                 20060201
       16178949          Single Family                          20351201                  529600                 20060101
       16179334          Single Family                          20351101                  140000                 20051201
       16179135          Single Family                          20360201                  570000                 20060301
       16179489          PUD                                    20360101                  178600                 20060201
       16178894          Single Family                          20351001                  412500                 20051101
       16179381          Single Family                          20360101                   71250                 20060201
       16180536          Condominium                            20360201                   78320                 20060301
       16179598          Single Family                          20360201                  200000                 20060301
       16179816          PUD                                    20360201                  484000                 20060301
       16180276          Single Family                          20360201                  159900                 20060301
       16179144          2-4 Family                             20360201                  508000                 20060301
       16178700          PUD                                    20360201                  192000                 20060301
       16179573          Single Family                          20360201                  480000                 20060301
       16180124          PUD                                    20360301                  402000                 20060401
       16178619          Single Family                          20360201                  332000                 20060301
       16179282          PUD                                    20360201                  690000                 20060301
       16178374          Single Family                          20351101                  492000                 20051201
       16179928          Single Family                          20360301                  216400                 20060401
       16179382          Single Family                          20360101                  123750                 20060201
       16180537          Single Family                          20360201                  126000                 20060301
       16180307          Single Family                          20360201                  287200                 20060301
       16180374          Single Family                          20360201                  244000                 20060301
       16179064          Single Family                          20360101                  347000                 20060201
       16180439          Single Family                          20360201                  160000                 20060301
       16178714          PUD                                    20360201                  195000                 20060301
       16179599          PUD                                    20360201                  176000                 20060301
       16179817          Single Family                          20360201                  600000                 20060301
       16178927          Single Family                          20351101                  440000                 20051201
       16179755          Single Family                          20360201                  118400                 20060301
       16178878          PUD                                    20360301                  248000                 20060401
       16178349          PUD                                    20360101                  420000                 20060201
       16180022          Single Family                          20360301                  224000                 20060401
       16180236          2-4 Family                             20360201                   61600                 20060301
       16179929          PUD                                    20360301                  163000                 20060401
       16178895          Single Family                          20331001                  395000                 20031101
       16180538          Single Family                          20360201                  287200                 20060301
       16180308          Single Family                          20360201                  504000                 20060301
       16180375          Single Family                          20360201                  215000                 20060301
       16180440          Single Family                          20360201                  700000                 20060301
       16178547          Condominium                            20360201                   92800                 20060301
       16179818          Single Family                          20360201                  400000                 20060301
       16180277          Single Family                          20360201                  205600                 20060301
       16179153          Single Family                          20360201                  180000                 20060301
       16178980          PUD                                    20351201                  247000                 20060101
       16179054          Single Family                          20360101                  409500                 20060201
       16178424          Single Family                          20360101                  152000                 20060201
       16179708          Condominium                            20360201                  302400                 20060301
       16180140          Single Family                          20360301                  234000                 20060401
       16180023          Single Family                          20360301                  276000                 20060401
       16178768          Single Family                          20360201                  401600                 20060301
       16178260          2-4 Family                             20360301                  236000                 20060401
       16180237          Condominium                            20360201                  316000                 20060301
       16178375          Single Family                          20351101                  564850                 20051201
       16178864          PUD                                    20360301                  179600                 20060401
       16178341          PUD                                    20360101                  515950                 20060201
       16178611          PUD                                    20360201                  548000                 20060301
       16179383          Single Family                          20360101                  292000                 20060201
       16178222          Single Family                          20360201                  228000                 20060301
       16180539          Single Family                          20360201                  193600                 20060301
       16180309          Single Family                          20360201                  305000                 20060301
       16180376          Single Family                          20360201                  188400                 20060301
       16178948          PUD                                    20351201                  145520                 20060101
       16178970          Condominium                            20351101                  240000                 20051201
       16180171          Single Family                          20360301                  150000                 20060401
       16178879          Condominium                            20360301                  126880                 20060401
       16180133          Single Family                          20360301                  404300                 20060401
       16178651          Single Family                          20360201                  112600                 20060301
       16180024          Single Family                          20360301                  365000                 20060401
       16180238          Single Family                          20360201                  240000                 20060301
       16179352          Single Family                          20360201                  392000                 20060301
       16179384          PUD                                    20360101                  308000                 20060201
       16179976          Condominium                            20360301                  384000                 20060401
       16180471          Single Family                          20360201                  166828                 20060301
       16180540          Single Family                          20360201                  312000                 20060301
       16178983          Single Family                          20351201                  208000                 20060101
       16180377          Condominium                            20360201                  127150                 20060301
       16180441          Single Family                          20360201                  488000                 20060301
       16179731          Condominium                            20360201                  196000                 20060301
       16179819          Single Family                          20360201                  395000                 20060301
       16178971          Single Family                          20351101                  232000                 20051201
       16178425          Single Family                          20360201                  272000                 20060301
       16180162          2-4 Family                             20360301                  262500                 20060401
       16180143          Single Family                          20360301                   92950                 20060401
       16179709          Single Family                          20360201                   84000                 20060301
       16179696          Single Family                          20360201                  100000                 20060301
       16178313          2-4 Family                             20360101                  225000                 20060201
       16180025          PUD                                    20360301                  367000                 20060401
       16178592          PUD                                    20360201                  224150                 20060301
       16179310          PUD                                    20350801                  194300                 20050901
       16180239          Single Family                          20360201                  300000                 20060301
       16178380          PUD                                    20360101                  265000                 20060201
       16179252          Single Family                          20360201                  497600                 20060301
       16178856          Single Family                          20360301                  181200                 20060401
       16180436          Single Family                          20360201                  188000                 20060301
       16180273          Single Family                          20360201                  596000                 20060301
       16178175          Single Family                          20351001                  295000                 20051101
       16179707          Single Family                          20460201                  160000                 20060301
       16178925          Single Family                          20351101                  232000                 20051201
       16179695          Single Family                          20360201                  156000                 20060301
       16178796          PUD                                    20360301                  121600                 20060401
       16180177          Condominium                            20360401                  563200                 20060501
       16178635          2-4 Family                             20360201                  300000                 20060301
       16178531          Single Family                          20360201                  431920                 20060301
       16179682          Condominium                            20360201                  147200                 20060301
       16180108          Single Family                          20360301                  138700                 20060401
       16178337          Single Family                          20360101                  120500                 20060201
       16179297          Single Family                          20360201                  215500                 20060301
       16180234          Condominium                            20360201                  104908                 20060301
       16179925          Condominium                            20360301                  194700                 20060401
       16179641          Single Family                          20460301                  616000                 20060401
       16179379          Condominium                            20460101                  203200                 20060201
       16179362          Single Family                          20360101                  273900                 20060201
       16179182          Single Family                          20360101                  280000                 20060201
       16180372          2-4 Family                             20360201                  357000                 20060301
       16180437          Single Family                          20360201                  263900                 20060301
       16178969          Single Family                          20351101                  331875                 20051201
       16179047          Single Family                          20360101                  260000                 20060201
       16180274          Single Family                          20360201                  172000                 20060301
       16179815          PUD                                    20360201                  636522                 20060301
       16178423          Single Family                          20360101                  392000                 20060201
       16178315          Single Family                          20360201                  125500                 20060301
       16179753          Single Family                          20360201                  138400                 20060301
       16178821          Single Family                          20360301                  292000                 20060401
       16179270          Single Family                          20360201                  543000                 20060301
       16179120          PUD                                    20360201                  407700                 20060301
       16180062          Single Family                          20360201                  600000                 20060301
       16179926          Single Family                          20360301                  166400                 20060401
       16179098          PUD                                    20360201                  204000                 20060301
       16179380          Single Family                          20360101                  150400                 20060201
       16180373          Single Family                          20360201                  503200                 20060301
       16178662          Single Family                          20360201                  312000                 20060301
       16180438          Single Family                          20360201                  164000                 20060301
       16180275          Single Family                          20360201                  328000                 20060301
       16178802          PUD                                    20360301                  291960                 20060401
       16178926          PUD                                    20351101                  212800                 20051201
       16179572          Single Family                          20360201                  183200                 20060301
       16178760          Condominium                            20360301                   92720                 20060401
       16180235          Single Family                          20360201                  114400                 20060301
       16179271          Single Family                          20360201                  580000                 20060301
       16179640          Single Family                          20360201                  190000                 20060301
       16178887          Single Family                          20351001                  221250                 20051101
       16179354          Condominium                            20360101                  200000                 20060201
       16180354          Single Family                          20360201                  280000                 20060301
       16179805          Single Family                          20360201                  310000                 20060301
       16179128          Single Family                          20360201                  568000                 20060301
       16180618          Single Family                          20360201                  372000                 20060301
       16180006          PUD                                    20360301                  132000                 20060401
       16178960          Single Family                          20351201                  191250                 20060101
       16180517          Single Family                          20360201                  178400                 20060301
       16179630          Single Family                          20360201                  217600                 20060301
       16179442          PUD                                    20360101                  152000                 20060201
       16178934          Single Family                          20351101                  199895                 20051201
       16178262          Single Family                          20360201                  619200                 20060301
       16178837          Single Family                          20360301                  332000                 20060401
       16180117          PUD                                    20360301                  500000                 20060401
       16178563          Single Family                          20360201                  283200                 20060301
       16179212          Single Family                          20360201                  361350                 20060301
       16179860          PUD                                    20360201                  174400                 20060301
       16179129          Single Family                          20360201                  340000                 20060301
       16179909          Single Family                          20360201                  196000                 20060301
       16179016          Condominium                            20351201                  306100                 20060101
       16178999          Single Family                          20351201                  434400                 20060101
       16179631          2-4 Family                             20360201                  220000                 20060301
       16179443          PUD                                    20460101                  311100                 20060201
       16178909          PUD                                    20351001                  376000                 20051101
       16179664          Single Family                          20360201                  106400                 20060301
       16180027          Single Family                          20360301                  682500                 20060401
       16178499          Single Family                          20360201                  525600                 20060301
       16179858          Single Family                          20360201                  224000                 20060301
       16179551          Single Family                          20360201                  372800                 20060301
       16180270          Single Family                          20360201                  260000                 20060301
       16179151          PUD                                    20360201                  218000                 20060301
       16179750          PUD                                    20360201                  176000                 20060301
       16178942          Single Family                          20351201                  461250                 20060101
       16179141          Single Family                          20360201                  484000                 20060301
       16178354          Single Family                          20360201                  532500                 20060301
       16179680          Single Family                          20360201                  282400                 20060301
       16178690          Single Family                          20360201                  188000                 20060301
       16180034          Single Family                          20360201                  343950                 20060301
       16179268          Single Family                          20360201                  516000                 20060301
       16179514          Single Family                          20351201                  224000                 20060101
       16178372          Single Family                          20351201                  232000                 20060101
       16179097          PUD                                    20360201                  571900                 20060301
       16179859          Single Family                          20360201                  268000                 20060301
       16178367          Single Family                          20351101                  297600                 20051201
       16179464          Single Family                          20360101                  103200                 20060201
       16180434          Single Family                          20360201                  481000                 20060301
       16178487          Single Family                          20360201                  144000                 20060301
       16180271          Single Family                          20360201                  330000                 20060301
       16178191          Single Family                          20360101                  380000                 20060201
       16179152          Single Family                          20360201                  412000                 20060301
       16178979          PUD                                    20351101                  304000                 20051201
       16178924          PUD                                    20351101                  650000                 20051201
       16178943          Single Family                          20351201                  596000                 20060101
       16179610          Single Family                          20360301                  630000                 20060401
       16179269          Single Family                          20360101                  646000                 20060201
       16179519          PUD                                    20360201                  420000                 20060301
       16179923          Single Family                          20360301                  280000                 20060401
       16179360          Single Family                          20360101                  105450                 20060201
       16180073          2-4 Family                             20460201                  497000                 20060301
       16180435          Single Family                          20360201                  200000                 20060301
       16180272          Single Family                          20360201                  250224                 20060301
       16179752          Single Family                          20360201                  172000                 20060301
       16178545          Single Family                          20360201                  202500                 20060301
       16178648          PUD                                    20360201                  188720                 20060301
       16178915          PUD                                    20351101                  256000                 20051201
       16179681          Condominium                            20460201                  223200                 20060301
       16178584          PUD                                    20360201                  464000                 20060301
       16180233          2-4 Family                             20360201                  287920                 20060301
       16179291          Single Family                          20360201                  499200                 20060301
       16178373          PUD                                    20351101                  260000                 20051201
       16179361          Single Family                          20360101                  224000                 20060201
       16180250          Single Family                          20360201                  157600                 20060301
       16178935          Single Family                          20351201                  650000                 20060101
       16179556          Single Family                          20460201                  144000                 20060301
       16178962          Single Family                          20360101                  296000                 20060201
       16178791          Single Family                          20360301                  136000                 20060401
       16178292          PUD                                    20360101                  221165                 20060201
       16180083          PUD                                    20360301                  304000                 20060401
       16178334          Single Family                          20351101                  149600                 20051201
       16179262          Single Family                          20360201                  492000                 20060301
       16178667          Condominium                            20351201                  236800                 20060101
       16179241          Single Family                          20360201                  452000                 20060301
       16179958          Single Family                          20360301                  356000                 20060401
       16178357          PUD                                    20360201                  154000                 20060301
       16178216          Single Family                          20351201                  320000                 20060101
       16180013          Single Family                          20360301                  164000                 20060401
       16179846          Single Family                          20360201                  195440                 20060301
       16179637          Single Family                          20360201                  423000                 20060301
       16180251          Condominium                            20360201                  224000                 20060301
       16180102          2-4 Family                             20360301                  470400                 20060401
       16178683          PUD                                    20360301                  232000                 20060401
       16178300          Single Family                          20360201                  152000                 20060301
       16178765          Condominium                            20360301                  337500                 20060401
       16179796          Single Family                          20360301                  260000                 20060401
       16178564          PUD                                    20360201                  266000                 20060301
       16179114          Single Family                          20360201                  475000                 20060301
       16178383          Single Family                          20360101                  292000                 20060201
       16180014          Single Family                          20360301                  602200                 20060401
       16179473          Single Family                          20460101                  228850                 20060201
       16179794          Single Family                          20360301                  332800                 20060401
       16180176          2-4 Family                             20360301                  656250                 20060401
       16179007          Single Family                          20351201                  310000                 20060101
       16180252          Single Family                          20360201                  100000                 20060301
       16179699          PUD                                    20360201                  372550                 20060301
       16179041          Condominium                            20360101                  266300                 20060201
       16180111          Single Family                          20360301                  525000                 20060401
       16179614          Single Family                          20360301                  337500                 20060401
       16178517          Single Family                          20360201                  226500                 20060301
       16179213          Single Family                          20360201                  332000                 20060301
       16179215          Single Family                          20360201                  412000                 20060301
       16179639          Single Family                          20360201                  424000                 20060301
       16179353          PUD                                    20360101                  168000                 20060201
       16180253          Single Family                          20360201                  170000                 20060301
       16178951          PUD                                    20351201                  648750                 20060101
       16179669          Single Family                          20360201                  306000                 20060301
       16180030          PUD                                    20360301                  650000                 20060401
       16179263          Single Family                          20360201                  584000                 20060301
       16179506          PUD                                    20351101                  190750                 20051201
       16179131          PUD                                    20360201                  225000                 20060301
       16179227          Single Family                          20351101                  450000                 20051201
       16179913          Single Family                          20360301                  152800                 20060401
       16178365          Single Family                          20351101                  616000                 20051201
       16178862          PUD                                    20360301                  496000                 20060401
       16179946          Single Family                          20460301                  181000                 20060401
       16180612          Single Family                          20360201                  168000                 20060301
       16179461          Single Family                          20360101                  372000                 20060201
       16180057          Single Family                          20360201                 1295000                 20060301
       16179339          Single Family                          20460201                  207840                 20060301
       16179617          Single Family                          20360301                  497600                 20060401
       16179023          Single Family                          20351201                  420000                 20060101
       16178482          Single Family                          20360201                  228000                 20060301
       16178906          Condominium                            20351201                  232000                 20060101
       16178769          Single Family                          20360301                  400000                 20060401
       16179219          PUD                                    20360301                  244500                 20060401
       16178384          Single Family                          20360101                  250000                 20060201
       16179096          Single Family                          20360201                  630819                 20060301
       16178256          Single Family                          20360201                  195200                 20060301
       16179112          Single Family                          20360301                  189000                 20060401
       16179856          PUD                                    20360201                  241900                 20060301
       16179224          Single Family                          20351101                  641600                 20051201
       16180613          Single Family                          20360201                  193500                 20060301
       16179462          Single Family                          20360101                  207200                 20060201
       16178721          PUD                                    20360301                  197600                 20060401
       16179358          Single Family                          20360101                  134400                 20060201
       16179408          Single Family                          20360201                  239200                 20060301
       16178941          Single Family                          20351201                  441000                 20060101
       16179043          Single Family                          20351201                  265000                 20060101
       16178914          Single Family                          20351101                  462000                 20051201
       16179678          Condominium                            20360201                  224000                 20060301
       16178933          Single Family                          20351101                  344000                 20051201
       16178766          PUD                                    20360201                  560000                 20060301
       16178569          PUD                                    20360201                  251960                 20060301
       16179220          Single Family                          20360301                  653200                 20060401
       16179211          Single Family                          20360201                  340000                 20060301
       16179857          Single Family                          20460201                  152000                 20060301
       16178361          2-4 Family                             20360201                  267300                 20060301
       16179127          Single Family                          20360201                  461600                 20060301
       16179906          Single Family                          20460201                  488000                 20060301
       16178366          PUD                                    20351101                  271200                 20051201
       16179463          Single Family                          20460101                  220000                 20060201
       16179403          Single Family                          20460101                  301600                 20060201
       16178657          Single Family                          20360301                  152000                 20060401
       16179749          Single Family                          20460201                  120000                 20060301
       16179570          PUD                                    20360201                  221200                 20060301
       16179140          PUD                                    20360201                  308000                 20060301
       16179031          Single Family                          20360101                  435000                 20060201
       16179679          PUD                                    20360201                  311650                 20060301
       16178261          Condominium                            20360101                  105000                 20060201
       16180080          Single Family                          20360301                  374500                 20060401
       16179267          Single Family                          20360201                  465000                 20060301
       16179259          Single Family                          20360101                  450000                 20060201
       16179287          Single Family                          20360201                  562000                 20060301
       16179130          Single Family                          20360201                  440000                 20060301
       16179956          PUD                                    20360301                  520000                 20060401
       16180011          PUD                                    20360301                  192000                 20060401
       16178840          PUD                                    20360301                  144674                 20060401
       16178817          Condominium                            20360301                  530400                 20060401
       16179890          PUD                                    20360201                  384000                 20060301
       16180524          Single Family                          20360201                  308000                 20060301
       16179642          Single Family                          20360301                  239000                 20060401
       16179446          PUD                                    20360101                  115500                 20060201
       16179012          Single Family                          20351201                  199200                 20060101
       16180249          Single Family                          20360201                  250000                 20060301
       16179040          Condominium                            20360101                  282000                 20060201
       16178950          Condominium                            20351201                  160000                 20060101
       16179504          Single Family                          20351201                  100000                 20060101
       16179288          Single Family                          20360201                  522000                 20060301
       16179911          PUD                                    20360301                  391050                 20060401
       16179957          Single Family                          20360301                  153600                 20060401
       16180012          Single Family                          20460301                  400000                 20060401
       16180069          Single Family                          20360301                  790000                 20060401
       16180060          Single Family                          20360201                  280000                 20060301
       16180525          Single Family                          20360201                  203000                 20060301
       16179447          PUD                                    20360101                  192000                 20060201
       16179973          Single Family                          20460301                  131000                 20060401
       16180134          Single Family                          20460301                  922500                 20060401
       16178908          Single Family                          20351101                  480000                 20051201
       16179657          Single Family                          20360201                  201900                 20060301
       16179788          PUD                                    20360301                  355900                 20060401
       16180032          PUD                                    20360301                  720000                 20060401
       16179110          Condominium                            20360201                  342000                 20060301
       16178674          Single Family                          20360301                  336000                 20060401
       16179901          Single Family                          20460201                  332800                 20060301
       16180608          Single Family                          20360201                  304000                 20060301
       16179457          PUD                                    20360101                  268000                 20060201
       16179997          PUD                                    20360301                  187200                 20060401
       16180049          Condominium                            20360301                  372000                 20060401
       16179104          PUD                                    20360101                  150720                 20060201
       16180508          Single Family                          20360201                  275900                 20060301
       16179174          Condominium                            20360101                  410000                 20060201
       16179435          Single Family                          20360101                  124000                 20060201
       16178782          Single Family                          20360301                  316000                 20060401
       16180046          Single Family                          20360201                  522000                 20060301
       16179030          Condominium                            20351201                  319200                 20060101
       16179020          Single Family                          20351201                  416000                 20060101
       16178585          PUD                                    20360201                  186750                 20060301
       16180098          PUD                                    20360201                  803000                 20060301
       16178574          PUD                                    20360201                   91000                 20060301
       16178289          Single Family                          20360101                  250001                 20060201
       16178254          Single Family                          20360101                  140400                 20060201
       16179853          Single Family                          20360201                  127450                 20060301
       16179902          Single Family                          20360201                  178400                 20060301
       16180609          Single Family                          20360201                  176000                 20060301
       16179458          PUD                                    20460101                  713800                 20060201
       16179998          Single Family                          20360301                  103600                 20060401
       16179005          PUD                                    20351201                  348000                 20060101
       16179400          Condominium                            20360101                  116000                 20060201
       16178932          Single Family                          20351201                  268000                 20060101
       16180081          Condominium                            20360301                  480000                 20060401
       16178582          PUD                                    20360201                  234670                 20060301
       16179257          2-4 Family                             20360201                  840000                 20060301
       16178615          Single Family                          20360201                  360000                 20060301
       16179126          PUD                                    20360201                  990000                 20060301
       16179903          PUD                                    20360201                  516000                 20060301
       16180610          Single Family                          20360201                  180000                 20060301
       16180160          Single Family                          20360301                  134000                 20060401
       16179459          PUD                                    20360101                  347950                 20060201
       16179626          Single Family                          20360201                  172800                 20060301
       16178443          Single Family                          20360201                  227950                 20060301
       16179357          PUD                                    20360101                  180000                 20060201
       16179401          Single Family                          20360101                  124800                 20060201
       16179021          Single Family                          20360101                  360000                 20060201
       16178331          Single Family                          20360101                  253000                 20060201
       16179658          Single Family                          20360201                  313100                 20060301
       16180041          Single Family                          20360301                  217000                 20060401
       16179218          PUD                                    20360301                  624000                 20060401
       16178465          Single Family                          20360201                  147400                 20060301
       16178665          Condominium                            20360101                  284000                 20060201
       16178255          Condominium                            20360101                  114400                 20060201
       16179854          PUD                                    20360301                  339800                 20060401
       16179904          PUD                                    20460201                  380000                 20060301
       16179945          Single Family                          20360301                  153600                 20060401
       16180611          Single Family                          20360201                  194000                 20060301
       16179402          Single Family                          20360101                  316000                 20060201
       16179974          PUD                                    20360301                  158450                 20060401
       16178957          Single Family                          20351201                  452000                 20060101
       16178480          PUD                                    20360201                  560000                 20060301
       16179677          Single Family                          20460201                  212000                 20060301
       16180093          Single Family                          20360201                  275000                 20060301
       16178285          2-4 Family                             20360101                  380000                 20060201
       16178346          PUD                                    20351201                  414900                 20060101
       16179111          Condominium                            20360201                  125288                 20060301
       16179855          PUD                                    20360201                  212000                 20060301
       16179905          Single Family                          20360301                  400000                 20060401
       16180168          Single Family                          20360301                  363750                 20060401
       16178703          Single Family                          20360301                  405000                 20060401
       16178695          2-4 Family                             20360201                  292000                 20060301
       16178777          PUD                                    20360301                  225200                 20060401
       16178235          Single Family                          20351201                  198400                 20060101
       16179994          PUD                                    20360301                  290400                 20060401
       16179876          Single Family                          20460201                  544000                 20060301
       16180501          Single Family                          20360201                  151920                 20060301
       16180571          Single Family                          20360201                  144000                 20060301
       16179094          Single Family                          20360201                  224000                 20060301
       16178356          Single Family                          20351201                  127125                 20060101
       16180339          Single Family                          20360201                  306900                 20060301
       16180403          Single Family                          20360201                  712000                 20060301
       16179730          Single Family                          20360201                  315200                 20060301
       16179343          PUD                                    20360201                  218320                 20060301
       16180086          Single Family                          20360201                  586000                 20060301
       16178673          PUD                                    20360301                  110800                 20060401
       16178185          PUD                                    20351201                  208200                 20060101
       16179995          PUD                                    20360301                  276000                 20060401
       16180502          Single Family                          20360201                  231900                 20060301
       16180572          Single Family                          20360201                  127920                 20060301
       16180187          Single Family                          20360301                  320000                 20060401
       16179430          Single Family                          20360101                  192000                 20060201
       16180340          Condominium                            20360201                  132300                 20060301
       16180404          2-4 Family                             20360201                  693000                 20060301
       16178810          Single Family                          20360301                  129600                 20060401
       16178973          Single Family                          20351101                  308000                 20051201
       16179050          Single Family                          20360101                  300000                 20060201
       16178433          PUD                                    20360201                  276000                 20060301
       16178329          PUD                                    20360101                  170000                 20060201
       16178308          Condominium                            20360201                  121500                 20060301
       16178236          PUD                                    20351001                  232000                 20051101
       16180503          Single Family                          20360201                  215016                 20060301
       16179877          PUD                                    20460201                  560950                 20060301
       16180573          Single Family                          20360201                  115200                 20060301
       16179078          Single Family                          20360101                  277500                 20060201
       16179095          Single Family                          20360201                  436000                 20060301
       16179431          PUD                                    20360101                  416000                 20060201
       16180341          Single Family                          20360201                  348000                 20060301
       16180405          2-4 Family                             20360201                  417000                 20060301
       16179832          Single Family                          20360301                  212000                 20060401
       16180113          PUD                                    20360201                 1000000                 20060301
       16179971          PUD                                    20460301                  248000                 20060401
       16178903          Single Family                          20351201                  604000                 20060101
       16179768          PUD                                    20360301                  203200                 20060401
       16178788          Single Family                          20360301                  571200                 20060401
       16178902          Single Family                          20351201                  360000                 20060101
       16179237          Single Family                          20360101                  742500                 20060201
       16180604          2-4 Family                             20360201                  128000                 20060301
       16179547          Single Family                          20360201                  172000                 20060301
       16179103          Single Family                          20360201                  378000                 20060301
       16180504          Condominium                            20360201                  202320                 20060301
       16180574          Single Family                          20360201                  200000                 20060301
       16179432          Single Family                          20360101                  120000                 20060201
       16180342          Single Family                          20360201                  521650                 20060301
       16179833          Single Family                          20360201                  396000                 20060301
       16178800          Single Family                          20360301                  228800                 20060401
       16179541          Single Family                          20360201                  112500                 20060301
       16178288          PUD                                    20360101                  285000                 20060201
       16178464          PUD                                    20360201                  144000                 20060301
       16178252          Single Family                          20360101                  150000                 20060201
       16178343          Condominium                            20351201                  116000                 20060101
       16178554          Single Family                          20360201                  163200                 20060301
       16180605          Single Family                          20360201                   50000                 20060301
       16179944          Single Family                          20360301                  404000                 20060401
       16178526          Single Family                          20360201                  238000                 20060301
       16178237          PUD                                    20360201                  270400                 20060301
       16180505          Condominium                            20360201                  205000                 20060301
       16179878          Single Family                          20360201                  156000                 20060301
       16180575          Single Family                          20360201                  294300                 20060301
       16178474          Single Family                          20360201                  171120                 20060301
       16179433          Single Family                          20460101                  164000                 20060201
       16179780          Single Family                          20460301                  290000                 20060401
       16180343          Single Family                          20360201                  182400                 20060301
       16179834          PUD                                    20360301                  238000                 20060401
       16178412          Single Family                          20360201                  408000                 20060301
       16178698          Condominium                            20360301                  268000                 20060401
       16178905          Single Family                          20351201                  600000                 20060101
       16180131          Single Family                          20460301                  236000                 20060401
       16180104          PUD                                    20360201                  135000                 20060301
       16180031          PUD                                    20360201                  720000                 20060301
       16178751          PUD                                    20360201                  182000                 20060301
       16179256          PUD                                    20360201                  884000                 20060301
       16178467          Single Family                          20360201                  292000                 20060301
       16179222          Condominium                            20350601                  297500                 20050701
       16179900          Single Family                          20360201                  272000                 20060301
       16178749          PUD                                    20360301                  268000                 20060401
       16180606          Single Family                          20360201                  324000                 20060301
       16178559          PUD                                    20360201                  160000                 20060301
       16178553          Condominium                            20350801                  159800                 20050901
       16179199          Condominium                            20360201                  368000                 20060301
       16180506          Single Family                          20360201                  287200                 20060301
       16179767          Single Family                          20360301                  476000                 20060401
       16180344          Condominium                            20360201                  153600                 20060301
       16178442          Single Family                          20360201                  417000                 20060301
       16179972          Single Family                          20460301                  225600                 20060401
       16179769          PUD                                    20460301                  316000                 20060401
       16178253          Single Family                          20360101                  648000                 20060201
       16179210          Condominium                            20360201                  257600                 20060301
       16180607          Condominium                            20360201                  153600                 20060301
       16179996          PUD                                    20360301                  175000                 20060401
       16178492          Single Family                          20360201                  540000                 20060301
       16180507          Condominium                            20360201                  169600                 20060301
       16179879          Single Family                          20360201                  210400                 20060301
       16179079          Single Family                          20360101                  213500                 20060201
       16179434          Single Family                          20360101                  208000                 20060201
       16178720          Single Family                          20360301                  200520                 20060401
       16180043          Single Family                          20460301                  713200                 20060401
       16178871          Single Family                          20360301                  240000                 20060401
       16179281          Single Family                          20360201                  448000                 20060301
       16178233          Condominium                            20360201                  151900                 20060301
       16180567          Single Family                          20360201                  154400                 20060301
       16180335          Single Family                          20360201                  240000                 20060301
       16180399          2-4 Family                             20360201                  272000                 20060301
       16180068          2-4 Family                             20360301                  255000                 20060401
       16180467          Condominium                            20360201                  160720                 20060301
       16179086          Single Family                          20360101                  375200                 20060201
       16180305          Condominium                            20360201                  200000                 20060301
       16178411          Condominium                            20360101                  612000                 20060201
       16178400          Single Family                          20360101                  243737                 20060201
       16178452          Single Family                          20360201                  276000                 20060301
       16179615          PUD                                    20460301                  195200                 20060401
       16178500          Single Family                          20360201                  453000                 20060301
       16179873          Condominium                            20360301                  143900                 20060401
       16180568          Single Family                          20360201                  237500                 20060301
       16180336          Single Family                          20360201                  214480                 20060301
       16180400          Single Family                          20360201                  190800                 20060301
       16180306          Condominium                            20360201                   91920                 20060301
       16179645          Single Family                          20460301                  213600                 20060401
       16180154          Single Family                          20460301                  484000                 20060401
       16179728          PUD                                    20360201                  208000                 20060301
       16180021          Single Family                          20360301                  727500                 20060401
       16179616          Single Family                          20360301                  267200                 20060401
       16178234          PUD                                    20351001                  317650                 20051101
       16180499          Condominium                            20360201                  136000                 20060301
       16179874          Single Family                          20360201                  244000                 20060301
       16180569          Single Family                          20360201                  384000                 20060301
       16180337          Single Family                          20360201                  171612                 20060301
       16180175          PUD                                    20360301                  284800                 20060401
       16179479          Single Family                          20360101                  108000                 20060201
       16180401          Single Family                          20360201                  416000                 20060301
       16178994          Condominium                            20351201                  230400                 20060101
       16180468          Single Family                          20360201                  248000                 20060301
       16179729          PUD                                    20360201                  181200                 20060301
       16178453          PUD                                    20360201                  320800                 20060301
       16180096          Single Family                          20360301                  261000                 20060401
       16178677          PUD                                    20360201                  212208                 20060301
       16178461          PUD                                    20360201                  234176                 20060301
       16178182          Single Family                          20360101                  281250                 20060201
       16180078          Single Family                          20360301                  472000                 20060401
       16180500          Single Family                          20360201                  161000                 20060301
       16179875          Single Family                          20360201                  368000                 20060301
       16180570          Single Family                          20360201                  109600                 20060301
       16180338          Single Family                          20360201                  202800                 20060301
       16180402          Single Family                          20360201                  836000                 20060301
       16180469          Condominium                            20360201                  650000                 20060301
       16178653          PUD                                    20360301                  650000                 20060401
       16179075          Single Family                          20360101                  320000                 20060201
       16179049          Single Family                          20360101                  599000                 20060201
       16180118          Single Family                          20360301                  560000                 20060401
       16179501          PUD                                    20351201                  280000                 20060101
       16180229          Single Family                          20360201                  207000                 20060301
       16178362          Single Family                          20351101                  617888                 20051201
       16178744          Single Family                          20360301                  128000                 20060401
       16179376          PUD                                    20360101                  192000                 20060201
       16179546          Single Family                          20360201                  144000                 20060301
       16180529          Condominium                            20360201                  919700                 20060301
       16180298          Condominium                            20360201                  312000                 20060301
       16180366          Single Family                          20360201                  189500                 20060301
       16178421          Single Family                          20360101                  316000                 20060201
       16179693          2-4 Family                             20360201                  312000                 20060301
       16180123          PUD                                    20360301                  162400                 20060401
       16180035          PUD                                    20360201                  936650                 20060301
       16179776          Single Family                          20360301                  352000                 20060401
       16180230          Single Family                          20360201                  236800                 20060301
       16179502          Single Family                          20360101                  272000                 20060201
       16180063          Condominium                            20360201                  408000                 20060301
       16180180          PUD                                    20460301                  458000                 20060401
       16179189          PUD                                    20360201                  212000                 20060301
       16180461          Condominium                            20360201                  164000                 20060301
       16180530          Single Family                          20360201                  176000                 20060301
       16180299          Single Family                          20360201                  312000                 20060301
       16180367          Single Family                          20360201                  432000                 20060301
       16178491          Single Family                          20360201                  609450                 20060301
       16178450          Single Family                          20360201                  280000                 20060301
       16178946          Single Family                          20351201                  292000                 20060101
       16178968          Single Family                          20351201                  192000                 20060101
       16179046          Single Family                          20360101                  208000                 20060201
       16178709          2-4 Family                             20360301                  806500                 20060401
       16180112          Single Family                          20360301                 1000000                 20060401
       16179053          Condominium                            20360101                  201592                 20060201
       16179705          Single Family                          20360201                  107200                 20060301
       16178624          Single Family                          20360201                  156000                 20060301
       16180103          Condominium                            20360301                  348000                 20060401
       16180231          Single Family                          20360201                  168800                 20060301
       16179119          Single Family                          20360301                  584000                 20060401
       16180462          Single Family                          20360201                  204000                 20060301
       16180531          Single Family                          20360201                  308000                 20060301
       16180300          Single Family                          20360201                  639950                 20060301
       16180368          Single Family                          20360201                   71400                 20060301
       16179722          Single Family                          20360201                  216000                 20060301
       16178694          2-4 Family                             20360301                  215000                 20060401
       16180050          Single Family                          20460301                  325000                 20060401
       16180149          Condominium                            20360301                  167500                 20060401
       16179279          Single Family                          20360201                  608000                 20060301
       16179296          Single Family                          20360201                  460000                 20060301
       16180072          Condominium                            20360201                  144000                 20060301
       16180232          Single Family                          20360201                  431560                 20060301
       16178886          PUD                                    20351001                  336000                 20051101
       16179308          Single Family                          20351001                  400000                 20051101
       16179377          PUD                                    20360101                  284000                 20060201
       16180463          Single Family                          20360201                  135760                 20060301
       16180532          Single Family                          20360201                  313000                 20060301
       16179147          Single Family                          20360201                  286900                 20060301
       16179084          Single Family                          20360101                  304000                 20060201
       16180301          Single Family                          20360201                  188700                 20060301
       16180369          2-4 Family                             20360201                  325000                 20060301
       16179723          Single Family                          20360201                  264000                 20060301
       16178451          Single Family                          20360201                  434000                 20060301
       16179813          PUD                                    20360201                  376000                 20060301
       16179027          Single Family                          20351201                  420000                 20060101
       16179706          Single Family                          20360201                  168000                 20060301
       16178326          Single Family                          20360101                  230000                 20060201
       16180089          Single Family                          20360301                  295000                 20060401
       16178388          PUD                                    20360101                  405000                 20060201
       16178670          Single Family                          20360301                  139920                 20060401
       16179378          PUD                                    20360101                  278400                 20060201
       16180464          Single Family                          20360201                  252000                 20060301
       16180533          Single Family                          20360201                  238000                 20060301
       16180302          Single Family                          20360201                  183920                 20060301
       16180370          Single Family                          20360201                  200000                 20060301
       16179724          PUD                                    20360201                  200000                 20060301
       16179766          PUD                                    20360201                  196000                 20060301
       16178702          Single Family                          20360301                  124000                 20060401
       16178947          PUD                                    20351201                  602400                 20060101
       16179814          Single Family                          20360201                 1430000                 20060301
       16178422          PUD                                    20360101                  280000                 20060201
       16180094          Condominium                            20360301                  500000                 20060401
       16180150          Single Family                          20360301                  464000                 20060401
       16179515          PUD                                    20360201                  630952                 20060301
       16178740          Single Family                          20360301                  600000                 20060401
       16180398          Condominium                            20360201                  281600                 20060301
       16180465          Single Family                          20360201                  322500                 20060301
       16180534          Single Family                          20360201                  480000                 20060301
       16179085          Single Family                          20360101                  405500                 20060201
       16178972          Single Family                          20351201                  356000                 20060101
       16180303          Single Family                          20360201                  108122                 20060301
       16180158          Single Family                          20360301                  232000                 20060401
       16179159          Single Family                          20360201                  590000                 20060301
       16180371          Single Family                          20360201                  240000                 20060301
       16179063          Single Family                          20360101                  344000                 20060201
       16178987          Single Family                          20351201                  630400                 20060101
       16179725          Single Family                          20460201                  288000                 20060301
       16179595          Single Family                          20460201                  400500                 20060301
       16178797          Single Family                          20360301                   95000                 20060401
       16180135          Single Family                          20460301                  400000                 20060401
       16178606          Single Family                          20360201                  300000                 20060301
       16179342          PUD                                    20360101                  220000                 20060201
       16178899          Condominium                            20351201                  225000                 20060101
       16180566          Single Family                          20360201                  396500                 20060301
       16180466          Single Family                          20360201                  236720                 20060301
       16178965          Single Family                          20360101                  600000                 20060201
       16180535          Single Family                          20360201                  224000                 20060301
       16180304          Single Family                          20360201                  183600                 20060301
       16178432          PUD                                    20360101                  680000                 20060201
       16178988          Condominium                            20351101                  432000                 20051201
       16179726          Single Family                          20460201                  195000                 20060301
       16178881          Single Family                          20360301                  216750                 20060401
       16180055          Single Family                          20360201                  391200                 20060301
       16179962          PUD                                    20360301                  183200                 20060401
       16178910          Single Family                          20351101                  208800                 20051201
       16178573          Single Family                          20360201                  252000                 20060301
       16179239          Single Family                          20360101                  800000                 20060201
       16179305          PUD                                    20350801                  331550                 20050901
       16178244          Single Family                          20351201                  256000                 20060101
       16178664          Condominium                            20351201                  117120                 20060101
       16178513          PUD                                    20360201                  258600                 20060301
       16179841          PUD                                    20460201                  157750                 20060301
       16179887          Single Family                          20460201                  212000                 20060301
       16180520          Single Family                          20360201                  332000                 20060301
       16180589          Single Family                          20360201                  349316                 20060301
       16179988          Single Family                          20360301                  238000                 20060401
       16180422          Single Family                          20360201                  695000                 20060301
       16180182          Single Family                          20360401                  710000                 20060501
       16179171          Single Family                          20360201                  252000                 20060301
       16178417          Single Family                          20360101                  191900                 20060201
       16178275          Single Family                          20360201                  308000                 20060301
       16178478          PUD                                    20360201                  532000                 20060301
       16178190          PUD                                    20360101                  349550                 20060201
       16180120          Single Family                          20360301                  230000                 20060401
       16180009          Single Family                          20460301                  304000                 20060401
       16179842          Single Family                          20360201                  100800                 20060301
       16179633          Single Family                          20360201                  200000                 20060301
       16180521          Single Family                          20360201                  272000                 20060301
       16180590          Single Family                          20360201                  280000                 20060301
       16179936          Single Family                          20360301                  176800                 20060401
       16179444          Condominium                            20360101                  216000                 20060201
       16180059          Condominium                            20360201                  400000                 20060301
       16180423          Single Family                          20360201                  450000                 20060301
       16179963          Single Family                          20360301                  744000                 20060401
       16179770          2-4 Family                             20360301                  420000                 20060401
       16179954          Single Family                          20460301                  400000                 20060401
       16178245          Single Family                          20351201                  220000                 20060101
       16180522          Single Family                          20360201                  256000                 20060301
       16179634          Single Family                          20360201                  204000                 20060301
       16179122          Single Family                          20360201                  325000                 20060301
       16180591          Condominium                            20360201                  109600                 20060301
       16179782          PUD                                    20360301                  411200                 20060401
       16180424          Condominium                            20360201                  364600                 20060301
       16178418          PUD                                    20360201                  238750                 20060301
       16179964          Single Family                          20360301                  187200                 20060401
       16178911          Single Family                          20351101                  493000                 20051201
       16179667          Single Family                          20360201                  144000                 20060301
       16179240          Single Family                          20360101                  526500                 20060201
       16179955          Single Family                          20460301                  308000                 20060401
       16179844          Single Family                          20360201                  317950                 20060301
       16179635          Single Family                          20360201                  164700                 20060301
       16179889          Single Family                          20360201                  288000                 20060301
       16180523          Single Family                          20360201                  215000                 20060301
       16179197          Single Family                          20360201                  149000                 20060301
       16180592          Single Family                          20360201                  124000                 20060301
       16179937          PUD                                    20360301                  203100                 20060401
       16178457          Single Family                          20360201                  190320                 20060301
       16179445          Single Family                          20360101                  650000                 20060201
       16178725          PUD                                    20360301                   86152                 20060401
       16179069          PUD                                    20360101                  428000                 20060201
       16178543          PUD                                    20360201                  200000                 20060301
       16179668          PUD                                    20360201                  280000                 20060301
       16180085          Single Family                          20360301                  536000                 20060401
       16179311          Single Family                          20350901                  194400                 20051001
       16178680          Single Family                          20360201                  120000                 20060301
       16179286          2-4 Family                             20360201                  420000                 20060301
       16180010          Single Family                          20460301                  107100                 20060401
       16178246          Single Family                          20360201                  292000                 20060301
       16178844          Condominium                            20360301                  120000                 20060401
       16179793          Townhouse                              20360301                  129600                 20060401
       16179636          Single Family                          20360201                  225000                 20060301
       16180593          Single Family                          20360201                  195200                 20060301
       16178419          Single Family                          20360101                  244000                 20060201
       16179789          PUD                                    20360301                  438800                 20060401
       16180136          Single Family                          20360301                  336000                 20060401
       16178333          Single Family                          20360101                  300000                 20060201
       16178176          PUD                                    20351201                  365400                 20060101
       16179375          PUD                                    20360101                  203200                 20060201
       16179550          PUD                                    20360201                  632000                 20060301
       16180528          Single Family                          20360201                  195950                 20060301
       16180297          Single Family                          20360201                  214000                 20060301
       16179158          PUD                                    20360201                  440000                 20060301
       16180365          Single Family                          20360201                  238400                 20060301
       16179038          Single Family                          20360101                  393600                 20060201
       16180267          Condominium                            20360201                  104400                 20060301
       16179591          Condominium                            20360201                  285000                 20060301
       16179026          Single Family                          20360101                  262500                 20060201
       16178312          Single Family                          20360201                  262500                 20060301
       16179568          PUD                                    20360201                  180800                 20060301
       16178324          PUD                                    20360101                  168000                 20060201
       16178711          Single Family                          20360201                  544000                 20060301
       16178630          Single Family                          20360301                  340000                 20060401
       16179522          Single Family                          20360301                  260400                 20060401
       16178631          Single Family                          20360201                  116900                 20060301
       16179523          PUD                                    20360201                  371000                 20060301
       16178470          Single Family                          20360201                  140000                 20060301
       16180095          Single Family                          20360301                  480000                 20060401
       16179961          Single Family                          20360301                  157500                 20060401
       16179532          PUD                                    20360201                  408000                 20060301
       16178393          PUD                                    20360201                  417000                 20060301
       16180101          Single Family                          20360201                 1120000                 20060301
       16180087          Condominium                            20360301                  358500                 20060401
       16180100          Condominium                            20360301                  201500                 20060401
       16178737          Single Family                          20360301                  132000                 20060401
       16178614          2-4 Family                             20360201                  533850                 20060301
       16180519          Single Family                          20360201                  650000                 20060301
       16179886          Single Family                          20360301                  169600                 20060401
       16180588          Single Family                          20360201                  191920                 20060301
       16179934          Single Family                          20360301                  199200                 20060401
       16179987          PUD                                    20360301                  180850                 20060401
       16180421          Single Family                          20360201                  122000                 20060301
       16178986          Single Family                          20351201                  484000                 20060101
       16180488          2-4 Family                             20360201                   76000                 20060301
       16178995          Single Family                          20351201                  648000                 20060101
       16179420          Single Family                          20460101                  122600                 20060201
       16178287          PUD                                    20360101                  255000                 20060201
       16178438          PUD                                    20360201                  150000                 20060301
       16178752          PUD                                    20360301                  244176                 20060401
       16178229          Single Family                          20360201                  464000                 20060301
       16180489          Single Family                          20360201                  476000                 20060301
       16179865          Single Family                          20360201                  281350                 20060301
       16180559          Single Family                          20360201                  328000                 20060301
       16180394          Single Family                          20360201                  424000                 20060301
       16180459          Single Family                          20360201                  960000                 20060301
       16178408          Single Family                          20360101                  294400                 20060201
       16179606          PUD                                    20460301                  520000                 20060401
       16179625          Single Family                          20360301                  160000                 20060401
       16178982          Single Family                          20351201                  620000                 20060101
       16179720          PUD                                    20360201                  464000                 20060301
       16180038          Condominium                            20360301                   99900                 20060401
       16180082          Single Family                          20360301                  404000                 20060401
       16178867          Single Family                          20360301                  424000                 20060401
       16179989          Single Family                          20360201                  144000                 20060301
       16179866          Condominium                            20460201                  169600                 20060301
       16180490          Single Family                          20360201                  146500                 20060301
       16180560          Single Family                          20360201                  131920                 20060301
       16179421          PUD                                    20460101                  376000                 20060201
       16180329          Single Family                          20360201                  180880                 20060301
       16180395          Single Family                          20360201                  415430                 20060301
       16180460          Single Family                          20360201                  180000                 20060301
       16178807          Single Family                          20360301                  330000                 20060401
       16179167          Single Family                          20351101                  270500                 20051201
       16180164          Single Family                          20460301                  544000                 20060401
       16180056          Condominium                            20360201                  479500                 20060301
       16179827          Single Family                          20360201                  260000                 20060301
       16178430          Single Family                          20360201                  391200                 20060301
       16178530          PUD                                    20360201                  331530                 20060301
       16178776          Single Family                          20360301                  152000                 20060401
       16179534          PUD                                    20360201                  144700                 20060301
       16179517          PUD                                    20360101                  304000                 20060201
       16178230          Single Family                          20360201                  650000                 20060301
       16179990          PUD                                    20360301                   94000                 20060401
       16179867          Condominium                            20460201                  102000                 20060301
       16180491          2-4 Family                             20360201                  676000                 20060301
       16180561          Single Family                          20360201                  417000                 20060301
       16178977          Single Family                          20360101                  328000                 20060201
       16180330          Single Family                          20360201                  247200                 20060301
       16180396          Single Family                          20360201                  348900                 20060301
       16178409          Single Family                          20360201                  248000                 20060301
       16179721          Single Family                          20360201                  213600                 20060301
       16179312          Single Family                          20451201                  125000                 20060101
       16179535          Single Family                          20360101                  127900                 20060201
       16179304          Single Family                          20360201                  335000                 20060301
       16178577          Single Family                          20360201                  120000                 20060301
       16178671          Single Family                          20360301                  343960                 20060401
       16178746          2-4 Family                             20360301                  247000                 20060401
       16178507          Single Family                          20360201                  132720                 20060301
       16178558          PUD                                    20360201                  316000                 20060301
       16180425          Single Family                          20360201                  164000                 20060301
       16180492          Single Family                          20360201                  235720                 20060301
       16180562          Single Family                          20360201                   60000                 20060301
       16179002          Single Family                          20360101                  528000                 20060201
       16180331          Single Family                          20360201                  214400                 20060301
       16178439          Single Family                          20360201                  287960                 20060301
       16179058          Single Family                          20360101                  404000                 20060201
       16178431          Single Family                          20360201                  316000                 20060301
       16180167          Single Family                          20360301                  140000                 20060401
       16179536          PUD                                    20360101                  617100                 20060201
       16179332          Single Family                          20460201                  528000                 20060301
       16180071          Single Family                          20360201                  210000                 20060301
       16179938          PUD                                    20360301                  320000                 20060401
       16178231          PUD                                    20360201                  443000                 20060301
       16180426          Single Family                          20360201                  720000                 20060301
       16179868          Single Family                          20360201                  180000                 20060301
       16180493          Condominium                            20360201                  112000                 20060301
       16180563          Condominium                            20360201                  204000                 20060301
       16178978          Single Family                          20351201                  452000                 20060101
       16179647          Single Family                          20360301                  100000                 20060401
       16180332          Single Family                          20360201                  104000                 20060301
       16180397          Single Family                          20360201                  544000                 20060301
       16179743          Single Family                          20360201                  262400                 20060301
       16180142          Single Family                          20360301                  336000                 20060401
       16179965          Single Family                          20360301                  292000                 20060401
       16179537          PUD                                    20360201                  232500                 20060301
       16178672          Single Family                          20360301                  239900                 20060401
       16180189          Single Family                          20360301                  240900                 20060401
       16179939          Single Family                          20360301                  256000                 20060401
       16180594          Single Family                          20360201                  379600                 20060301
       16179991          Single Family                          20360301                  362850                 20060401
       16180427          Single Family                          20360201                  184000                 20060301
       16179869          Condominium                            20360201                  252000                 20060301
       16180494          Single Family                          20360201                  378750                 20060301
       16180564          2-4 Family                             20360201                   92000                 20060301
       16179003          Condominium                            20351201                  500000                 20060101
       16179093          Single Family                          20360101                  356000                 20060201
       16180333          Single Family                          20360201                  268000                 20060301
       16178993          Single Family                          20351201                  367900                 20060101
       16179798          Single Family                          20360301                  425000                 20060401
       16179538          PUD                                    20360101                  150700                 20060201
       16179338          Single Family                          20360201                  261600                 20060301
       16178276          Single Family                          20360101                  704000                 20060201
       16178542          Single Family                          20360201                  270000                 20060301
       16178247          Single Family                          20360101                  252000                 20060201
       16180595          Single Family                          20360201                  176800                 20060301
       16178232          PUD                                    20351101                  435000                 20051201
       16180428          Single Family                          20360201                  217600                 20060301
       16179870          PUD                                    20360201                  232000                 20060301
       16180495          Single Family                          20360201                  720000                 20060301
       16180565          Single Family                          20360201                  308000                 20060301
       16179172          Single Family                          20360201                  172500                 20060301
       16179425          Single Family                          20360101                  610000                 20060201
       16178410          PUD                                    20360201                  170400                 20060301
       16178929          Single Family                          20351101                  270000                 20051201
       16178747          Single Family                          20360301                  205200                 20060401
       16179940          Condominium                            20360301                  121500                 20060401
       16180596          Single Family                          20360201                  295200                 20060301
       16179992          PUD                                    20360301                  202400                 20060401
       16180429          Single Family                          20360201                   69600                 20060301
       16179871          Condominium                            20360301                  144000                 20060401
       16180496          Single Family                          20360201                  680000                 20060301
       16180173          Single Family                          20360301                  620000                 20060401
       16179426          Single Family                          20360101                  332000                 20060201
       16180334          Single Family                          20360201                  193600                 20060301
       16178440          Single Family                          20360201                  236005                 20060301
       16179745          Single Family                          20360201                  126400                 20060301
       16178808          Single Family                          20360301                  142400                 20060401
       16179966          Single Family                          20360301                  252500                 20060401
       16179028          Single Family                          20351201                  599992                 20060101
       16178930          Single Family                          20351101                  160000                 20051201
       16178344          Single Family                          20360101                  349000                 20060201
       16178248          PUD                                    20351001                  276000                 20051101
       16179893          PUD                                    20360201                  593600                 20060301
       16179941          PUD                                    20360301                  459000                 20060401
       16180597          Single Family                          20360201                  155000                 20060301
       16179181          Single Family                          20360201                   40000                 20060301
       16180430          Single Family                          20360201                  300000                 20060301
       16179186          Single Family                          20360101                  364000                 20060201
       16179872          Single Family                          20360301                  236000                 20060401
       16180497          Single Family                          20360201                  196000                 20060301
       16178861          Condominium                            20360301                  213858                 20060401
       16179004          Condominium                            20351201                  236000                 20060101
       16179427          Single Family                          20360101                  190400                 20060201
       16178731          PUD                                    20360301                   90952                 20060401
       16180145          Single Family                          20460301                  325000                 20060401
       16179967          Single Family                          20360301                  156000                 20060401
       16179539          Single Family                          20360201                  172000                 20060301
       16178539          Single Family                          20360201                   44250                 20060301
       16180121          Single Family                          20360301                  438400                 20060401
       16178345          Condominium                            20351201                  183200                 20060101
       16178217          Single Family                          20360101                  419500                 20060201
       16178738          Single Family                          20360301                   96000                 20060401
       16178498          Single Family                          20360201                  144000                 20060301
       16180015          Single Family                          20360301                  508000                 20060401
       16178609          Single Family                          20360201                  243920                 20060301
       16179894          PUD                                    20360201                  242650                 20060301
       16180002          Single Family                          20360301                  108000                 20060401
       16179187          Single Family                          20360201                  400000                 20060301
       16178501          PUD                                    20360201                  184000                 20060301
       16180513          2-4 Family                             20360201                  376000                 20060301
       16179882          Single Family                          20460201                  125600                 20060301
       16179440          PUD                                    20360101                  224000                 20060201
       16178445          Single Family                          20360101                  312000                 20060201
       16178316          PUD                                    20351201                  264000                 20060101
       16180064          Single Family                          20360301                  310000                 20060401
       16179543          PUD                                    20360201                  256000                 20060301
       16178907          PUD                                    20351201                  544000                 20060101
       16178347          PUD                                    20360101                  202750                 20060201
       16179649          PUD                                    20360301                  223500                 20060401
       16178257          2-4 Family                             20360201                  136500                 20060301
       16179200          PUD                                    20360201                  148000                 20060301
       16180615          Single Family                          20360201                  232000                 20060301
       16180003          Single Family                          20460301                  191200                 20060401
       16178242          PUD                                    20360201                  400000                 20060301
       16178321          PUD                                    20360201                  160000                 20060301
       16178998          Single Family                          20351201                  628000                 20060101
       16180514          Single Family                          20360201                  674908                 20060301
       16179629          Single Family                          20360201                  189000                 20060301
       16180583          Single Family                          20360201                  203600                 20060301
       16179441          Single Family                          20360101                  212000                 20060201
       16179340          Single Family                          20360201                  260000                 20060301
       16178274          Single Family                          20360201                  635000                 20060301
       16178538          Single Family                          20360201                  240000                 20060301
       16179612          Single Family                          20360301                   96300                 20060401
       16179651          Single Family                          20460301                  385000                 20060401
       16178904          PUD                                    20351201                  296000                 20060101
       16178579          PUD                                    20360201                  161600                 20060301
       16180090          2-4 Family                             20360201                  629300                 20060301
       16178616          Condominium                            20360201                  150360                 20060301
       16179907          PUD                                    20360301                  472000                 20060401
       16180616          Single Family                          20360201                  194400                 20060301
       16179949          Single Family                          20360301                  204000                 20060401
       16179188          Single Family                          20360201                   88000                 20060301
       16180515          Single Family                          20360201                  406350                 20060301
       16179080          Condominium                            20360101                  191200                 20060201
       16178446          PUD                                    20360101                  172000                 20060201
       16179800          Condominium                            20360301                  243200                 20060401
       16178839          Single Family                          20360301                  511200                 20060401
       16179661          Single Family                          20360201                  272000                 20060301
       16178348          PUD                                    20360101                  745000                 20060201
       16178330          Single Family                          20360101                  162500                 20060201
       16178258          Single Family                          20360201                  150000                 20060301
       16180097          Single Family                          20360301                  560000                 20060401
       16179908          Condominium                            20360301                  291200                 20060401
       16179238          Single Family                          20360101                  496000                 20060201
       16180617          Single Family                          20360201                  173600                 20060301
       16179192          PUD                                    20360201                  346950                 20060301
       16180516          Single Family                          20360201                  266500                 20060301
       16180148          PUD                                    20360301                  716000                 20060401
       16178732          PUD                                    20360301                   87750                 20060401
       16179662          Single Family                          20360201                  136000                 20060301
       16178187          PUD                                    20360101                   82400                 20060201
       16178268          Single Family                          20351201                  646000                 20060101
       16178188          PUD                                    20351201                  135200                 20060101
       16179791          PUD                                    20360401                  304000                 20060501
       16179795          PUD                                    20460401                  586320                 20060501
       16179797          Single Family                          20360401                  411200                 20060501
       16179959          Single Family                          20460401                  528000                 20060501
       16179799          Single Family                          20360401                  288000                 20060501
       16178350          Single Family                          20360201                  384000                 20060301
       16178351          2-4 Family                             20360101                  828000                 20060201
       16178270          PUD                                    20360101                  470400                 20060201
       16178514          Single Family                          20360201                  236800                 20060301
       16178352          PUD                                    20360101                  264000                 20060201
       16178271          Single Family                          20351201                  394320                 20060101
       16178272          Single Family                          20351201                  356000                 20060101
       16179325          2-4 Family                             20360201                  144000                 20060301
       16179406          Single Family                          20460201                  534400                 20060301
       16178515          Single Family                          20360201                  208000                 20060301
       16179326          2-4 Family                             20360201                  288000                 20060301
       16178516          PUD                                    20360201                  135200                 20060301
       16178273          Single Family                          20360101                  164800                 20060201
       16178193          Single Family                          20351201                  180000                 20060101
       16179409          Single Family                          20360201                  237600                 20060301
       16178194          Condominium                            20360101                  175920                 20060201
       16178195          PUD                                    20351201                  129150                 20060101
       16178196          Single Family                          20360101                  105600                 20060201
       16178277          PUD                                    20360201                  428500                 20060301
       16178358          Single Family                          20360201                  144000                 20060301
       16178197          Single Family                          20360101                  129000                 20060201
       16178278          Single Family                          20360101                  164700                 20060201
       16178198          PUD                                    20351201                  259204                 20060101
       16178279          Condominium                            20360101                  261600                 20060201
       16178199          2-4 Family                             20360101                  172000                 20060201
       16180004          PUD                                    20360301                  113500                 20060401
       16178520          Single Family                          20360201                  559200                 20060301
       16178603          PUD                                    20360201                  142000                 20060301
       16178360          Single Family                          20360201                  179600                 20060301
       16178604          Single Family                          20360201                  145700                 20060301
       16178607          Single Family                          20360201                  102000                 20060301
       16179336          PUD                                    20460401                  163200                 20060501
       16178283          PUD                                    20360101                  236000                 20060201
       16178284          PUD                                    20360101                  200000                 20060201
       16179337          PUD                                    20460401                  163200                 20060501
       16178527          Single Family                          20360201                  244000                 20060301
       16178529          Single Family                          20360201                  650000                 20060301
       16179892          PUD                                    20460201                  135500                 20060301
       16180019          Single Family                          20460401                  209200                 20060501
       16178612          Single Family                          20360301                   56000                 20060401
       16178370          Single Family                          20351101                  573000                 20051201
       16178533          PUD                                    20360201                  493500                 20060301
       16178534          Single Family                          20360201                  440000                 20060301
       16178535          Single Family                          20360201                  187360                 20060301
       16178536          PUD                                    20360201                  142400                 20060301
       16178537          Single Family                          20360201                  247200                 20060301
       16178456          Single Family                          20360201                  468000                 20060301
       16178294          Single Family                          20360101                  116250                 20060201
       16178618          Single Family                          20360201                  171500                 20060301
       16178296          PUD                                    20360201                  335000                 20060301
       16178459          Single Family                          20360201                  100000                 20060301
       16178298          Condominium                            20360101                  152010                 20060201
       16178379          PUD                                    20360101                  565100                 20060201
       16180020          Condominium                            20360401                  308000                 20060501
       16178701          Single Family                          20360301                  372000                 20060401
       16178540          PUD                                    20360201                  171200                 20060301
       16179350          Single Family                          20460301                  320800                 20060401
       16178460          Condominium                            20360201                  131920                 20060301
       16178623          Single Family                          20360201                   89910                 20060301
       16178705          Single Family                          20360301                  180000                 20060401
       16178463          Single Family                          20360201                   79900                 20060301
       16178382          Single Family                          20360101                  307200                 20060201
       16178544          Single Family                          20360201                  195500                 20060301
       16178707          PUD                                    20360301                  470000                 20060401
       16179518          PUD                                    20460201                  256500                 20060301
       16178627          Single Family                          20360201                   97600                 20060301
       16178385          Condominium                            20360101                  438300                 20060201
       16178628          PUD                                    20360301                  150400                 20060401
       16178466          Single Family                          20360201                  220000                 20060301
       16178469          Single Family                          20360201                  120300                 20060301
       16178389          Condominium                            20360101                  288000                 20060201
       16178710          Single Family                          20360301                  164900                 20060401
       16180393          Single Family                          20360201                   80000                 20060301
       16178964          Single Family                          20351201                  496000                 20060101
       16179000          Single Family                          20351201                  209600                 20060101
       16179083          Condominium                            20360201                  128000                 20060301
       16180296          Single Family                          20360201                  183750                 20060301
       16179605          Single Family                          20360301                  316000                 20060401
       16179157          Condominium                            20360201                  306000                 20060301
       16179719          Single Family                          20360201                  239900                 20060301
       16180042          Single Family                          20460201                  392000                 20060301
       16178532          Single Family                          20360201                  532000                 20060301
       16178521          PUD                                    20360101                  165084                 20060201
       16179486          PUD                                    20360101                  363163                 20060201
       16178896          Single Family                          20351001                  436000                 20051101
       99999001          Single Family                          20360201                   84000                 20060301
       99999004          Single Family                          20360201                  109600                 20060301
       99999005          Single Family                          20360201                  361600                 20060301
       99999007          Condominium                            20360201                  221000                 20060301
       99999010          Single Family                          20351101                  188000                 20051201
       15980136          PUD                                    20360101                  229400                 20060201
       99999200          Single Family                          20360201                  761600                 20060301
       99999201          2-4 Family                             20360101                  448200                 20060201
       99999202          Single Family                          20360201                  288000                 20060301

LOAN_SEQ                 LOAN_TO_                  MI                                MERS_ID1                            MARGIN
                         VALUE
------------------------------------------------------------------------------------------------------------------------------------
       16180262                       80           No MI                                                                       2.25
      122405144              74.15000153           No MI                                                                        2.9
       16178479                       80           No MI                                                                       2.25
       16179674                       80           No MI                                                                      3.075
       16180224                       80           No MI                                                                       2.25
       16179289                       80           No MI                                                                      3.525
       16179228                       75           No MI                                                                        2.9
       16178371              73.87999725           No MI                                                                       2.25
       16179245              70.84999847           No MI                                                                        3.4
       16179852                       80           No MI                                                                       3.45
       16180263              74.26000214           No MI                                                                       2.25
       16179810              78.26999664           No MI                                                                      3.075
       16178940                       75           No MI                                                                        3.8
       16180106                       80           No MI                                                                      3.525
       16180161                       80           No MI                                                                       4.15
       16180225                       80           No MI                                                                       2.25
       16179773                       80           No MI                                                                        3.5
       16178566              68.41999817           No MI                                                                       2.25
       16179511                       80           No MI                                                                      3.325
       16179290                       75           No MI                                                                        2.9
       16179920                       80           No MI                                                                       3.45
       16179019                       80           No MI                                                                      3.875
       16180362                       70           No MI                                                                       2.25
       16180264              44.36000061           No MI                                                                       2.25
       16179811                       65           No MI                                                                      3.075
       16178420                       80           No MI                                                                       2.25
       16179566                       80           No MI                                                                       3.45
       16179675                       80           No MI                                                                       3.45
       16180122              74.55000305           No MI                                                                       3.65
       16178735                       80           No MI                                                                       2.25
       16180226                       80           No MI                                                                       2.25
       16179512              35.22000122           No MI                                                                      3.325
       16179214              77.77999878           No MI                                                                        3.7
       16179133                       80           No MI                                                                        2.9
       16179373                       80           No MI                                                                       3.45
       16180363                       80           No MI                                                                       2.25
       16180265                       80           No MI                                                                       2.25
       16179703              72.29000092           No MI                                                                       3.45
       16179567                       80           No MI                                                                       3.45
       16178332              64.48000336           No MI                                                                       2.25
       16178522                       80           No MI                                                                       2.25
       16179482                       80           No MI                                                                      3.125
       16179118              79.98999786           No MI                                                                      3.525
       16179134                       80           No MI                                                                       3.15
       16179772                       80           No MI                                                                          4
       16179374              60.22999954           No MI                                                                       3.45
       16180364                       80           No MI                                                                       2.25
       16178546                       80           No MI                                                                       2.25
       16178967                       80           No MI                                                                       3.05
       16180266              72.97000122           No MI                                                                       2.25
       16179812              74.06999969           No MI                                                                      2.725
       16179704                       80           No MI                                                                       3.45
       16179034              77.41999817           No MI                                                                        3.7
       16179692              79.98999786           No MI                                                                       3.45
       16180137                       80           No MI                                                                       2.85
       16178328                       80           No MI                                                                       2.25
       16179278                       75           No MI                                                                      3.275
       16180228                    32.75           No MI                                                                       2.25
       16178855                       80           No MI                                                                       2.25
       16180185                       75           No MI                                                                      2.725
       16179922                       76           No MI                                                                        3.2
       16179942              79.98999786           No MI                                                                       3.45
       16180598                       80           No MI                                                                       2.25
       16179008                       80           No MI                                                                        3.7
       16179013                       80           No MI                                                                        3.5
       16179203              69.05000305           No MI                                                                      3.925
       16179449                       80           No MI                                                                       3.45
       16180431                       80           No MI                                                                       2.25
       16178813                       90           PMI                                                                         2.25
       16179102                       90           United Guaranty                                                            3.525
       16179328                       80           No MI                                                                      3.325
       16178996                       80           No MI                                                                        4.4
       16179428                       80           No MI                                                                       2.95
       16178441              17.34000015           No MI                                                                       2.25
       16179747                       90           Mortgage Guaranty In                                                        3.45
       16178706                       80           No MI                                                                       2.25
       16179393              79.98999786           No MI                                                                       3.45
       16178681                       80           No MI                                                                       2.25
       16178669                       80           No MI                                                                       2.25
       16178528                       80           No MI                                                                       3.25
       16179255                       75           No MI                                                                        3.4
       16178249              79.98999786           No MI                                                                       2.25
       16180076                       75           No MI                                                                      3.525
       16178600                       80           No MI                                                                       2.25
       16179895                       80           No MI                                                                       3.45
       16180599              76.66000366           No MI                                                                       2.25
       16179993                       80           No MI                                                                       3.45
       16180432                       80           No MI                                                                       2.25
       16179173              77.65000153           No MI                                                                      3.925
       16179429                       80           No MI                                                                       3.45
       16180129                       80           No MI                                                                      2.875
       16179748                       80           No MI                                                                      3.325
       16179968                       80           No MI                                                                       3.45
       16179029                       80           No MI                                                                       4.35
       16178912              79.41999817           No MI                                                                          4
       16178931                       80           No MI                                                                        4.4
       16178335                       80           No MI                                                                       2.25
       16179650                       80           No MI                                                                        3.5
       16178310                       75           No MI                                                                       2.25
       16178218                    40.75           No MI                                                                       2.25
       16179205                       90           PMI                                                                        3.525
       16178739                       80           No MI                                                                       2.25
       16180016                       80           No MI                                                                       3.45
       16178266              79.29000092           No MI                                                                       2.25
       16179847                       80           No MI                                                                       3.45
       16179896              56.47000122           No MI                                                                        3.4
       16179123                       80           No MI                                                                      3.525
       16180600                       80           No MI                                                                       2.25
       16179204                       70           No MI                                                                      3.925
       16179450                       80           No MI                                                                      3.325
       16178997                       80           No MI                                                                          4
       16178781              77.37999725           No MI                                                                       2.25
       16179969                       80           No MI                                                                       3.45
       16178953              77.58999634           No MI                                                                          4
       16178309                       95           PMI                                                                         2.25
       16179242                       80           No MI                                                                        3.7
       16178250              76.91999817           No MI                                                                       2.25
       16180017                       80           No MI                                                                       3.45
       16180601                       80           No MI                                                                       2.25
       16179014                       80           No MI                                                                          3
       16180433                       80           No MI                                                                       2.25
       16178805              79.98000336           No MI                                                                       2.25
       16179355                       80           No MI                                                                       3.45
       16179042                       70           No MI                                                                       3.25
       16180091                       80           No MI                                                                       3.95
       16178590                       80           No MI                                                                       2.25
       16178219                       80           No MI                                                                       2.25
       16178264              89.98999786           Mortgage Guaranty In                                                        2.25
       16179897                       80           No MI                                                                      3.325
       16179125                       80           No MI                                                                       3.15
       16179193              79.55000305           No MI                                                                       3.15
       16180602                       80           No MI                                                                       2.25
       16179198                       80           No MI                                                                      3.525
       16179451              79.98999786           No MI                                                                       3.45
       16178726                       80           No MI                                                                       2.25
       16180048                       80           No MI                                                                       3.15
       16180170              48.84000015           No MI                                                                      2.725
       16179970                       80           No MI                                                                        3.2
       16179022                       80           No MI                                                                        3.5
       16178295                       80           No MI                                                                       2.25
       16178575                       80           No MI                                                                       2.25
       16178666              75.87000275           PMI                                                                          3.5
       16180116                       80           No MI                                                                        3.4
       16178601                       80           No MI                                                                       2.25
       16178251                       80           No MI                                                                       2.25
       16179783                       78           No MI                                                                        3.5
       16179849              75.79000092           No MI                                                                        3.2
       16179898                       80           No MI                                                                      3.075
       16179194              74.47000122           No MI                                                                      3.525
       16180603                       80           No MI                                                                       2.25
       16179452                       75           No MI                                                                      3.525
       16180627                       80           No MI                                                                       2.25
       16179396                       80           No MI                                                                        3.2
       16178936                       80           No MI                                                                        3.1
       16178954                       80           No MI                                                                          4
       16178913                       70           No MI                                                                        3.1
       16179672                       70           No MI                                                                       3.45
       16180110                       80           No MI                                                                      3.325
       16178291                       80           No MI                                                                        3.5
       16179264                       75           No MI                                                                      3.025
       16178220                       80           No MI                                                                       2.25
       16180018                       90           Mortgage Guaranty In                                                        3.45
       16179784                       80           No MI                                                                        3.5
       16179108                       90           GE Capital MI                                                                3.4
       16179453                       65           No MI                                                                       3.45
       16180259                       80           No MI                                                                       2.25
       16179673                       75           No MI                                                                       3.45
       16178689                       80           No MI                                                                       2.25
       16178822                       80           No MI                                                                       2.25
       16179265              73.58000183           No MI                                                                      3.525
       16179217              75.72000122           No MI                                                                      3.025
       16179243              57.70000076           No MI                                                                        3.7
       16179201                       70           No MI                                                                        3.4
       16179850                       80           No MI                                                                       3.45
       16179899                       80           No MI                                                                       3.45
       16179454                       80           No MI                                                                      2.575
       16180260                       80           No MI                                                                       2.25
       16179149              79.98999786           No MI                                                                      3.525
       16179033                       80           No MI                                                                        3.1
       16179564                       80           No MI                                                                        3.2
       16178550                       80           No MI                                                                       2.75
       16178937              72.58000183           No MI                                                                        3.1
       16179790                       80           No MI                                                                        3.5
       16180190              64.66999817           No MI                                                                       3.15
       16178581              57.22999954           No MI                                                                       2.25
       16178568                       80           No MI                                                                       2.25
       16179132              79.88999939           No MI                                                                       3.15
       16179918                       80           No MI                                                                       3.45
       16178221              67.70999908           No MI                                                                       2.25
       16179244              79.98999786           No MI                                                                        3.4
       16179017                       80           No MI                                                                          4
       16179109                       75           No MI                                                                      3.525
       16178364                       80           No MI                                                                       2.25
       16179351              68.98999786           No MI                                                                        3.5
       16179398                       80           No MI                                                                       3.45
       16180261                       80           No MI                                                                       2.25
       16179052                       80           No MI                                                                        4.2
       16179565                       90           Mortgage Guaranty In                                                       3.325
       16178938              63.40999985           No MI                                                                        3.5
       16178339                       80           No MI                                                                       2.25
       16180105              16.95000076           No MI                                                                      3.275
       16180088                       80           No MI                                                                        3.2
       16178281                       80           No MI                                                                       2.25
       16179919              77.84999847           No MI                                                                       3.45
       16178192                       75           No MI                                                                       3.25
       16179018                       80           No MI                                                                        4.2
       16179851                       80           No MI                                                                       3.45
       16179456                       80           No MI                                                                       3.45
       16178773                       80           No MI                                                                       2.25
       16178640              79.91000366           No MI                                                                       2.25
       16178688              78.22000122           No MI                                                                       2.25
       16179294                       70           No MI                                                                      3.525
       16179235              63.41999817           No MI                                                                        3.7
       16180220              78.51999664           No MI                                                                       2.25
       16179250                       80           No MI                                                                       3.15
       16179207                       90           GE Capital MI                                                              3.525
       16180070              79.98999786           No MI                                                                      3.575
       16179478                       80           No MI                                                                      3.325
       16179370                       80           No MI                                                                       3.45
       16179526                       80           No MI                                                                       3.25
       16180452                       75           No MI                                                                       2.25
       16180289                       80           No MI                                                                       2.25
       16180358                       80           No MI                                                                       2.25
       16179163                       85           Radian Guaranty                                                            3.525
       16179036                       80           No MI                                                                        4.4
       16179586                       80           No MI                                                                       3.45
       16178784              74.56999969           No MI                                                                       2.25
       16178485                    77.75           No MI                                                                       2.25
       16179654                       80           No MI                                                                       3.45
       16180036                       80           No MI                                                                      3.575
       16180163                       80           No MI                                                                      3.825
       16179273                       75           No MI                                                                       2.65
       16180221                       80           No MI                                                                       2.25
       16178387                       80           No MI                                                                       2.25
       16178359                       80           No MI                                                                       2.25
       16178897              79.98999786           No MI                                                                        3.7
       16180077                       75           No MI                                                                      3.525
       16179371                       80           No MI                                                                       3.45
       16180453                       80           No MI                                                                       2.25
       16180290                       90           GE Capital MI                                                               2.25
       16179716                       80           No MI                                                                       3.45
       16179061              79.94999695           No MI                                                                        4.2
       16179764                       80           No MI                                                                       3.45
       16179143              73.97000122           No MI                                                                       2.65
       16179807                       80           No MI                                                                      2.725
       16178809                       75           No MI                                                                       3.25
       16179024                       80           No MI                                                                        4.2
       16178793                       80           No MI                                                                       2.25
       16180139                       75           No MI                                                                      4.025
       16179274                       70           No MI                                                                      3.525
       16179295              79.55000305           No MI                                                                      3.525
       16180222                       80           No MI                                                                       2.25
       16178842                       80           No MI                                                                       2.25
       16178510                       80           No MI                                                                       2.25
       16180622                       80           No MI                                                                       2.25
       16180454                       80           No MI                                                                       2.25
       16179166                       80           No MI                                                                      3.325
       16179073                       80           No MI                                                                          4
       16180291                       80           No MI                                                                       2.25
       16180359              76.47000122           No MI                                                                       2.25
       16178448                       80           No MI                                                                       2.25
       16180065                       80           No MI                                                                       4.45
       16179808                       80           No MI                                                                        3.2
       16179587                       80           No MI                                                                       3.45
       16178638                       80           No MI                                                                       2.25
       16179702                       80           No MI                                                                      2.425
       16179655                       80           No MI                                                                      3.325
       16179025                       80           No MI                                                                        3.6
       16179691                       80           No MI                                                                       3.45
       16178587                       80           No MI                                                                       2.25
       16178523                       80           No MI                                                                       2.75
       16180223                       80           No MI                                                                       2.25
       16179372              67.47000122           No MI                                                                       3.25
       16180623                       80           No MI                                                                       2.25
       16180389              79.98999786           No MI                                                                       2.25
       16180455                       80           No MI                                                                       2.25
       16179074              60.90999985           No MI                                                                        3.8
       16180292                       80           No MI                                                                       2.25
       16180360                       80           No MI                                                                       2.25
       16179809                       80           No MI                                                                      2.725
       16180141                       80           No MI                                                                      3.075
       16178620              69.98999786           No MI                                                                       2.25
       16178699                       90           Mortgage Guaranty In                                                        2.25
       16178629              58.81999969           No MI                                                                       2.25
       16180084                       80           No MI                                                                        3.2
       16178825                       80           No MI                                                                       2.25
       16179275                       80           No MI                                                                        3.7
       16180181                       80           No MI                                                                      3.275
       16178378                       80           No MI                                                                       2.25
       16180624                       65           No MI                                                                       2.25
       16180390                       80           No MI                                                                       2.25
       16179184              51.77999878           No MI                                                                        3.7
       16180456              79.58999634           No MI                                                                       2.25
       16180293                       80           No MI                                                                       2.25
       16179825                       80           No MI                                                                       2.95
       16180361                       75           No MI                                                                       2.25
       16178449                       80           No MI                                                                       2.25
       16179717              79.98999786           No MI                                                                       3.45
       16180192                       75           No MI                                                                      3.525
       16178652                       80           No MI                                                                       3.25
       16180156                       80           No MI                                                                       3.75
       16178945                       80           No MI                                                                        3.5
       16178639                       80           No MI                                                                       2.25
       16178778              66.66999817           No MI                                                                       2.25
       16178304                       70           No MI                                                                       2.25
       16178325              33.63999939           No MI                                                                       2.75
       16179775                       80           No MI                                                                        3.5
       16179236              76.09999847           No MI                                                                      3.525
       16178551                       80           No MI                                                                       2.25
       16180556                       80           No MI                                                                       2.25
       16180625                       80           No MI                                                                       2.25
       16180391                       90           United Guaranty                                                             2.25
       16179185              77.22000122           No MI                                                                        3.7
       16180457                       80           No MI                                                                       2.25
       16179082                       80           No MI                                                                      3.875
       16180294              78.68000031           No MI                                                                       2.25
       16179826              74.66999817           No MI                                                                       2.95
       16179718                       75           No MI                                                                       3.45
       16179037                       80           No MI                                                                        4.4
       16180151                       80           No MI                                                                        3.4
       16178693                       80           No MI                                                                       2.25
       16178865                       80           No MI                                                                       2.25
       16179276                       70           No MI                                                                      3.525
       16179499                       80           No MI                                                                        3.5
       16178512                       80           No MI                                                                       2.25
       16178228                       75           No MI                                                                       2.25
       16180557                       80           No MI                                                                       2.25
       16180392              37.04000092           No MI                                                                       2.25
       16180458              69.70999908           No MI                                                                       2.25
       16180172              69.41999817           No MI                                                                       3.95
       16180295                       80           No MI                                                                       2.25
       16178407                       80           No MI                                                                       2.25
       16180157                       80           No MI                                                                      3.075
       16179062                       80           No MI                                                                        4.4
       16178708                       80           No MI                                                                       2.25
       16178338              63.43000031           No MI                                                                       2.25
       16178525              79.98999786           No MI                                                                       3.25
       16178181              79.97000122           No MI                                                                       2.75
       16179303                       80           No MI                                                                      3.525
       16178391                       80           No MI                                                                       2.25
       16179277                       75           No MI                                                                      3.525
       16179500                       80           No MI                                                                        3.5
       16179648                       80           No MI                                                                        3.5
       16180074              79.98000336           No MI                                                                       3.15
       16180558                       80           No MI                                                                       2.25
       16180327              70.91999817           No MI                                                                       2.25
       16180586                       80           No MI                                                                       2.25
       16179932              79.98999786           No MI                                                                       3.45
       16179985                       80           No MI                                                                       3.45
       16178959                       80           No MI                                                                        4.4
       16180326                       80           No MI                                                                       2.25
       16179646                       80           No MI                                                                        3.5
       16179148              74.19000244           No MI                                                                      3.025
       16179162                       80           No MI                                                                        3.7
       16179740              79.98999786           No MI                                                                       3.45
       16178713                       80           No MI                                                                       2.25
       16178645                       80           No MI                                                                       2.25
       16178548                       80           No MI                                                                       3.25
       16178243                       80           No MI                                                                       2.25
       16180518                       75           No MI                                                                       2.25
       16179121                       75           No MI                                                                      3.525
       16180587              45.43000031           No MI                                                                       2.25
       16179933              68.33000183           No MI                                                                      3.325
       16180186              79.98000336           No MI                                                                      2.875
       16179986                       80           No MI                                                                       3.45
       16180420                       75           No MI                                                                       2.25
       16178733                       80           No MI                                                                       2.25
       16180487                       80           No MI                                                                       2.25
       16179067                       80           No MI                                                                       3.75
       16179170                       80           No MI                                                                      3.775
       16178416              67.19999695           No MI                                                                       2.25
       16180067              79.97000122           No MI                                                                      3.825
       16179057                       80           No MI                                                                        4.2
       16178200                       80           No MI                                                                       2.25
       16178201                       80           No MI                                                                       2.25
       16178202                       80           No MI                                                                       2.25
       16178203              56.93999863           No MI                                                                       2.25
       16178204                       80           No MI                                                                       2.25
       16178205                       80           No MI                                                                       2.25
       16178206                       80           No MI                                                                       2.25
       16178207              79.26000214           No MI                                                                       2.25
       16178208              61.70000076           No MI                                                                       2.25
       16178209                       80           No MI                                                                       2.25
       16178841                       80           No MI                                                                       2.25
       16178762              79.97000122           No MI                                                                       2.25
       16178843              79.55000305           No MI                                                                       2.25
       16178763                       80           No MI                                                                       2.25
       16178845                       80           No MI                                                                       2.25
       16178846                       80           No MI                                                                       2.25
       16178684                       90           Mortgage Guaranty In                                                        2.25
       16178847                       80           No MI                                                                       2.25
       16178685                       80           No MI                                                                       2.25
       16178686              76.01999664           No MI                                                                       2.25
       16178848                       80           No MI                                                                       2.25
       16178849                       80           No MI                                                                       2.25
       16178687                       80           No MI                                                                       2.25
       16178210                       80           No MI                                                                       2.25
       16178211                       80           No MI                                                                       2.25
       16178212              68.18000031           No MI                                                                       2.25
       16178213                       70           No MI                                                                       2.25
       16178214              79.98999786           No MI                                                                       2.25
       16178215                       80           No MI                                                                       2.25
       16178850                       80           No MI                                                                       2.25
       16178852                       80           No MI                                                                       2.25
       16178853                       90           GE Capital MI                                                               2.25
       16178772                       80           No MI                                                                       2.25
       16178854                       80           No MI                                                                       2.25
       16178692                       80           No MI                                                                       2.25
       16178774              77.73000336           No MI                                                                       2.25
       16178857                       80           No MI                                                                       2.25
       16178858                       75           No MI                                                                       2.25
       16178859                       80           No MI                                                                       2.25
       16178697                       80           No MI                                                                       2.25
       16178779              55.83000183           No MI                                                                       2.25
       16178301                       90           Mortgage Guaranty In                                                        2.25
       16178303                       80           No MI                                                                       2.25
       16178305                       80           No MI                                                                       2.75
       16178307                       80           No MI                                                                       2.25
       16179831                       80           No MI                                                                        3.5
       16178860                       80           No MI                                                                       2.25
       16178863                       80           No MI                                                                       2.25
       16178866                       80           No MI                                                                       2.25
       16178786                       80           No MI                                                                       2.25
       16178868                       80           No MI                                                                       2.25
       16178787                       80           No MI                                                                       2.25
       16178869                       80           No MI                                                                       2.25
       16178311              54.79000092           No MI                                                                       2.25
       16180194                       70           No MI                                                                       2.25
       16180195                       80           No MI                                                                       2.25
       16180196                       70           No MI                                                                       2.25
       16180197                       65           No MI                                                                       2.25
       16178317                       70           No MI                                                                      3.375
       16180198                       80           No MI                                                                       2.25
       16180199                       90           United Guaranty                                                             2.25
       16179921              75.08999634           No MI                                                                       3.45
       16178319              17.88999939           No MI                                                                        3.5
       16178870                       80           No MI                                                                       2.25
       16178790                       80           No MI                                                                       2.25
       16178872                       80           No MI                                                                       2.25
       16178873                       80           No MI                                                                       2.25
       16178792              70.81999969           No MI                                                                       2.25
       16178874                       80           No MI                                                                       2.25
       16178794                       75           No MI                                                                       2.25
       16178875                       80           No MI                                                                       2.25
       16178876                       80           No MI                                                                       2.25
       16178795                       80           No MI                                                                       2.25
       16178877                       75           No MI                                                                       2.25
       16178322                      100           Mortgage Guaranty In                                                        2.25
       16178880                       80           No MI                                                                       2.25
       16179771                       80           No MI                                                                        3.5
       16178882                       80           No MI                                                                       2.25
       16178883                       80           No MI                                                                       2.25
       16179778                       80           No MI                                                                      2.875
       16178170              89.98999786           Republic MIC                                                                3.25
       16178173              94.98999786           GE Capital MI                                                               3.25
       16178336                       80           No MI                                                                       2.25
       16178174                       80           No MI                                                                       2.25
       16178177                       80           No MI                                                                       3.25
       16178259                       80           No MI                                                                       3.25
       16178178                       80           No MI                                                                       3.25
       16178179                       80           No MI                                                                       2.25
       16179785                       80           No MI                                                                        3.5
       16179787                       90           PMI                                                                        2.875
       16178502                       80           No MI                                                                       2.25
       16180626                       90           PMI                                                                         2.25
       16178503                       80           No MI                                                                       2.25
       16178180              65.68000031           No MI                                                                       3.25
       16178504                       80           No MI                                                                       2.25
       16178263                       80           No MI                                                                       2.25
       16178506                       80           No MI                                                                       2.25
       16178184                       80           No MI                                                                       2.25
       16178508                       80           No MI                                                                       2.25
       16178186                       80           No MI                                                                       3.25
       16178267                       80           No MI                                                                       2.25
       16180385                       80           No MI                                                                       2.25
       16180449                       80           No MI                                                                       2.25
       16179601                       80           No MI                                                                       3.45
       16180286                       80           No MI                                                                       2.25
       16178355                       80           No MI                                                                       2.75
       16179713                       80           No MI                                                                       3.45
       16180054                       80           No MI                                                                        3.2
       16179761                       80           No MI                                                                       3.45
       16178775                       80           No MI                                                                       2.25
       16178286                       80           No MI                                                                       3.25
       16179516                       80           No MI                                                                        3.5
       16179407                       95           Radian Guaranty                                                              3.5
       16180246                       80           No MI                                                                       2.25
       16178481                       80           No MI                                                                       2.25
       16178519                       80           No MI                                                                       2.25
       16180479              75.73999786           No MI                                                                       2.25
       16178890                       75           No MI                                                                        3.9
       16180549                       80           No MI                                                                       2.25
       16180319                       80           No MI                                                                       2.25
       16179089                       80           No MI                                                                        3.8
       16180450                       80           No MI                                                                       2.25
       16179165                       80           No MI                                                                       4.05
       16180058                       80           No MI                                                                        3.7
       16178405                       80           No MI                                                                       2.25
       16178314                       80           No MI                                                                       2.25
       16179714              38.45999908           No MI                                                                        3.2
       16178783                       80           No MI                                                                       2.25
       16178524                       70           No MI                                                                       2.25
       16180247                       90           United Guaranty                                                             2.25
       16179390                       80           No MI                                                                       3.45
       16179982                       80           No MI                                                                       3.45
       16180480              64.91999817           No MI                                                                       2.25
       16180550                       75           No MI                                                                       2.25
       16180320                       80           No MI                                                                       2.25
       16179415                       80           No MI                                                                       3.45
       16179738              74.98000336           No MI                                                                       2.95
       16180451                       80           No MI                                                                       2.25
       16180144                       80           No MI                                                                       3.15
       16179602                       80           No MI                                                                       3.45
       16179146              79.98000336           No MI                                                                        3.7
       16178428                       80           No MI                                                                       2.25
       16178644              68.48000336           No MI                                                                       2.25
       16178401              50.20000076           No MI                                                                        3.5
       16178691                       80           No MI                                                                       2.25
       16179301                       80           No MI                                                                      3.525
       16180248              19.37999916           No MI                                                                       2.25
       16179254                       75           No MI                                                                      3.525
       16179391              79.93000031           No MI                                                                       3.45
       16179983                       90           Mortgage Guaranty In                                                        3.45
       16178225                       80           No MI                                                                       2.25
       16178562                       70           No MI                                                                       2.25
       16180481                       80           No MI                                                                       2.25
       16178489                       80           No MI                                                                       2.25
       16180551                       80           No MI                                                                       2.25
       16180321                       80           No MI                                                                       2.25
       16179779                       80           No MI                                                                        3.5
       16179009              79.31999969           No MI                                                                      2.875
       16180386              83.63999939           Mortgage Guaranty In                                                        2.25
       16178785                       80           No MI                                                                       2.25
       16179048              78.63999939           No MI                                                                        4.4
       16179715                       80           No MI                                                                       3.45
       16180138              79.80000305           No MI                                                                      3.575
       16178390              54.95999908           No MI                                                                       2.25
       16179984              72.59999847           No MI                                                                       3.45
       16180416                       80           No MI                                                                       2.25
       16180482                       80           No MI                                                                       2.25
       16180552                       80           No MI                                                                       2.25
       16180322                       80           No MI                                                                       2.25
       16179416                       80           No MI                                                                       3.45
       16179090                       80           No MI                                                                        4.4
       16178976                       80           No MI                                                                        4.4
       16180387                       80           No MI                                                                       2.25
       16179183                       80           No MI                                                                       2.65
       16180052              69.44000244           No MI                                                                      2.925
       16180178                       75           No MI                                                                      4.575
       16179739                       80           No MI                                                                       3.45
       16178992                       80           No MI                                                                        3.6
       16179072              79.94000244           No MI                                                                      4.125
       16178429                       80           No MI                                                                       2.25
       16178226              76.73999786           No MI                                                                       2.25
       16179202                       80           No MI                                                                       3.25
       16180417                       80           No MI                                                                       2.25
       16180483                       80           No MI                                                                       2.25
       16178473                       80           No MI                                                                       2.25
       16180553                       65           No MI                                                                       2.25
       16180323                       80           No MI                                                                       2.25
       16180388                       80           No MI                                                                       2.25
       16179830                       80           No MI                                                                        3.5
       16178297              79.98999786           No MI                                                                       3.25
       16178505              63.15999985           No MI                                                                       2.25
       16178483                       75           No MI                                                                       2.25
       16179306                       80           No MI                                                                       3.45
       16180079                       80           No MI                                                                       3.45
       16180584                       80           No MI                                                                       2.25
       16180418              68.13999939           No MI                                                                       2.25
       16180484                       70           No MI                                                                       2.25
       16180554                       80           No MI                                                                       2.25
       16180324                       80           No MI                                                                       2.25
       16179417              79.98999786           No MI                                                                       3.45
       16179091              73.12000275           No MI                                                                       3.75
       16178437              22.20999908           No MI                                                                       2.25
       16180169                       80           No MI                                                                       3.15
       16179619                       80           No MI                                                                        3.5
       16179960                       80           No MI                                                                      2.875
       16178541                       80           No MI                                                                       2.25
       16178265                       80           No MI                                                                       2.25
       16178462                       80           No MI                                                                       2.25
       16179196                       75           No MI                                                                        3.7
       16180585                       80           No MI                                                                       2.25
       16179931                       80           No MI                                                                       3.45
       16178227                       80           No MI                                                                       2.25
       16178511                       65           No MI                                                                       2.25
       16180419              79.41000366           No MI                                                                       2.25
       16180485                       80           No MI                                                                       2.25
       16180555                       80           No MI                                                                       2.25
       16180325                       80           No MI                                                                       2.25
       16179418                       80           No MI                                                                       3.45
       16178717              75.55999756           No MI                                                                       2.25
       16179177                       80           No MI                                                                        3.7
       16179092                       80           No MI                                                                       3.75
       16179161                       90           Mortgage Guaranty In                                                       3.525
       16178729                       80           No MI                                                                       2.25
       16178406                       80           No MI                                                                       2.25
       16178716                       80           No MI                                                                       2.25
       16180047                       80           No MI                                                                       3.15
       16179348              52.97000122           No MI                                                                       2.95
       16179531                       80           No MI                                                                       3.45
       16178189              79.98999786           No MI                                                                       2.25
       16180099                       80           No MI                                                                      3.225
       16179884                       80           No MI                                                                       3.45
       16179684                       80           No MI                                                                       3.45
       16180152                       80           No MI                                                                       3.45
       16180092                       80           No MI                                                                        3.2
       16178829                       80           No MI                                                                       2.25
       16178761                       80           No MI                                                                       2.25
       16179774                       75           No MI                                                                      2.625
       16178961                       80           No MI                                                                       4.43
       16179206                       70           No MI                                                                      3.525
       16180443                       80           No MI                                                                       2.25
       16178280              72.30999756           No MI                                                                       2.25
       16180281              79.77999878           No MI                                                                       2.25
       16180350              79.98999786           No MI                                                                       2.25
       16179757              72.12000275           No MI                                                                       3.45
       16180241                       80           No MI                                                                       2.25
       16179293                       80           No MI                                                                        3.4
       16178468              79.98999786           No MI                                                                       2.25
       16179232                       80           No MI                                                                      3.025
       16180053              71.62999725           No MI                                                                        3.7
       16180061                       80           No MI                                                                       3.45
       16179386                       80           No MI                                                                       3.45
       16179367                       80           No MI                                                                       3.45
       16178610                       80           No MI                                                                       2.25
       16180444              79.70999908           No MI                                                                       2.25
       16179070                       80           No MI                                                                       3.75
       16180282                       80           No MI                                                                       2.25
       16180351                       80           No MI                                                                       2.25
       16179710              79.98999786           No MI                                                                       3.45
       16179758              79.98999786           No MI                                                                       3.45
       16179579                       75           No MI                                                                      3.325
       16178944                       80           No MI                                                                        2.8
       16179142              72.87000275           No MI                                                                      3.525
       16180193                       80           No MI                                                                      3.375
       16178696              62.65999985           No MI                                                                       2.25
       16178712                       80           No MI                                                                       2.25
       16178269              68.66000366           No MI                                                                       2.25
       16180242                       80           No MI                                                                       2.25
       16179491                       80           No MI                                                                        3.5
       16180381                       80           No MI                                                                       2.25
       16180445              75.23000336           No MI                                                                       2.25
       16179164                       80           No MI                                                                        3.7
       16180283                       80           No MI                                                                       2.25
       16178427              79.80999756           No MI                                                                       2.25
       16180352              62.34000015           No MI                                                                       2.25
       16179759                       80           No MI                                                                       3.45
       16179580                       80           No MI                                                                       3.45
       16178789                       80           No MI                                                                       2.25
       16180039              79.79000092           No MI                                                                      3.025
       16179298              79.48999786           No MI                                                                      3.525
       16180243                       75           No MI                                                                       2.25
       16179253                       80           No MI                                                                        2.4
       16179492                       80           No MI                                                                        3.5
       16180382                       70           No MI                                                                       2.25
       16180446                       65           No MI                                                                       2.25
       16179071              77.80999756           No MI                                                                        4.4
       16180284                       80           No MI                                                                       2.25
       16180353                       80           No MI                                                                       2.25
       16180166                       80           No MI                                                                      3.325
       16178803              68.80000305           No MI                                                                       2.25
       16179711                       80           No MI                                                                       3.85
       16179777                       80           No MI                                                                       4.75
       16179828                       80           No MI                                                                        3.5
       16180155              76.36000061           No MI                                                                      3.825
       16180127                       80           No MI                                                                      3.275
       16179581                       95           Mortgage Guaranty In                                                        3.45
       16180165                       80           No MI                                                                      3.375
       16180037                       75           No MI                                                                       4.65
       16180130                       75           No MI                                                                       3.95
       16179493                       80           No MI                                                                        3.5
       16179388                       80           No MI                                                                       3.45
       16178660                       80           No MI                                                                       2.25
       16180383                       80           No MI                                                                       2.25
       16180447                       80           No MI                                                                       2.25
       16178991                       80           No MI                                                                       3.75
       16178963                       80           No MI                                                                       3.75
       16179600                       80           No MI                                                                       3.45
       16180285              64.22000122           No MI                                                                       2.25
       16179035                       80           No MI                                                                          4
       16179582                       80           No MI                                                                       3.45
       16178597                       80           No MI                                                                       2.25
       16180045              64.62999725           No MI                                                                      3.225
       16180244              79.37999725           No MI                                                                       2.25
       16178320                       70           No MI                                                                      3.375
       16179139                       95           PMI                                                                        3.275
       16178377                       80           No MI                                                                       2.25
       16180547                       80           No MI                                                                       2.25
       16180317                       80           No MI                                                                       2.25
       16178171                       95           Mortgage Guaranty In                                                        3.25
       16180384                       80           No MI                                                                       2.25
       16180448                       80           No MI                                                                       2.25
       16178404                       80           No MI                                                                       2.25
       16179155                       80           No MI                                                                      3.525
       16179712                       80           No MI                                                                       3.45
       16180191              55.29000092           No MI                                                                       3.15
       16178928                       80           No MI                                                                        3.6
       16179760              79.98999786           No MI                                                                       3.45
       16178833                       80           No MI                                                                       2.25
       16179583                       80           No MI                                                                       3.45
       16178625                       80           No MI                                                                       2.25
       16178622                       80           No MI                                                                       2.25
       16179299                       80           No MI                                                                      3.525
       16180245                       80           No MI                                                                       2.25
       16179484                       80           No MI                                                                        3.5
       16179272                       75           No MI                                                                       3.55
       16179495                       80           No MI                                                                        3.5
       16178608                       80           No MI                                                                       2.25
       16180548                       80           No MI                                                                       2.25
       16180318                       80           No MI                                                                       2.25
       16179260                       80           No MI                                                                       3.15
       16179863                       80           No MI                                                                       3.45
       16179195                       75           No MI                                                                      3.525
       16180621                       80           No MI                                                                       2.25
       16178884                       80           No MI                                                                        3.7
       16179405                       80           No MI                                                                       3.45
       16180347                       80           No MI                                                                       2.25
       16179575                       80           No MI                                                                       3.45
       16178892                       80           No MI                                                                      3.275
       16178851              76.44000244           No MI                                                                       2.25
       16179792                       80           No MI                                                                        3.5
       16178736                       80           No MI                                                                       2.75
       16178767                       80           No MI                                                                       2.25
       16179230                       75           No MI                                                                       3.95
       16179113              77.87000275           No MI                                                                        3.4
       16179864                       80           No MI                                                                       3.45
       16178369              36.79999924           No MI                                                                       2.25
       16179365                       95           Mortgage Guaranty In                                                        3.45
       16180278                       70           No MI                                                                       2.25
       16180348                       80           No MI                                                                       2.25
       16179802                       80           No MI                                                                      2.725
       16178626                       80           No MI                                                                       2.25
       16179137                       80           No MI                                                                        2.9
       16179248                       75           No MI                                                                       3.95
       16178386              72.83000183           No MI                                                                       2.25
       16179261                       80           No MI                                                                      3.525
       16179910              79.98999786           No MI                                                                       3.45
       16179487                       80           No MI                                                                      2.875
       16180279              64.76000214           No MI                                                                       2.25
       16179060                       80           No MI                                                                        4.4
       16179577                       80           No MI                                                                       3.45
       16179803              74.43000031           No MI                                                                      2.725
       16179618                       80           No MI                                                                        3.5
       16178764                       90           GE Capital MI                                                               2.25
       16178282                       80           No MI                                                                       2.25
       16179292                       80           No MI                                                                      3.525
       16179231                       70           No MI                                                                      3.275
       16179138              79.95999908           No MI                                                                        2.9
       16178376                       70           No MI                                                                       2.25
       16179100                       75           No MI                                                                      3.525
       16180184                       80           No MI                                                                        3.7
       16180442                       70           No MI                                                                       2.25
       16180349              56.38999939           No MI                                                                       2.25
       16179578                       80           No MI                                                                       3.45
       16179804                       80           No MI                                                                      2.725
       16179045              74.76000214           No MI                                                                      4.125
       16180051              63.86000061           No MI                                                                       4.45
       16178893                       80           No MI                                                                       3.45
       16179806              74.55999756           No MI                                                                      3.075
       16180257                       60           No MI                                                                       2.25
       16179700                       80           No MI                                                                       3.45
       16178828                       80           No MI                                                                       2.25
       16178748                       80           No MI                                                                       2.25
       16178668                       80           No MI                                                                       2.25
       16178589                       80           No MI                                                                       2.25
       16180075                       80           No MI                                                                       3.45
       16180159              77.31999969           No MI                                                                        3.2
       16179801                       80           No MI                                                                        3.5
       16178830                       80           No MI                                                                       2.25
       16178831                       80           No MI                                                                       2.25
       16179628                       80           No MI                                                                       3.45
       16180582                    67.25           No MI                                                                       2.25
       16179439                       80           No MI                                                                       3.45
       16180415                       80           No MI                                                                       2.25
       16180146                       80           No MI                                                                        3.3
       16180115                       75           No MI                                                                      4.075
       16178415                       80           No MI                                                                       2.25
       16179665                       80           No MI                                                                       3.45
       16180119                       80           No MI                                                                      3.375
       16178588                       70           No MI                                                                       2.25
       16179520                       80           No MI                                                                        3.5
       16178368                       80           No MI                                                                       2.25
       16180620                       75           No MI                                                                       2.25
       16179953                       80           No MI                                                                       3.45
       16180109              75.91000366           No MI                                                                      3.175
       16179563                       80           No MI                                                                       3.45
       16178832                       80           No MI                                                                       2.25
       16179480                       80           No MI                                                                      4.875
       16179481                       80           No MI                                                                        3.5
       16178834                       80           No MI                                                                       2.25
       16178591                       75           No MI                                                                       2.25
       16179644                       75           No MI                                                                        3.5
       16178754                       80           No MI                                                                       2.25
       16179483                       80           No MI                                                                        3.5
       16178835                       75           No MI                                                                       2.25
       16178836                       80           No MI                                                                       2.25
       16178755                       80           No MI                                                                       2.25
       16178593                       65           No MI                                                                       2.25
       16178756                       80           No MI                                                                       2.25
       16180183                       80           No MI                                                                        3.4
       16180174              78.79000092           No MI                                                                        3.2
       16180044                       80           No MI                                                                      3.275
       16179545                       90           Mortgage Guaranty In                                                        3.45
       16180346                       80           No MI                                                                       2.25
       16178323              63.38000107           No MI                                                                       2.25
       16178586                       65           No MI                                                                       2.25
       16180219              79.98999786           No MI                                                                       2.25
       16180188                       75           No MI                                                                        3.7
       16179916                       70           No MI                                                                       3.45
       16178455              79.98999786           No MI                                                                       3.25
       16179621                       80           No MI                                                                        3.5
       16180288                       80           No MI                                                                       2.25
       16178594                       90           GE Capital MI                                                               2.25
       16178676              20.36000061           No MI                                                                       2.25
       16178757                       80           No MI                                                                       2.25
       16178838                       80           No MI                                                                       2.25
       16178758                       90           GE Capital MI                                                               2.25
       16178596                       80           No MI                                                                       2.25
       16178759                       80           No MI                                                                       2.25
       16179569                       75           No MI                                                                       3.45
       16178678                       80           No MI                                                                       2.25
       16178679                       80           No MI                                                                       2.25
       16179327                       80           No MI                                                                        3.5
       16178780                       75           No MI                                                                       2.25
       16179347                       90           United Guaranty                                                            3.075
       16180614                       80           No MI                                                                       2.25
       16179948                       80           No MI                                                                       3.45
       16178656                       50           No MI                                                                       2.25
       16179044                       70           No MI                                                                        3.1
       16179620                       80           No MI                                                                          4
       16180132                       75           No MI                                                                        4.2
       16178771                       80           No MI                                                                       2.75
       16178682                       75           No MI                                                                       2.25
       16179136                       80           No MI                                                                        2.9
       16179175              79.62000275           No MI                                                                       3.95
       16180357                       80           No MI                                                                       2.25
       16179763              73.94000244           No MI                                                                       3.45
       16179585                       80           No MI                                                                       3.45
       16180258                       80           No MI                                                                       2.25
       16179701              86.37000275           Mortgage Guaranty In                                                        2.95
       16179653                       80           No MI                                                                       3.45
       16178922              36.95000076           No MI                                                                       2.95
       16178598                       65           No MI                                                                       2.25
       16178599                       80           No MI                                                                       2.25
       16180512              75.44000244           No MI                                                                       2.25
       16179247              71.72000122           No MI                                                                        2.9
       16179099                       80           No MI                                                                        3.7
       16179952                       80           No MI                                                                       3.45
       16179466                       80           No MI                                                                       3.45
       16179364                       80           No MI                                                                       3.45
       16178659                       80           No MI                                                                       2.25
       16178820                       80           No MI                                                                       2.25
       16178741                       80           No MI                                                                       2.25
       16179552                       80           No MI                                                                        3.5
       16178742              79.97000122           No MI                                                                       2.25
       16178580                       80           No MI                                                                       2.25
       16178661                       80           No MI                                                                       2.25
       16178823                       80           No MI                                                                       2.25
       16178743                       80           No MI                                                                       2.25
       16179553                       80           No MI                                                                        3.5
       16178824              78.86000061           No MI                                                                       2.25
       16179554                       80           No MI                                                                        3.5
       16178663                       80           No MI                                                                       2.25
       16178826                       80           No MI                                                                       2.25
       16178745                       75           No MI                                                                       2.25
       16178583                       80           No MI                                                                       2.25
       16179404                       80           No MI                                                                       3.45
       16180345                       80           No MI                                                                       2.25
       16179683              79.98999786           No MI                                                                       3.45
       16179829                       80           No MI                                                                          4
       16179762                       75           No MI                                                                      3.325
       16180126                       75           No MI                                                                       3.15
       16180033              79.83000183           No MI                                                                       3.95
       16179555              79.95999908           No MI                                                                       3.75
       16178827                       80           No MI                                                                       2.25
       16179670                       80           No MI                                                                       3.45
       16179861                       80           No MI                                                                       3.45
       16178675                       80           No MI                                                                       2.25
       16179249              73.12999725           No MI                                                                       2.95
       16179115                       80           No MI                                                                        3.7
       16178398              77.63999939           No MI                                                                        3.5
       16180200                       80           No MI                                                                       2.25
       16180201                       80           No MI                                                                       2.25
       16179216              77.86000061           No MI                                                                       3.15
       16179315                       90           PMI                                                                         2.95
       16180202              57.34999847           No MI                                                                       2.25
       16180204                       80           No MI                                                                       2.25
       16180205                       80           No MI                                                                       2.25
       16180206                       80           No MI                                                                       2.25
       16180207                       80           No MI                                                                       2.25
       16180208                       80           No MI                                                                       2.25
       16180209              73.61000061           No MI                                                                       2.25
       16179476              77.26999664           No MI                                                                       2.95
       16180179              66.15000153           No MI                                                                      4.075
       16179530              69.56999969           No MI                                                                        3.5
       16179611                       80           No MI                                                                      3.875
       16180255              72.59999847           No MI                                                                       2.25
       16178920                       80           No MI                                                                        3.5
       16178801                    79.25           No MI                                                                       2.25
       16179613                       80           No MI                                                                          4
       16178641                       80           No MI                                                                       2.25
       16178722                       80           No MI                                                                       2.25
       16178444                       60           No MI                                                                       2.25
       16179561                       80           No MI                                                                        3.2
       16178804                       80           No MI                                                                       2.25
       16178561                       80           No MI                                                                       2.25
       16180414                       80           No MI                                                                       2.25
       16178436              74.55000305           No MI                                                                       2.25
       16179226                       80           No MI                                                                      3.525
       16180619                       80           No MI                                                                       2.25
       16178290                       80           No MI                                                                        3.5
       16178293                       80           No MI                                                                       3.25
       16178770                       80           No MI                                                                       2.25
       16179233              79.59999847           No MI                                                                       3.45
       16178642                       80           No MI                                                                       2.25
       16178724                       80           No MI                                                                       2.25
       16179346                       90           United Guaranty                                                            3.075
       16179840                       80           No MI                                                                       3.45
       16180217                       80           No MI                                                                       2.25
       16178643                       80           No MI                                                                       2.25
       16178806              56.52000046           No MI                                                                       2.25
       16178484                       80           No MI                                                                       2.25
       16178565              79.98000336           No MI                                                                       2.25
       16178889                       80           No MI                                                                        3.7
       16179632                       90           Mortgage Guaranty In                                                       3.325
       16178646                       65           No MI                                                                       2.25
       16178727                       80           No MI                                                                       2.25
       16178647                       80           No MI                                                                       2.25
       16178567                       65           No MI                                                                       2.25
       16179947                       80           No MI                                                                       3.45
       16179488                       90           Triad Guaranty                                                             2.875
       16179914                       80           No MI                                                                       3.45
       16178486                       80           No MI                                                                       2.25
       16178649              62.90000153           No MI                                                                       2.25
       16178488              77.08999634           No MI                                                                       2.25
       16180210                       80           No MI                                                                       2.25
       16180211              74.66999817           No MI                                                                       2.25
       16180212                       75           No MI                                                                       2.25
       16180147                       80           No MI                                                                          3
       16180213              79.97000122           No MI                                                                       2.25
       16180214                       80           No MI                                                                       2.25
       16180215              45.97999954           No MI                                                                       2.25
       16180216                       80           No MI                                                                       2.25
       16178172                       80           No MI                                                                       2.25
       16178493                       70           No MI                                                                       2.25
       16180355                       80           No MI                                                                       2.25
       16178730                       80           No MI                                                                       2.25
       16178811              90.40000153           Radian Guaranty                                                             2.25
       16178812                       80           No MI                                                                       2.25
       16178650              89.98000336           GE Capital MI                                                               2.25
       16179622              79.93000031           No MI                                                                          4
       16178570                       80           No MI                                                                       2.25
       16180256                       80           No MI                                                                       2.25
       16179032              74.91999817           No MI                                                                        3.6
       16178921                       75           No MI                                                                        3.5
       16179081                       80           No MI                                                                      4.375
       16178447                       80           No MI                                                                       2.25
       16178571                       80           No MI                                                                       2.25
       16178814                       80           No MI                                                                       2.25
       16179562              93.51999664           Mortgage Guaranty In                                                        3.45
       16178799                       80           No MI                                                                       2.25
       16178490                       80           No MI                                                                       2.25
       16179624                       80           No MI                                                                        3.5
       16179363                       80           No MI                                                                       3.45
       16179051                       80           No MI                                                                      4.375
       16178549                       80           No MI                                                                       3.25
       16178605                       65           No MI                                                                       2.25
       16179234                       80           No MI                                                                      3.525
       16178815                       80           No MI                                                                       2.25
       16178734              71.43000031           No MI                                                                       3.25
       16178241              74.91000366           No MI                                                                       2.25
       16179105                       95           United Guaranty                                                            3.525
       16180218              77.44000244           No MI                                                                       2.25
       16178318              47.77999878           No MI                                                                      3.375
       16178654                       80           No MI                                                                       2.25
       16178655                       80           No MI                                                                       2.25
       16179915                       80           No MI                                                                       3.45
       16178818              79.98999786           No MI                                                                       2.25
       16178819                       80           No MI                                                                       2.25
       16179221                       80           No MI                                                                       3.15
       16178495                       80           No MI                                                                       2.25
       16178576                       80           No MI                                                                       2.25
       16178496                       80           No MI                                                                       2.25
       16179549              73.18000031           No MI                                                                        3.5
       16178578                       80           No MI                                                                       2.25
       16178497                       80           No MI                                                                       2.25
       16179477                       80           No MI                                                                       3.45
       16179369                       80           No MI                                                                       3.45
       16180287              79.98000336           No MI                                                                       2.25
       16180356                       80           No MI                                                                       2.25
       16178632                       80           No MI                                                                       2.25
       16179524                       80           No MI                                                                        3.5
       16178471              52.29000092           No MI                                                                       2.25
       16178552                       80           No MI                                                                       2.25
       16178633                       75           No MI                                                                       2.25
       16178634                       80           No MI                                                                       2.25
       16179525                       80           No MI                                                                          4
       16180254                       80           No MI                                                                       2.25
       16178919                       80           No MI                                                                        3.4
       16178472                       80           No MI                                                                       2.25
       16178392                       75           No MI                                                                       2.25
       16179608                       80           No MI                                                                        3.5
       16178555                       80           No MI                                                                       2.25
       16179527                       80           No MI                                                                       3.75
       16179609                       80           No MI                                                                        3.5
       16178556                       65           No MI                                                                       2.25
       16178475                       80           No MI                                                                       2.25
       16178394              79.98000336           No MI                                                                       2.25
       16179366                       80           No MI                                                                       2.95
       16178637                       80           No MI                                                                       2.25
       16178718                       80           No MI                                                                       2.25
       16178476                       80           No MI                                                                       2.25
       16178719                       80           No MI                                                                       2.25
       16180581                       80           No MI                                                                       2.25
       16179438              79.09999847           No MI                                                                       3.45
       16179529                       80           No MI                                                                        3.5
       16178395                       80           No MI                                                                       2.25
       16178396                       80           No MI                                                                       2.25
       16178798              79.98999786           No MI                                                                       2.25
       16178952              79.98999786           No MI                                                                       3.65
       16178958              74.98999786           No MI                                                                        3.4
       16179011                       80           No MI                                                                      4.375
       16179368                       80           No MI                                                                       2.95
       16178397                       80           No MI                                                                       2.75
       16178238                       80           No MI                                                                       2.25
       16180577                       80           No MI                                                                       2.25
       16179980                       80           No MI                                                                       3.45
       16178224                       70           No MI                                                                       2.25
       16179179              89.98999786           GE Capital MI                                                               3.15
       16180409                       80           No MI                                                                       2.25
       16179786                       80           No MI                                                                        3.5
       16179066              74.95999908           No MI                                                                        3.5
       16180545                       80           No MI                                                                       2.25
       16180315                       80           No MI                                                                       2.25
       16178413                       65           No MI                                                                       2.25
       16178985                       80           No MI                                                                        3.2
       16179313                       80           No MI                                                                        3.5
       16178403              36.99000168           No MI                                                                       2.25
       16180125              78.16000366           No MI                                                                      2.925
       16178891                       80           No MI                                                                      3.925
       16178750              77.16000366           No MI                                                                       2.25
       16178299              63.56000137           No MI                                                                       2.25
       16178560                       70           No MI                                                                       2.25
       16179208                       75           No MI                                                                      3.525
       16179880                       80           No MI                                                                      3.325
       16179307                       80           No MI                                                                        3.5
       16179180              73.73000336           No MI                                                                       3.45
       16180410                       80           No MI                                                                       2.25
       16180476                       80           No MI                                                                       2.25
       16179836              63.04000092           No MI                                                                      3.075
       16180066              76.95999908           No MI                                                                       3.45
       16180316                       80           No MI                                                                       2.25
       16178974                       80           No MI                                                                        4.2
       16178435              79.98999786           No MI                                                                       2.25
       16178723              77.48000336           No MI                                                                       2.25
       16178183                       90           Mortgage Guaranty In                                                        2.25
       16179344              64.70999908           No MI                                                                      3.075
       16179309              60.04999924           No MI                                                                       3.45
       16179341                       80           No MI                                                                       3.45
       16178302                       80           No MI                                                                       2.25
       16178239              77.38999939           No MI                                                                       2.25
       16179209                       75           No MI                                                                      3.525
       16180509                       80           No MI                                                                       2.25
       16179010              79.98999786           No MI                                                                      4.375
       16180411                       70           No MI                                                                       2.25
       16180477              60.77999878           No MI                                                                       2.25
       16179837              62.86000061           No MI                                                                      3.325
       16179413                       80           No MI                                                                       3.45
       16178414                     75.5           No MI                                                                       2.25
       16178975              36.04000092           No MI                                                                      4.375
       16180040                       80           No MI                                                                      3.275
       16178509              59.84000015           No MI                                                                       2.25
       16180510                       80           No MI                                                                       2.25
       16178494              77.62000275           No MI                                                                       2.25
       16180579                       80           No MI                                                                       2.25
       16179781                       80           No MI                                                                       4.75
       16179436              84.70999908           Mortgage Guaranty In                                                         3.2
       16180412              71.61000061           No MI                                                                       2.25
       16180478                       80           No MI                                                                       2.25
       16179001                       80           No MI                                                                        3.8
       16179736                       80           No MI                                                                       3.45
       16178621                       80           No MI                                                                       2.25
       16179503              77.43000031           No MI                                                                      3.325
       16178617                       80           No MI                                                                       3.25
       16178572                       80           No MI                                                                       2.25
       16178753                       80           No MI                                                                       2.25
       16179623                       80           No MI                                                                        3.5
       16178240                       80           No MI                                                                       2.25
       16180580                       80           No MI                                                                       2.25
       16179981                       80           No MI                                                                       3.45
       16179437              79.98000336           No MI                                                                      3.325
       16180413              78.79000092           No MI                                                                       2.25
       16179076              61.54000092           No MI                                                                      4.449
       16179737                       75           No MI                                                                       3.45
       16178340                       80           No MI                                                                       2.25
       16178816                       80           No MI                                                                       2.25
       16179627              73.76999664           No MI                                                                       3.45
       16179006              70.27999878           No MI                                                                          4
       16178518                       70           No MI                                                                       2.25
       16179977                       80           No MI                                                                       3.45
       16179190                       80           No MI                                                                      3.525
       16180472                       80           No MI                                                                       2.25
       16180541                       80           No MI                                                                       2.25
       16180311                       80           No MI                                                                       2.25
       16179410                       95           Mortgage Guaranty In                                                        3.45
       16178658              76.16000366           No MI                                                                       2.25
       16179176                       80           No MI                                                                        3.7
       16180378              79.98000336           No MI                                                                       2.25
       16178989                       80           No MI                                                                        4.4
       16179732                       80           No MI                                                                       3.45
       16178728                       80           No MI                                                                       2.25
       16178454              73.59999847           No MI                                                                       2.25
       16178402                       80           No MI                                                                       2.25
       16179697                       80           No MI                                                                       3.45
       16178595                       75           No MI                                                                       2.25
       16180107                       75           No MI                                                                      4.075
       16180240                       80           No MI                                                                       2.25
       16178363                       80           No MI                                                                       2.25
       16178602                       70           No MI                                                                       2.25
       16179978                       80           No MI                                                                       3.45
       16180406              60.81000137           No MI                                                                       2.25
       16180473                       80           No MI                                                                       2.25
       16180542                       80           No MI                                                                       2.25
       16180312              64.98999786           No MI                                                                       2.25
       16179411              79.98999786           No MI                                                                       3.45
       16179056                       80           No MI                                                                        4.4
       16180379                       80           No MI                                                                       2.25
       16178434                       80           No MI                                                                       2.25
       16179733                       80           No MI                                                                       3.45
       16178704                       80           No MI                                                                       2.25
       16179820                       75           No MI                                                                      2.725
       16180128                       80           No MI                                                                       3.15
       16180153              56.63999939           No MI                                                                      2.925
       16178426                       80           No MI                                                                       2.25
       16179698                       80           No MI                                                                       3.45
       16180114              74.97000122           No MI                                                                      4.075
       16179283                       75           No MI                                                                      3.525
       16178381                    62.25           No MI                                                                       2.25
       16178900                       95           GE Capital MI                                                              3.525
       16178342                       80           No MI                                                                       2.25
       16178223              60.86999893           No MI                                                                       2.25
       16180407                       80           No MI                                                                       2.25
       16180474              79.27999878           No MI                                                                       2.25
       16179168                       80           No MI                                                                      2.725
       16180543                       80           No MI                                                                       2.25
       16180313                       80           No MI                                                                       2.25
       16179087                       80           No MI                                                                      4.375
       16180380                       80           No MI                                                                       2.25
       16179734              79.98999786           No MI                                                                       3.45
       16178715                       80           No MI                                                                       2.25
       16179521                       80           No MI                                                                      3.875
       16178327              63.22999954           No MI                                                                      2.375
       16179284                       80           No MI                                                                      3.525
       16178613                       80           No MI                                                                       2.25
       16180576                       80           No MI                                                                       2.25
       16178557                       80           No MI                                                                       2.25
       16179979              76.94000244           No MI                                                                       3.45
       16180408                       80           No MI                                                                       2.25
       16179835              52.36000061           No MI                                                                        3.2
       16180475                       75           No MI                                                                       2.25
       16179169              73.11000061           No MI                                                                       3.45
       16180544                       80           No MI                                                                       2.25
       16180314                       80           No MI                                                                       2.25
       16179088                       80           No MI                                                                        4.4
       16179160                       80           No MI                                                                      3.275
       16178990                       80           No MI                                                                      4.375
       16179735                       80           No MI                                                                       3.45
       16178306                       80           No MI                                                                       2.25
       16179039                       50           No MI                                                                        3.5
       16178949                       80           No MI                                                                       3.25
       16179334                       80           No MI                                                                       3.25
       16179135              79.72000122           No MI                                                                        3.7
       16179489                       75           No MI                                                                      2.875
       16178894                       75           No MI                                                                       3.15
       16179381                       75           No MI                                                                      3.075
       16180536                       80           No MI                                                                       2.25
       16179598                       80           No MI                                                                       3.45
       16179816                       80           No MI                                                                      3.075
       16180276              79.98999786           No MI                                                                       2.25
       16179144                       80           No MI                                                                      3.525
       16178700                       80           No MI                                                                       2.25
       16179573              68.18000031           No MI                                                                       3.45
       16180124              78.81999969           No MI                                                                      3.225
       16178619                       80           No MI                                                                       2.25
       16179282              70.76999664           No MI                                                                      3.025
       16178374                       80           No MI                                                                       2.25
       16179928                       80           No MI                                                                       3.45
       16179382              70.70999908           No MI                                                                       2.95
       16180537                       70           No MI                                                                       2.25
       16180307              74.98999786           No MI                                                                       2.25
       16180374                       80           No MI                                                                       2.25
       16179064              68.04000092           No MI                                                                        4.2
       16180439                       80           No MI                                                                       2.25
       16178714              73.58000183           No MI                                                                       2.25
       16179599                       80           No MI                                                                       3.45
       16179817                       80           No MI                                                                       2.95
       16178927                       80           No MI                                                                        3.6
       16179755                       80           No MI                                                                       3.45
       16178878                       80           No MI                                                                       2.25
       16178349                       80           No MI                                                                       2.25
       16180022                       80           No MI                                                                       3.45
       16180236              72.47000122           No MI                                                                       2.25
       16179929              79.98999786           No MI                                                                       3.45
       16178895              71.81999969           No MI                                                                      3.275
       16180538                       80           No MI                                                                       2.25
       16180308                       80           No MI                                                                       2.25
       16180375              57.33000183           No MI                                                                       2.25
       16180440                       80           No MI                                                                       2.25
       16178547                       80           No MI                                                                       2.25
       16179818              72.73000336           No MI                                                                      3.075
       16180277                       80           No MI                                                                       2.25
       16179153              73.76999664           No MI                                                                      3.525
       16178980              70.58000183           No MI                                                                       3.94
       16179054              69.76999664           No MI                                                                      4.375
       16178424                       80           No MI                                                                       2.25
       16179708                       80           No MI                                                                       3.45
       16180140                       65           No MI                                                                        3.9
       16180023              64.19000244           No MI                                                                       3.45
       16178768              77.23000336           No MI                                                                       2.25
       16178260                       80           No MI                                                                       2.25
       16180237                       80           No MI                                                                       2.25
       16178375                       80           No MI                                                                       2.25
       16178864                       80           No MI                                                                       2.25
       16178341                       80           No MI                                                                       2.25
       16178611                       80           No MI                                                                       2.25
       16179383                       80           No MI                                                                       3.45
       16178222                       80           No MI                                                                       2.25
       16180539                       80           No MI                                                                       2.25
       16180309              74.38999939           No MI                                                                       2.25
       16180376                       80           No MI                                                                       2.25
       16178948                       80           No MI                                                                        3.5
       16178970                       80           No MI                                                                        4.3
       16180171              23.07999992           No MI                                                                        3.4
       16178879                       80           No MI                                                                       2.25
       16180133              60.34000015           No MI                                                                        3.2
       16178651              58.49000168           No MI                                                                       2.25
       16180024              64.04000092           No MI                                                                       3.45
       16180238              69.56999969           No MI                                                                       2.25
       16179352                       80           No MI                                                                        3.5
       16179384                       80           No MI                                                                       3.45
       16179976                       80           No MI                                                                       3.45
       16180471                       80           No MI                                                                       2.25
       16180540                       80           No MI                                                                       2.25
       16178983              74.83000183           No MI                                                                        4.4
       16180377              79.97000122           No MI                                                                       2.25
       16180441                       80           No MI                                                                       2.25
       16179731                       80           No MI                                                                       3.45
       16179819              77.44999695           No MI                                                                      3.075
       16178971                       80           No MI                                                                        3.5
       16178425                       80           No MI                                                                       2.25
       16180162              73.94000244           No MI                                                                       4.45
       16180143              79.98999786           No MI                                                                      3.825
       16179709                       80           No MI                                                                      3.975
       16179696                       80           No MI                                                                       3.45
       16178313              67.16000366           No MI                                                                       2.25
       16180025              77.26000214           No MI                                                                       3.45
       16178592              79.98999786           No MI                                                                       2.25
       16179310              79.95999908           No MI                                                                        3.2
       16180239              55.56000137           No MI                                                                       2.25
       16178380              44.16999817           No MI                                                                       2.25
       16179252                       80           No MI                                                                        3.7
       16178856              79.98999786           No MI                                                                       2.25
       16180436                       80           No MI                                                                       2.25
       16180273                       80           No MI                                                                       2.25
       16178175              59.59999847           No MI                                                                       2.75
       16179707                       80           No MI                                                                       3.45
       16178925                       80           No MI                                                                        3.9
       16179695                       80           No MI                                                                        3.2
       16178796                       80           No MI                                                                       2.25
       16180177                       80           No MI                                                                      3.525
       16178635              77.91999817           No MI                                                                       2.25
       16178531                       80           No MI                                                                       2.25
       16179682                       80           No MI                                                                       3.45
       16180108              74.97000122           No MI                                                                      4.075
       16178337              59.36000061           No MI                                                                       2.25
       16179297              76.41999817           No MI                                                                      3.525
       16180234                       80           No MI                                                                       2.25
       16179925              79.98999786           No MI                                                                       3.45
       16179641                       80           No MI                                                                        3.5
       16179379                       80           No MI                                                                       3.45
       16179362              79.98999786           No MI                                                                       3.45
       16179182                       80           No MI                                                                      3.525
       16180372              71.40000153           No MI                                                                       2.25
       16180437              79.98999786           No MI                                                                       2.25
       16178969                       75           No MI                                                                        3.4
       16179047              75.15000153           No MI                                                                      4.375
       16180274              51.34000015           No MI                                                                       2.25
       16179815                       80           No MI                                                                        3.2
       16178423                       80           No MI                                                                       2.25
       16178315              72.54000092           No MI                                                                       2.25
       16179753                       80           No MI                                                                       3.45
       16178821                       80           No MI                                                                       2.25
       16179270              79.97000122           No MI                                                                      3.525
       16179120                       90           Mortgage Guaranty In                                                         3.4
       16180062              77.41999817           No MI                                                                        3.2
       16179926                       80           No MI                                                                       3.45
       16179098                       85           GE Capital MI                                                                3.7
       16179380                       80           No MI                                                                      3.325
       16180373                       80           No MI                                                                       2.25
       16178662                       80           No MI                                                                       2.25
       16180438                       80           No MI                                                                       2.25
       16180275                       80           No MI                                                                       2.25
       16178802                       80           No MI                                                                       2.25
       16178926                       80           No MI                                                                        3.7
       16179572                       80           No MI                                                                       3.45
       16178760                       80           No MI                                                                       2.25
       16180235                       80           No MI                                                                       2.25
       16179271                       80           No MI                                                                      3.275
       16179640              48.72000122           No MI                                                                      3.075
       16178887                       75           No MI                                                                        3.7
       16179354                       80           No MI                                                                       3.45
       16180354                       80           No MI                                                                       2.25
       16179805              56.36000061           No MI                                                                       2.95
       16179128                       80           No MI                                                                      3.275
       16180618              58.58000183           No MI                                                                       2.25
       16180006              37.70999908           No MI                                                                      3.075
       16178960                       75           No MI                                                                      3.625
       16180517                       80           No MI                                                                       2.25
       16179630                       80           No MI                                                                        3.2
       16179442              73.43000031           No MI                                                                       2.95
       16178934                       80           No MI                                                                       3.75
       16178262              79.98999786           No MI                                                                       3.25
       16178837                       80           No MI                                                                       2.25
       16180117              79.97000122           No MI                                                                        2.9
       16178563              79.55000305           No MI                                                                       2.25
       16179212                       73           No MI                                                                        3.7
       16179860                       80           No MI                                                                       3.45
       16179129              72.02999878           No MI                                                                      3.525
       16179909                       80           No MI                                                                      3.975
       16179016              75.37000275           No MI                                                                       4.25
       16178999                       80           No MI                                                                        2.6
       16179631              42.31000137           No MI                                                                      3.075
       16179443                       80           No MI                                                                       3.45
       16178909                       80           No MI                                                                        3.5
       16179664                       80           No MI                                                                       3.45
       16180027              79.98999786           No MI                                                                      2.775
       16178499                       80           No MI                                                                       2.25
       16179858                       80           No MI                                                                      3.325
       16179551                       80           No MI                                                                        3.5
       16180270                       80           No MI                                                                       2.25
       16179151              94.77999878           PMI                                                                         3.15
       16179750                       80           No MI                                                                       3.45
       16178942                       75           No MI                                                                        4.4
       16179141              69.54000092           No MI                                                                       3.15
       16178354                       75           No MI                                                                       2.25
       16179680                       80           No MI                                                                       3.45
       16178690                       80           No MI                                                                       2.25
       16180034                       80           No MI                                                                       3.15
       16179268                       80           No MI                                                                        3.7
       16179514              79.72000122           No MI                                                                      3.325
       16178372                       80           No MI                                                                       2.25
       16179097              79.94000244           No MI                                                                       2.65
       16179859                       80           No MI                                                                       3.45
       16178367                       80           No MI                                                                       2.25
       16179464                       80           No MI                                                                       3.45
       16180434                       65           No MI                                                                       2.25
       16178487              61.27999878           No MI                                                                       2.25
       16180271                       75           No MI                                                                       2.25
       16178191                       80           No MI                                                                       3.25
       16179152              74.91000366           No MI                                                                      3.525
       16178979                       80           No MI                                                                        4.4
       16178924              74.70999908           No MI                                                                          3
       16178943                       80           No MI                                                                        3.9
       16179610                       70           No MI                                                                        3.5
       16179269                    65.25           No MI                                                                      2.525
       16179519                       80           No MI                                                                        3.5
       16179923              78.87000275           No MI                                                                        3.2
       16179360                       57           No MI                                                                        2.8
       16180073                       70           No MI                                                                      4.325
       16180435              76.91999817           No MI                                                                       2.25
       16180272                       80           No MI                                                                       2.25
       16179752                       80           No MI                                                                       3.45
       16178545              61.74000168           No MI                                                                       2.25
       16178648                       80           No MI                                                                       2.25
       16178915              77.58000183           No MI                                                                        3.1
       16179681                       80           No MI                                                                       3.45
       16178584                       80           No MI                                                                       2.25
       16180233                       80           No MI                                                                       2.25
       16179291                       80           No MI                                                                      3.525
       16178373                       80           No MI                                                                       2.25
       16179361                       80           No MI                                                                        3.2
       16180250                       80           No MI                                                                       2.25
       16178935              69.88999939           No MI                                                                        3.6
       16179556                       80           No MI                                                                       3.45
       16178962                       80           No MI                                                                      4.375
       16178791                       80           No MI                                                                       2.25
       16178292                       80           No MI                                                                        3.5
       16180083                       80           No MI                                                                       2.95
       16178334                       80           No MI                                                                       2.75
       16179262                       80           No MI                                                                        3.7
       16178667                       80           No MI                                                                        3.5
       16179241                       80           No MI                                                                       3.15
       16179958                       80           No MI                                                                       3.45
       16178357              88.51000214           GE Capital MI                                                               2.25
       16178216                       80           No MI                                                                       2.25
       16180013                       80           No MI                                                                      2.875
       16179846                       80           No MI                                                                       3.45
       16179637              78.33000183           No MI                                                                      3.075
       16180251                       80           No MI                                                                       2.25
       16180102                       80           No MI                                                                       4.45
       16178683                       80           No MI                                                                       2.25
       16178300                       80           No MI                                                                       2.25
       16178765                       75           No MI                                                                       2.75
       16179796                       80           No MI                                                                      3.875
       16178564              74.93000031           No MI                                                                       2.25
       16179114              78.51000214           No MI                                                                       3.55
       16178383                       80           No MI                                                                       2.25
       16180014                       80           No MI                                                                       3.45
       16179473              79.98999786           No MI                                                                        2.5
       16179794                       80           No MI                                                                      3.375
       16180176                       75           No MI                                                                       4.15
       16179007                       80           No MI                                                                       4.05
       16180252                       80           No MI                                                                       2.25
       16179699              79.98999786           No MI                                                                       3.45
       16179041                       80           No MI                                                                        4.4
       16180111                       75           No MI                                                                      2.925
       16179614                       75           No MI                                                                        3.5
       16178517              60.15999985           No MI                                                                       2.25
       16179213                       80           No MI                                                                      3.525
       16179215                       80           No MI                                                                      3.025
       16179639                       80           No MI                                                                       3.45
       16179353                       80           No MI                                                                       3.45
       16180253                       68           No MI                                                                       2.25
       16178951                       75           No MI                                                                        3.4
       16179669                       85           Mortgage Guaranty In                                                        3.45
       16180030              76.91999817           No MI                                                                      3.325
       16179263                       80           No MI                                                                      3.525
       16179506              65.77999878           No MI                                                                      3.325
       16179131              55.56000137           No MI                                                                        3.7
       16179227              76.26999664           No MI                                                                      3.525
       16179913                       80           No MI                                                                       3.45
       16178365                       80           No MI                                                                       2.25
       16178862                       80           No MI                                                                       2.25
       16179946              73.58000183           No MI                                                                      3.075
       16180612                       80           No MI                                                                       2.25
       16179461                       80           No MI                                                                       3.45
       16180057                       70           No MI                                                                      3.275
       16179339              79.94000244           No MI                                                                      3.125
       16179617                       80           No MI                                                                        3.5
       16179023                       80           No MI                                                                        3.6
       16178482                       80           No MI                                                                       2.25
       16178906                       80           No MI                                                                       3.95
       16178769                       80           No MI                                                                       2.75
       16179219              63.18000031           No MI                                                                        2.9
       16178384              56.18000031           No MI                                                                       2.25
       16179096                       80           No MI                                                                        3.7
       16178256                       80           No MI                                                                       2.25
       16179112                    78.75           No MI                                                                       2.65
       16179856                       80           No MI                                                                       3.45
       16179224                       80           No MI                                                                      2.775
       16180613              67.88999939           No MI                                                                       2.25
       16179462                       80           No MI                                                                        3.2
       16178721                       80           No MI                                                                       2.25
       16179358                       80           No MI                                                                       3.45
       16179408                       80           No MI                                                                        3.5
       16178941                       70           No MI                                                                       3.95
       16179043              57.61000061           No MI                                                                        4.1
       16178914              78.97000122           No MI                                                                        3.2
       16179678                       80           No MI                                                                       3.45
       16178933                       80           No MI                                                                        4.4
       16178766              65.12000275           No MI                                                                       2.75
       16178569                       80           No MI                                                                       2.25
       16179220                       80           No MI                                                                       3.15
       16179211                       80           No MI                                                                      3.525
       16179857              74.15000153           No MI                                                                       3.45
       16178361                       90           GE Capital MI                                                               2.25
       16179127                       80           No MI                                                                       3.15
       16179906                       80           No MI                                                                       3.45
       16178366                       80           No MI                                                                       2.25
       16179463                       80           No MI                                                                       3.45
       16179403                       80           No MI                                                                       3.45
       16178657                       80           No MI                                                                       2.25
       16179749                       80           No MI                                                                       3.45
       16179570                       80           No MI                                                                       3.45
       16179140              75.30999756           No MI                                                                      3.525
       16179031                       75           No MI                                                                        4.4
       16179679                       80           No MI                                                                       3.45
       16178261              88.98000336           GE Capital MI                                                               2.25
       16180080              72.30000305           No MI                                                                      3.825
       16179267              75.23999786           No MI                                                                       2.65
       16179259              53.88999939           No MI                                                                       3.15
       16179287              74.93000031           No MI                                                                      3.525
       16179130                       80           No MI                                                                      3.525
       16179956                       80           No MI                                                                       3.45
       16180011                       80           No MI                                                                       3.45
       16178840                       80           No MI                                                                       2.25
       16178817                       80           No MI                                                                       2.25
       16179890                       80           No MI                                                                       3.45
       16180524                       80           No MI                                                                       2.25
       16179642              74.69000244           No MI                                                                        4.5
       16179446              44.41999817           No MI                                                                      3.325
       16179012              79.72000122           No MI                                                                        3.5
       16180249              47.52999878           No MI                                                                       2.25
       16179040              74.22000122           No MI                                                                       3.55
       16178950                       80           No MI                                                                      4.375
       16179504              45.45000076           No MI                                                                      3.325
       16179288              68.68000031           No MI                                                                        3.4
       16179911              76.68000031           No MI                                                                       3.45
       16179957                       80           No MI                                                                       3.45
       16180012                       80           No MI                                                                       3.45
       16180069              76.69999695           No MI                                                                      3.275
       16180060              73.68000031           No MI                                                                      3.825
       16180525              69.65000153           No MI                                                                       2.25
       16179447                       80           No MI                                                                       3.45
       16179973              94.93000031           Mortgage Guaranty In                                                        3.45
       16180134                       75           No MI                                                                        3.7
       16178908                       80           No MI                                                                        3.3
       16179657                       80           No MI                                                                      3.075
       16179788                       80           No MI                                                                        3.5
       16180032                       80           No MI                                                                       2.95
       16179110                       90           Mortgage Guaranty In                                                         3.7
       16178674                       80           No MI                                                                       2.25
       16179901                       80           No MI                                                                       3.45
       16180608                       80           No MI                                                                       2.25
       16179457                       80           No MI                                                                       3.45
       16179997                       80           No MI                                                                       3.45
       16180049              67.63999939           No MI                                                                       3.15
       16179104              79.84999847           No MI                                                                      3.275
       16180508              79.98999786           No MI                                                                       2.25
       16179174              74.55000305           No MI                                                                       3.95
       16179435                       80           No MI                                                                        3.2
       16178782                       80           No MI                                                                       2.25
       16180046              59.65999985           No MI                                                                       3.95
       16179030                       80           No MI                                                                        3.5
       16179020                       80           No MI                                                                        4.4
       16178585              70.47000122           No MI                                                                       2.25
       16180098              79.94000244           No MI                                                                       2.25
       16178574                       80           No MI                                                                       2.25
       16178289              55.56000137           No MI                                                                        3.5
       16178254                       72           No MI                                                                       2.25
       16179853              79.98999786           No MI                                                                       3.45
       16179902                       80           No MI                                                                      3.325
       16180609                       80           No MI                                                                       2.25
       16179458                       80           No MI                                                                       2.95
       16179998                       80           No MI                                                                      3.325
       16179005                       80           No MI                                                                      4.375
       16179400                       80           No MI                                                                       3.45
       16178932                       80           No MI                                                                          4
       16180081                       80           No MI                                                                      3.575
       16178582              89.98999786           Mortgage Guaranty In                                                        2.25
       16179257                       75           No MI                                                                        3.4
       16178615              62.61000061           No MI                                                                       2.25
       16179126                       75           No MI                                                                        3.7
       16179903                       80           No MI                                                                       3.45
       16180610                       80           No MI                                                                       2.25
       16180160              20.62000084           No MI                                                                      3.325
       16179459              79.98999786           No MI                                                                      3.325
       16179626                       60           No MI                                                                       3.45
       16178443                       80           No MI                                                                       2.25
       16179357              76.59999847           No MI                                                                       3.45
       16179401                       80           No MI                                                                      3.325
       16179021                       75           No MI                                                                       3.88
       16178331              79.80999756           No MI                                                                       2.25
       16179658              79.98999786           No MI                                                                       3.45
       16180041              57.56000137           No MI                                                                        3.9
       16179218                       80           No MI                                                                       3.15
       16178465              79.98000336           No MI                                                                       2.25
       16178665                       80           No MI                                                                        3.5
       16178255                       80           No MI                                                                       2.25
       16179854              79.98999786           No MI                                                                       3.45
       16179904                       80           No MI                                                                       3.45
       16179945                       80           No MI                                                                       3.45
       16180611                       80           No MI                                                                       2.25
       16179402                       80           No MI                                                                       3.45
       16179974              79.98000336           No MI                                                                       3.45
       16178957                       80           No MI                                                                        3.3
       16178480                       80           No MI                                                                       2.25
       16179677                       80           No MI                                                                       3.45
       16180093              70.15000153           No MI                                                                        2.8
       16178285                       80           No MI                                                                       2.25
       16178346                       80           No MI                                                                       2.25
       16179111                       80           No MI                                                                      3.525
       16179855                       80           No MI                                                                       3.45
       16179905              76.91999817           No MI                                                                       3.45
       16180168                       75           No MI                                                                      3.225
       16178703              69.83000183           No MI                                                                       2.25
       16178695                       80           No MI                                                                       2.25
       16178777                       80           No MI                                                                       2.25
       16178235                       80           No MI                                                                       2.25
       16179994                       80           No MI                                                                       3.45
       16179876                       80           No MI                                                                       3.45
       16180501                       80           No MI                                                                       2.25
       16180571                       80           No MI                                                                       2.25
       16179094                       80           No MI                                                                       4.44
       16178356                       75           No MI                                                                       2.25
       16180339              89.98999786           Republic MIC                                                                2.25
       16180403                       80           No MI                                                                       2.25
       16179730                       80           No MI                                                                       3.45
       16179343                       80           No MI                                                                       3.75
       16180086              79.73000336           No MI                                                                      3.075
       16178673                       80           No MI                                                                       2.25
       16178185                       80           No MI                                                                       2.75
       16179995                       80           No MI                                                                       3.45
       16180502              79.98999786           No MI                                                                       2.25
       16180572                       80           No MI                                                                       2.25
       16180187                       80           No MI                                                                      3.575
       16179430                       80           No MI                                                                       3.45
       16180340                       90           United Guaranty                                                             2.25
       16180404                       70           No MI                                                                       2.25
       16178810                       80           No MI                                                                       2.25
       16178973                       80           No MI                                                                      4.375
       16179050              61.86000061           No MI                                                                        4.1
       16178433                       80           No MI                                                                       2.25
       16178329              47.49000168           No MI                                                                       2.25
       16178308                       90           Mortgage Guaranty In                                                        2.25
       16178236                       80           No MI                                                                       2.25
       16180503                       80           No MI                                                                       2.25
       16179877                       80           No MI                                                                       3.45
       16180573                       80           No MI                                                                       2.25
       16179078                       75           No MI                                                                       3.25
       16179095                       80           No MI                                                                       3.75
       16179431                       80           No MI                                                                       3.45
       16180341                       80           No MI                                                                       2.25
       16180405              41.70000076           No MI                                                                       2.25
       16179832              54.36000061           No MI                                                                       3.02
       16180113              68.97000122           No MI                                                                      2.925
       16179971                       80           No MI                                                                       3.45
       16178903                       80           No MI                                                                        3.7
       16179768                       80           No MI                                                                       3.75
       16178788                       80           No MI                                                                       2.25
       16178902                       75           No MI                                                                        3.7
       16179237                       75           No MI                                                                        3.7
       16180604              73.55999756           No MI                                                                       2.25
       16179547                       80           No MI                                                                      3.325
       16179103                       70           No MI                                                                        3.7
       16180504                       80           No MI                                                                       2.25
       16180574              58.81999969           No MI                                                                       2.25
       16179432                       80           No MI                                                                       3.45
       16180342              79.98999786           No MI                                                                       2.25
       16179833                       80           No MI                                                                       3.45
       16178800                       80           No MI                                                                       2.25
       16179541                       90           GE Capital MI                                                               3.45
       16178288              68.83999634           No MI                                                                        3.5
       16178464                       80           No MI                                                                       2.25
       16178252              16.04000092           No MI                                                                       2.25
       16178343                       80           No MI                                                                       2.25
       16178554                       80           No MI                                                                       2.25
       16180605              38.45999908           No MI                                                                       2.25
       16179944                       80           No MI                                                                       3.45
       16178526              79.33000183           No MI                                                                       3.25
       16178237                       80           No MI                                                                       2.25
       16180505              77.36000061           No MI                                                                       2.25
       16179878              79.58999634           No MI                                                                       3.45
       16180575              74.98000336           No MI                                                                       2.25
       16178474                       80           No MI                                                                       2.25
       16179433                       80           No MI                                                                       3.45
       16179780              79.68000031           No MI                                                                       3.25
       16180343                       80           No MI                                                                       2.25
       16179834                     59.5           No MI                                                                      3.075
       16178412                       80           No MI                                                                       2.25
       16178698                       80           No MI                                                                       2.25
       16178905                       80           No MI                                                                        3.7
       16180131                       80           No MI                                                                       3.45
       16180104                       75           No MI                                                                       3.95
       16180031                       80           No MI                                                                        3.2
       16178751              77.44999695           No MI                                                                       2.25
       16179256                       75           No MI                                                                       3.55
       16178467              71.73999786           No MI                                                                       2.25
       16179222                       70           No MI                                                                        2.8
       16179900                       80           No MI                                                                       3.45
       16178749              79.98999786           No MI                                                                       2.25
       16180606                       80           No MI                                                                       2.25
       16178559                       80           No MI                                                                       2.25
       16178553              94.98000336           PMI                                                                         2.25
       16179199                       80           No MI                                                                       2.25
       16180506                       80           No MI                                                                       2.25
       16179767                       80           No MI                                                                        3.5
       16180344                       80           No MI                                                                       2.25
       16178442              79.43000031           No MI                                                                       2.25
       16179972                       80           No MI                                                                      3.325
       16179769                       80           No MI                                                                        3.5
       16178253              74.91000366           No MI                                                                       2.25
       16179210                       80           No MI                                                                      3.525
       16180607                       80           No MI                                                                       2.25
       16179996              72.30999756           No MI                                                                       3.45
       16178492                       80           No MI                                                                       2.25
       16180507                       80           No MI                                                                       2.25
       16179879                       80           No MI                                                                       3.45
       16179079              79.69999695           No MI                                                                        4.1
       16179434                       80           No MI                                                                       3.45
       16178720                       80           No MI                                                                       2.25
       16180043                       80           No MI                                                                      3.275
       16178871                       80           No MI                                                                       2.25
       16179281                       80           No MI                                                                      3.525
       16178233              79.97000122           No MI                                                                       2.25
       16180567                       80           No MI                                                                       2.25
       16180335              61.54000092           No MI                                                                       2.25
       16180399                       80           No MI                                                                       2.25
       16180068                       75           No MI                                                                       4.15
       16180467                       80           No MI                                                                       2.25
       16179086                       80           No MI                                                                        3.3
       16180305                       80           No MI                                                                       2.25
       16178411              69.94000244           No MI                                                                       2.25
       16178400                       90           PMI                                                                          3.5
       16178452                       80           No MI                                                                       2.25
       16179615                       80           No MI                                                                          4
       16178500              51.18999863           No MI                                                                       2.75
       16179873              79.98999786           No MI                                                                       3.45
       16180568                       95           Republic MIC                                                                2.25
       16180336                       80           No MI                                                                       2.25
       16180400                       80           No MI                                                                       2.25
       16180306                       80           No MI                                                                       2.25
       16179645                       80           No MI                                                                       2.75
       16180154              56.93999863           No MI                                                                        3.7
       16179728                       80           No MI                                                                       3.45
       16180021                       75           No MI                                                                        3.2
       16179616                       80           No MI                                                                        3.5
       16178234              77.48000336           No MI                                                                       2.25
       16180499                       80           No MI                                                                       2.25
       16179874                       80           No MI                                                                       3.45
       16180569              79.18000031           No MI                                                                       2.25
       16180337                       80           No MI                                                                       2.25
       16180175              79.98999786           No MI                                                                        2.9
       16179479                       80           No MI                                                                      3.075
       16180401              78.63999939           No MI                                                                       2.25
       16178994                       80           No MI                                                                        4.4
       16180468                       80           No MI                                                                       2.25
       16179729                       80           No MI                                                                       3.45
       16178453                       80           No MI                                                                       2.25
       16180096                       75           No MI                                                                       3.35
       16178677                       80           No MI                                                                       2.25
       16178461                       80           No MI                                                                       2.25
       16178182                       75           No MI                                                                       3.25
       16180078                       80           No MI                                                                      3.325
       16180500                       70           No MI                                                                       2.25
       16179875                       80           No MI                                                                      3.325
       16180570                       80           No MI                                                                       2.25
       16180338                       80           No MI                                                                       2.25
       16180402                       80           No MI                                                                       2.25
       16180469              84.41999817           Mortgage Guaranty In                                                        2.25
       16178653              69.51999664           No MI                                                                       2.25
       16179075                       80           No MI                                                                        3.5
       16179049              67.69000244           No MI                                                                        3.5
       16180118                       80           No MI                                                                      2.925
       16179501                       80           No MI                                                                        3.5
       16180229              79.62000275           No MI                                                                       2.25
       16178362              69.98999786           No MI                                                                       2.25
       16178744                       80           No MI                                                                       2.25
       16179376                       80           No MI                                                                      3.075
       16179546                       80           No MI                                                                       3.45
       16180529              69.09999847           No MI                                                                       2.25
       16180298                       80           No MI                                                                       2.25
       16180366              79.72000122           No MI                                                                       2.25
       16178421                       80           No MI                                                                       2.25
       16179693                       80           No MI                                                                       3.45
       16180123                       80           No MI                                                                       3.65
       16180035                       80           No MI                                                                       3.15
       16179776                       80           No MI                                                                          3
       16180230                       80           No MI                                                                       2.25
       16179502                       80           No MI                                                                        3.5
       16180063              79.22000122           No MI                                                                      3.075
       16180180              78.97000122           No MI                                                                        3.7
       16179189                       80           No MI                                                                      3.525
       16180461                       80           No MI                                                                       2.25
       16180530                       80           No MI                                                                       2.25
       16180299                       80           No MI                                                                       2.25
       16180367                       80           No MI                                                                       2.25
       16178491                       80           No MI                                                                       2.25
       16178450                       80           No MI                                                                       2.25
       16178946                       80           No MI                                                                       3.75
       16178968              49.36000061           No MI                                                                      3.375
       16179046                       80           No MI                                                                        4.2
       16178709              74.68000031           No MI                                                                       2.25
       16180112                     62.5           No MI                                                                       3.45
       16179053                       80           No MI                                                                        4.4
       16179705                       80           No MI                                                                      3.975
       16178624                       80           No MI                                                                       2.25
       16180103                       80           No MI                                                                       3.95
       16180231                       80           No MI                                                                       2.25
       16179119                       80           No MI                                                                       2.65
       16180462                       80           No MI                                                                       2.25
       16180531                       80           No MI                                                                       2.25
       16180300                       80           No MI                                                                       2.25
       16180368                       70           No MI                                                                       2.25
       16179722                       80           No MI                                                                       3.45
       16178694              53.09000015           No MI                                                                       2.25
       16180050                       65           No MI                                                                       3.45
       16180149              78.26999664           No MI                                                                      3.375
       16179279                       80           No MI                                                                      3.525
       16179296              79.30999756           No MI                                                                      3.025
       16180072                       72           No MI                                                                       3.95
       16180232                       80           No MI                                                                       2.25
       16178886                       80           No MI                                                                       3.25
       16179308              59.70000076           No MI                                                                      3.975
       16179377              78.88999939           No MI                                                                       3.45
       16180463                       80           No MI                                                                       2.25
       16180532                       80           No MI                                                                       2.25
       16179147                       95           United Guaranty                                                            3.525
       16179084                       80           No MI                                                                      4.375
       16180301                       85           United Guaranty                                                             2.25
       16180369              60.18999863           No MI                                                                       2.25
       16179723                       80           No MI                                                                       3.45
       16178451                       80           No MI                                                                       2.25
       16179813                       80           No MI                                                                        3.2
       16179027                       80           No MI                                                                        2.9
       16179706                       80           No MI                                                                       2.95
       16178326              25.55999947           No MI                                                                       2.25
       16180089              77.62999725           No MI                                                                      3.075
       16178388              47.65000153           No MI                                                                       2.25
       16178670                       80           No MI                                                                       2.25
       16179378                       80           No MI                                                                      3.975
       16180464                       80           No MI                                                                       2.25
       16180533                       80           No MI                                                                       2.25
       16180302                       80           No MI                                                                       2.25
       16180370              54.04999924           No MI                                                                       2.25
       16179724                       80           No MI                                                                       3.45
       16179766                       80           No MI                                                                       3.45
       16178702                       80           No MI                                                                       2.25
       16178947                       80           No MI                                                                      3.625
       16179814                       65           No MI                                                                        2.8
       16178422                       80           No MI                                                                       2.25
       16180094                       80           No MI                                                                        3.9
       16180150                       80           No MI                                                                        3.2
       16179515                       80           No MI                                                                        3.5
       16178740                       80           No MI                                                                       2.25
       16180398                       80           No MI                                                                       2.25
       16180465                       75           No MI                                                                       2.25
       16180534                       80           No MI                                                                       2.25
       16179085              71.76999664           No MI                                                                       4.25
       16178972                       80           No MI                                                                        3.9
       16180303                       45           No MI                                                                       2.25
       16180158                       80           No MI                                                                       3.75
       16179159              89.80000305           PMI                                                                        3.525
       16180371              57.13999939           No MI                                                                       2.25
       16179063              79.88999939           No MI                                                                        4.4
       16178987                       80           No MI                                                                        3.4
       16179725                       90           Mortgage Guaranty In                                                        3.45
       16179595                       90           Mortgage Guaranty In                                                       2.284
       16178797              59.38000107           No MI                                                                       2.25
       16180135              75.19000244           No MI                                                                      3.525
       16178606              70.59999847           No MI                                                                       2.25
       16179342                       80           No MI                                                                       3.45
       16178899              72.12000275           No MI                                                                      3.525
       16180566              63.95000076           No MI                                                                       2.25
       16180466                       80           No MI                                                                       2.25
       16178965              64.51999664           No MI                                                                      4.375
       16180535                       80           No MI                                                                       2.25
       16180304              79.83999634           No MI                                                                       2.25
       16178432                       80           No MI                                                                       2.25
       16178988                       80           No MI                                                                        3.5
       16179726              73.44999695           No MI                                                                       3.45
       16178881              86.69999695           Radian Guaranty                                                             2.25
       16180055                       80           No MI                                                                       4.65
       16179962                       80           No MI                                                                       3.45
       16178910                       80           No MI                                                                        4.4
       16178573                       80           No MI                                                                       2.25
       16179239              66.66999817           No MI                                                                       3.95
       16179305              76.81999969           No MI                                                                        2.8
       16178244              72.11000061           No MI                                                                       2.25
       16178664                       80           No MI                                                                        3.5
       16178513                       80           No MI                                                                       2.25
       16179841              79.98999786           No MI                                                                      3.075
       16179887                       80           No MI                                                                       3.45
       16180520                       80           No MI                                                                       2.25
       16180589                       80           No MI                                                                       2.25
       16179988                       80           No MI                                                                       3.45
       16180422              77.65000153           No MI                                                                       2.25
       16180182              76.18000031           No MI                                                                        3.4
       16179171                       80           No MI                                                                        3.7
       16178417              79.98999786           No MI                                                                       2.25
       16178275                       80           No MI                                                                       3.25
       16178478                       80           No MI                                                                       2.25
       16178190              79.98999786           No MI                                                                       3.25
       16180120              79.30999756           No MI                                                                       3.35
       16180009                       80           No MI                                                                        3.2
       16179842                       90           Mortgage Guaranty In                                                        3.45
       16179633                       80           No MI                                                                        3.2
       16180521              74.51999664           No MI                                                                       2.25
       16180590                       80           No MI                                                                       2.25
       16179936                       80           No MI                                                                       3.45
       16179444                       80           No MI                                                                       3.45
       16180059              61.54000092           No MI                                                                      3.775
       16180423              61.22000122           No MI                                                                       2.25
       16179963                       80           No MI                                                                       3.45
       16179770                       80           No MI                                                                       5.25
       16179954                       80           No MI                                                                       3.45
       16178245              65.66999817           No MI                                                                       2.25
       16180522                       80           No MI                                                                       2.25
       16179634                       80           No MI                                                                      3.075
       16179122              63.11000061           No MI                                                                        3.7
       16180591                       80           No MI                                                                       2.25
       16179782                       80           No MI                                                                        3.5
       16180424              79.98999786           No MI                                                                       2.25
       16178418                       80           No MI                                                                       2.25
       16179964                       80           No MI                                                                       3.45
       16178911                       80           No MI                                                                        3.6
       16179667                       80           No MI                                                                      3.325
       16179240                       90           PMI                                                                        3.525
       16179955                       80           No MI                                                                       3.45
       16179844                       80           No MI                                                                       3.45
       16179635                       90           Mortgage Guaranty In                                                         3.2
       16179889                       80           No MI                                                                       3.45
       16180523              74.13999939           No MI                                                                       2.25
       16179197              69.94999695           No MI                                                                        3.4
       16180592                       80           No MI                                                                       2.25
       16179937              79.98999786           No MI                                                                       3.45
       16178457                       80           No MI                                                                       2.75
       16179445              69.51999664           No MI                                                                      3.325
       16178725                       80           No MI                                                                       2.25
       16179069                       80           No MI                                                                          4
       16178543                       80           No MI                                                                       2.25
       16179668                       80           No MI                                                                       3.45
       16180085                       80           No MI                                                                      3.325
       16179311                       80           No MI                                                                      3.325
       16178680              76.91999817           No MI                                                                       2.25
       16179286                       75           No MI                                                                        2.9
       16180010                       90           Mortgage Guaranty In                                                        3.45
       16178246              77.87000275           No MI                                                                       2.25
       16178844                       80           No MI                                                                       2.25
       16179793                       80           No MI                                                                       3.75
       16179636              56.95999908           No MI                                                                      3.075
       16180593                       80           No MI                                                                       2.25
       16178419                       80           No MI                                                                       2.25
       16179789                       80           No MI                                                                        3.5
       16180136                       70           No MI                                                                      3.775
       16178333              69.76999664           No MI                                                                       2.25
       16178176                       80           No MI                                                                       2.25
       16179375                       80           No MI                                                                       3.45
       16179550                       80           No MI                                                                        3.5
       16180528                       80           No MI                                                                       2.25
       16180297              78.68000031           No MI                                                                       2.25
       16179158                       80           No MI                                                                      3.525
       16180365                       80           No MI                                                                       2.25
       16179038                       80           No MI                                                                        3.7
       16180267                       80           No MI                                                                       2.25
       16179591              74.02999878           No MI                                                                      3.325
       16179026                       75           No MI                                                                      4.375
       16178312                       75           No MI                                                                       2.25
       16179568                       80           No MI                                                                       3.45
       16178324              64.86000061           No MI                                                                       2.25
       16178711                       80           No MI                                                                       2.25
       16178630                       80           No MI                                                                       2.25
       16179522                       80           No MI                                                                        3.5
       16178631                       70           No MI                                                                       2.25
       16179523              74.80000305           No MI                                                                        3.5
       16178470                       80           No MI                                                                       2.25
       16180095                       80           No MI                                                                       3.15
       16179961                       90           Mortgage Guaranty In                                                        3.45
       16179532              20.39999962           No MI                                                                       3.45
       16178393              79.81999969           No MI                                                                       2.25
       16180101                       80           No MI                                                                        3.2
       16180087                       75           No MI                                                                      3.775
       16180100                       65           No MI                                                                      4.075
       16178737                       75           No MI                                                                       2.25
       16178614              64.70999908           No MI                                                                       2.25
       16180519              72.22000122           No MI                                                                       2.25
       16179886                       80           No MI                                                                       3.45
       16180588                       80           No MI                                                                       2.25
       16179934                       80           No MI                                                                       3.45
       16179987              79.98999786           No MI                                                                       3.45
       16180421              78.86000061           No MI                                                                       2.25
       16178986                       80           No MI                                                                        4.4
       16180488                       80           No MI                                                                       2.25
       16178995                       80           No MI                                                                        3.5
       16179420              79.97000122           No MI                                                                       2.95
       16178287              68.18000031           No MI                                                                        3.5
       16178438                       50           No MI                                                                       2.25
       16178752                       80           No MI                                                                       2.25
       16178229                       80           No MI                                                                       2.25
       16180489                       80           No MI                                                                       2.25
       16179865                       80           No MI                                                                       3.45
       16180559                       80           No MI                                                                       2.25
       16180394                       80           No MI                                                                       2.25
       16180459                       80           No MI                                                                       2.25
       16178408                       80           No MI                                                                       2.25
       16179606                       80           No MI                                                                        3.5
       16179625                       80           No MI                                                                        3.5
       16178982                       80           No MI                                                                        3.6
       16179720                       80           No MI                                                                      3.975
       16180038              79.98000336           No MI                                                                      3.575
       16180082                       80           No MI                                                                       2.95
       16178867                       80           No MI                                                                       2.25
       16179989                       80           No MI                                                                      3.975
       16179866                       80           No MI                                                                       3.45
       16180490              79.19000244           No MI                                                                       2.25
       16180560                       80           No MI                                                                       2.25
       16179421                       80           No MI                                                                       3.45
       16180329                       80           No MI                                                                       2.25
       16180395                       80           No MI                                                                       2.25
       16180460                       80           No MI                                                                       2.25
       16178807                       80           No MI                                                                       2.25
       16179167                       80           No MI                                                                        3.7
       16180164                       80           No MI                                                                       3.75
       16180056              79.98999786           No MI                                                                      3.275
       16179827              54.74000168           No MI                                                                      2.875
       16178430                       80           No MI                                                                       2.25
       16178530                       80           No MI                                                                       2.25
       16178776                       80           No MI                                                                       2.25
       16179534              79.98999786           No MI                                                                       3.45
       16179517                       80           No MI                                                                        3.5
       16178230                       65           No MI                                                                       2.25
       16179990              87.04000092           Mortgage Guaranty In                                                         3.2
       16179867              44.34999847           No MI                                                                       3.45
       16180491                       80           No MI                                                                       2.25
       16180561              69.04000092           No MI                                                                       2.25
       16178977                       80           No MI                                                                        3.8
       16180330                       80           No MI                                                                       2.25
       16180396              79.98999786           No MI                                                                       2.25
       16178409                       80           No MI                                                                       2.25
       16179721                       80           No MI                                                                       3.45
       16179312              30.48999977           No MI                                                                      3.125
       16179535              79.98999786           No MI                                                                       3.45
       16179304              58.09999847           No MI                                                                        3.4
       16178577                       80           No MI                                                                       2.25
       16178671                       80           No MI                                                                       2.25
       16178746                       65           No MI                                                                       2.25
       16178507                       80           No MI                                                                       2.25
       16178558                       80           No MI                                                                       2.25
       16180425                       80           No MI                                                                       2.25
       16180492                       80           No MI                                                                       2.25
       16180562                       80           No MI                                                                       2.25
       16179002                       80           No MI                                                                          4
       16180331                       80           No MI                                                                       2.25
       16178439                       80           No MI                                                                       2.25
       16179058              76.95999908           No MI                                                                        4.4
       16178431                       80           No MI                                                                       2.25
       16180167                       80           No MI                                                                      3.575
       16179536                       80           No MI                                                                       3.45
       16179332                       80           No MI                                                                       3.25
       16180071                       60           No MI                                                                      3.325
       16179938                       80           No MI                                                                       3.45
       16178231              72.62000275           No MI                                                                       2.25
       16180426                       80           No MI                                                                       2.25
       16179868                       80           No MI                                                                       3.45
       16180493                       80           No MI                                                                       2.25
       16180563                       80           No MI                                                                       2.25
       16178978                       80           No MI                                                                        4.4
       16179647                       80           No MI                                                                        3.5
       16180332                       80           No MI                                                                       2.25
       16180397                       80           No MI                                                                       2.25
       16179743                       80           No MI                                                                       3.45
       16180142                       70           No MI                                                                      3.775
       16179965                       80           No MI                                                                       3.45
       16179537                       75           No MI                                                                       3.45
       16178672              79.98999786           No MI                                                                       2.25
       16180189              79.98000336           No MI                                                                        3.7
       16179939                       80           No MI                                                                       3.45
       16180594                       80           No MI                                                                       2.25
       16179991              79.98999786           No MI                                                                       3.45
       16180427                       80           No MI                                                                       2.25
       16179869                       80           No MI                                                                       3.45
       16180494                       75           No MI                                                                       2.25
       16180564                       80           No MI                                                                       2.25
       16179003                       80           No MI                                                                       2.95
       16179093                       80           No MI                                                                        3.5
       16180333                       80           No MI                                                                       2.25
       16178993                       80           No MI                                                                        3.5
       16179798              70.83999634           No MI                                                                          1
       16179538              79.98999786           No MI                                                                       3.45
       16179338                       80           No MI                                                                        3.5
       16178276                       80           No MI                                                                       2.25
       16178542              87.09999847           GE Capital MI                                                               2.25
       16178247                       80           No MI                                                                       2.25
       16180595                       80           No MI                                                                       2.25
       16178232              79.08999634           No MI                                                                       2.25
       16180428                       80           No MI                                                                       2.25
       16179870                       80           No MI                                                                       3.45
       16180495                       80           No MI                                                                       2.25
       16180565                       80           No MI                                                                       2.25
       16179172                       75           No MI                                                                      3.525
       16179425              79.94999695           No MI                                                                       2.95
       16178410                       80           No MI                                                                       2.25
       16178929                     67.5           No MI                                                                        3.2
       16178747                       80           No MI                                                                       2.25
       16179940                       75           No MI                                                                       3.45
       16180596                       80           No MI                                                                       2.25
       16179992                       80           No MI                                                                       3.45
       16180429                       80           No MI                                                                       2.25
       16179871                       80           No MI                                                                       3.45
       16180496                       80           No MI                                                                       2.25
       16180173                       80           No MI                                                                        2.5
       16179426                       80           No MI                                                                       3.45
       16180334                       80           No MI                                                                       2.25
       16178440                       80           No MI                                                                       2.25
       16179745                       80           No MI                                                                       3.45
       16178808                       80           No MI                                                                       2.25
       16179966              69.18000031           No MI                                                                       2.95
       16179028                       75           No MI                                                                        3.9
       16178930                       80           No MI                                                                       3.15
       16178344              59.34999847           No MI                                                                       2.25
       16178248                       69           No MI                                                                       2.25
       16179893                       80           No MI                                                                       3.45
       16179941                       90           PMI                                                                         3.45
       16180597              60.54999924           No MI                                                                       2.25
       16179181                       80           No MI                                                                        3.7
       16180430                       80           No MI                                                                       2.25
       16179186                       80           No MI                                                                       3.45
       16179872                       80           No MI                                                                       3.45
       16180497                       80           No MI                                                                       2.25
       16178861                       90           GE Capital MI                                                               2.25
       16179004                       80           No MI                                                                        4.4
       16179427                       80           No MI                                                                       3.45
       16178731                       80           No MI                                                                       2.25
       16180145              76.47000122           No MI                                                                       3.95
       16179967                       80           No MI                                                                       3.45
       16179539                       80           No MI                                                                       3.45
       16178539                    73.75           No MI                                                                       2.25
       16180121                       80           No MI                                                                      3.325
       16178345                       80           No MI                                                                       2.25
       16178217              65.55000305           No MI                                                                       2.25
       16178738                       75           No MI                                                                       2.25
       16178498                       80           No MI                                                                       2.25
       16180015                       80           No MI                                                                       3.45
       16178609                       80           No MI                                                                       2.25
       16179894              79.98999786           No MI                                                                       3.45
       16180002                       80           No MI                                                                       3.45
       16179187                       80           No MI                                                                      3.525
       16178501                       80           No MI                                                                       2.25
       16180513                       80           No MI                                                                       2.25
       16179882                       80           No MI                                                                      3.325
       16179440                       80           No MI                                                                       3.85
       16178445                       65           No MI                                                                       2.25
       16178316                       80           No MI                                                                       2.25
       16180064              79.48999786           No MI                                                                      3.275
       16179543                       80           No MI                                                                       3.45
       16178907                       80           No MI                                                                        3.4
       16178347              79.98999786           No MI                                                                       2.25
       16179649              61.24000168           No MI                                                                      3.375
       16178257                       65           No MI                                                                       2.25
       16179200                       80           No MI                                                                      3.525
       16180615                       80           No MI                                                                       2.25
       16180003                       80           No MI                                                                       3.45
       16178242                       80           No MI                                                                       2.25
       16178321              78.05000305           No MI                                                                       2.25
       16178998                       80           No MI                                                                        3.6
       16180514                       80           No MI                                                                       2.25
       16179629                       70           No MI                                                                       3.45
       16180583                       80           No MI                                                                       2.25
       16179441                       80           No MI                                                                       3.45
       16179340                       80           No MI                                                                        3.5
       16178274              70.94999695           No MI                                                                       3.25
       16178538                       80           No MI                                                                       2.25
       16179612              77.04000092           No MI                                                                      3.375
       16179651              72.09999847           No MI                                                                        3.5
       16178904                       80           No MI                                                                        3.7
       16178579                       80           No MI                                                                       2.25
       16180090                       70           No MI                                                                       4.15
       16178616                       80           No MI                                                                       2.25
       16179907                       80           No MI                                                                       3.45
       16180616                       80           No MI                                                                       2.25
       16179949                       80           No MI                                                                       3.45
       16179188                       80           No MI                                                                       3.95
       16180515                       80           No MI                                                                       2.25
       16179080                       80           No MI                                                                          4
       16178446                       80           No MI                                                                       2.25
       16179800                       80           No MI                                                                        3.5
       16178839                       80           No MI                                                                       2.25
       16179661              76.62000275           No MI                                                                      3.325
       16178348              79.95999908           No MI                                                                       2.25
       16178330              69.15000153           No MI                                                                       2.25
       16178258                       75           No MI                                                                       2.25
       16180097                       80           No MI                                                                        3.2
       16179908                       80           No MI                                                                       3.45
       16179238              69.37000275           No MI                                                                       3.15
       16180617                       80           No MI                                                                       2.25
       16179192                       80           No MI                                                                       3.55
       16180516                       65           No MI                                                                       2.25
       16180148                       80           No MI                                                                      2.775
       16178732                       80           No MI                                                                       2.25
       16179662                       80           No MI                                                                      3.975
       16178187                       80           No MI                                                                       3.25
       16178268              64.98999786           No MI                                                                       2.25
       16178188                       80           No MI                                                                       3.25
       16179791                       80           No MI                                                                        3.5
       16179795                       80           No MI                                                                        3.5
       16179797                       80           No MI                                                                        3.5
       16179959                       80           No MI                                                                        3.5
       16179799                       80           No MI                                                                       3.75
       16178350                       80           No MI                                                                       2.25
       16178351              64.94000244           No MI                                                                       2.25
       16178270                       80           No MI                                                                       2.25
       16178514                       80           No MI                                                                       2.25
       16178352                       80           No MI                                                                       3.25
       16178271                       80           No MI                                                                       2.25
       16178272                       80           No MI                                                                       2.25
       16179325                       80           No MI                                                                       4.75
       16179406                       80           No MI                                                                        3.5
       16178515                       80           No MI                                                                       2.25
       16179326                       80           No MI                                                                      5.125
       16178516                       80           No MI                                                                       2.25
       16178273                       80           No MI                                                                       2.25
       16178193                       80           No MI                                                                       3.25
       16179409                       80           No MI                                                                        3.5
       16178194                       80           No MI                                                                       3.25
       16178195                       90           Mortgage Guaranty In                                                        2.25
       16178196                       80           No MI                                                                       2.25
       16178277              64.91999817           No MI                                                                       2.25
       16178358                       80           No MI                                                                       2.25
       16178197              78.66000366           No MI                                                                       3.25
       16178278              66.94999695           No MI                                                                        3.5
       16178198                       80           No MI                                                                        3.5
       16178279                       80           No MI                                                                       2.25
       16178199                       80           No MI                                                                       3.25
       16180004              83.76000214           Mortgage Guaranty In                                                         3.2
       16178520                       80           No MI                                                                       2.25
       16178603                       80           No MI                                                                       2.25
       16178360                       80           No MI                                                                       2.25
       16178604              89.98999786           Mortgage Guaranty In                                                        2.25
       16178607                       60           No MI                                                                       2.25
       16179336                       80           No MI                                                                          4
       16178283                       80           No MI                                                                       2.25
       16178284              46.50999832           No MI                                                                       2.25
       16179337                       80           No MI                                                                          4
       16178527                       80           No MI                                                                       2.25
       16178529              54.16999817           No MI                                                                       2.25
       16179892              79.98999786           No MI                                                                      3.075
       16180019                       80           No MI                                                                        3.5
       16178612                       80           No MI                                                                       2.25
       16178370              69.44999695           No MI                                                                       2.25
       16178533                       70           No MI                                                                       2.25
       16178534              78.56999969           No MI                                                                       2.25
       16178535                       80           No MI                                                                       2.25
       16178536                       80           No MI                                                                       2.25
       16178537                       80           No MI                                                                       2.25
       16178456                       80           No MI                                                                       3.25
       16178294                       93           GE Capital MI                                                               2.25
       16178618                       70           No MI                                                                       2.25
       16178296              62.61999893           No MI                                                                       2.25
       16178459                       80           No MI                                                                       2.25
       16178298                       90           Radian Guaranty                                                             2.25
       16178379                       80           No MI                                                                       2.25
       16180020                       80           No MI                                                                        3.5
       16178701                       80           No MI                                                                       2.25
       16178540                       80           No MI                                                                       2.25
       16179350                       80           No MI                                                                        3.5
       16178460                       80           No MI                                                                       2.25
       16178623                       90           Mortgage Guaranty In                                                        2.25
       16178705                       80           No MI                                                                       2.25
       16178463              79.98000336           No MI                                                                       2.25
       16178382              79.98999786           No MI                                                                       2.25
       16178544              79.98999786           No MI                                                                       2.25
       16178707              54.65000153           No MI                                                                       2.25
       16179518                       90           Radian Guaranty                                                              3.5
       16178627                       80           No MI                                                                       2.25
       16178385                       80           No MI                                                                       2.25
       16178628                       80           No MI                                                                       2.25
       16178466                       80           No MI                                                                       2.25
       16178469              82.97000122           GE Capital MI                                                               2.25
       16178389                       80           No MI                                                                       2.25
       16178710              94.27999878           GE Capital MI                                                               3.25
       16180393              45.70999908           No MI                                                                       2.25
       16178964                       80           No MI                                                                        3.5
       16179000                       80           No MI                                                                        4.4
       16179083                       80           No MI                                                                       3.74
       16180296                       75           No MI                                                                       2.25
       16179605              74.88999939           No MI                                                                      3.375
       16179157                       90           PMI                                                                          3.7
       16179719              79.98999786           No MI                                                                       3.45
       16180042                       80           No MI                                                                      3.825
       16178532                       80           No MI                                                                       2.25
       16178521                       80           No MI                                                                       2.75
       16179486                       90           Triad Guaranty                                                              2.65
       16178896                       80           No MI                                                                      3.525
       99999001                       80           No MI                                                                       2.25
       99999004                       80           No MI                                                                       2.25
       99999005                       80           GE Capital MI                                                               2.25
       99999007                     79.5           No MI                                                                       2.25
       99999010                       80           No MI                                                                        3.1
       15980136              59.11999893           No MI                                                                      3.075
       99999200                       80           No MI                                                                       2.25
       99999201              76.48000336           No MI                                                                       2.25
       99999202                       80           No MI                                                                       2.25

LOAN_SEQ                 NEXT_RATE_                MAX_RATE                MIN_RATE              PER_RATE
                         ADJ_DATE1                                                               _CAP
----------------------------------------------------------------------------------------------------------------
       16180262                  20110201                   12.25                  2.25                       2
      122405144                  20060501                   9.999                   2.9                       0
       16178479                  20110201                  11.125                  2.25                       2
       16179674                  20060501                    9.95                 3.075                       0
       16180224                  20110201                    12.5                  2.25                       2
       16179289                  20060501                    9.95                 3.525                       0
       16179228                  20060501                    9.95                   2.9                       0
       16178371                  20101201                    11.5                  2.25                       2
       16179245                  20060501                    9.95                   3.4                       0
       16179852                  20060501                    9.95                  3.45                       0
       16180263                  20110201                   12.75                  2.25                       2
       16179810                  20060501                    9.95                 3.075                       0
       16178940                  20060501                   9.999                   3.8                       0
       16180106                  20060501                    12.5                 3.525                       0
       16180161                  20060501                    12.5                  4.15                       0
       16180225                  20110201                  12.875                  2.25                       2
       16179773                  20060501                    9.95                   3.5                       0
       16178566                  20110201                   11.25                  2.25                       2
       16179511                  20060501                   10.45                 3.325                       0
       16179290                  20060501                    9.95                   2.9                       0
       16179920                  20060501                    9.95                  3.45                       0
       16179019                  20060501                   9.999                 3.875                       0
       16180362                  20110201                    13.5                  2.25                       2
       16180264                  20110201                  12.125                  2.25                       2
       16179811                  20060501                    9.95                 3.075                       0
       16178420                  20110101                  11.875                  2.25                       2
       16179566                  20060501                    9.95                  3.45                       0
       16179675                  20060501                    9.95                  3.45                       0
       16180122                  20060501                    12.5                  3.65                       0
       16178735                  20110201                  12.125                  2.25                       2
       16180226                  20110201                   12.25                  2.25                       2
       16179512                  20060501                    9.95                 3.325                       0
       16179214                  20060501                    9.95                   3.7                       0
       16179133                  20060501                    9.95                   2.9                       0
       16179373                  20060501                    9.95                  3.45                       0
       16180363                  20110201                   12.75                  2.25                       2
       16180265                  20110201                    13.5                  2.25                       2
       16179703                  20060501                    9.95                  3.45                       0
       16179567                  20060501                    9.95                  3.45                       0
       16178332                  20110101                  12.875                  2.25                       2
       16178522                  20110201                  11.625                  2.25                       2
       16179482                  20060501                    9.95                 3.125                       0
       16179118                  20060501                    9.95                 3.525                       0
       16179134                  20060501                    9.95                  3.15                       0
       16179772                  20060501                    9.95                     4                       0
       16179374                  20060501                    9.95                  3.45                       0
       16180364                  20110201                   13.75                  2.25                       2
       16178546                  20110201                  10.875                  2.25                       2
       16178967                  20060501                   9.999                  3.05                       0
       16180266                  20110201                      13                  2.25                       2
       16179812                  20060501                    9.95                 2.725                       0
       16179704                  20060501                    9.95                  3.45                       0
       16179034                  20060501                   9.999                   3.7                       0
       16179692                  20060501                    9.95                  3.45                       0
       16180137                  20060501                    12.5                  2.85                       0
       16178328                  20110101                  12.875                  2.25                       2
       16179278                  20060501                    9.95                 3.275                       0
       16180228                  20110201                   12.25                  2.25                       2
       16178855                  20110301                  11.875                  2.25                       2
       16180185                  20060501                    12.5                 2.725                       0
       16179922                  20060501                    9.95                   3.2                       0
       16179942                  20060501                    9.95                  3.45                       0
       16180598                  20110201                  12.625                  2.25                       2
       16179008                  20060501                   9.999                   3.7                       0
       16179013                  20060501                   9.999                   3.5                       0
       16179203                  20060501                    9.95                 3.925                       0
       16179449                  20060501                    9.95                  3.45                       0
       16180431                  20110201                  12.875                  2.25                       2
       16178813                  20110301                  12.125                  2.25                       2
       16179102                  20060501                    9.95                 3.525                       0
       16179328                  20060501                   10.45                 3.325                       0
       16178996                  20060501                   9.999                   4.4                       0
       16179428                  20060501                    9.95                  2.95                       0
       16178441                  20110101                   11.25                  2.25                       2
       16179747                  20060501                    9.95                  3.45                       0
       16178706                  20110301                  11.125                  2.25                       2
       16179393                  20060501                    9.95                  3.45                       0
       16178681                  20110301                  11.875                  2.25                       2
       16178669                  20110201                   11.75                  2.25                       2
       16178528                  20110201                  11.875                  3.25                       1
       16179255                  20060501                    9.95                   3.4                       0
       16178249                  20101001                  11.375                  2.25                       2
       16180076                  20060501                    12.5                 3.525                       0
       16178600                  20110201                  11.125                  2.25                       2
       16179895                  20060501                    9.95                  3.45                       0
       16180599                  20110201                  13.125                  2.25                       2
       16179993                  20060501                    9.95                  3.45                       0
       16180432                  20110201                   12.25                  2.25                       2
       16179173                  20060501                    9.95                 3.925                       0
       16179429                  20060501                    9.95                  3.45                       0
       16180129                  20060501                    12.5                 2.875                       0
       16179748                  20060501                    9.95                 3.325                       0
       16179968                  20060501                    9.95                  3.45                       0
       16179029                  20060501                   9.999                  4.35                       0
       16178912                  20060501                   9.999                     4                       0
       16178931                  20060501                   9.999                   4.4                       0
       16178335                  20110101                   11.75                  2.25                       2
       16179650                  20060501                    9.95                   3.5                       0
       16178310                  20110201                  11.625                  2.25                       2
       16178218                  20110101                  11.875                  2.25                       2
       16179205                  20060501                    9.95                 3.525                       0
       16178739                  20110301                  10.875                  2.25                       2
       16180016                  20060501                    9.95                  3.45                       0
       16178266                  20110101                   11.75                  2.25                       2
       16179847                  20060501                    9.95                  3.45                       0
       16179896                  20060501                    9.95                   3.4                       0
       16179123                  20060501                    9.95                 3.525                       0
       16180600                  20110201                   12.75                  2.25                       2
       16179204                  20060501                    11.7                 3.925                       0
       16179450                  20060501                    9.95                 3.325                       0
       16178997                  20060501                   9.999                     4                       0
       16178781                  20110301                  12.125                  2.25                       2
       16179969                  20060501                    9.95                  3.45                       0
       16178953                  20060501                   9.999                     4                       0
       16178309                  20110201                   11.75                  2.25                       2
       16179242                  20060501                    9.95                   3.7                       0
       16178250                  20101001                  11.375                  2.25                       2
       16180017                  20060501                    9.95                  3.45                       0
       16180601                  20110201                      12                  2.25                       2
       16179014                  20060501                   9.999                     3                       0
       16180433                  20110201                      12                  2.25                       2
       16178805                  20110301                   11.25                  2.25                       2
       16179355                  20060501                    9.95                  3.45                       0
       16179042                  20060501                   9.999                  3.25                       0
       16180091                  20060501                    12.5                  3.95                       0
       16178590                  20110201                      11                  2.25                       2
       16178219                  20101201                  11.375                  2.25                       2
       16178264                  20110101                  12.125                  2.25                       2
       16179897                  20060501                    9.95                 3.325                       0
       16179125                  20060501                    9.95                  3.15                       0
       16179193                  20060501                   10.95                  3.15                       0
       16180602                  20110201                  12.875                  2.25                       2
       16179198                  20060501                    9.95                 3.525                       0
       16179451                  20060501                    9.95                  3.45                       0
       16178726                  20110301                  11.625                  2.25                       2
       16180048                  20060501                    12.5                  3.15                       0
       16180170                  20060501                    12.5                 2.725                       0
       16179970                  20060501                    9.95                   3.2                       0
       16179022                  20060501                   9.999                   3.5                       0
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       16179075                  20060501                   9.999                   3.5                       0
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       16179441                  20060501                    9.95                  3.45                       0
       16179340                  20060501                    9.95                   3.5                       0
       16178274                  20110201                  11.625                  3.25                       1
       16178538                  20110201                    11.5                  2.25                       2
       16179612                  20060501                    9.95                 3.375                       0
       16179651                  20060501                    9.95                   3.5                       0
       16178904                  20060501                    9.95                   3.7                       0
       16178579                  20110201                   12.25                  2.25                       2
       16180090                  20060501                    12.5                  4.15                       0
       16178616                  20110201                  11.875                  2.25                       2
       16179907                  20060501                    9.95                  3.45                       0
       16180616                  20110201                   12.25                  2.25                       2
       16179949                  20060501                    9.95                  3.45                       0
       16179188                  20060501                    9.95                  3.95                       0
       16180515                  20110201                  12.375                  2.25                       2
       16179080                  20060501                   9.999                     4                       0
       16178446                  20110101                    11.5                  2.25                       2
       16179800                  20060501                    9.95                   3.5                       0
       16178839                  20110301                      12                  2.25                       2
       16179661                  20060501                    9.95                 3.325                       0
       16178348                  20110101                   11.75                  2.25                       2
       16178330                  20110101                  12.875                  2.25                       2
       16178258                  20110201                  11.875                  2.25                       2
       16180097                  20060501                    12.5                   3.2                       0
       16179908                  20060501                    9.95                  3.45                       0
       16179238                  20060501                    9.95                  3.15                       0
       16180617                  20110201                    13.5                  2.25                       2
       16179192                  20060501                    9.95                  3.55                       0
       16180516                  20110201                  11.875                  2.25                       2
       16180148                  20060501                    12.5                 2.775                       0
       16178732                  20110301                  11.375                  2.25                       2
       16179662                  20060501                    9.95                 3.975                       0
       16178187                  20090101                  13.375                  3.25                       2
       16178268                  20081201                      12                  2.25                       2
       16178188                  20081201                   13.25                  3.25                       2
       16179791                  20060501                    9.95                   3.5                       0
       16179795                  20060501                    9.95                   3.5                       0
       16179797                  20060501                    9.95                   3.5                       0
       16179959                  20060501                    9.95                   3.5                       0
       16179799                  20060501                    9.95                  3.75                       0
       16178350                  20110201                    12.5                  2.25                       2
       16178351                  20110101                    12.5                  2.25                       1
       16178270                  20090101                  11.875                  2.25                       2
       16178514                  20090201                   12.75                  2.25                       2
       16178352                  20110101                   11.75                  3.25                       2
       16178271                  20081201                  12.125                  2.25                       2
       16178272                  20081201                  12.125                  2.25                       2
       16179325                  20060501                    9.95                  4.75                       0
       16179406                  20060501                    9.95                   3.5                       0
       16178515                  20090201                   13.25                  2.25                       2
       16179326                  20060501                    9.95                 5.125                       0
       16178516                  20090201                    12.5                  2.25                       2
       16178273                  20110101                    12.5                  2.25                       2
       16178193                  20081201                      13                  3.25                       2
       16179409                  20060501                    9.95                   3.5                       0
       16178194                  20090101                      13                  3.25                       2
       16178195                  20101201                    12.5                  2.25                       1
       16178196                  20090101                  13.375                  2.25                       2
       16178277                  20090201                  11.125                  2.25                       1
       16178358                  20090201                  12.875                  2.25                       2
       16178197                  20090101                      13                  3.25                       2
       16178278                  20090101                  12.625                   3.5                       2
       16178198                  20081201                      12                   3.5                       2
       16178279                  20090101                  13.375                  2.25                       2
       16178199                  20090101                  12.125                  3.25                       2
       16180004                  20060501                    9.95                   3.2                       0
       16178520                  20090201                    12.5                  2.25                       2
       16178603                  20110201                  12.375                  2.25                       2
       16178360                  20090201                   12.25                  2.25                       2
       16178604                  20110201                    12.5                  2.25                       1
       16178607                  20090201                  12.375                  2.25                       2
       16179336                  20060501                    9.95                     4                       0
       16178283                  20090101                  12.125                  2.25                       2
       16178284                  20090101                      13                  2.25                       2
       16179337                  20060501                    9.95                     4                       0
       16178527                  20110201                    12.5                  2.25                       2
       16178529                  20090201                    12.5                  2.25                       2
       16179892                  20060501                    9.95                 3.075                       0
       16180019                  20060501                    9.95                   3.5                       0
       16178612                  20110301                    12.5                  2.25                       2
       16178370                  20081101                  11.625                  2.25                       2
       16178533                  20090201                  12.875                  2.25                       2
       16178534                  20090201                  12.125                  2.25                       2
       16178535                  20110201                  12.375                  2.25                       2
       16178536                  20090201                    12.5                  2.25                       2
       16178537                  20090201                    12.5                  2.25                       2
       16178456                  20090201                   13.25                  3.25                       2
       16178294                  20090101                  13.375                  2.25                       2
       16178618                  20110201                  12.625                  2.25                       2
       16178296                  20090201                   12.25                  2.25                       2
       16178459                  20090201                  13.375                  2.25                       2
       16178298                  20090101                  13.375                  2.25                       2
       16178379                  20090101                  11.875                  2.25                       2
       16180020                  20060501                    9.95                   3.5                       0
       16178701                  20090301                  13.375                  2.25                       2
       16178540                  20090201                      13                  2.25                       2
       16179350                  20060501                    9.95                   3.5                       0
       16178460                  20090201                  13.375                  2.25                       2
       16178623                  20090201                    12.5                  2.25                       2
       16178705                  20090301                  12.125                  2.25                       2
       16178463                  20090201                   12.25                  2.25                       2
       16178382                  20090101                  11.875                  2.25                       2
       16178544                  20090201                  13.375                  2.25                       2
       16178707                  20090301                   12.75                  2.25                       2
       16179518                  20060501                    9.95                   3.5                       0
       16178627                  20110201                  12.375                  2.25                       2
       16178385                  20090101                  11.875                  2.25                       2
       16178628                  20110301                  12.375                  2.25                       2
       16178466                  20110201                  12.375                  2.25                       2
       16178469                  20110201                    12.5                  2.25                       2
       16178389                  20090101                   11.25                  2.25                       2
       16178710                  20090301                   13.25                  3.25                       1
       16180393                  20110201                  12.625                  2.25                       2
       16178964                  20060501                   9.999                   3.5                       0
       16179000                  20060501                   9.999                   4.4                       0
       16179083                  20060501                   9.999                  3.74                       0
       16180296                  20110201                   13.25                  2.25                       2
       16179605                  20060501                    9.95                 3.375                       0
       16179157                  20060501                    9.95                   3.7                       0
       16179719                  20060501                    9.95                  3.45                       0
       16180042                  20060501                    12.5                 3.825                       0
       16178532                  20110201                   11.25                  2.25                       2
       16178521                  20110101                   10.75                  2.75                       2
       16179486                  20060501                    9.95                  2.65                       0
       16178896                  20060501                    9.95                 3.525                       0
       99999001                  20110201                  12.875                  2.25                       2
       99999004                  20110201                  13.225                  2.25                       2
       99999005                  20110201                  12.875                  2.25                       2
       99999007                  20110201                  12.875                  2.25                       2
       99999010                  20060501                   9.999                   3.1                       0
       15980136                  20060501                    9.95                 3.075                       0
       99999200                  20110201                   13.75                  2.25                       2
       99999201                  20110101                  12.625                  2.25                       2
       99999202                  20110201                   13.25                  2.25                       2

LOAN_SEQ                 LIEN                     BALLOON               IO_FLAG              IO_PERIOD               PREPAY
--------------------------------------------------------------------------------------------------------------------------------
       16180262          First Lien               No                    YES                  10YRIO                  No
      122405144          First Lien               No                    NO                   NONIO                   Yes
       16178479          First Lien               No                    YES                  10YRIO                  No
       16179674          First Lien               No                    NO                   NONIO                   Yes
       16180224          First Lien               No                    NO                   NONIO                   No
       16179289          First Lien               No                    NO                   NONIO                   Yes
       16179228          First Lien               No                    NO                   NONIO                   Yes
       16178371          First Lien               No                    YES                  10YRIO                  Yes
       16179245          First Lien               No                    NO                   NONIO                   Yes
       16179852          First Lien               No                    NO                   NONIO                   Yes
       16180263          First Lien               No                    NO                   NONIO                   No
       16179810          First Lien               No                    NO                   NONIO                   Yes
       16178940          First Lien               No                    NO                   NONIO                   No
       16180106          First Lien               No                    NO                   NONIO                   Yes
       16180161          First Lien               No                    NO                   NONIO                   Yes
       16180225          First Lien               No                    YES                  10YRIO                  No
       16179773          First Lien               No                    NO                   NONIO                   Yes
       16178566          First Lien               No                    YES                  10YRIO                  No
       16179511          First Lien               No                    NO                   NONIO                   Yes
       16179290          First Lien               No                    NO                   NONIO                   Yes
       16179920          First Lien               No                    NO                   NONIO                   Yes
       16179019          First Lien               No                    NO                   NONIO                   Yes
       16180362          First Lien               No                    YES                  10YRIO                  No
       16180264          First Lien               No                    YES                  10YRIO                  No
       16179811          First Lien               No                    NO                   NONIO                   Yes
       16178420          First Lien               No                    YES                  10YRIO                  No
       16179566          First Lien               No                    NO                   NONIO                   Yes
       16179675          First Lien               No                    NO                   NONIO                   Yes
       16180122          First Lien               No                    NO                   NONIO                   Yes
       16178735          First Lien               No                    YES                  5YRIO                   No
       16180226          First Lien               No                    YES                  10YRIO                  No
       16179512          First Lien               No                    NO                   NONIO                   Yes
       16179214          First Lien               No                    NO                   NONIO                   No
       16179133          First Lien               No                    NO                   NONIO                   Yes
       16179373          First Lien               No                    NO                   NONIO                   Yes
       16180363          First Lien               No                    YES                  10YRIO                  Yes
       16180265          First Lien               No                    YES                  10YRIO                  No
       16179703          First Lien               No                    NO                   NONIO                   Yes
       16179567          First Lien               No                    NO                   NONIO                   Yes
       16178332          First Lien               No                    YES                  10YRIO                  No
       16178522          First Lien               No                    YES                  5YRIO                   No
       16179482          First Lien               No                    NO                   NONIO                   Yes
       16179118          First Lien               No                    NO                   NONIO                   Yes
       16179134          First Lien               No                    NO                   NONIO                   Yes
       16179772          First Lien               No                    NO                   NONIO                   Yes
       16179374          First Lien               No                    NO                   NONIO                   Yes
       16180364          First Lien               No                    YES                  10YRIO                  No
       16178546          First Lien               No                    YES                  10YRIO                  No
       16178967          First Lien               No                    NO                   NONIO                   Yes
       16180266          First Lien               No                    YES                  10YRIO                  No
       16179812          First Lien               No                    NO                   NONIO                   Yes
       16179704          First Lien               No                    NO                   NONIO                   Yes
       16179034          First Lien               No                    NO                   NONIO                   Yes
       16179692          First Lien               No                    NO                   NONIO                   Yes
       16180137          First Lien               No                    NO                   NONIO                   Yes
       16178328          First Lien               No                    YES                  10YRIO                  No
       16179278          First Lien               No                    NO                   NONIO                   Yes
       16180228          First Lien               No                    YES                  10YRIO                  No
       16178855          First Lien               No                    NO                   NONIO                   No
       16180185          First Lien               No                    NO                   NONIO                   Yes
       16179922          First Lien               No                    NO                   NONIO                   Yes
       16179942          First Lien               No                    NO                   NONIO                   Yes
       16180598          First Lien               No                    YES                  10YRIO                  No
       16179008          First Lien               No                    NO                   NONIO                   Yes
       16179013          First Lien               No                    NO                   NONIO                   Yes
       16179203          First Lien               No                    NO                   NONIO                   Yes
       16179449          First Lien               No                    NO                   NONIO                   Yes
       16180431          First Lien               No                    YES                  10YRIO                  Yes
       16178813          First Lien               No                    YES                  10YRIO                  No
       16179102          First Lien               No                    NO                   NONIO                   Yes
       16179328          First Lien               No                    NO                   NONIO                   Yes
       16178996          First Lien               No                    NO                   NONIO                   Yes
       16179428          First Lien               No                    NO                   NONIO                   Yes
       16178441          First Lien               No                    YES                  10YRIO                  No
       16179747          First Lien               No                    NO                   NONIO                   Yes
       16178706          First Lien               No                    YES                  10YRIO                  No
       16179393          First Lien               No                    NO                   NONIO                   Yes
       16178681          First Lien               No                    YES                  10YRIO                  No
       16178669          First Lien               No                    YES                  5YRIO                   No
       16178528          First Lien               No                    YES                  10YRIO                  Yes
       16179255          First Lien               No                    NO                   NONIO                   No
       16178249          First Lien               No                    YES                  5YRIO                   No
       16180076          First Lien               No                    NO                   NONIO                   Yes
       16178600          First Lien               No                    YES                  10YRIO                  No
       16179895          First Lien               No                    NO                   NONIO                   Yes
       16180599          First Lien               No                    YES                  10YRIO                  No
       16179993          First Lien               No                    NO                   NONIO                   Yes
       16180432          First Lien               No                    YES                  10YRIO                  No
       16179173          First Lien               No                    NO                   NONIO                   No
       16179429          First Lien               No                    NO                   NONIO                   Yes
       16180129          First Lien               No                    NO                   NONIO                   Yes
       16179748          First Lien               No                    NO                   NONIO                   Yes
       16179968          First Lien               No                    NO                   NONIO                   Yes
       16179029          First Lien               No                    NO                   NONIO                   No
       16178912          First Lien               No                    NO                   NONIO                   Yes
       16178931          First Lien               No                    NO                   NONIO                   Yes
       16178335          First Lien               No                    YES                  10YRIO                  No
       16179650          First Lien               No                    NO                   NONIO                   Yes
       16178310          First Lien               No                    YES                  10YRIO                  No
       16178218          First Lien               No                    YES                  5YRIO                   No
       16179205          First Lien               No                    NO                   NONIO                   Yes
       16178739          First Lien               No                    YES                  10YRIO                  Yes
       16180016          First Lien               No                    NO                   NONIO                   Yes
       16178266          First Lien               No                    YES                  10YRIO                  No
       16179847          First Lien               No                    NO                   NONIO                   Yes
       16179896          First Lien               No                    NO                   NONIO                   Yes
       16179123          First Lien               No                    NO                   NONIO                   Yes
       16180600          First Lien               No                    NO                   NONIO                   No
       16179204          First Lien               No                    NO                   NONIO                   Yes
       16179450          First Lien               No                    NO                   NONIO                   Yes
       16178997          First Lien               No                    NO                   NONIO                   Yes
       16178781          First Lien               No                    YES                  10YRIO                  Yes
       16179969          First Lien               No                    NO                   NONIO                   Yes
       16178953          First Lien               No                    NO                   NONIO                   No
       16178309          First Lien               No                    NO                   NONIO                   No
       16179242          First Lien               No                    NO                   NONIO                   No
       16178250          First Lien               No                    YES                  5YRIO                   No
       16180017          First Lien               No                    NO                   NONIO                   Yes
       16180601          First Lien               No                    YES                  10YRIO                  No
       16179014          First Lien               No                    NO                   NONIO                   No
       16180433          First Lien               No                    YES                  10YRIO                  No
       16178805          First Lien               No                    YES                  10YRIO                  No
       16179355          First Lien               No                    NO                   NONIO                   Yes
       16179042          First Lien               No                    NO                   NONIO                   Yes
       16180091          First Lien               No                    NO                   NONIO                   Yes
       16178590          First Lien               No                    YES                  10YRIO                  No
       16178219          First Lien               No                    YES                  5YRIO                   No
       16178264          First Lien               No                    YES                  10YRIO                  No
       16179897          First Lien               No                    NO                   NONIO                   Yes
       16179125          First Lien               No                    NO                   NONIO                   Yes
       16179193          First Lien               No                    NO                   NONIO                   No
       16180602          First Lien               No                    YES                  10YRIO                  No
       16179198          First Lien               No                    NO                   NONIO                   Yes
       16179451          First Lien               No                    NO                   NONIO                   Yes
       16178726          First Lien               No                    YES                  10YRIO                  No
       16180048          First Lien               No                    NO                   NONIO                   Yes
       16180170          First Lien               No                    NO                   NONIO                   Yes
       16179970          First Lien               No                    NO                   NONIO                   Yes
       16179022          First Lien               No                    NO                   NONIO                   Yes
       16178295          First Lien               No                    YES                  10YRIO                  No
       16178575          First Lien               No                    YES                  10YRIO                  No
       16178666          First Lien               No                    YES                  10YRIO                  Yes
       16180116          First Lien               No                    NO                   NONIO                   Yes
       16178601          First Lien               No                    YES                  10YRIO                  No
       16178251          First Lien               No                    YES                  5YRIO                   No
       16179783          First Lien               No                    NO                   NONIO                   Yes
       16179849          First Lien               No                    NO                   NONIO                   Yes
       16179898          First Lien               No                    NO                   NONIO                   Yes
       16179194          First Lien               No                    NO                   NONIO                   Yes
       16180603          First Lien               No                    YES                  10YRIO                  No
       16179452          First Lien               No                    NO                   NONIO                   Yes
       16180627          First Lien               No                    YES                  10YRIO                  No
       16179396          First Lien               No                    NO                   NONIO                   Yes
       16178936          First Lien               No                    NO                   NONIO                   No
       16178954          First Lien               No                    NO                   NONIO                   No
       16178913          First Lien               No                    NO                   NONIO                   Yes
       16179672          First Lien               No                    NO                   NONIO                   Yes
       16180110          First Lien               No                    NO                   NONIO                   Yes
       16178291          First Lien               No                    YES                  10YRIO                  Yes
       16179264          First Lien               No                    NO                   NONIO                   Yes
       16178220          First Lien               No                    YES                  5YRIO                   No
       16180018          First Lien               No                    NO                   NONIO                   Yes
       16179784          First Lien               No                    NO                   NONIO                   Yes
       16179108          First Lien               No                    NO                   NONIO                   No
       16179453          First Lien               No                    NO                   NONIO                   Yes
       16180259          First Lien               No                    YES                  10YRIO                  No
       16179673          First Lien               No                    NO                   NONIO                   Yes
       16178689          First Lien               No                    YES                  10YRIO                  No
       16178822          First Lien               No                    YES                  10YRIO                  No
       16179265          First Lien               No                    NO                   NONIO                   Yes
       16179217          First Lien               No                    NO                   NONIO                   Yes
       16179243          First Lien               No                    NO                   NONIO                   No
       16179201          First Lien               No                    NO                   NONIO                   Yes
       16179850          First Lien               No                    NO                   NONIO                   Yes
       16179899          First Lien               No                    NO                   NONIO                   Yes
       16179454          First Lien               No                    NO                   NONIO                   Yes
       16180260          First Lien               No                    YES                  10YRIO                  No
       16179149          First Lien               No                    NO                   NONIO                   Yes
       16179033          First Lien               No                    NO                   NONIO                   Yes
       16179564          First Lien               No                    NO                   NONIO                   Yes
       16178550          First Lien               No                    YES                  5YRIO                   No
       16178937          First Lien               No                    NO                   NONIO                   Yes
       16179790          First Lien               No                    NO                   NONIO                   Yes
       16180190          First Lien               No                    NO                   NONIO                   Yes
       16178581          First Lien               No                    YES                  10YRIO                  No
       16178568          First Lien               No                    YES                  10YRIO                  Yes
       16179132          First Lien               No                    NO                   NONIO                   Yes
       16179918          First Lien               No                    NO                   NONIO                   Yes
       16178221          First Lien               No                    NO                   NONIO                   No
       16179244          First Lien               No                    NO                   NONIO                   Yes
       16179017          First Lien               No                    NO                   NONIO                   No
       16179109          First Lien               No                    NO                   NONIO                   Yes
       16178364          First Lien               No                    YES                  10YRIO                  No
       16179351          First Lien               No                    NO                   NONIO                   Yes
       16179398          First Lien               No                    NO                   NONIO                   Yes
       16180261          First Lien               No                    YES                  10YRIO                  No
       16179052          First Lien               No                    NO                   NONIO                   No
       16179565          First Lien               No                    NO                   NONIO                   Yes
       16178938          First Lien               No                    NO                   NONIO                   No
       16178339          First Lien               No                    NO                   NONIO                   No
       16180105          First Lien               No                    NO                   NONIO                   Yes
       16180088          First Lien               No                    NO                   NONIO                   Yes
       16178281          First Lien               No                    YES                  10YRIO                  No
       16179919          First Lien               No                    NO                   NONIO                   Yes
       16178192          First Lien               No                    YES                  10YRIO                  No
       16179018          First Lien               No                    NO                   NONIO                   Yes
       16179851          First Lien               No                    NO                   NONIO                   Yes
       16179456          First Lien               No                    NO                   NONIO                   Yes
       16178773          First Lien               No                    NO                   NONIO                   No
       16178640          First Lien               No                    YES                  10YRIO                  No
       16178688          First Lien               No                    YES                  10YRIO                  No
       16179294          First Lien               No                    NO                   NONIO                   Yes
       16179235          First Lien               No                    NO                   NONIO                   No
       16180220          First Lien               No                    YES                  10YRIO                  Yes
       16179250          First Lien               No                    NO                   NONIO                   Yes
       16179207          First Lien               No                    NO                   NONIO                   Yes
       16180070          First Lien               No                    NO                   NONIO                   Yes
       16179478          First Lien               No                    NO                   NONIO                   Yes
       16179370          First Lien               No                    NO                   NONIO                   Yes
       16179526          First Lien               No                    NO                   NONIO                   Yes
       16180452          First Lien               No                    YES                  10YRIO                  Yes
       16180289          First Lien               No                    YES                  10YRIO                  No
       16180358          First Lien               No                    YES                  10YRIO                  No
       16179163          First Lien               No                    NO                   NONIO                   Yes
       16179036          First Lien               No                    NO                   NONIO                   Yes
       16179586          First Lien               No                    NO                   NONIO                   Yes
       16178784          First Lien               No                    YES                  10YRIO                  No
       16178485          First Lien               No                    YES                  10YRIO                  No
       16179654          First Lien               No                    NO                   NONIO                   Yes
       16180036          First Lien               No                    NO                   NONIO                   Yes
       16180163          First Lien               No                    NO                   NONIO                   Yes
       16179273          First Lien               No                    NO                   NONIO                   Yes
       16180221          First Lien               No                    YES                  10YRIO                  No
       16178387          First Lien               No                    YES                  10YRIO                  No
       16178359          First Lien               No                    NO                   NONIO                   No
       16178897          First Lien               No                    NO                   NONIO                   No
       16180077          First Lien               No                    NO                   NONIO                   Yes
       16179371          First Lien               No                    NO                   NONIO                   Yes
       16180453          First Lien               No                    NO                   NONIO                   No
       16180290          First Lien               No                    YES                  10YRIO                  No
       16179716          First Lien               No                    NO                   NONIO                   Yes
       16179061          First Lien               No                    NO                   NONIO                   Yes
       16179764          First Lien               No                    NO                   NONIO                   Yes
       16179143          First Lien               No                    NO                   NONIO                   Yes
       16179807          First Lien               No                    NO                   NONIO                   Yes
       16178809          First Lien               No                    YES                  10YRIO                  Yes
       16179024          First Lien               No                    NO                   NONIO                   Yes
       16178793          First Lien               No                    YES                  10YRIO                  Yes
       16180139          First Lien               No                    NO                   NONIO                   No
       16179274          First Lien               No                    NO                   NONIO                   Yes
       16179295          First Lien               No                    NO                   NONIO                   Yes
       16180222          First Lien               No                    YES                  10YRIO                  No
       16178842          First Lien               No                    YES                  10YRIO                  Yes
       16178510          First Lien               No                    YES                  10YRIO                  No
       16180622          First Lien               No                    YES                  10YRIO                  No
       16180454          First Lien               No                    YES                  10YRIO                  No
       16179166          First Lien               No                    NO                   NONIO                   No
       16179073          First Lien               No                    NO                   NONIO                   Yes
       16180291          First Lien               No                    YES                  10YRIO                  No
       16180359          First Lien               No                    YES                  10YRIO                  No
       16178448          First Lien               No                    YES                  10YRIO                  No
       16180065          First Lien               No                    NO                   NONIO                   Yes
       16179808          First Lien               No                    NO                   NONIO                   Yes
       16179587          First Lien               No                    NO                   NONIO                   Yes
       16178638          First Lien               No                    NO                   NONIO                   No
       16179702          First Lien               No                    NO                   NONIO                   Yes
       16179655          First Lien               No                    NO                   NONIO                   Yes
       16179025          First Lien               No                    NO                   NONIO                   Yes
       16179691          First Lien               No                    NO                   NONIO                   Yes
       16178587          First Lien               No                    YES                  10YRIO                  No
       16178523          First Lien               No                    YES                  5YRIO                   No
       16180223          First Lien               No                    YES                  10YRIO                  No
       16179372          First Lien               No                    NO                   NONIO                   Yes
       16180623          First Lien               No                    YES                  10YRIO                  No
       16180389          First Lien               No                    NO                   NONIO                   No
       16180455          First Lien               No                    YES                  10YRIO                  No
       16179074          First Lien               No                    NO                   NONIO                   Yes
       16180292          First Lien               No                    YES                  10YRIO                  No
       16180360          First Lien               No                    YES                  10YRIO                  No
       16179809          First Lien               No                    NO                   NONIO                   Yes
       16180141          First Lien               No                    NO                   NONIO                   No
       16178620          First Lien               No                    YES                  10YRIO                  No
       16178699          First Lien               No                    YES                  10YRIO                  Yes
       16178629          First Lien               No                    NO                   NONIO                   No
       16180084          First Lien               No                    NO                   NONIO                   Yes
       16178825          First Lien               No                    YES                  10YRIO                  No
       16179275          First Lien               No                    NO                   NONIO                   No
       16180181          First Lien               No                    NO                   NONIO                   Yes
       16178378          First Lien               No                    YES                  10YRIO                  No
       16180624          First Lien               No                    NO                   NONIO                   No
       16180390          First Lien               No                    YES                  10YRIO                  No
       16179184          First Lien               No                    NO                   NONIO                   No
       16180456          First Lien               No                    YES                  10YRIO                  No
       16180293          First Lien               No                    YES                  10YRIO                  No
       16179825          First Lien               No                    NO                   NONIO                   Yes
       16180361          First Lien               No                    NO                   NONIO                   No
       16178449          First Lien               No                    YES                  10YRIO                  No
       16179717          First Lien               No                    NO                   NONIO                   Yes
       16180192          First Lien               No                    NO                   NONIO                   No
       16178652          First Lien               No                    YES                  10YRIO                  Yes
       16180156          First Lien               No                    NO                   NONIO                   No
       16178945          First Lien               No                    NO                   NONIO                   Yes
       16178639          First Lien               No                    YES                  5YRIO                   No
       16178778          First Lien               No                    YES                  5YRIO                   No
       16178304          First Lien               No                    YES                  10YRIO                  No
       16178325          First Lien               No                    YES                  10YRIO                  Yes
       16179775          First Lien               No                    NO                   NONIO                   Yes
       16179236          First Lien               No                    NO                   NONIO                   Yes
       16178551          First Lien               No                    YES                  10YRIO                  No
       16180556          First Lien               No                    NO                   NONIO                   No
       16180625          First Lien               No                    YES                  10YRIO                  No
       16180391          First Lien               No                    YES                  10YRIO                  No
       16179185          First Lien               No                    NO                   NONIO                   No
       16180457          First Lien               No                    YES                  10YRIO                  Yes
       16179082          First Lien               No                    NO                   NONIO                   Yes
       16180294          First Lien               No                    YES                  10YRIO                  No
       16179826          First Lien               No                    NO                   NONIO                   Yes
       16179718          First Lien               No                    NO                   NONIO                   Yes
       16179037          First Lien               No                    NO                   NONIO                   Yes
       16180151          First Lien               No                    NO                   NONIO                   Yes
       16178693          First Lien               No                    YES                  10YRIO                  No
       16178865          First Lien               No                    YES                  10YRIO                  No
       16179276          First Lien               No                    NO                   NONIO                   Yes
       16179499          First Lien               No                    NO                   NONIO                   Yes
       16178512          First Lien               No                    YES                  10YRIO                  No
       16178228          First Lien               No                    YES                  5YRIO                   No
       16180557          First Lien               No                    YES                  10YRIO                  No
       16180392          First Lien               No                    YES                  10YRIO                  No
       16180458          First Lien               No                    YES                  10YRIO                  No
       16180172          First Lien               No                    NO                   NONIO                   Yes
       16180295          First Lien               No                    NO                   NONIO                   No
       16178407          First Lien               No                    YES                  10YRIO                  No
       16180157          First Lien               No                    NO                   NONIO                   No
       16179062          First Lien               No                    NO                   NONIO                   No
       16178708          First Lien               No                    YES                  10YRIO                  No
       16178338          First Lien               No                    YES                  10YRIO                  Yes
       16178525          First Lien               No                    NO                   NONIO                   Yes
       16178181          First Lien               No                    YES                  10YRIO                  Yes
       16179303          First Lien               No                    NO                   NONIO                   Yes
       16178391          First Lien               No                    YES                  10YRIO                  Yes
       16179277          First Lien               No                    NO                   NONIO                   Yes
       16179500          First Lien               No                    NO                   NONIO                   Yes
       16179648          First Lien               No                    NO                   NONIO                   Yes
       16180074          First Lien               No                    NO                   NONIO                   Yes
       16180558          First Lien               No                    YES                  10YRIO                  No
       16180327          First Lien               No                    YES                  10YRIO                  No
       16180586          First Lien               No                    NO                   NONIO                   No
       16179932          First Lien               No                    NO                   NONIO                   Yes
       16179985          First Lien               No                    NO                   NONIO                   Yes
       16178959          First Lien               No                    NO                   NONIO                   Yes
       16180326          First Lien               No                    YES                  10YRIO                  No
       16179646          First Lien               No                    NO                   NONIO                   Yes
       16179148          First Lien               No                    NO                   NONIO                   Yes
       16179162          First Lien               No                    NO                   NONIO                   No
       16179740          First Lien               No                    NO                   NONIO                   Yes
       16178713          First Lien               No                    YES                  10YRIO                  Yes
       16178645          First Lien               No                    YES                  10YRIO                  No
       16178548          First Lien               No                    NO                   NONIO                   Yes
       16178243          First Lien               No                    YES                  5YRIO                   No
       16180518          First Lien               No                    YES                  10YRIO                  No
       16179121          First Lien               No                    NO                   NONIO                   Yes
       16180587          First Lien               No                    NO                   NONIO                   No
       16179933          First Lien               No                    NO                   NONIO                   Yes
       16180186          First Lien               No                    NO                   NONIO                   Yes
       16179986          First Lien               No                    NO                   NONIO                   Yes
       16180420          First Lien               No                    NO                   NONIO                   No
       16178733          First Lien               No                    NO                   NONIO                   No
       16180487          First Lien               No                    YES                  10YRIO                  No
       16179067          First Lien               No                    NO                   NONIO                   No
       16179170          First Lien               No                    NO                   NONIO                   Yes
       16178416          First Lien               No                    YES                  10YRIO                  No
       16180067          First Lien               No                    NO                   NONIO                   Yes
       16179057          First Lien               No                    NO                   NONIO                   Yes
       16178200          First Lien               No                    YES                  3YRIO                   No
       16178201          First Lien               No                    YES                  3YRIO                   No
       16178202          First Lien               No                    YES                  3YRIO                   No
       16178203          First Lien               No                    YES                  3YRIO                   No
       16178204          First Lien               No                    YES                  3YRIO                   No
       16178205          First Lien               No                    YES                  3YRIO                   No
       16178206          First Lien               No                    YES                  3YRIO                   No
       16178207          First Lien               No                    YES                  3YRIO                   No
       16178208          First Lien               No                    YES                  3YRIO                   No
       16178209          First Lien               No                    YES                  3YRIO                   No
       16178841          First Lien               No                    YES                  10YRIO                  No
       16178762          First Lien               No                    NO                   NONIO                   No
       16178843          First Lien               No                    YES                  10YRIO                  No
       16178763          First Lien               No                    YES                  10YRIO                  No
       16178845          First Lien               No                    YES                  10YRIO                  No
       16178846          First Lien               No                    YES                  10YRIO                  No
       16178684          First Lien               No                    YES                  10YRIO                  No
       16178847          First Lien               No                    YES                  10YRIO                  No
       16178685          First Lien               No                    YES                  3YRIO                   No
       16178686          First Lien               No                    NO                   NONIO                   No
       16178848          First Lien               No                    NO                   NONIO                   No
       16178849          First Lien               No                    YES                  10YRIO                  No
       16178687          First Lien               No                    YES                  10YRIO                  Yes
       16178210          First Lien               No                    YES                  3YRIO                   No
       16178211          First Lien               No                    YES                  3YRIO                   No
       16178212          First Lien               No                    YES                  3YRIO                   No
       16178213          First Lien               No                    YES                  3YRIO                   No
       16178214          First Lien               No                    YES                  3YRIO                   No
       16178215          First Lien               No                    YES                  3YRIO                   No
       16178850          First Lien               No                    YES                  10YRIO                  No
       16178852          First Lien               No                    YES                  10YRIO                  No
       16178853          First Lien               No                    YES                  10YRIO                  No
       16178772          First Lien               No                    NO                   NONIO                   No
       16178854          First Lien               No                    NO                   NONIO                   No
       16178692          First Lien               No                    NO                   NONIO                   No
       16178774          First Lien               No                    YES                  10YRIO                  No
       16178857          First Lien               No                    NO                   NONIO                   No
       16178858          First Lien               No                    YES                  10YRIO                  No
       16178859          First Lien               No                    YES                  10YRIO                  Yes
       16178697          First Lien               No                    YES                  10YRIO                  No
       16178779          First Lien               No                    NO                   NONIO                   No
       16178301          First Lien               No                    YES                  10YRIO                  No
       16178303          First Lien               No                    NO                   NONIO                   No
       16178305          First Lien               No                    YES                  3YRIO                   No
       16178307          First Lien               No                    YES                  10YRIO                  Yes
       16179831          First Lien               No                    NO                   NONIO                   Yes
       16178860          First Lien               No                    YES                  10YRIO                  No
       16178863          First Lien               No                    YES                  10YRIO                  No
       16178866          First Lien               No                    YES                  10YRIO                  No
       16178786          First Lien               No                    YES                  10YRIO                  No
       16178868          First Lien               No                    YES                  10YRIO                  No
       16178787          First Lien               No                    YES                  10YRIO                  Yes
       16178869          First Lien               No                    NO                   NONIO                   No
       16178311          First Lien               No                    YES                  10YRIO                  No
       16180194          First Lien               No                    YES                  10YRIO                  No
       16180195          First Lien               No                    NO                   NONIO                   No
       16180196          First Lien               No                    NO                   NONIO                   No
       16180197          First Lien               No                    YES                  10YRIO                  No
       16178317          First Lien               No                    YES                  10YRIO                  Yes
       16180198          First Lien               No                    YES                  10YRIO                  No
       16180199          First Lien               No                    YES                  10YRIO                  No
       16179921          First Lien               No                    NO                   NONIO                   Yes
       16178319          First Lien               No                    YES                  10YRIO                  Yes
       16178870          First Lien               No                    YES                  10YRIO                  No
       16178790          First Lien               No                    YES                  10YRIO                  No
       16178872          First Lien               No                    YES                  10YRIO                  Yes
       16178873          First Lien               No                    YES                  10YRIO                  No
       16178792          First Lien               No                    YES                  10YRIO                  No
       16178874          First Lien               No                    YES                  10YRIO                  No
       16178794          First Lien               No                    YES                  10YRIO                  No
       16178875          First Lien               No                    YES                  10YRIO                  No
       16178876          First Lien               No                    NO                   NONIO                   No
       16178795          First Lien               No                    YES                  10YRIO                  No
       16178877          First Lien               No                    YES                  10YRIO                  No
       16178322          First Lien               No                    NO                   NONIO                   No
       16178880          First Lien               No                    NO                   NONIO                   Yes
       16179771          First Lien               No                    NO                   NONIO                   Yes
       16178882          First Lien               No                    YES                  10YRIO                  No
       16178883          First Lien               No                    YES                  10YRIO                  No
       16179778          First Lien               No                    NO                   NONIO                   Yes
       16178170          First Lien               No                    YES                  10YRIO                  No
       16178173          First Lien               No                    YES                  10YRIO                  No
       16178336          First Lien               No                    YES                  10YRIO                  No
       16178174          First Lien               No                    YES                  3YRIO                   No
       16178177          First Lien               No                    YES                  10YRIO                  No
       16178259          First Lien               No                    YES                  10YRIO                  No
       16178178          First Lien               No                    YES                  10YRIO                  Yes
       16178179          First Lien               No                    YES                  10YRIO                  No
       16179785          First Lien               No                    NO                   NONIO                   Yes
       16179787          First Lien               No                    NO                   NONIO                   Yes
       16178502          First Lien               No                    YES                  10YRIO                  No
       16180626          First Lien               No                    YES                  3YRIO                   No
       16178503          First Lien               No                    YES                  10YRIO                  No
       16178180          First Lien               No                    YES                  10YRIO                  No
       16178504          First Lien               No                    YES                  10YRIO                  No
       16178263          First Lien               No                    YES                  3YRIO                   No
       16178506          First Lien               No                    YES                  10YRIO                  No
       16178184          First Lien               No                    YES                  5YRIO                   No
       16178508          First Lien               No                    YES                  5YRIO                   No
       16178186          First Lien               No                    YES                  10YRIO                  No
       16178267          First Lien               No                    NO                   NONIO                   Yes
       16180385          First Lien               No                    YES                  10YRIO                  No
       16180449          First Lien               No                    YES                  10YRIO                  No
       16179601          First Lien               No                    NO                   NONIO                   Yes
       16180286          First Lien               No                    NO                   NONIO                   No
       16178355          First Lien               No                    NO                   NONIO                   No
       16179713          First Lien               No                    NO                   NONIO                   Yes
       16180054          First Lien               No                    NO                   NONIO                   Yes
       16179761          First Lien               No                    NO                   NONIO                   Yes
       16178775          First Lien               No                    YES                  10YRIO                  No
       16178286          First Lien               No                    YES                  10YRIO                  No
       16179516          First Lien               No                    NO                   NONIO                   Yes
       16179407          First Lien               No                    NO                   NONIO                   Yes
       16180246          First Lien               No                    YES                  10YRIO                  Yes
       16178481          First Lien               No                    YES                  10YRIO                  No
       16178519          First Lien               No                    YES                  5YRIO                   No
       16180479          First Lien               No                    YES                  10YRIO                  No
       16178890          First Lien               No                    NO                   NONIO                   Yes
       16180549          First Lien               No                    YES                  10YRIO                  No
       16180319          First Lien               No                    YES                  10YRIO                  No
       16179089          First Lien               No                    NO                   NONIO                   Yes
       16180450          First Lien               No                    YES                  10YRIO                  Yes
       16179165          First Lien               No                    NO                   NONIO                   Yes
       16180058          First Lien               No                    NO                   NONIO                   Yes
       16178405          First Lien               No                    NO                   NONIO                   No
       16178314          First Lien               No                    NO                   NONIO                   No
       16179714          First Lien               No                    NO                   NONIO                   Yes
       16178783          First Lien               No                    YES                  10YRIO                  No
       16178524          First Lien               No                    YES                  5YRIO                   Yes
       16180247          First Lien               No                    YES                  10YRIO                  No
       16179390          First Lien               No                    NO                   NONIO                   Yes
       16179982          First Lien               No                    NO                   NONIO                   Yes
       16180480          First Lien               No                    YES                  10YRIO                  No
       16180550          First Lien               No                    YES                  10YRIO                  No
       16180320          First Lien               No                    YES                  10YRIO                  No
       16179415          First Lien               No                    NO                   NONIO                   Yes
       16179738          First Lien               No                    NO                   NONIO                   Yes
       16180451          First Lien               No                    YES                  10YRIO                  No
       16180144          First Lien               No                    NO                   NONIO                   Yes
       16179602          First Lien               No                    NO                   NONIO                   Yes
       16179146          First Lien               No                    NO                   NONIO                   No
       16178428          First Lien               No                    YES                  10YRIO                  No
       16178644          First Lien               No                    YES                  10YRIO                  No
       16178401          First Lien               No                    YES                  10YRIO                  Yes
       16178691          First Lien               No                    YES                  10YRIO                  No
       16179301          First Lien               No                    NO                   NONIO                   Yes
       16180248          First Lien               No                    YES                  10YRIO                  No
       16179254          First Lien               No                    NO                   NONIO                   Yes
       16179391          First Lien               No                    NO                   NONIO                   Yes
       16179983          First Lien               No                    NO                   NONIO                   Yes
       16178225          First Lien               No                    NO                   NONIO                   No
       16178562          First Lien               No                    YES                  10YRIO                  No
       16180481          First Lien               No                    YES                  10YRIO                  No
       16178489          First Lien               No                    YES                  10YRIO                  No
       16180551          First Lien               No                    YES                  10YRIO                  No
       16180321          First Lien               No                    YES                  10YRIO                  No
       16179779          First Lien               No                    NO                   NONIO                   Yes
       16179009          First Lien               No                    NO                   NONIO                   Yes
       16180386          First Lien               No                    NO                   NONIO                   No
       16178785          First Lien               No                    YES                  10YRIO                  No
       16179048          First Lien               No                    NO                   NONIO                   Yes
       16179715          First Lien               No                    NO                   NONIO                   Yes
       16180138          First Lien               No                    NO                   NONIO                   Yes
       16178390          First Lien               No                    YES                  10YRIO                  Yes
       16179984          First Lien               No                    NO                   NONIO                   Yes
       16180416          First Lien               No                    YES                  10YRIO                  No
       16180482          First Lien               No                    YES                  10YRIO                  No
       16180552          First Lien               No                    YES                  10YRIO                  No
       16180322          First Lien               No                    YES                  10YRIO                  No
       16179416          First Lien               No                    NO                   NONIO                   Yes
       16179090          First Lien               No                    NO                   NONIO                   Yes
       16178976          First Lien               No                    NO                   NONIO                   No
       16180387          First Lien               No                    YES                  10YRIO                  Yes
       16179183          First Lien               No                    NO                   NONIO                   Yes
       16180052          First Lien               No                    NO                   NONIO                   Yes
       16180178          First Lien               No                    NO                   NONIO                   Yes
       16179739          First Lien               No                    NO                   NONIO                   Yes
       16178992          First Lien               No                    NO                   NONIO                   Yes
       16179072          First Lien               No                    NO                   NONIO                   Yes
       16178429          First Lien               No                    YES                  10YRIO                  No
       16178226          First Lien               No                    YES                  5YRIO                   No
       16179202          First Lien               No                    NO                   NONIO                   No
       16180417          First Lien               No                    YES                  10YRIO                  Yes
       16180483          First Lien               No                    YES                  10YRIO                  No
       16178473          First Lien               No                    YES                  10YRIO                  No
       16180553          First Lien               No                    YES                  10YRIO                  No
       16180323          First Lien               No                    YES                  10YRIO                  No
       16180388          First Lien               No                    YES                  10YRIO                  No
       16179830          First Lien               No                    NO                   NONIO                   Yes
       16178297          First Lien               No                    NO                   NONIO                   No
       16178505          First Lien               No                    YES                  10YRIO                  No
       16178483          First Lien               No                    YES                  10YRIO                  No
       16179306          First Lien               No                    NO                   NONIO                   Yes
       16180079          First Lien               No                    NO                   NONIO                   Yes
       16180584          First Lien               No                    YES                  10YRIO                  No
       16180418          First Lien               No                    YES                  10YRIO                  No
       16180484          First Lien               No                    NO                   NONIO                   No
       16180554          First Lien               No                    YES                  10YRIO                  No
       16180324          First Lien               No                    YES                  10YRIO                  No
       16179417          First Lien               No                    NO                   NONIO                   Yes
       16179091          First Lien               No                    NO                   NONIO                   Yes
       16178437          First Lien               No                    YES                  10YRIO                  No
       16180169          First Lien               No                    NO                   NONIO                   Yes
       16179619          First Lien               No                    NO                   NONIO                   Yes
       16179960          First Lien               No                    NO                   NONIO                   Yes
       16178541          First Lien               No                    YES                  5YRIO                   No
       16178265          First Lien               No                    YES                  10YRIO                  No
       16178462          First Lien               No                    YES                  10YRIO                  No
       16179196          First Lien               No                    NO                   NONIO                   No
       16180585          First Lien               No                    YES                  10YRIO                  No
       16179931          First Lien               No                    NO                   NONIO                   Yes
       16178227          First Lien               No                    YES                  5YRIO                   No
       16178511          First Lien               No                    NO                   NONIO                   No
       16180419          First Lien               No                    YES                  10YRIO                  No
       16180485          First Lien               No                    NO                   NONIO                   No
       16180555          First Lien               No                    YES                  10YRIO                  No
       16180325          First Lien               No                    YES                  10YRIO                  No
       16179418          First Lien               No                    NO                   NONIO                   Yes
       16178717          First Lien               No                    NO                   NONIO                   Yes
       16179177          First Lien               No                    NO                   NONIO                   No
       16179092          First Lien               No                    NO                   NONIO                   Yes
       16179161          First Lien               No                    NO                   NONIO                   Yes
       16178729          First Lien               No                    NO                   NONIO                   No
       16178406          First Lien               No                    NO                   NONIO                   Yes
       16178716          First Lien               No                    YES                  10YRIO                  No
       16180047          First Lien               No                    NO                   NONIO                   Yes
       16179348          First Lien               No                    NO                   NONIO                   Yes
       16179531          First Lien               No                    NO                   NONIO                   Yes
       16178189          First Lien               No                    YES                  10YRIO                  No
       16180099          First Lien               No                    NO                   NONIO                   Yes
       16179884          First Lien               No                    NO                   NONIO                   Yes
       16179684          First Lien               No                    NO                   NONIO                   Yes
       16180152          First Lien               No                    NO                   NONIO                   Yes
       16180092          First Lien               No                    NO                   NONIO                   Yes
       16178829          First Lien               No                    YES                  10YRIO                  No
       16178761          First Lien               No                    YES                  10YRIO                  No
       16179774          First Lien               No                    NO                   NONIO                   Yes
       16178961          First Lien               No                    NO                   NONIO                   Yes
       16179206          First Lien               No                    NO                   NONIO                   Yes
       16180443          First Lien               No                    YES                  10YRIO                  No
       16178280          First Lien               No                    YES                  10YRIO                  No
       16180281          First Lien               No                    YES                  10YRIO                  No
       16180350          First Lien               No                    YES                  10YRIO                  No
       16179757          First Lien               No                    NO                   NONIO                   Yes
       16180241          First Lien               No                    YES                  10YRIO                  No
       16179293          First Lien               No                    NO                   NONIO                   Yes
       16178468          First Lien               No                    YES                  10YRIO                  No
       16179232          First Lien               No                    NO                   NONIO                   Yes
       16180053          First Lien               No                    NO                   NONIO                   Yes
       16180061          First Lien               No                    NO                   NONIO                   Yes
       16179386          First Lien               No                    NO                   NONIO                   Yes
       16179367          First Lien               No                    NO                   NONIO                   Yes
       16178610          First Lien               No                    YES                  10YRIO                  No
       16180444          First Lien               No                    NO                   NONIO                   No
       16179070          First Lien               No                    NO                   NONIO                   No
       16180282          First Lien               No                    YES                  10YRIO                  No
       16180351          First Lien               No                    YES                  10YRIO                  Yes
       16179710          First Lien               No                    NO                   NONIO                   Yes
       16179758          First Lien               No                    NO                   NONIO                   Yes
       16179579          First Lien               No                    NO                   NONIO                   Yes
       16178944          First Lien               No                    NO                   NONIO                   Yes
       16179142          First Lien               No                    NO                   NONIO                   Yes
       16180193          First Lien               No                    NO                   NONIO                   Yes
       16178696          First Lien               No                    YES                  10YRIO                  Yes
       16178712          First Lien               No                    YES                  10YRIO                  No
       16178269          First Lien               No                    YES                  10YRIO                  No
       16180242          First Lien               No                    YES                  10YRIO                  Yes
       16179491          First Lien               No                    NO                   NONIO                   Yes
       16180381          First Lien               No                    NO                   NONIO                   No
       16180445          First Lien               No                    YES                  10YRIO                  Yes
       16179164          First Lien               No                    NO                   NONIO                   No
       16180283          First Lien               No                    YES                  10YRIO                  No
       16178427          First Lien               No                    YES                  10YRIO                  No
       16180352          First Lien               No                    NO                   NONIO                   No
       16179759          First Lien               No                    NO                   NONIO                   Yes
       16179580          First Lien               No                    NO                   NONIO                   Yes
       16178789          First Lien               No                    YES                  5YRIO                   No
       16180039          First Lien               No                    NO                   NONIO                   Yes
       16179298          First Lien               No                    NO                   NONIO                   Yes
       16180243          First Lien               No                    YES                  10YRIO                  No
       16179253          First Lien               No                    NO                   NONIO                   Yes
       16179492          First Lien               No                    NO                   NONIO                   Yes
       16180382          First Lien               No                    YES                  10YRIO                  No
       16180446          First Lien               No                    YES                  10YRIO                  No
       16179071          First Lien               No                    NO                   NONIO                   No
       16180284          First Lien               No                    NO                   NONIO                   No
       16180353          First Lien               No                    YES                  10YRIO                  No
       16180166          First Lien               No                    NO                   NONIO                   Yes
       16178803          First Lien               No                    YES                  10YRIO                  No
       16179711          First Lien               No                    NO                   NONIO                   Yes
       16179777          First Lien               No                    NO                   NONIO                   Yes
       16179828          First Lien               No                    NO                   NONIO                   Yes
       16180155          First Lien               No                    NO                   NONIO                   Yes
       16180127          First Lien               No                    NO                   NONIO                   Yes
       16179581          First Lien               No                    NO                   NONIO                   Yes
       16180165          First Lien               No                    NO                   NONIO                   Yes
       16180037          First Lien               No                    NO                   NONIO                   No
       16180130          First Lien               No                    NO                   NONIO                   Yes
       16179493          First Lien               No                    NO                   NONIO                   Yes
       16179388          First Lien               No                    NO                   NONIO                   Yes
       16178660          First Lien               No                    YES                  10YRIO                  No
       16180383          First Lien               No                    YES                  10YRIO                  No
       16180447          First Lien               No                    YES                  10YRIO                  No
       16178991          First Lien               No                    NO                   NONIO                   Yes
       16178963          First Lien               No                    NO                   NONIO                   Yes
       16179600          First Lien               No                    NO                   NONIO                   Yes
       16180285          First Lien               No                    YES                  10YRIO                  No
       16179035          First Lien               No                    NO                   NONIO                   Yes
       16179582          First Lien               No                    NO                   NONIO                   Yes
       16178597          First Lien               No                    YES                  10YRIO                  No
       16180045          First Lien               No                    NO                   NONIO                   Yes
       16180244          First Lien               No                    YES                  10YRIO                  No
       16178320          First Lien               No                    YES                  10YRIO                  Yes
       16179139          First Lien               No                    NO                   NONIO                   Yes
       16178377          First Lien               No                    YES                  10YRIO                  No
       16180547          First Lien               No                    YES                  10YRIO                  No
       16180317          First Lien               No                    YES                  10YRIO                  No
       16178171          First Lien               No                    YES                  10YRIO                  No
       16180384          First Lien               No                    YES                  10YRIO                  No
       16180448          First Lien               No                    YES                  10YRIO                  No
       16178404          First Lien               No                    YES                  10YRIO                  No
       16179155          First Lien               No                    NO                   NONIO                   Yes
       16179712          First Lien               No                    NO                   NONIO                   Yes
       16180191          First Lien               No                    NO                   NONIO                   Yes
       16178928          First Lien               No                    NO                   NONIO                   No
       16179760          First Lien               No                    NO                   NONIO                   Yes
       16178833          First Lien               No                    YES                  10YRIO                  No
       16179583          First Lien               No                    NO                   NONIO                   Yes
       16178625          First Lien               No                    YES                  11YRIO                  Yes
       16178622          First Lien               No                    YES                  10YRIO                  No
       16179299          First Lien               No                    NO                   NONIO                   Yes
       16180245          First Lien               No                    YES                  10YRIO                  No
       16179484          First Lien               No                    NO                   NONIO                   Yes
       16179272          First Lien               No                    NO                   NONIO                   No
       16179495          First Lien               No                    NO                   NONIO                   Yes
       16178608          First Lien               No                    YES                  10YRIO                  Yes
       16180548          First Lien               No                    YES                  10YRIO                  No
       16180318          First Lien               No                    YES                  10YRIO                  No
       16179260          First Lien               No                    NO                   NONIO                   Yes
       16179863          First Lien               No                    NO                   NONIO                   Yes
       16179195          First Lien               No                    NO                   NONIO                   Yes
       16180621          First Lien               No                    YES                  10YRIO                  Yes
       16178884          First Lien               No                    NO                   NONIO                   No
       16179405          First Lien               No                    NO                   NONIO                   Yes
       16180347          First Lien               No                    YES                  10YRIO                  No
       16179575          First Lien               No                    NO                   NONIO                   Yes
       16178892          First Lien               No                    NO                   NONIO                   Yes
       16178851          First Lien               No                    NO                   NONIO                   No
       16179792          First Lien               No                    NO                   NONIO                   Yes
       16178736          First Lien               No                    YES                  5YRIO                   No
       16178767          First Lien               No                    YES                  5YRIO                   No
       16179230          First Lien               No                    NO                   NONIO                   No
       16179113          First Lien               No                    NO                   NONIO                   Yes
       16179864          First Lien               No                    NO                   NONIO                   Yes
       16178369          First Lien               No                    YES                  10YRIO                  No
       16179365          First Lien               No                    NO                   NONIO                   Yes
       16180278          First Lien               No                    YES                  10YRIO                  Yes
       16180348          First Lien               No                    YES                  10YRIO                  No
       16179802          First Lien               No                    NO                   NONIO                   Yes
       16178626          First Lien               No                    YES                  10YRIO                  No
       16179137          First Lien               No                    NO                   NONIO                   Yes
       16179248          First Lien               No                    NO                   NONIO                   No
       16178386          First Lien               No                    YES                  5YRIO                   No
       16179261          First Lien               No                    NO                   NONIO                   Yes
       16179910          First Lien               No                    NO                   NONIO                   Yes
       16179487          First Lien               No                    NO                   NONIO                   Yes
       16180279          First Lien               No                    YES                  10YRIO                  No
       16179060          First Lien               No                    NO                   NONIO                   No
       16179577          First Lien               No                    NO                   NONIO                   Yes
       16179803          First Lien               No                    NO                   NONIO                   Yes
       16179618          First Lien               No                    NO                   NONIO                   Yes
       16178764          First Lien               No                    NO                   NONIO                   No
       16178282          First Lien               No                    YES                  10YRIO                  No
       16179292          First Lien               No                    NO                   NONIO                   Yes
       16179231          First Lien               No                    NO                   NONIO                   Yes
       16179138          First Lien               No                    NO                   NONIO                   Yes
       16178376          First Lien               No                    YES                  10YRIO                  No
       16179100          First Lien               No                    NO                   NONIO                   Yes
       16180184          First Lien               No                    NO                   NONIO                   Yes
       16180442          First Lien               No                    YES                  10YRIO                  No
       16180349          First Lien               No                    NO                   NONIO                   No
       16179578          First Lien               No                    NO                   NONIO                   Yes
       16179804          First Lien               No                    NO                   NONIO                   Yes
       16179045          First Lien               No                    NO                   NONIO                   Yes
       16180051          First Lien               No                    NO                   NONIO                   Yes
       16178893          First Lien               No                    NO                   NONIO                   No
       16179806          First Lien               No                    NO                   NONIO                   Yes
       16180257          First Lien               No                    YES                  10YRIO                  No
       16179700          First Lien               No                    NO                   NONIO                   Yes
       16178828          First Lien               No                    NO                   NONIO                   No
       16178748          First Lien               No                    YES                  10YRIO                  No
       16178668          First Lien               No                    YES                  5YRIO                   No
       16178589          First Lien               No                    NO                   NONIO                   No
       16180075          First Lien               No                    NO                   NONIO                   Yes
       16180159          First Lien               No                    NO                   NONIO                   Yes
       16179801          First Lien               No                    NO                   NONIO                   Yes
       16178830          First Lien               No                    YES                  10YRIO                  No
       16178831          First Lien               No                    NO                   NONIO                   No
       16179628          First Lien               No                    NO                   NONIO                   Yes
       16180582          First Lien               No                    YES                  10YRIO                  No
       16179439          First Lien               No                    NO                   NONIO                   Yes
       16180415          First Lien               No                    YES                  10YRIO                  No
       16180146          First Lien               No                    NO                   NONIO                   Yes
       16180115          First Lien               No                    NO                   NONIO                   Yes
       16178415          First Lien               No                    YES                  10YRIO                  No
       16179665          First Lien               No                    NO                   NONIO                   Yes
       16180119          First Lien               No                    NO                   NONIO                   Yes
       16178588          First Lien               No                    YES                  10YRIO                  No
       16179520          First Lien               No                    NO                   NONIO                   Yes
       16178368          First Lien               No                    YES                  10YRIO                  No
       16180620          First Lien               No                    YES                  10YRIO                  No
       16179953          First Lien               No                    NO                   NONIO                   Yes
       16180109          First Lien               No                    NO                   NONIO                   Yes
       16179563          First Lien               No                    NO                   NONIO                   Yes
       16178832          First Lien               No                    NO                   NONIO                   No
       16179480          First Lien               No                    NO                   NONIO                   Yes
       16179481          First Lien               No                    NO                   NONIO                   Yes
       16178834          First Lien               No                    YES                  10YRIO                  No
       16178591          First Lien               No                    NO                   NONIO                   No
       16179644          First Lien               No                    NO                   NONIO                   Yes
       16178754          First Lien               No                    YES                  10YRIO                  No
       16179483          First Lien               No                    NO                   NONIO                   Yes
       16178835          First Lien               No                    YES                  10YRIO                  No
       16178836          First Lien               No                    YES                  10YRIO                  No
       16178755          First Lien               No                    YES                  10YRIO                  No
       16178593          First Lien               No                    NO                   NONIO                   No
       16178756          First Lien               No                    YES                  10YRIO                  No
       16180183          First Lien               No                    NO                   NONIO                   Yes
       16180174          First Lien               No                    NO                   NONIO                   Yes
       16180044          First Lien               No                    NO                   NONIO                   Yes
       16179545          First Lien               No                    NO                   NONIO                   Yes
       16180346          First Lien               No                    NO                   NONIO                   Yes
       16178323          First Lien               No                    YES                  10YRIO                  Yes
       16178586          First Lien               No                    YES                  10YRIO                  No
       16180219          First Lien               No                    YES                  10YRIO                  Yes
       16180188          First Lien               No                    NO                   NONIO                   Yes
       16179916          First Lien               No                    NO                   NONIO                   Yes
       16178455          First Lien               No                    YES                  10YRIO                  No
       16179621          First Lien               No                    NO                   NONIO                   Yes
       16180288          First Lien               No                    YES                  10YRIO                  No
       16178594          First Lien               No                    YES                  10YRIO                  No
       16178676          First Lien               No                    NO                   NONIO                   No
       16178757          First Lien               No                    YES                  10YRIO                  No
       16178838          First Lien               No                    YES                  10YRIO                  No
       16178758          First Lien               No                    NO                   NONIO                   No
       16178596          First Lien               No                    YES                  10YRIO                  No
       16178759          First Lien               No                    YES                  10YRIO                  No
       16179569          First Lien               No                    NO                   NONIO                   Yes
       16178678          First Lien               No                    YES                  10YRIO                  No
       16178679          First Lien               No                    YES                  3YRIO                   No
       16179327          First Lien               No                    NO                   NONIO                   Yes
       16178780          First Lien               No                    YES                  10YRIO                  No
       16179347          First Lien               No                    NO                   NONIO                   Yes
       16180614          First Lien               No                    YES                  10YRIO                  No
       16179948          First Lien               No                    NO                   NONIO                   Yes
       16178656          First Lien               No                    YES                  10YRIO                  No
       16179044          First Lien               No                    NO                   NONIO                   Yes
       16179620          First Lien               No                    NO                   NONIO                   Yes
       16180132          First Lien               No                    NO                   NONIO                   Yes
       16178771          First Lien               No                    YES                  5YRIO                   No
       16178682          First Lien               No                    YES                  10YRIO                  No
       16179136          First Lien               No                    NO                   NONIO                   Yes
       16179175          First Lien               No                    NO                   NONIO                   No
       16180357          First Lien               No                    YES                  10YRIO                  No
       16179763          First Lien               No                    NO                   NONIO                   Yes
       16179585          First Lien               No                    NO                   NONIO                   Yes
       16180258          First Lien               No                    YES                  10YRIO                  Yes
       16179701          First Lien               No                    NO                   NONIO                   Yes
       16179653          First Lien               No                    NO                   NONIO                   Yes
       16178922          First Lien               No                    NO                   NONIO                   Yes
       16178598          First Lien               No                    YES                  10YRIO                  No
       16178599          First Lien               No                    YES                  10YRIO                  No
       16180512          First Lien               No                    NO                   NONIO                   No
       16179247          First Lien               No                    NO                   NONIO                   Yes
       16179099          First Lien               No                    NO                   NONIO                   No
       16179952          First Lien               No                    NO                   NONIO                   Yes
       16179466          First Lien               No                    NO                   NONIO                   Yes
       16179364          First Lien               No                    NO                   NONIO                   Yes
       16178659          First Lien               No                    YES                  10YRIO                  Yes
       16178820          First Lien               No                    YES                  10YRIO                  Yes
       16178741          First Lien               No                    YES                  10YRIO                  No
       16179552          First Lien               No                    NO                   NONIO                   Yes
       16178742          First Lien               No                    YES                  10YRIO                  No
       16178580          First Lien               No                    YES                  10YRIO                  No
       16178661          First Lien               No                    YES                  10YRIO                  No
       16178823          First Lien               No                    NO                   NONIO                   No
       16178743          First Lien               No                    YES                  10YRIO                  No
       16179553          First Lien               No                    NO                   NONIO                   Yes
       16178824          First Lien               No                    YES                  10YRIO                  No
       16179554          First Lien               No                    NO                   NONIO                   Yes
       16178663          First Lien               No                    YES                  5YRIO                   No
       16178826          First Lien               No                    NO                   NONIO                   No
       16178745          First Lien               No                    NO                   NONIO                   No
       16178583          First Lien               No                    YES                  10YRIO                  No
       16179404          First Lien               No                    NO                   NONIO                   Yes
       16180345          First Lien               No                    YES                  10YRIO                  No
       16179683          First Lien               No                    NO                   NONIO                   Yes
       16179829          First Lien               No                    NO                   NONIO                   Yes
       16179762          First Lien               No                    NO                   NONIO                   Yes
       16180126          First Lien               No                    NO                   NONIO                   Yes
       16180033          First Lien               No                    NO                   NONIO                   Yes
       16179555          First Lien               No                    NO                   NONIO                   Yes
       16178827          First Lien               No                    YES                  10YRIO                  No
       16179670          First Lien               No                    NO                   NONIO                   Yes
       16179861          First Lien               No                    NO                   NONIO                   Yes
       16178675          First Lien               No                    YES                  10YRIO                  No
       16179249          First Lien               No                    NO                   NONIO                   No
       16179115          First Lien               No                    NO                   NONIO                   No
       16178398          First Lien               No                    YES                  10YRIO                  Yes
       16180200          First Lien               No                    YES                  10YRIO                  No
       16180201          First Lien               No                    YES                  10YRIO                  No
       16179216          First Lien               No                    NO                   NONIO                   Yes
       16179315          First Lien               No                    NO                   NONIO                   Yes
       16180202          First Lien               No                    YES                  10YRIO                  No
       16180204          First Lien               No                    NO                   NONIO                   No
       16180205          First Lien               No                    YES                  10YRIO                  No
       16180206          First Lien               No                    YES                  10YRIO                  No
       16180207          First Lien               No                    YES                  10YRIO                  No
       16180208          First Lien               No                    YES                  10YRIO                  No
       16180209          First Lien               No                    YES                  10YRIO                  Yes
       16179476          First Lien               No                    NO                   NONIO                   Yes
       16180179          First Lien               No                    NO                   NONIO                   Yes
       16179530          First Lien               No                    NO                   NONIO                   Yes
       16179611          First Lien               No                    NO                   NONIO                   Yes
       16180255          First Lien               No                    NO                   NONIO                   No
       16178920          First Lien               No                    NO                   NONIO                   No
       16178801          First Lien               No                    YES                  10YRIO                  No
       16179613          First Lien               No                    NO                   NONIO                   Yes
       16178641          First Lien               No                    YES                  10YRIO                  No
       16178722          First Lien               No                    YES                  10YRIO                  No
       16178444          First Lien               No                    YES                  10YRIO                  No
       16179561          First Lien               No                    NO                   NONIO                   Yes
       16178804          First Lien               No                    NO                   NONIO                   No
       16178561          First Lien               No                    YES                  10YRIO                  No
       16180414          First Lien               No                    YES                  10YRIO                  No
       16178436          First Lien               No                    YES                  10YRIO                  No
       16179226          First Lien               No                    NO                   NONIO                   Yes
       16180619          First Lien               No                    YES                  10YRIO                  No
       16178290          First Lien               No                    YES                  10YRIO                  Yes
       16178293          First Lien               No                    YES                  5YRIO                   No
       16178770          First Lien               No                    NO                   NONIO                   No
       16179233          First Lien               No                    NO                   NONIO                   No
       16178642          First Lien               No                    YES                  10YRIO                  No
       16178724          First Lien               No                    YES                  10YRIO                  No
       16179346          First Lien               No                    NO                   NONIO                   Yes
       16179840          First Lien               No                    NO                   NONIO                   Yes
       16180217          First Lien               No                    YES                  10YRIO                  Yes
       16178643          First Lien               No                    YES                  10YRIO                  Yes
       16178806          First Lien               No                    YES                  10YRIO                  Yes
       16178484          First Lien               No                    YES                  10YRIO                  No
       16178565          First Lien               No                    YES                  10YRIO                  No
       16178889          First Lien               No                    NO                   NONIO                   No
       16179632          First Lien               No                    NO                   NONIO                   Yes
       16178646          First Lien               No                    NO                   NONIO                   No
       16178727          First Lien               No                    YES                  10YRIO                  No
       16178647          First Lien               No                    YES                  10YRIO                  No
       16178567          First Lien               No                    YES                  10YRIO                  No
       16179947          First Lien               No                    NO                   NONIO                   Yes
       16179488          First Lien               No                    NO                   NONIO                   Yes
       16179914          First Lien               No                    NO                   NONIO                   Yes
       16178486          First Lien               No                    YES                  10YRIO                  No
       16178649          First Lien               No                    YES                  10YRIO                  No
       16178488          First Lien               No                    YES                  10YRIO                  No
       16180210          First Lien               No                    YES                  10YRIO                  Yes
       16180211          First Lien               No                    YES                  10YRIO                  No
       16180212          First Lien               No                    YES                  10YRIO                  No
       16180147          First Lien               No                    NO                   NONIO                   Yes
       16180213          First Lien               No                    NO                   NONIO                   No
       16180214          First Lien               No                    YES                  10YRIO                  No
       16180215          First Lien               No                    YES                  10YRIO                  No
       16180216          First Lien               No                    YES                  10YRIO                  No
       16178172          First Lien               No                    YES                  10YRIO                  No
       16178493          First Lien               No                    YES                  10YRIO                  No
       16180355          First Lien               No                    YES                  10YRIO                  No
       16178730          First Lien               No                    YES                  10YRIO                  No
       16178811          First Lien               No                    NO                   NONIO                   No
       16178812          First Lien               No                    YES                  10YRIO                  Yes
       16178650          First Lien               No                    YES                  3YRIO                   No
       16179622          First Lien               No                    NO                   NONIO                   Yes
       16178570          First Lien               No                    NO                   NONIO                   No
       16180256          First Lien               No                    YES                  10YRIO                  No
       16179032          First Lien               No                    NO                   NONIO                   Yes
       16178921          First Lien               No                    NO                   NONIO                   No
       16179081          First Lien               No                    NO                   NONIO                   Yes
       16178447          First Lien               No                    YES                  10YRIO                  Yes
       16178571          First Lien               No                    YES                  10YRIO                  No
       16178814          First Lien               No                    YES                  10YRIO                  No
       16179562          First Lien               No                    NO                   NONIO                   Yes
       16178799          First Lien               No                    YES                  10YRIO                  No
       16178490          First Lien               No                    YES                  10YRIO                  No
       16179624          First Lien               No                    NO                   NONIO                   Yes
       16179363          First Lien               No                    NO                   NONIO                   Yes
       16179051          First Lien               No                    NO                   NONIO                   Yes
       16178549          First Lien               No                    YES                  10YRIO                  Yes
       16178605          First Lien               No                    YES                  5YRIO                   No
       16179234          First Lien               No                    NO                   NONIO                   Yes
       16178815          First Lien               No                    YES                  10YRIO                  No
       16178734          First Lien               No                    NO                   NONIO                   No
       16178241          First Lien               No                    NO                   NONIO                   No
       16179105          First Lien               No                    NO                   NONIO                   Yes
       16180218          First Lien               No                    YES                  10YRIO                  Yes
       16178318          First Lien               No                    YES                  10YRIO                  Yes
       16178654          First Lien               No                    YES                  10YRIO                  No
       16178655          First Lien               No                    YES                  10YRIO                  No
       16179915          First Lien               No                    NO                   NONIO                   Yes
       16178818          First Lien               No                    YES                  10YRIO                  No
       16178819          First Lien               No                    YES                  10YRIO                  Yes
       16179221          First Lien               No                    NO                   NONIO                   Yes
       16178495          First Lien               No                    YES                  10YRIO                  No
       16178576          First Lien               No                    NO                   NONIO                   No
       16178496          First Lien               No                    YES                  10YRIO                  No
       16179549          First Lien               No                    NO                   NONIO                   Yes
       16178578          First Lien               No                    YES                  10YRIO                  Yes
       16178497          First Lien               No                    YES                  10YRIO                  No
       16179477          First Lien               No                    NO                   NONIO                   Yes
       16179369          First Lien               No                    NO                   NONIO                   Yes
       16180287          First Lien               No                    YES                  10YRIO                  No
       16180356          First Lien               No                    YES                  10YRIO                  No
       16178632          First Lien               No                    YES                  10YRIO                  No
       16179524          First Lien               No                    NO                   NONIO                   Yes
       16178471          First Lien               No                    YES                  10YRIO                  No
       16178552          First Lien               No                    YES                  10YRIO                  No
       16178633          First Lien               No                    NO                   NONIO                   No
       16178634          First Lien               No                    YES                  10YRIO                  No
       16179525          First Lien               No                    NO                   NONIO                   Yes
       16180254          First Lien               No                    YES                  10YRIO                  No
       16178919          First Lien               No                    NO                   NONIO                   No
       16178472          First Lien               No                    YES                  10YRIO                  No
       16178392          First Lien               No                    YES                  10YRIO                  Yes
       16179608          First Lien               No                    NO                   NONIO                   Yes
       16178555          First Lien               No                    NO                   NONIO                   No
       16179527          First Lien               No                    NO                   NONIO                   Yes
       16179609          First Lien               No                    NO                   NONIO                   Yes
       16178556          First Lien               No                    YES                  10YRIO                  No
       16178475          First Lien               No                    NO                   NONIO                   No
       16178394          First Lien               No                    YES                  10YRIO                  No
       16179366          First Lien               No                    NO                   NONIO                   Yes
       16178637          First Lien               No                    YES                  10YRIO                  No
       16178718          First Lien               No                    YES                  10YRIO                  No
       16178476          First Lien               No                    YES                  10YRIO                  No
       16178719          First Lien               No                    NO                   NONIO                   No
       16180581          First Lien               No                    NO                   NONIO                   No
       16179438          First Lien               No                    NO                   NONIO                   Yes
       16179529          First Lien               No                    NO                   NONIO                   Yes
       16178395          First Lien               No                    YES                  10YRIO                  No
       16178396          First Lien               No                    YES                  5YRIO                   No
       16178798          First Lien               No                    YES                  10YRIO                  No
       16178952          First Lien               No                    NO                   NONIO                   No
       16178958          First Lien               No                    NO                   NONIO                   Yes
       16179011          First Lien               No                    NO                   NONIO                   No
       16179368          First Lien               No                    NO                   NONIO                   Yes
       16178397          First Lien               No                    NO                   NONIO                   Yes
       16178238          First Lien               No                    NO                   NONIO                   No
       16180577          First Lien               No                    YES                  10YRIO                  No
       16179980          First Lien               No                    NO                   NONIO                   Yes
       16178224          First Lien               No                    YES                  5YRIO                   No
       16179179          First Lien               No                    NO                   NONIO                   Yes
       16180409          First Lien               No                    YES                  10YRIO                  No
       16179786          First Lien               No                    NO                   NONIO                   Yes
       16179066          First Lien               No                    NO                   NONIO                   No
       16180545          First Lien               No                    YES                  10YRIO                  Yes
       16180315          First Lien               No                    YES                  10YRIO                  No
       16178413          First Lien               No                    YES                  10YRIO                  No
       16178985          First Lien               No                    NO                   NONIO                   Yes
       16179313          First Lien               No                    NO                   NONIO                   Yes
       16178403          First Lien               No                    YES                  10YRIO                  No
       16180125          First Lien               No                    NO                   NONIO                   Yes
       16178891          First Lien               No                    NO                   NONIO                   No
       16178750          First Lien               No                    YES                  10YRIO                  No
       16178299          First Lien               No                    YES                  10YRIO                  No
       16178560          First Lien               No                    YES                  10YRIO                  No
       16179208          First Lien               No                    NO                   NONIO                   Yes
       16179880          First Lien               No                    NO                   NONIO                   Yes
       16179307          First Lien               No                    NO                   NONIO                   Yes
       16179180          First Lien               No                    NO                   NONIO                   No
       16180410          First Lien               No                    YES                  10YRIO                  No
       16180476          First Lien               No                    NO                   NONIO                   Yes
       16179836          First Lien               No                    NO                   NONIO                   Yes
       16180066          First Lien               No                    NO                   NONIO                   Yes
       16180316          First Lien               No                    YES                  10YRIO                  No
       16178974          First Lien               No                    NO                   NONIO                   Yes
       16178435          First Lien               No                    YES                  10YRIO                  No
       16178723          First Lien               No                    YES                  10YRIO                  No
       16178183          First Lien               No                    YES                  10YRIO                  No
       16179344          First Lien               No                    NO                   NONIO                   Yes
       16179309          First Lien               No                    NO                   NONIO                   Yes
       16179341          First Lien               No                    NO                   NONIO                   Yes
       16178302          First Lien               No                    YES                  10YRIO                  No
       16178239          First Lien               No                    YES                  5YRIO                   No
       16179209          First Lien               No                    NO                   NONIO                   Yes
       16180509          First Lien               No                    YES                  10YRIO                  No
       16179010          First Lien               No                    NO                   NONIO                   Yes
       16180411          First Lien               No                    YES                  10YRIO                  Yes
       16180477          First Lien               No                    NO                   NONIO                   No
       16179837          First Lien               No                    NO                   NONIO                   Yes
       16179413          First Lien               No                    NO                   NONIO                   Yes
       16178414          First Lien               No                    YES                  10YRIO                  No
       16178975          First Lien               No                    NO                   NONIO                   No
       16180040          First Lien               No                    NO                   NONIO                   Yes
       16178509          First Lien               No                    NO                   NONIO                   No
       16180510          First Lien               No                    YES                  10YRIO                  No
       16178494          First Lien               No                    YES                  10YRIO                  No
       16180579          First Lien               No                    YES                  10YRIO                  No
       16179781          First Lien               No                    NO                   NONIO                   Yes
       16179436          First Lien               No                    NO                   NONIO                   Yes
       16180412          First Lien               No                    YES                  10YRIO                  No
       16180478          First Lien               No                    YES                  10YRIO                  No
       16179001          First Lien               No                    NO                   NONIO                   Yes
       16179736          First Lien               No                    NO                   NONIO                   Yes
       16178621          First Lien               No                    YES                  10YRIO                  Yes
       16179503          First Lien               No                    NO                   NONIO                   Yes
       16178617          First Lien               No                    YES                  5YRIO                   Yes
       16178572          First Lien               No                    YES                  10YRIO                  No
       16178753          First Lien               No                    YES                  10YRIO                  No
       16179623          First Lien               No                    NO                   NONIO                   Yes
       16178240          First Lien               No                    YES                  5YRIO                   No
       16180580          First Lien               No                    YES                  10YRIO                  No
       16179981          First Lien               No                    NO                   NONIO                   Yes
       16179437          First Lien               No                    NO                   NONIO                   Yes
       16180413          First Lien               No                    YES                  10YRIO                  No
       16179076          First Lien               No                    NO                   NONIO                   Yes
       16179737          First Lien               No                    NO                   NONIO                   Yes
       16178340          First Lien               No                    YES                  10YRIO                  No
       16178816          First Lien               No                    YES                  5YRIO                   No
       16179627          First Lien               No                    NO                   NONIO                   Yes
       16179006          First Lien               No                    NO                   NONIO                   Yes
       16178518          First Lien               No                    YES                  10YRIO                  No
       16179977          First Lien               No                    NO                   NONIO                   Yes
       16179190          First Lien               No                    NO                   NONIO                   Yes
       16180472          First Lien               No                    YES                  10YRIO                  No
       16180541          First Lien               No                    YES                  10YRIO                  No
       16180311          First Lien               No                    YES                  10YRIO                  No
       16179410          First Lien               No                    NO                   NONIO                   Yes
       16178658          First Lien               No                    YES                  10YRIO                  No
       16179176          First Lien               No                    NO                   NONIO                   No
       16180378          First Lien               No                    YES                  10YRIO                  No
       16178989          First Lien               No                    NO                   NONIO                   Yes
       16179732          First Lien               No                    NO                   NONIO                   Yes
       16178728          First Lien               No                    YES                  10YRIO                  Yes
       16178454          First Lien               No                    YES                  10YRIO                  Yes
       16178402          First Lien               No                    YES                  10YRIO                  No
       16179697          First Lien               No                    NO                   NONIO                   Yes
       16178595          First Lien               No                    YES                  10YRIO                  No
       16180107          First Lien               No                    NO                   NONIO                   Yes
       16180240          First Lien               No                    YES                  10YRIO                  No
       16178363          First Lien               No                    YES                  5YRIO                   No
       16178602          First Lien               No                    YES                  10YRIO                  No
       16179978          First Lien               No                    NO                   NONIO                   Yes
       16180406          First Lien               No                    YES                  10YRIO                  No
       16180473          First Lien               No                    NO                   NONIO                   Yes
       16180542          First Lien               No                    YES                  10YRIO                  Yes
       16180312          First Lien               No                    YES                  10YRIO                  Yes
       16179411          First Lien               No                    NO                   NONIO                   Yes
       16179056          First Lien               No                    NO                   NONIO                   No
       16180379          First Lien               No                    YES                  10YRIO                  No
       16178434          First Lien               No                    YES                  10YRIO                  No
       16179733          First Lien               No                    NO                   NONIO                   Yes
       16178704          First Lien               No                    YES                  10YRIO                  No
       16179820          First Lien               No                    NO                   NONIO                   Yes
       16180128          First Lien               No                    NO                   NONIO                   Yes
       16180153          First Lien               No                    NO                   NONIO                   Yes
       16178426          First Lien               No                    NO                   NONIO                   No
       16179698          First Lien               No                    NO                   NONIO                   Yes
       16180114          First Lien               No                    NO                   NONIO                   Yes
       16179283          First Lien               No                    NO                   NONIO                   Yes
       16178381          First Lien               No                    YES                  10YRIO                  No
       16178900          First Lien               No                    NO                   NONIO                   Yes
       16178342          First Lien               No                    NO                   NONIO                   Yes
       16178223          First Lien               No                    NO                   NONIO                   No
       16180407          First Lien               No                    YES                  10YRIO                  Yes
       16180474          First Lien               No                    YES                  10YRIO                  No
       16179168          First Lien               No                    NO                   NONIO                   No
       16180543          First Lien               No                    YES                  10YRIO                  No
       16180313          First Lien               No                    YES                  10YRIO                  No
       16179087          First Lien               No                    NO                   NONIO                   Yes
       16180380          First Lien               No                    YES                  10YRIO                  No
       16179734          First Lien               No                    NO                   NONIO                   Yes
       16178715          First Lien               No                    NO                   NONIO                   No
       16179521          First Lien               No                    NO                   NONIO                   Yes
       16178327          First Lien               No                    YES                  10YRIO                  No
       16179284          First Lien               No                    NO                   NONIO                   Yes
       16178613          First Lien               No                    YES                  10YRIO                  No
       16180576          First Lien               No                    YES                  10YRIO                  No
       16178557          First Lien               No                    YES                  10YRIO                  No
       16179979          First Lien               No                    NO                   NONIO                   Yes
       16180408          First Lien               No                    YES                  10YRIO                  No
       16179835          First Lien               No                    NO                   NONIO                   Yes
       16180475          First Lien               No                    YES                  10YRIO                  No
       16179169          First Lien               No                    NO                   NONIO                   No
       16180544          First Lien               No                    YES                  10YRIO                  Yes
       16180314          First Lien               No                    YES                  10YRIO                  No
       16179088          First Lien               No                    NO                   NONIO                   No
       16179160          First Lien               No                    NO                   NONIO                   Yes
       16178990          First Lien               No                    NO                   NONIO                   Yes
       16179735          First Lien               No                    NO                   NONIO                   Yes
       16178306          First Lien               No                    YES                  10YRIO                  No
       16179039          First Lien               No                    NO                   NONIO                   Yes
       16178949          First Lien               No                    NO                   NONIO                   Yes
       16179334          First Lien               No                    NO                   NONIO                   Yes
       16179135          First Lien               No                    NO                   NONIO                   No
       16179489          First Lien               No                    NO                   NONIO                   Yes
       16178894          First Lien               No                    NO                   NONIO                   Yes
       16179381          First Lien               No                    NO                   NONIO                   Yes
       16180536          First Lien               No                    NO                   NONIO                   No
       16179598          First Lien               No                    NO                   NONIO                   Yes
       16179816          First Lien               No                    NO                   NONIO                   Yes
       16180276          First Lien               No                    YES                  10YRIO                  No
       16179144          First Lien               No                    NO                   NONIO                   Yes
       16178700          First Lien               No                    YES                  10YRIO                  No
       16179573          First Lien               No                    NO                   NONIO                   Yes
       16180124          First Lien               No                    NO                   NONIO                   Yes
       16178619          First Lien               No                    YES                  5YRIO                   No
       16179282          First Lien               No                    NO                   NONIO                   Yes
       16178374          First Lien               No                    YES                  10YRIO                  No
       16179928          First Lien               No                    NO                   NONIO                   Yes
       16179382          First Lien               No                    NO                   NONIO                   Yes
       16180537          First Lien               No                    YES                  10YRIO                  No
       16180307          First Lien               No                    YES                  10YRIO                  No
       16180374          First Lien               No                    YES                  10YRIO                  Yes
       16179064          First Lien               No                    NO                   NONIO                   Yes
       16180439          First Lien               No                    NO                   NONIO                   No
       16178714          First Lien               No                    YES                  10YRIO                  No
       16179599          First Lien               No                    NO                   NONIO                   Yes
       16179817          First Lien               No                    NO                   NONIO                   Yes
       16178927          First Lien               No                    NO                   NONIO                   Yes
       16179755          First Lien               No                    NO                   NONIO                   Yes
       16178878          First Lien               No                    NO                   NONIO                   No
       16178349          First Lien               No                    YES                  5YRIO                   No
       16180022          First Lien               No                    NO                   NONIO                   Yes
       16180236          First Lien               No                    YES                  10YRIO                  No
       16179929          First Lien               No                    NO                   NONIO                   Yes
       16178895          First Lien               No                    NO                   NONIO                   Yes
       16180538          First Lien               No                    NO                   NONIO                   Yes
       16180308          First Lien               No                    YES                  10YRIO                  No
       16180375          First Lien               No                    YES                  10YRIO                  Yes
       16180440          First Lien               No                    YES                  10YRIO                  Yes
       16178547          First Lien               No                    YES                  10YRIO                  No
       16179818          First Lien               No                    NO                   NONIO                   Yes
       16180277          First Lien               No                    YES                  10YRIO                  Yes
       16179153          First Lien               No                    NO                   NONIO                   Yes
       16178980          First Lien               No                    NO                   NONIO                   Yes
       16179054          First Lien               No                    NO                   NONIO                   No
       16178424          First Lien               No                    YES                  10YRIO                  Yes
       16179708          First Lien               No                    NO                   NONIO                   Yes
       16180140          First Lien               No                    NO                   NONIO                   No
       16180023          First Lien               No                    NO                   NONIO                   Yes
       16178768          First Lien               No                    NO                   NONIO                   No
       16178260          First Lien               No                    YES                  5YRIO                   No
       16180237          First Lien               No                    YES                  10YRIO                  No
       16178375          First Lien               No                    YES                  10YRIO                  No
       16178864          First Lien               No                    YES                  10YRIO                  No
       16178341          First Lien               No                    YES                  5YRIO                   No
       16178611          First Lien               No                    YES                  10YRIO                  No
       16179383          First Lien               No                    NO                   NONIO                   Yes
       16178222          First Lien               No                    YES                  5YRIO                   No
       16180539          First Lien               No                    YES                  10YRIO                  No
       16180309          First Lien               No                    NO                   NONIO                   No
       16180376          First Lien               No                    YES                  10YRIO                  No
       16178948          First Lien               No                    NO                   NONIO                   No
       16178970          First Lien               No                    NO                   NONIO                   Yes
       16180171          First Lien               No                    NO                   NONIO                   Yes
       16178879          First Lien               No                    YES                  10YRIO                  No
       16180133          First Lien               No                    NO                   NONIO                   Yes
       16178651          First Lien               No                    NO                   NONIO                   No
       16180024          First Lien               No                    NO                   NONIO                   Yes
       16180238          First Lien               No                    YES                  10YRIO                  No
       16179352          First Lien               No                    NO                   NONIO                   Yes
       16179384          First Lien               No                    NO                   NONIO                   Yes
       16179976          First Lien               No                    NO                   NONIO                   Yes
       16180471          First Lien               No                    YES                  10YRIO                  No
       16180540          First Lien               No                    YES                  10YRIO                  No
       16178983          First Lien               No                    NO                   NONIO                   Yes
       16180377          First Lien               No                    YES                  10YRIO                  No
       16180441          First Lien               No                    YES                  10YRIO                  No
       16179731          First Lien               No                    NO                   NONIO                   Yes
       16179819          First Lien               No                    NO                   NONIO                   Yes
       16178971          First Lien               No                    NO                   NONIO                   No
       16178425          First Lien               No                    YES                  10YRIO                  Yes
       16180162          First Lien               No                    NO                   NONIO                   Yes
       16180143          First Lien               No                    NO                   NONIO                   Yes
       16179709          First Lien               No                    NO                   NONIO                   Yes
       16179696          First Lien               No                    NO                   NONIO                   Yes
       16178313          First Lien               No                    YES                  10YRIO                  No
       16180025          First Lien               No                    NO                   NONIO                   Yes
       16178592          First Lien               No                    YES                  10YRIO                  No
       16179310          First Lien               No                    NO                   NONIO                   Yes
       16180239          First Lien               No                    YES                  10YRIO                  No
       16178380          First Lien               No                    YES                  5YRIO                   No
       16179252          First Lien               No                    NO                   NONIO                   No
       16178856          First Lien               No                    YES                  10YRIO                  No
       16180436          First Lien               No                    YES                  10YRIO                  No
       16180273          First Lien               No                    YES                  10YRIO                  No
       16178175          First Lien               No                    YES                  10YRIO                  Yes
       16179707          First Lien               No                    NO                   NONIO                   Yes
       16178925          First Lien               No                    NO                   NONIO                   No
       16179695          First Lien               No                    NO                   NONIO                   Yes
       16178796          First Lien               No                    YES                  10YRIO                  Yes
       16180177          First Lien               No                    NO                   NONIO                   No
       16178635          First Lien               No                    YES                  10YRIO                  No
       16178531          First Lien               No                    NO                   NONIO                   No
       16179682          First Lien               No                    NO                   NONIO                   Yes
       16180108          First Lien               No                    NO                   NONIO                   Yes
       16178337          First Lien               No                    YES                  5YRIO                   No
       16179297          First Lien               No                    NO                   NONIO                   Yes
       16180234          First Lien               No                    YES                  10YRIO                  No
       16179925          First Lien               No                    NO                   NONIO                   Yes
       16179641          First Lien               No                    NO                   NONIO                   Yes
       16179379          First Lien               No                    NO                   NONIO                   Yes
       16179362          First Lien               No                    NO                   NONIO                   Yes
       16179182          First Lien               No                    NO                   NONIO                   Yes
       16180372          First Lien               No                    YES                  10YRIO                  No
       16180437          First Lien               No                    YES                  10YRIO                  No
       16178969          First Lien               No                    NO                   NONIO                   Yes
       16179047          First Lien               No                    NO                   NONIO                   No
       16180274          First Lien               No                    YES                  10YRIO                  No
       16179815          First Lien               No                    NO                   NONIO                   Yes
       16178423          First Lien               No                    YES                  10YRIO                  No
       16178315          First Lien               No                    YES                  5YRIO                   No
       16179753          First Lien               No                    NO                   NONIO                   Yes
       16178821          First Lien               No                    NO                   NONIO                   No
       16179270          First Lien               No                    NO                   NONIO                   Yes
       16179120          First Lien               No                    NO                   NONIO                   No
       16180062          First Lien               No                    NO                   NONIO                   Yes
       16179926          First Lien               No                    NO                   NONIO                   Yes
       16179098          First Lien               No                    NO                   NONIO                   No
       16179380          First Lien               No                    NO                   NONIO                   Yes
       16180373          First Lien               No                    YES                  10YRIO                  No
       16178662          First Lien               No                    YES                  10YRIO                  No
       16180438          First Lien               No                    YES                  10YRIO                  No
       16180275          First Lien               No                    YES                  10YRIO                  No
       16178802          First Lien               No                    YES                  10YRIO                  No
       16178926          First Lien               No                    NO                   NONIO                   Yes
       16179572          First Lien               No                    NO                   NONIO                   Yes
       16178760          First Lien               No                    YES                  10YRIO                  No
       16180235          First Lien               No                    YES                  10YRIO                  Yes
       16179271          First Lien               No                    NO                   NONIO                   Yes
       16179640          First Lien               No                    NO                   NONIO                   Yes
       16178887          First Lien               No                    NO                   NONIO                   No
       16179354          First Lien               No                    NO                   NONIO                   Yes
       16180354          First Lien               No                    YES                  10YRIO                  No
       16179805          First Lien               No                    NO                   NONIO                   Yes
       16179128          First Lien               No                    NO                   NONIO                   Yes
       16180618          First Lien               No                    YES                  10YRIO                  No
       16180006          First Lien               No                    NO                   NONIO                   Yes
       16178960          First Lien               No                    NO                   NONIO                   Yes
       16180517          First Lien               No                    NO                   NONIO                   Yes
       16179630          First Lien               No                    NO                   NONIO                   Yes
       16179442          First Lien               No                    NO                   NONIO                   Yes
       16178934          First Lien               No                    NO                   NONIO                   Yes
       16178262          First Lien               No                    YES                  10YRIO                  No
       16178837          First Lien               No                    YES                  10YRIO                  No
       16180117          First Lien               No                    NO                   NONIO                   Yes
       16178563          First Lien               No                    NO                   NONIO                   No
       16179212          First Lien               No                    NO                   NONIO                   No
       16179860          First Lien               No                    NO                   NONIO                   Yes
       16179129          First Lien               No                    NO                   NONIO                   Yes
       16179909          First Lien               No                    NO                   NONIO                   Yes
       16179016          First Lien               No                    NO                   NONIO                   Yes
       16178999          First Lien               No                    NO                   NONIO                   Yes
       16179631          First Lien               No                    NO                   NONIO                   Yes
       16179443          First Lien               No                    NO                   NONIO                   Yes
       16178909          First Lien               No                    NO                   NONIO                   Yes
       16179664          First Lien               No                    NO                   NONIO                   Yes
       16180027          First Lien               No                    NO                   NONIO                   Yes
       16178499          First Lien               No                    YES                  10YRIO                  No
       16179858          First Lien               No                    NO                   NONIO                   Yes
       16179551          First Lien               No                    NO                   NONIO                   Yes
       16180270          First Lien               No                    YES                  10YRIO                  No
       16179151          First Lien               No                    NO                   NONIO                   Yes
       16179750          First Lien               No                    NO                   NONIO                   Yes
       16178942          First Lien               No                    NO                   NONIO                   Yes
       16179141          First Lien               No                    NO                   NONIO                   Yes
       16178354          First Lien               No                    YES                  10YRIO                  No
       16179680          First Lien               No                    NO                   NONIO                   Yes
       16178690          First Lien               No                    YES                  10YRIO                  Yes
       16180034          First Lien               No                    NO                   NONIO                   Yes
       16179268          First Lien               No                    NO                   NONIO                   No
       16179514          First Lien               No                    NO                   NONIO                   Yes
       16178372          First Lien               No                    YES                  10YRIO                  No
       16179097          First Lien               No                    NO                   NONIO                   Yes
       16179859          First Lien               No                    NO                   NONIO                   Yes
       16178367          First Lien               No                    YES                  10YRIO                  Yes
       16179464          First Lien               No                    NO                   NONIO                   Yes
       16180434          First Lien               No                    YES                  10YRIO                  No
       16178487          First Lien               No                    YES                  10YRIO                  No
       16180271          First Lien               No                    NO                   NONIO                   No
       16178191          First Lien               No                    YES                  10YRIO                  No
       16179152          First Lien               No                    NO                   NONIO                   Yes
       16178979          First Lien               No                    NO                   NONIO                   Yes
       16178924          First Lien               No                    NO                   NONIO                   No
       16178943          First Lien               No                    NO                   NONIO                   No
       16179610          First Lien               No                    NO                   NONIO                   Yes
       16179269          First Lien               No                    NO                   NONIO                   Yes
       16179519          First Lien               No                    NO                   NONIO                   Yes
       16179923          First Lien               No                    NO                   NONIO                   Yes
       16179360          First Lien               No                    NO                   NONIO                   Yes
       16180073          First Lien               No                    NO                   NONIO                   Yes
       16180435          First Lien               No                    YES                  10YRIO                  Yes
       16180272          First Lien               No                    YES                  10YRIO                  No
       16179752          First Lien               No                    NO                   NONIO                   Yes
       16178545          First Lien               No                    YES                  10YRIO                  No
       16178648          First Lien               No                    YES                  10YRIO                  Yes
       16178915          First Lien               No                    NO                   NONIO                   No
       16179681          First Lien               No                    NO                   NONIO                   Yes
       16178584          First Lien               No                    YES                  5YRIO                   No
       16180233          First Lien               No                    YES                  10YRIO                  No
       16179291          First Lien               No                    NO                   NONIO                   Yes
       16178373          First Lien               No                    YES                  10YRIO                  No
       16179361          First Lien               No                    NO                   NONIO                   Yes
       16180250          First Lien               No                    YES                  10YRIO                  No
       16178935          First Lien               No                    NO                   NONIO                   Yes
       16179556          First Lien               No                    NO                   NONIO                   Yes
       16178962          First Lien               No                    NO                   NONIO                   No
       16178791          First Lien               No                    YES                  10YRIO                  Yes
       16178292          First Lien               No                    YES                  10YRIO                  Yes
       16180083          First Lien               No                    NO                   NONIO                   Yes
       16178334          First Lien               No                    YES                  10YRIO                  No
       16179262          First Lien               No                    NO                   NONIO                   No
       16178667          First Lien               No                    YES                  10YRIO                  Yes
       16179241          First Lien               No                    NO                   NONIO                   Yes
       16179958          First Lien               No                    NO                   NONIO                   Yes
       16178357          First Lien               No                    YES                  10YRIO                  No
       16178216          First Lien               No                    YES                  5YRIO                   No
       16180013          First Lien               No                    NO                   NONIO                   Yes
       16179846          First Lien               No                    NO                   NONIO                   Yes
       16179637          First Lien               No                    NO                   NONIO                   Yes
       16180251          First Lien               No                    YES                  10YRIO                  Yes
       16180102          First Lien               No                    NO                   NONIO                   Yes
       16178683          First Lien               No                    YES                  10YRIO                  No
       16178300          First Lien               No                    YES                  10YRIO                  No
       16178765          First Lien               No                    YES                  5YRIO                   No
       16179796          First Lien               No                    NO                   NONIO                   Yes
       16178564          First Lien               No                    YES                  10YRIO                  No
       16179114          First Lien               No                    NO                   NONIO                   No
       16178383          First Lien               No                    YES                  10YRIO                  No
       16180014          First Lien               No                    NO                   NONIO                   Yes
       16179473          First Lien               No                    NO                   NONIO                   Yes
       16179794          First Lien               No                    NO                   NONIO                   Yes
       16180176          First Lien               No                    NO                   NONIO                   Yes
       16179007          First Lien               No                    NO                   NONIO                   Yes
       16180252          First Lien               No                    NO                   NONIO                   No
       16179699          First Lien               No                    NO                   NONIO                   Yes
       16179041          First Lien               No                    NO                   NONIO                   No
       16180111          First Lien               No                    NO                   NONIO                   Yes
       16179614          First Lien               No                    NO                   NONIO                   Yes
       16178517          First Lien               No                    YES                  10YRIO                  No
       16179213          First Lien               No                    NO                   NONIO                   Yes
       16179215          First Lien               No                    NO                   NONIO                   No
       16179639          First Lien               No                    NO                   NONIO                   Yes
       16179353          First Lien               No                    NO                   NONIO                   Yes
       16180253          First Lien               No                    YES                  10YRIO                  No
       16178951          First Lien               No                    NO                   NONIO                   No
       16179669          First Lien               No                    NO                   NONIO                   Yes
       16180030          First Lien               No                    NO                   NONIO                   Yes
       16179263          First Lien               No                    NO                   NONIO                   Yes
       16179506          First Lien               No                    NO                   NONIO                   Yes
       16179131          First Lien               No                    NO                   NONIO                   No
       16179227          First Lien               No                    NO                   NONIO                   Yes
       16179913          First Lien               No                    NO                   NONIO                   Yes
       16178365          First Lien               No                    YES                  10YRIO                  Yes
       16178862          First Lien               No                    YES                  10YRIO                  No
       16179946          First Lien               No                    NO                   NONIO                   Yes
       16180612          First Lien               No                    NO                   NONIO                   No
       16179461          First Lien               No                    NO                   NONIO                   Yes
       16180057          First Lien               No                    NO                   NONIO                   Yes
       16179339          First Lien               No                    NO                   NONIO                   Yes
       16179617          First Lien               No                    NO                   NONIO                   Yes
       16179023          First Lien               No                    NO                   NONIO                   Yes
       16178482          First Lien               No                    YES                  10YRIO                  No
       16178906          First Lien               No                    NO                   NONIO                   No
       16178769          First Lien               No                    YES                  5YRIO                   No
       16179219          First Lien               No                    NO                   NONIO                   Yes
       16178384          First Lien               No                    YES                  10YRIO                  No
       16179096          First Lien               No                    NO                   NONIO                   No
       16178256          First Lien               No                    YES                  5YRIO                   No
       16179112          First Lien               No                    NO                   NONIO                   No
       16179856          First Lien               No                    NO                   NONIO                   Yes
       16179224          First Lien               No                    NO                   NONIO                   Yes
       16180613          First Lien               No                    YES                  10YRIO                  Yes
       16179462          First Lien               No                    NO                   NONIO                   Yes
       16178721          First Lien               No                    YES                  10YRIO                  No
       16179358          First Lien               No                    NO                   NONIO                   Yes
       16179408          First Lien               No                    NO                   NONIO                   Yes
       16178941          First Lien               No                    NO                   NONIO                   Yes
       16179043          First Lien               No                    NO                   NONIO                   No
       16178914          First Lien               No                    NO                   NONIO                   No
       16179678          First Lien               No                    NO                   NONIO                   Yes
       16178933          First Lien               No                    NO                   NONIO                   Yes
       16178766          First Lien               No                    YES                  5YRIO                   No
       16178569          First Lien               No                    YES                  10YRIO                  No
       16179220          First Lien               No                    NO                   NONIO                   Yes
       16179211          First Lien               No                    NO                   NONIO                   Yes
       16179857          First Lien               No                    NO                   NONIO                   Yes
       16178361          First Lien               No                    YES                  10YRIO                  No
       16179127          First Lien               No                    NO                   NONIO                   Yes
       16179906          First Lien               No                    NO                   NONIO                   Yes
       16178366          First Lien               No                    YES                  10YRIO                  No
       16179463          First Lien               No                    NO                   NONIO                   Yes
       16179403          First Lien               No                    NO                   NONIO                   Yes
       16178657          First Lien               No                    YES                  10YRIO                  Yes
       16179749          First Lien               No                    NO                   NONIO                   Yes
       16179570          First Lien               No                    NO                   NONIO                   Yes
       16179140          First Lien               No                    NO                   NONIO                   Yes
       16179031          First Lien               No                    NO                   NONIO                   Yes
       16179679          First Lien               No                    NO                   NONIO                   Yes
       16178261          First Lien               No                    YES                  10YRIO                  No
       16180080          First Lien               No                    NO                   NONIO                   Yes
       16179267          First Lien               No                    NO                   NONIO                   Yes
       16179259          First Lien               No                    NO                   NONIO                   Yes
       16179287          First Lien               No                    NO                   NONIO                   Yes
       16179130          First Lien               No                    NO                   NONIO                   Yes
       16179956          First Lien               No                    NO                   NONIO                   Yes
       16180011          First Lien               No                    NO                   NONIO                   Yes
       16178840          First Lien               No                    YES                  10YRIO                  No
       16178817          First Lien               No                    YES                  11YRIO                  No
       16179890          First Lien               No                    NO                   NONIO                   Yes
       16180524          First Lien               No                    YES                  10YRIO                  No
       16179642          First Lien               No                    NO                   NONIO                   Yes
       16179446          First Lien               No                    NO                   NONIO                   Yes
       16179012          First Lien               No                    NO                   NONIO                   Yes
       16180249          First Lien               No                    YES                  10YRIO                  No
       16179040          First Lien               No                    NO                   NONIO                   Yes
       16178950          First Lien               No                    NO                   NONIO                   Yes
       16179504          First Lien               No                    NO                   NONIO                   Yes
       16179288          First Lien               No                    NO                   NONIO                   Yes
       16179911          First Lien               No                    NO                   NONIO                   Yes
       16179957          First Lien               No                    NO                   NONIO                   Yes
       16180012          First Lien               No                    NO                   NONIO                   Yes
       16180069          First Lien               No                    NO                   NONIO                   Yes
       16180060          First Lien               No                    NO                   NONIO                   Yes
       16180525          First Lien               No                    YES                  10YRIO                  Yes
       16179447          First Lien               No                    NO                   NONIO                   Yes
       16179973          First Lien               No                    NO                   NONIO                   Yes
       16180134          First Lien               No                    NO                   NONIO                   Yes
       16178908          First Lien               No                    NO                   NONIO                   Yes
       16179657          First Lien               No                    NO                   NONIO                   Yes
       16179788          First Lien               No                    NO                   NONIO                   Yes
       16180032          First Lien               No                    NO                   NONIO                   Yes
       16179110          First Lien               No                    NO                   NONIO                   No
       16178674          First Lien               No                    YES                  10YRIO                  No
       16179901          First Lien               No                    NO                   NONIO                   Yes
       16180608          First Lien               No                    YES                  10YRIO                  No
       16179457          First Lien               No                    NO                   NONIO                   Yes
       16179997          First Lien               No                    NO                   NONIO                   Yes
       16180049          First Lien               No                    NO                   NONIO                   Yes
       16179104          First Lien               No                    NO                   NONIO                   Yes
       16180508          First Lien               No                    YES                  10YRIO                  No
       16179174          First Lien               No                    NO                   NONIO                   No
       16179435          First Lien               No                    NO                   NONIO                   Yes
       16178782          First Lien               No                    YES                  10YRIO                  Yes
       16180046          First Lien               No                    NO                   NONIO                   Yes
       16179030          First Lien               No                    NO                   NONIO                   No
       16179020          First Lien               No                    NO                   NONIO                   Yes
       16178585          First Lien               No                    YES                  10YRIO                  No
       16180098          First Lien               No                    NO                   NONIO                   No
       16178574          First Lien               No                    YES                  10YRIO                  No
       16178289          First Lien               No                    YES                  10YRIO                  Yes
       16178254          First Lien               No                    NO                   NONIO                   No
       16179853          First Lien               No                    NO                   NONIO                   Yes
       16179902          First Lien               No                    NO                   NONIO                   Yes
       16180609          First Lien               No                    YES                  10YRIO                  No
       16179458          First Lien               No                    NO                   NONIO                   Yes
       16179998          First Lien               No                    NO                   NONIO                   Yes
       16179005          First Lien               No                    NO                   NONIO                   Yes
       16179400          First Lien               No                    NO                   NONIO                   Yes
       16178932          First Lien               No                    NO                   NONIO                   No
       16180081          First Lien               No                    NO                   NONIO                   Yes
       16178582          First Lien               No                    YES                  10YRIO                  No
       16179257          First Lien               No                    NO                   NONIO                   Yes
       16178615          First Lien               No                    YES                  10YRIO                  No
       16179126          First Lien               No                    NO                   NONIO                   No
       16179903          First Lien               No                    NO                   NONIO                   Yes
       16180610          First Lien               No                    YES                  10YRIO                  No
       16180160          First Lien               No                    NO                   NONIO                   Yes
       16179459          First Lien               No                    NO                   NONIO                   Yes
       16179626          First Lien               No                    NO                   NONIO                   Yes
       16178443          First Lien               No                    YES                  10YRIO                  No
       16179357          First Lien               No                    NO                   NONIO                   Yes
       16179401          First Lien               No                    NO                   NONIO                   Yes
       16179021          First Lien               No                    NO                   NONIO                   No
       16178331          First Lien               No                    NO                   NONIO                   No
       16179658          First Lien               No                    NO                   NONIO                   Yes
       16180041          First Lien               No                    NO                   NONIO                   No
       16179218          First Lien               No                    NO                   NONIO                   Yes
       16178465          First Lien               No                    YES                  10YRIO                  No
       16178665          First Lien               No                    NO                   NONIO                   Yes
       16178255          First Lien               No                    NO                   NONIO                   No
       16179854          First Lien               No                    NO                   NONIO                   Yes
       16179904          First Lien               No                    NO                   NONIO                   Yes
       16179945          First Lien               No                    NO                   NONIO                   Yes
       16180611          First Lien               No                    YES                  10YRIO                  No
       16179402          First Lien               No                    NO                   NONIO                   Yes
       16179974          First Lien               No                    NO                   NONIO                   Yes
       16178957          First Lien               No                    NO                   NONIO                   Yes
       16178480          First Lien               No                    YES                  10YRIO                  No
       16179677          First Lien               No                    NO                   NONIO                   Yes
       16180093          First Lien               No                    NO                   NONIO                   Yes
       16178285          First Lien               No                    YES                  10YRIO                  No
       16178346          First Lien               No                    YES                  10YRIO                  Yes
       16179111          First Lien               No                    NO                   NONIO                   Yes
       16179855          First Lien               No                    NO                   NONIO                   Yes
       16179905          First Lien               No                    NO                   NONIO                   Yes
       16180168          First Lien               No                    NO                   NONIO                   Yes
       16178703          First Lien               No                    YES                  10YRIO                  No
       16178695          First Lien               No                    YES                  10YRIO                  Yes
       16178777          First Lien               No                    YES                  10YRIO                  No
       16178235          First Lien               No                    YES                  5YRIO                   No
       16179994          First Lien               No                    NO                   NONIO                   Yes
       16179876          First Lien               No                    NO                   NONIO                   Yes
       16180501          First Lien               No                    YES                  10YRIO                  Yes
       16180571          First Lien               No                    NO                   NONIO                   No
       16179094          First Lien               No                    NO                   NONIO                   Yes
       16178356          First Lien               No                    YES                  10YRIO                  No
       16180339          First Lien               No                    YES                  10YRIO                  No
       16180403          First Lien               No                    NO                   NONIO                   No
       16179730          First Lien               No                    NO                   NONIO                   Yes
       16179343          First Lien               No                    NO                   NONIO                   Yes
       16180086          First Lien               No                    NO                   NONIO                   Yes
       16178673          First Lien               No                    YES                  10YRIO                  No
       16178185          First Lien               No                    YES                  5YRIO                   No
       16179995          First Lien               No                    NO                   NONIO                   Yes
       16180502          First Lien               No                    YES                  10YRIO                  No
       16180572          First Lien               No                    NO                   NONIO                   No
       16180187          First Lien               No                    NO                   NONIO                   Yes
       16179430          First Lien               No                    NO                   NONIO                   Yes
       16180340          First Lien               No                    NO                   NONIO                   Yes
       16180404          First Lien               No                    YES                  10YRIO                  No
       16178810          First Lien               No                    YES                  10YRIO                  No
       16178973          First Lien               No                    NO                   NONIO                   Yes
       16179050          First Lien               No                    NO                   NONIO                   Yes
       16178433          First Lien               No                    YES                  10YRIO                  No
       16178329          First Lien               No                    YES                  10YRIO                  Yes
       16178308          First Lien               No                    YES                  5YRIO                   No
       16178236          First Lien               No                    YES                  5YRIO                   No
       16180503          First Lien               No                    YES                  10YRIO                  No
       16179877          First Lien               No                    NO                   NONIO                   Yes
       16180573          First Lien               No                    NO                   NONIO                   Yes
       16179078          First Lien               No                    NO                   NONIO                   No
       16179095          First Lien               No                    NO                   NONIO                   Yes
       16179431          First Lien               No                    NO                   NONIO                   Yes
       16180341          First Lien               No                    YES                  10YRIO                  No
       16180405          First Lien               No                    YES                  10YRIO                  No
       16179832          First Lien               No                    NO                   NONIO                   Yes
       16180113          First Lien               No                    NO                   NONIO                   Yes
       16179971          First Lien               No                    NO                   NONIO                   Yes
       16178903          First Lien               No                    NO                   NONIO                   No
       16179768          First Lien               No                    NO                   NONIO                   Yes
       16178788          First Lien               No                    YES                  10YRIO                  Yes
       16178902          First Lien               No                    NO                   NONIO                   No
       16179237          First Lien               No                    NO                   NONIO                   No
       16180604          First Lien               No                    YES                  10YRIO                  No
       16179547          First Lien               No                    NO                   NONIO                   Yes
       16179103          First Lien               No                    NO                   NONIO                   No
       16180504          First Lien               No                    YES                  10YRIO                  No
       16180574          First Lien               No                    YES                  10YRIO                  No
       16179432          First Lien               No                    NO                   NONIO                   Yes
       16180342          First Lien               No                    YES                  10YRIO                  No
       16179833          First Lien               No                    NO                   NONIO                   Yes
       16178800          First Lien               No                    YES                  5YRIO                   Yes
       16179541          First Lien               No                    NO                   NONIO                   Yes
       16178288          First Lien               No                    YES                  10YRIO                  Yes
       16178464          First Lien               No                    YES                  5YRIO                   No
       16178252          First Lien               No                    YES                  5YRIO                   No
       16178343          First Lien               No                    YES                  5YRIO                   No
       16178554          First Lien               No                    YES                  10YRIO                  No
       16180605          First Lien               No                    YES                  10YRIO                  No
       16179944          First Lien               No                    NO                   NONIO                   Yes
       16178526          First Lien               No                    YES                  10YRIO                  Yes
       16178237          First Lien               No                    YES                  5YRIO                   No
       16180505          First Lien               No                    YES                  10YRIO                  No
       16179878          First Lien               No                    NO                   NONIO                   Yes
       16180575          First Lien               No                    YES                  10YRIO                  No
       16178474          First Lien               No                    YES                  10YRIO                  No
       16179433          First Lien               No                    NO                   NONIO                   Yes
       16179780          First Lien               No                    NO                   NONIO                   Yes
       16180343          First Lien               No                    YES                  10YRIO                  No
       16179834          First Lien               No                    NO                   NONIO                   Yes
       16178412          First Lien               No                    YES                  10YRIO                  Yes
       16178698          First Lien               No                    YES                  10YRIO                  No
       16178905          First Lien               No                    NO                   NONIO                   No
       16180131          First Lien               No                    NO                   NONIO                   Yes
       16180104          First Lien               No                    NO                   NONIO                   Yes
       16180031          First Lien               No                    NO                   NONIO                   Yes
       16178751          First Lien               No                    YES                  10YRIO                  No
       16179256          First Lien               No                    NO                   NONIO                   No
       16178467          First Lien               No                    YES                  10YRIO                  No
       16179222          First Lien               No                    NO                   NONIO                   No
       16179900          First Lien               No                    NO                   NONIO                   Yes
       16178749          First Lien               No                    YES                  10YRIO                  No
       16180606          First Lien               No                    YES                  10YRIO                  No
       16178559          First Lien               No                    YES                  10YRIO                  No
       16178553          First Lien               No                    NO                   NONIO                   No
       16179199          First Lien               No                    NO                   NONIO                   Yes
       16180506          First Lien               No                    YES                  10YRIO                  Yes
       16179767          First Lien               No                    NO                   NONIO                   Yes
       16180344          First Lien               No                    NO                   NONIO                   No
       16178442          First Lien               No                    YES                  10YRIO                  No
       16179972          First Lien               No                    NO                   NONIO                   Yes
       16179769          First Lien               No                    NO                   NONIO                   Yes
       16178253          First Lien               No                    YES                  5YRIO                   No
       16179210          First Lien               No                    NO                   NONIO                   Yes
       16180607          First Lien               No                    NO                   NONIO                   No
       16179996          First Lien               No                    NO                   NONIO                   Yes
       16178492          First Lien               No                    YES                  10YRIO                  No
       16180507          First Lien               No                    NO                   NONIO                   Yes
       16179879          First Lien               No                    NO                   NONIO                   Yes
       16179079          First Lien               No                    NO                   NONIO                   Yes
       16179434          First Lien               No                    NO                   NONIO                   Yes
       16178720          First Lien               No                    YES                  10YRIO                  Yes
       16180043          First Lien               No                    NO                   NONIO                   Yes
       16178871          First Lien               No                    YES                  10YRIO                  No
       16179281          First Lien               No                    NO                   NONIO                   Yes
       16178233          First Lien               No                    NO                   NONIO                   No
       16180567          First Lien               No                    YES                  10YRIO                  No
       16180335          First Lien               No                    YES                  10YRIO                  Yes
       16180399          First Lien               No                    NO                   NONIO                   No
       16180068          First Lien               No                    NO                   NONIO                   Yes
       16180467          First Lien               No                    YES                  10YRIO                  No
       16179086          First Lien               No                    NO                   NONIO                   Yes
       16180305          First Lien               No                    YES                  10YRIO                  No
       16178411          First Lien               No                    YES                  10YRIO                  No
       16178400          First Lien               No                    NO                   NONIO                   Yes
       16178452          First Lien               No                    YES                  10YRIO                  No
       16179615          First Lien               No                    NO                   NONIO                   Yes
       16178500          First Lien               No                    YES                  5YRIO                   No
       16179873          First Lien               No                    NO                   NONIO                   Yes
       16180568          First Lien               No                    YES                  10YRIO                  No
       16180336          First Lien               No                    YES                  10YRIO                  No
       16180400          First Lien               No                    YES                  10YRIO                  No
       16180306          First Lien               No                    YES                  10YRIO                  No
       16179645          First Lien               No                    NO                   NONIO                   Yes
       16180154          First Lien               No                    NO                   NONIO                   Yes
       16179728          First Lien               No                    NO                   NONIO                   Yes
       16180021          First Lien               No                    NO                   NONIO                   Yes
       16179616          First Lien               No                    NO                   NONIO                   Yes
       16178234          First Lien               No                    YES                  5YRIO                   No
       16180499          First Lien               No                    YES                  10YRIO                  No
       16179874          First Lien               No                    NO                   NONIO                   Yes
       16180569          First Lien               No                    YES                  10YRIO                  No
       16180337          First Lien               No                    YES                  10YRIO                  No
       16180175          First Lien               No                    NO                   NONIO                   Yes
       16179479          First Lien               No                    NO                   NONIO                   Yes
       16180401          First Lien               No                    YES                  10YRIO                  No
       16178994          First Lien               No                    NO                   NONIO                   No
       16180468          First Lien               No                    YES                  10YRIO                  No
       16179729          First Lien               No                    NO                   NONIO                   Yes
       16178453          First Lien               No                    YES                  10YRIO                  No
       16180096          First Lien               No                    NO                   NONIO                   Yes
       16178677          First Lien               No                    YES                  10YRIO                  No
       16178461          First Lien               No                    YES                  10YRIO                  No
       16178182          First Lien               No                    YES                  10YRIO                  No
       16180078          First Lien               No                    NO                   NONIO                   Yes
       16180500          First Lien               No                    YES                  10YRIO                  Yes
       16179875          First Lien               No                    NO                   NONIO                   Yes
       16180570          First Lien               No                    YES                  10YRIO                  No
       16180338          First Lien               No                    NO                   NONIO                   No
       16180402          First Lien               No                    YES                  10YRIO                  No
       16180469          First Lien               No                    YES                  10YRIO                  Yes
       16178653          First Lien               No                    YES                  10YRIO                  No
       16179075          First Lien               No                    NO                   NONIO                   No
       16179049          First Lien               No                    NO                   NONIO                   Yes
       16180118          First Lien               No                    NO                   NONIO                   No
       16179501          First Lien               No                    NO                   NONIO                   Yes
       16180229          First Lien               No                    YES                  10YRIO                  No
       16178362          First Lien               No                    YES                  10YRIO                  Yes
       16178744          First Lien               No                    YES                  10YRIO                  No
       16179376          First Lien               No                    NO                   NONIO                   Yes
       16179546          First Lien               No                    NO                   NONIO                   Yes
       16180529          First Lien               No                    YES                  10YRIO                  No
       16180298          First Lien               No                    YES                  10YRIO                  No
       16180366          First Lien               No                    YES                  10YRIO                  No
       16178421          First Lien               No                    YES                  10YRIO                  No
       16179693          First Lien               No                    NO                   NONIO                   Yes
       16180123          First Lien               No                    NO                   NONIO                   Yes
       16180035          First Lien               No                    NO                   NONIO                   Yes
       16179776          First Lien               No                    NO                   NONIO                   Yes
       16180230          First Lien               No                    YES                  10YRIO                  No
       16179502          First Lien               No                    NO                   NONIO                   Yes
       16180063          First Lien               No                    NO                   NONIO                   Yes
       16180180          First Lien               No                    NO                   NONIO                   Yes
       16179189          First Lien               No                    NO                   NONIO                   Yes
       16180461          First Lien               No                    YES                  10YRIO                  Yes
       16180530          First Lien               No                    YES                  10YRIO                  No
       16180299          First Lien               No                    YES                  10YRIO                  Yes
       16180367          First Lien               No                    YES                  10YRIO                  No
       16178491          First Lien               No                    YES                  10YRIO                  No
       16178450          First Lien               No                    YES                  10YRIO                  No
       16178946          First Lien               No                    NO                   NONIO                   Yes
       16178968          First Lien               No                    NO                   NONIO                   Yes
       16179046          First Lien               No                    NO                   NONIO                   Yes
       16178709          First Lien               No                    YES                  10YRIO                  No
       16180112          First Lien               No                    NO                   NONIO                   Yes
       16179053          First Lien               No                    NO                   NONIO                   Yes
       16179705          First Lien               No                    NO                   NONIO                   Yes
       16178624          First Lien               No                    YES                  10YRIO                  No
       16180103          First Lien               No                    NO                   NONIO                   Yes
       16180231          First Lien               No                    YES                  10YRIO                  No
       16179119          First Lien               No                    NO                   NONIO                   Yes
       16180462          First Lien               No                    YES                  10YRIO                  Yes
       16180531          First Lien               No                    YES                  10YRIO                  No
       16180300          First Lien               No                    NO                   NONIO                   No
       16180368          First Lien               No                    NO                   NONIO                   No
       16179722          First Lien               No                    NO                   NONIO                   Yes
       16178694          First Lien               No                    YES                  10YRIO                  No
       16180050          First Lien               No                    NO                   NONIO                   Yes
       16180149          First Lien               No                    NO                   NONIO                   Yes
       16179279          First Lien               No                    NO                   NONIO                   Yes
       16179296          First Lien               No                    NO                   NONIO                   Yes
       16180072          First Lien               No                    NO                   NONIO                   Yes
       16180232          First Lien               No                    YES                  10YRIO                  No
       16178886          First Lien               No                    NO                   NONIO                   No
       16179308          First Lien               No                    NO                   NONIO                   Yes
       16179377          First Lien               No                    NO                   NONIO                   Yes
       16180463          First Lien               No                    YES                  10YRIO                  No
       16180532          First Lien               No                    YES                  10YRIO                  No
       16179147          First Lien               No                    NO                   NONIO                   Yes
       16179084          First Lien               No                    NO                   NONIO                   Yes
       16180301          First Lien               No                    YES                  10YRIO                  No
       16180369          First Lien               No                    NO                   NONIO                   No
       16179723          First Lien               No                    NO                   NONIO                   Yes
       16178451          First Lien               No                    YES                  10YRIO                  No
       16179813          First Lien               No                    NO                   NONIO                   Yes
       16179027          First Lien               No                    NO                   NONIO                   No
       16179706          First Lien               No                    NO                   NONIO                   Yes
       16178326          First Lien               No                    YES                  10YRIO                  No
       16180089          First Lien               No                    NO                   NONIO                   Yes
       16178388          First Lien               No                    YES                  10YRIO                  No
       16178670          First Lien               No                    YES                  10YRIO                  Yes
       16179378          First Lien               No                    NO                   NONIO                   Yes
       16180464          First Lien               No                    YES                  10YRIO                  No
       16180533          First Lien               No                    YES                  10YRIO                  No
       16180302          First Lien               No                    YES                  10YRIO                  No
       16180370          First Lien               No                    YES                  10YRIO                  Yes
       16179724          First Lien               No                    NO                   NONIO                   Yes
       16179766          First Lien               No                    NO                   NONIO                   Yes
       16178702          First Lien               No                    YES                  10YRIO                  Yes
       16178947          First Lien               No                    NO                   NONIO                   No
       16179814          First Lien               No                    NO                   NONIO                   Yes
       16178422          First Lien               No                    YES                  10YRIO                  No
       16180094          First Lien               No                    NO                   NONIO                   No
       16180150          First Lien               No                    NO                   NONIO                   Yes
       16179515          First Lien               No                    NO                   NONIO                   Yes
       16178740          First Lien               No                    YES                  10YRIO                  Yes
       16180398          First Lien               No                    YES                  10YRIO                  No
       16180465          First Lien               No                    YES                  10YRIO                  No
       16180534          First Lien               No                    YES                  10YRIO                  No
       16179085          First Lien               No                    NO                   NONIO                   No
       16178972          First Lien               No                    NO                   NONIO                   No
       16180303          First Lien               No                    YES                  10YRIO                  Yes
       16180158          First Lien               No                    NO                   NONIO                   No
       16179159          First Lien               No                    NO                   NONIO                   Yes
       16180371          First Lien               No                    YES                  10YRIO                  Yes
       16179063          First Lien               No                    NO                   NONIO                   No
       16178987          First Lien               No                    NO                   NONIO                   Yes
       16179725          First Lien               No                    NO                   NONIO                   Yes
       16179595          First Lien               No                    NO                   NONIO                   Yes
       16178797          First Lien               No                    YES                  10YRIO                  No
       16180135          First Lien               No                    NO                   NONIO                   Yes
       16178606          First Lien               No                    YES                  10YRIO                  No
       16179342          First Lien               No                    NO                   NONIO                   Yes
       16178899          First Lien               No                    NO                   NONIO                   Yes
       16180566          First Lien               No                    YES                  10YRIO                  Yes
       16180466          First Lien               No                    YES                  10YRIO                  No
       16178965          First Lien               No                    NO                   NONIO                   Yes
       16180535          First Lien               No                    YES                  10YRIO                  No
       16180304          First Lien               No                    YES                  10YRIO                  Yes
       16178432          First Lien               No                    YES                  10YRIO                  No
       16178988          First Lien               No                    NO                   NONIO                   No
       16179726          First Lien               No                    NO                   NONIO                   Yes
       16178881          First Lien               No                    YES                  10YRIO                  Yes
       16180055          First Lien               No                    NO                   NONIO                   No
       16179962          First Lien               No                    NO                   NONIO                   Yes
       16178910          First Lien               No                    NO                   NONIO                   No
       16178573          First Lien               No                    YES                  10YRIO                  No
       16179239          First Lien               No                    NO                   NONIO                   No
       16179305          First Lien               No                    NO                   NONIO                   Yes
       16178244          First Lien               No                    YES                  5YRIO                   No
       16178664          First Lien               No                    YES                  10YRIO                  No
       16178513          First Lien               No                    YES                  10YRIO                  No
       16179841          First Lien               No                    NO                   NONIO                   Yes
       16179887          First Lien               No                    NO                   NONIO                   Yes
       16180520          First Lien               No                    YES                  10YRIO                  No
       16180589          First Lien               No                    YES                  10YRIO                  No
       16179988          First Lien               No                    NO                   NONIO                   Yes
       16180422          First Lien               No                    YES                  10YRIO                  Yes
       16180182          First Lien               No                    NO                   NONIO                   No
       16179171          First Lien               No                    NO                   NONIO                   No
       16178417          First Lien               No                    YES                  10YRIO                  No
       16178275          First Lien               No                    YES                  10YRIO                  No
       16178478          First Lien               No                    YES                  10YRIO                  Yes
       16178190          First Lien               No                    YES                  10YRIO                  No
       16180120          First Lien               No                    NO                   NONIO                   Yes
       16180009          First Lien               No                    NO                   NONIO                   Yes
       16179842          First Lien               No                    NO                   NONIO                   Yes
       16179633          First Lien               No                    NO                   NONIO                   Yes
       16180521          First Lien               No                    YES                  10YRIO                  No
       16180590          First Lien               No                    YES                  10YRIO                  No
       16179936          First Lien               No                    NO                   NONIO                   Yes
       16179444          First Lien               No                    NO                   NONIO                   Yes
       16180059          First Lien               No                    NO                   NONIO                   Yes
       16180423          First Lien               No                    YES                  10YRIO                  Yes
       16179963          First Lien               No                    NO                   NONIO                   Yes
       16179770          First Lien               No                    NO                   NONIO                   Yes
       16179954          First Lien               No                    NO                   NONIO                   Yes
       16178245          First Lien               No                    YES                  5YRIO                   No
       16180522          First Lien               No                    YES                  10YRIO                  Yes
       16179634          First Lien               No                    NO                   NONIO                   Yes
       16179122          First Lien               No                    NO                   NONIO                   No
       16180591          First Lien               No                    YES                  10YRIO                  No
       16179782          First Lien               No                    NO                   NONIO                   Yes
       16180424          First Lien               No                    YES                  10YRIO                  No
       16178418          First Lien               No                    YES                  10YRIO                  No
       16179964          First Lien               No                    NO                   NONIO                   Yes
       16178911          First Lien               No                    NO                   NONIO                   No
       16179667          First Lien               No                    NO                   NONIO                   Yes
       16179240          First Lien               No                    NO                   NONIO                   Yes
       16179955          First Lien               No                    NO                   NONIO                   Yes
       16179844          First Lien               No                    NO                   NONIO                   Yes
       16179635          First Lien               No                    NO                   NONIO                   Yes
       16179889          First Lien               No                    NO                   NONIO                   Yes
       16180523          First Lien               No                    NO                   NONIO                   No
       16179197          First Lien               No                    NO                   NONIO                   Yes
       16180592          First Lien               No                    YES                  10YRIO                  No
       16179937          First Lien               No                    NO                   NONIO                   Yes
       16178457          First Lien               No                    YES                  5YRIO                   No
       16179445          First Lien               No                    NO                   NONIO                   Yes
       16178725          First Lien               No                    NO                   NONIO                   No
       16179069          First Lien               No                    NO                   NONIO                   No
       16178543          First Lien               No                    YES                  10YRIO                  No
       16179668          First Lien               No                    NO                   NONIO                   Yes
       16180085          First Lien               No                    NO                   NONIO                   Yes
       16179311          First Lien               No                    NO                   NONIO                   Yes
       16178680          First Lien               No                    YES                  10YRIO                  No
       16179286          First Lien               No                    NO                   NONIO                   Yes
       16180010          First Lien               No                    NO                   NONIO                   Yes
       16178246          First Lien               No                    NO                   NONIO                   No
       16178844          First Lien               No                    YES                  10YRIO                  No
       16179793          First Lien               No                    NO                   NONIO                   Yes
       16179636          First Lien               No                    NO                   NONIO                   Yes
       16180593          First Lien               No                    NO                   NONIO                   Yes
       16178419          First Lien               No                    YES                  10YRIO                  Yes
       16179789          First Lien               No                    NO                   NONIO                   Yes
       16180136          First Lien               No                    NO                   NONIO                   Yes
       16178333          First Lien               No                    YES                  10YRIO                  No
       16178176          First Lien               No                    YES                  10YRIO                  No
       16179375          First Lien               No                    NO                   NONIO                   Yes
       16179550          First Lien               No                    NO                   NONIO                   Yes
       16180528          First Lien               No                    YES                  10YRIO                  No
       16180297          First Lien               No                    YES                  10YRIO                  No
       16179158          First Lien               No                    NO                   NONIO                   Yes
       16180365          First Lien               No                    YES                  10YRIO                  No
       16179038          First Lien               No                    NO                   NONIO                   No
       16180267          First Lien               No                    YES                  10YRIO                  No
       16179591          First Lien               No                    NO                   NONIO                   Yes
       16179026          First Lien               No                    NO                   NONIO                   Yes
       16178312          First Lien               No                    YES                  10YRIO                  No
       16179568          First Lien               No                    NO                   NONIO                   Yes
       16178324          First Lien               No                    YES                  10YRIO                  Yes
       16178711          First Lien               No                    YES                  10YRIO                  No
       16178630          First Lien               No                    YES                  10YRIO                  No
       16179522          First Lien               No                    NO                   NONIO                   Yes
       16178631          First Lien               No                    YES                  10YRIO                  No
       16179523          First Lien               No                    NO                   NONIO                   Yes
       16178470          First Lien               No                    YES                  10YRIO                  No
       16180095          First Lien               No                    NO                   NONIO                   Yes
       16179961          First Lien               No                    NO                   NONIO                   Yes
       16179532          First Lien               No                    NO                   NONIO                   Yes
       16178393          First Lien               No                    YES                  5YRIO                   No
       16180101          First Lien               No                    NO                   NONIO                   Yes
       16180087          First Lien               No                    NO                   NONIO                   Yes
       16180100          First Lien               No                    NO                   NONIO                   Yes
       16178737          First Lien               No                    YES                  10YRIO                  No
       16178614          First Lien               No                    YES                  10YRIO                  No
       16180519          First Lien               No                    YES                  10YRIO                  No
       16179886          First Lien               No                    NO                   NONIO                   Yes
       16180588          First Lien               No                    YES                  10YRIO                  No
       16179934          First Lien               No                    NO                   NONIO                   Yes
       16179987          First Lien               No                    NO                   NONIO                   Yes
       16180421          First Lien               No                    YES                  10YRIO                  No
       16178986          First Lien               No                    NO                   NONIO                   Yes
       16180488          First Lien               No                    NO                   NONIO                   No
       16178995          First Lien               No                    NO                   NONIO                   Yes
       16179420          First Lien               No                    NO                   NONIO                   Yes
       16178287          First Lien               No                    YES                  10YRIO                  Yes
       16178438          First Lien               No                    YES                  10YRIO                  No
       16178752          First Lien               No                    YES                  10YRIO                  No
       16178229          First Lien               No                    YES                  5YRIO                   No
       16180489          First Lien               No                    YES                  10YRIO                  No
       16179865          First Lien               No                    NO                   NONIO                   Yes
       16180559          First Lien               No                    YES                  10YRIO                  No
       16180394          First Lien               No                    YES                  10YRIO                  No
       16180459          First Lien               No                    YES                  10YRIO                  No
       16178408          First Lien               No                    YES                  10YRIO                  No
       16179606          First Lien               No                    NO                   NONIO                   Yes
       16179625          First Lien               No                    NO                   NONIO                   Yes
       16178982          First Lien               No                    NO                   NONIO                   Yes
       16179720          First Lien               No                    NO                   NONIO                   Yes
       16180038          First Lien               No                    NO                   NONIO                   Yes
       16180082          First Lien               No                    NO                   NONIO                   Yes
       16178867          First Lien               No                    YES                  10YRIO                  No
       16179989          First Lien               No                    NO                   NONIO                   Yes
       16179866          First Lien               No                    NO                   NONIO                   Yes
       16180490          First Lien               No                    YES                  10YRIO                  Yes
       16180560          First Lien               No                    YES                  10YRIO                  No
       16179421          First Lien               No                    NO                   NONIO                   Yes
       16180329          First Lien               No                    YES                  10YRIO                  No
       16180395          First Lien               No                    YES                  10YRIO                  No
       16180460          First Lien               No                    YES                  10YRIO                  No
       16178807          First Lien               No                    YES                  10YRIO                  No
       16179167          First Lien               No                    NO                   NONIO                   No
       16180164          First Lien               No                    NO                   NONIO                   Yes
       16180056          First Lien               No                    NO                   NONIO                   Yes
       16179827          First Lien               No                    NO                   NONIO                   Yes
       16178430          First Lien               No                    YES                  10YRIO                  No
       16178530          First Lien               No                    YES                  10YRIO                  No
       16178776          First Lien               No                    NO                   NONIO                   No
       16179534          First Lien               No                    NO                   NONIO                   Yes
       16179517          First Lien               No                    NO                   NONIO                   Yes
       16178230          First Lien               No                    YES                  5YRIO                   No
       16179990          First Lien               No                    NO                   NONIO                   Yes
       16179867          First Lien               No                    NO                   NONIO                   Yes
       16180491          First Lien               No                    YES                  10YRIO                  No
       16180561          First Lien               No                    YES                  10YRIO                  No
       16178977          First Lien               No                    NO                   NONIO                   No
       16180330          First Lien               No                    YES                  10YRIO                  No
       16180396          First Lien               No                    YES                  10YRIO                  No
       16178409          First Lien               No                    YES                  10YRIO                  No
       16179721          First Lien               No                    NO                   NONIO                   Yes
       16179312          First Lien               No                    NO                   NONIO                   Yes
       16179535          First Lien               No                    NO                   NONIO                   Yes
       16179304          First Lien               No                    NO                   NONIO                   Yes
       16178577          First Lien               No                    YES                  10YRIO                  No
       16178671          First Lien               No                    YES                  10YRIO                  No
       16178746          First Lien               No                    YES                  10YRIO                  No
       16178507          First Lien               No                    YES                  10YRIO                  No
       16178558          First Lien               No                    YES                  10YRIO                  No
       16180425          First Lien               No                    YES                  10YRIO                  No
       16180492          First Lien               No                    YES                  10YRIO                  Yes
       16180562          First Lien               No                    YES                  10YRIO                  No
       16179002          First Lien               No                    NO                   NONIO                   Yes
       16180331          First Lien               No                    YES                  10YRIO                  No
       16178439          First Lien               No                    YES                  10YRIO                  No
       16179058          First Lien               No                    NO                   NONIO                   No
       16178431          First Lien               No                    YES                  10YRIO                  Yes
       16180167          First Lien               No                    NO                   NONIO                   Yes
       16179536          First Lien               No                    NO                   NONIO                   Yes
       16179332          First Lien               No                    NO                   NONIO                   Yes
       16180071          First Lien               No                    NO                   NONIO                   Yes
       16179938          First Lien               No                    NO                   NONIO                   Yes
       16178231          First Lien               No                    NO                   NONIO                   No
       16180426          First Lien               No                    YES                  10YRIO                  No
       16179868          First Lien               No                    NO                   NONIO                   Yes
       16180493          First Lien               No                    YES                  10YRIO                  No
       16180563          First Lien               No                    NO                   NONIO                   No
       16178978          First Lien               No                    NO                   NONIO                   Yes
       16179647          First Lien               No                    NO                   NONIO                   Yes
       16180332          First Lien               No                    YES                  10YRIO                  No
       16180397          First Lien               No                    NO                   NONIO                   No
       16179743          First Lien               No                    NO                   NONIO                   Yes
       16180142          First Lien               No                    NO                   NONIO                   Yes
       16179965          First Lien               No                    NO                   NONIO                   Yes
       16179537          First Lien               No                    NO                   NONIO                   Yes
       16178672          First Lien               No                    YES                  10YRIO                  No
       16180189          First Lien               No                    NO                   NONIO                   Yes
       16179939          First Lien               No                    NO                   NONIO                   Yes
       16180594          First Lien               No                    YES                  10YRIO                  No
       16179991          First Lien               No                    NO                   NONIO                   Yes
       16180427          First Lien               No                    YES                  10YRIO                  No
       16179869          First Lien               No                    NO                   NONIO                   Yes
       16180494          First Lien               No                    YES                  10YRIO                  No
       16180564          First Lien               No                    YES                  10YRIO                  No
       16179003          First Lien               No                    NO                   NONIO                   Yes
       16179093          First Lien               No                    NO                   NONIO                   Yes
       16180333          First Lien               No                    YES                  10YRIO                  No
       16178993          First Lien               No                    NO                   NONIO                   Yes
       16179798          First Lien               No                    NO                   NONIO                   Yes
       16179538          First Lien               No                    NO                   NONIO                   Yes
       16179338          First Lien               No                    NO                   NONIO                   Yes
       16178276          First Lien               No                    YES                  3YRIO                   No
       16178542          First Lien               No                    YES                  10YRIO                  No
       16178247          First Lien               No                    NO                   NONIO                   No
       16180595          First Lien               No                    YES                  10YRIO                  Yes
       16178232          First Lien               No                    YES                  5YRIO                   No
       16180428          First Lien               No                    YES                  10YRIO                  No
       16179870          First Lien               No                    NO                   NONIO                   Yes
       16180495          First Lien               No                    YES                  10YRIO                  No
       16180565          First Lien               No                    YES                  10YRIO                  No
       16179172          First Lien               No                    NO                   NONIO                   Yes
       16179425          First Lien               No                    NO                   NONIO                   Yes
       16178410          First Lien               No                    YES                  10YRIO                  No
       16178929          First Lien               No                    NO                   NONIO                   No
       16178747          First Lien               No                    YES                  10YRIO                  No
       16179940          First Lien               No                    NO                   NONIO                   Yes
       16180596          First Lien               No                    YES                  10YRIO                  No
       16179992          First Lien               No                    NO                   NONIO                   Yes
       16180429          First Lien               No                    NO                   NONIO                   No
       16179871          First Lien               No                    NO                   NONIO                   Yes
       16180496          First Lien               No                    YES                  10YRIO                  No
       16180173          First Lien               No                    NO                   NONIO                   No
       16179426          First Lien               No                    NO                   NONIO                   Yes
       16180334          First Lien               No                    YES                  10YRIO                  No
       16178440          First Lien               No                    YES                  10YRIO                  No
       16179745          First Lien               No                    NO                   NONIO                   Yes
       16178808          First Lien               No                    YES                  10YRIO                  No
       16179966          First Lien               No                    NO                   NONIO                   Yes
       16179028          First Lien               No                    NO                   NONIO                   No
       16178930          First Lien               No                    NO                   NONIO                   Yes
       16178344          First Lien               No                    YES                  10YRIO                  No
       16178248          First Lien               No                    YES                  5YRIO                   No
       16179893          First Lien               No                    NO                   NONIO                   Yes
       16179941          First Lien               No                    NO                   NONIO                   Yes
       16180597          First Lien               No                    YES                  10YRIO                  No
       16179181          First Lien               No                    NO                   NONIO                   No
       16180430          First Lien               No                    YES                  10YRIO                  No
       16179186          First Lien               No                    NO                   NONIO                   No
       16179872          First Lien               No                    NO                   NONIO                   Yes
       16180497          First Lien               No                    YES                  10YRIO                  No
       16178861          First Lien               No                    YES                  10YRIO                  No
       16179004          First Lien               No                    NO                   NONIO                   No
       16179427          First Lien               No                    NO                   NONIO                   Yes
       16178731          First Lien               No                    NO                   NONIO                   No
       16180145          First Lien               No                    NO                   NONIO                   Yes
       16179967          First Lien               No                    NO                   NONIO                   Yes
       16179539          First Lien               No                    NO                   NONIO                   Yes
       16178539          First Lien               No                    NO                   NONIO                   Yes
       16180121          First Lien               No                    NO                   NONIO                   Yes
       16178345          First Lien               No                    YES                  10YRIO                  No
       16178217          First Lien               No                    YES                  5YRIO                   No
       16178738          First Lien               No                    YES                  10YRIO                  Yes
       16178498          First Lien               No                    YES                  10YRIO                  No
       16180015          First Lien               No                    NO                   NONIO                   Yes
       16178609          First Lien               No                    YES                  10YRIO                  No
       16179894          First Lien               No                    NO                   NONIO                   Yes
       16180002          First Lien               No                    NO                   NONIO                   Yes
       16179187          First Lien               No                    NO                   NONIO                   Yes
       16178501          First Lien               No                    YES                  5YRIO                   No
       16180513          First Lien               No                    YES                  10YRIO                  No
       16179882          First Lien               No                    NO                   NONIO                   Yes
       16179440          First Lien               No                    NO                   NONIO                   Yes
       16178445          First Lien               No                    NO                   NONIO                   No
       16178316          First Lien               No                    YES                  5YRIO                   No
       16180064          First Lien               No                    NO                   NONIO                   Yes
       16179543          First Lien               No                    NO                   NONIO                   Yes
       16178907          First Lien               No                    NO                   NONIO                   Yes
       16178347          First Lien               No                    YES                  5YRIO                   No
       16179649          First Lien               No                    NO                   NONIO                   Yes
       16178257          First Lien               No                    YES                  5YRIO                   No
       16179200          First Lien               No                    NO                   NONIO                   Yes
       16180615          First Lien               No                    YES                  10YRIO                  No
       16180003          First Lien               No                    NO                   NONIO                   Yes
       16178242          First Lien               No                    YES                  5YRIO                   No
       16178321          First Lien               No                    YES                  10YRIO                  No
       16178998          First Lien               No                    NO                   NONIO                   Yes
       16180514          First Lien               No                    YES                  10YRIO                  No
       16179629          First Lien               No                    NO                   NONIO                   Yes
       16180583          First Lien               No                    YES                  10YRIO                  No
       16179441          First Lien               No                    NO                   NONIO                   Yes
       16179340          First Lien               No                    NO                   NONIO                   Yes
       16178274          First Lien               No                    YES                  10YRIO                  No
       16178538          First Lien               No                    YES                  10YRIO                  No
       16179612          First Lien               No                    NO                   NONIO                   Yes
       16179651          First Lien               No                    NO                   NONIO                   Yes
       16178904          First Lien               No                    NO                   NONIO                   No
       16178579          First Lien               No                    YES                  10YRIO                  No
       16180090          First Lien               No                    NO                   NONIO                   Yes
       16178616          First Lien               No                    YES                  10YRIO                  No
       16179907          First Lien               No                    NO                   NONIO                   Yes
       16180616          First Lien               No                    YES                  10YRIO                  No
       16179949          First Lien               No                    NO                   NONIO                   Yes
       16179188          First Lien               No                    NO                   NONIO                   No
       16180515          First Lien               No                    YES                  10YRIO                  Yes
       16179080          First Lien               No                    NO                   NONIO                   Yes
       16178446          First Lien               No                    YES                  10YRIO                  No
       16179800          First Lien               No                    NO                   NONIO                   Yes
       16178839          First Lien               No                    YES                  10YRIO                  No
       16179661          First Lien               No                    NO                   NONIO                   Yes
       16178348          First Lien               No                    YES                  10YRIO                  No
       16178330          First Lien               No                    YES                  10YRIO                  No
       16178258          First Lien               No                    NO                   NONIO                   No
       16180097          First Lien               No                    NO                   NONIO                   Yes
       16179908          First Lien               No                    NO                   NONIO                   Yes
       16179238          First Lien               No                    NO                   NONIO                   Yes
       16180617          First Lien               No                    YES                  10YRIO                  No
       16179192          First Lien               No                    NO                   NONIO                   Yes
       16180516          First Lien               No                    YES                  10YRIO                  No
       16180148          First Lien               No                    NO                   NONIO                   Yes
       16178732          First Lien               No                    NO                   NONIO                   No
       16179662          First Lien               No                    NO                   NONIO                   Yes
       16178187          First Lien               No                    YES                  10YRIO                  No
       16178268          First Lien               No                    YES                  10YRIO                  Yes
       16178188          First Lien               No                    YES                  10YRIO                  No
       16179791          First Lien               No                    NO                   NONIO                   Yes
       16179795          First Lien               No                    NO                   NONIO                   Yes
       16179797          First Lien               No                    NO                   NONIO                   Yes
       16179959          First Lien               No                    NO                   NONIO                   Yes
       16179799          First Lien               No                    NO                   NONIO                   Yes
       16178350          First Lien               No                    YES                  10YRIO                  No
       16178351          First Lien               No                    YES                  11YRIO                  No
       16178270          First Lien               No                    YES                  10YRIO                  No
       16178514          First Lien               No                    YES                  10YRIO                  No
       16178352          First Lien               No                    YES                  5YRIO                   No
       16178271          First Lien               No                    YES                  10YRIO                  Yes
       16178272          First Lien               No                    YES                  10YRIO                  Yes
       16179325          First Lien               No                    NO                   NONIO                   Yes
       16179406          First Lien               No                    NO                   NONIO                   Yes
       16178515          First Lien               No                    YES                  10YRIO                  No
       16179326          First Lien               No                    NO                   NONIO                   Yes
       16178516          First Lien               No                    YES                  10YRIO                  Yes
       16178273          First Lien               No                    YES                  10YRIO                  No
       16178193          First Lien               No                    YES                  10YRIO                  No
       16179409          First Lien               No                    NO                   NONIO                   Yes
       16178194          First Lien               No                    YES                  10YRIO                  No
       16178195          First Lien               No                    YES                  5YRIO                   No
       16178196          First Lien               No                    YES                  10YRIO                  No
       16178277          First Lien               No                    YES                  10YRIO                  No
       16178358          First Lien               No                    YES                  10YRIO                  No
       16178197          First Lien               No                    YES                  10YRIO                  No
       16178278          First Lien               No                    YES                  10YRIO                  Yes
       16178198          First Lien               No                    YES                  10YRIO                  Yes
       16178279          First Lien               No                    YES                  3YRIO                   No
       16178199          First Lien               No                    YES                  10YRIO                  No
       16180004          First Lien               No                    NO                   NONIO                   Yes
       16178520          First Lien               No                    YES                  10YRIO                  No
       16178603          First Lien               No                    YES                  10YRIO                  No
       16178360          First Lien               No                    YES                  10YRIO                  No
       16178604          First Lien               No                    YES                  5YRIO                   No
       16178607          First Lien               No                    YES                  10YRIO                  No
       16179336          First Lien               No                    NO                   NONIO                   Yes
       16178283          First Lien               No                    NO                   NONIO                   No
       16178284          First Lien               No                    YES                  10YRIO                  No
       16179337          First Lien               No                    NO                   NONIO                   Yes
       16178527          First Lien               No                    YES                  5YRIO                   No
       16178529          First Lien               No                    YES                  10YRIO                  No
       16179892          First Lien               No                    NO                   NONIO                   Yes
       16180019          First Lien               No                    NO                   NONIO                   Yes
       16178612          First Lien               No                    YES                  10YRIO                  No
       16178370          First Lien               No                    YES                  10YRIO                  No
       16178533          First Lien               No                    NO                   NONIO                   No
       16178534          First Lien               No                    YES                  10YRIO                  No
       16178535          First Lien               No                    YES                  10YRIO                  No
       16178536          First Lien               No                    NO                   NONIO                   No
       16178537          First Lien               No                    YES                  10YRIO                  No
       16178456          First Lien               No                    YES                  3YRIO                   No
       16178294          First Lien               No                    YES                  10YRIO                  No
       16178618          First Lien               No                    YES                  5YRIO                   No
       16178296          First Lien               No                    YES                  10YRIO                  No
       16178459          First Lien               No                    YES                  10YRIO                  No
       16178298          First Lien               No                    YES                  10YRIO                  No
       16178379          First Lien               No                    YES                  10YRIO                  No
       16180020          First Lien               No                    NO                   NONIO                   Yes
       16178701          First Lien               No                    YES                  10YRIO                  No
       16178540          First Lien               No                    YES                  10YRIO                  No
       16179350          First Lien               No                    NO                   NONIO                   Yes
       16178460          First Lien               No                    YES                  10YRIO                  No
       16178623          First Lien               No                    NO                   NONIO                   No
       16178705          First Lien               No                    YES                  10YRIO                  Yes
       16178463          First Lien               No                    YES                  10YRIO                  No
       16178382          First Lien               No                    YES                  10YRIO                  Yes
       16178544          First Lien               No                    YES                  10YRIO                  No
       16178707          First Lien               No                    YES                  10YRIO                  No
       16179518          First Lien               No                    NO                   NONIO                   Yes
       16178627          First Lien               No                    YES                  10YRIO                  No
       16178385          First Lien               No                    YES                  10YRIO                  No
       16178628          First Lien               No                    YES                  10YRIO                  No
       16178466          First Lien               No                    YES                  10YRIO                  No
       16178469          First Lien               No                    YES                  10YRIO                  No
       16178389          First Lien               No                    YES                  10YRIO                  Yes
       16178710          First Lien               No                    NO                   NONIO                   No
       16180393          First Lien               No                    NO                   NONIO                   No
       16178964          First Lien               No                    NO                   NONIO                   No
       16179000          First Lien               No                    NO                   NONIO                   No
       16179083          First Lien               No                    NO                   NONIO                   Yes
       16180296          First Lien               No                    YES                  10YRIO                  Yes
       16179605          First Lien               No                    NO                   NONIO                   Yes
       16179157          First Lien               No                    NO                   NONIO                   No
       16179719          First Lien               No                    NO                   NONIO                   Yes
       16180042          First Lien               No                    NO                   NONIO                   Yes
       16178532          First Lien               No                    YES                  10YRIO                  No
       16178521          First Lien               No                    YES                  10YRIO                  No
       16179486          First Lien               No                    NO                   NONIO                   Yes
       16178896          First Lien               No                    NO                   NONIO                   Yes
       99999001          First Lien               No                    NO                   NONIO                   No
       99999004          First Lien               No                    YES                  10YRIO                  No
       99999005          First Lien               No                    YES                  10YRIO                  No
       99999007          First Lien               No                    YES                  10YRIO                  Yes
       99999010          First Lien               No                    NO                   NONIO                   No
       15980136          First Lien               No                    NO                   NONIO                   Yes
       99999200          First Lien               No                    NO                   NONIO                   No
       99999201          First Lien               No                    YES                  10YRIO                  No
       99999202          First Lien               No                    YES                  10YRIO                  No

LOAN_SEQ                 HYBRID_              AMORT_               PORTFOLIO
                         PERIOD               TERM1
----------------------------------------------------------------------------------
       16180262                   60                  360
      122405144                    1                  360
       16178479                   60                  360
       16179674                    1                  360
       16180224                   60                  360
       16179289                    1                  360
       16179228                    1                  360
       16178371                   60                  360
       16179245                    1                  360
       16179852                    1                  360
       16180263                   60                  360
       16179810                    1                  360
       16178940                    1                  360
       16180106                    1                  480
       16180161                    1                  360
       16180225                   60                  360
       16179773                    1                  360
       16178566                   60                  360
       16179511                    1                  360
       16179290                    1                  360
       16179920                    1                  360
       16179019                    1                  360
       16180362                   60                  360
       16180264                   60                  360
       16179811                    1                  360
       16178420                   60                  360
       16179566                    1                  360
       16179675                    1                  360
       16180122                    1                  360
       16178735                   60                  360
       16180226                   60                  360
       16179512                    1                  360
       16179214                    1                  360
       16179133                    1                  360
       16179373                    1                  360
       16180363                   60                  360
       16180265                   60                  360
       16179703                    1                  360
       16179567                    1                  360
       16178332                   60                  360
       16178522                   60                  360
       16179482                    1                  360
       16179118                    1                  360
       16179134                    1                  360
       16179772                    1                  480
       16179374                    1                  360
       16180364                   60                  360
       16178546                   60                  360
       16178967                    1                  360
       16180266                   60                  360
       16179812                    1                  360
       16179704                    1                  360
       16179034                    1                  360
       16179692                    1                  360
       16180137                    1                  360
       16178328                   60                  360
       16179278                    1                  360
       16180228                   60                  360
       16178855                   60                  360
       16180185                    1                  360
       16179922                    1                  480
       16179942                    1                  360
       16180598                   60                  360
       16179008                    1                  360
       16179013                    1                  360
       16179203                    1                  360
       16179449                    1                  360
       16180431                   60                  360
       16178813                   60                  360
       16179102                    1                  360
       16179328                    1                  360
       16178996                    1                  360
       16179428                    1                  360
       16178441                   60                  360
       16179747                    1                  360
       16178706                   60                  360
       16179393                    1                  360
       16178681                   60                  360
       16178669                   60                  360
       16178528                   60                  360
       16179255                    1                  360
       16178249                   60                  360
       16180076                    1                  360
       16178600                   60                  360
       16179895                    1                  360
       16180599                   60                  360
       16179993                    1                  360
       16180432                   60                  360
       16179173                    1                  360
       16179429                    1                  360
       16180129                    1                  360
       16179748                    1                  360
       16179968                    1                  360
       16179029                    1                  360
       16178912                    1                  360
       16178931                    1                  360
       16178335                   60                  360
       16179650                    1                  360
       16178310                   60                  360
       16178218                   60                  360
       16179205                    1                  360
       16178739                   60                  360
       16180016                    1                  360
       16178266                   60                  360
       16179847                    1                  360
       16179896                    1                  480
       16179123                    1                  360
       16180600                   60                  360
       16179204                    1                  360
       16179450                    1                  360
       16178997                    1                  360
       16178781                   60                  360
       16179969                    1                  360
       16178953                    1                  360
       16178309                   60                  360
       16179242                    1                  360
       16178250                   60                  360
       16180017                    1                  480
       16180601                   60                  360
       16179014                    1                  360
       16180433                   60                  360
       16178805                   60                  360
       16179355                    1                  360
       16179042                    1                  360
       16180091                    1                  360
       16178590                   60                  360
       16178219                   60                  360
       16178264                   60                  360
       16179897                    1                  360
       16179125                    1                  360
       16179193                    1                  360
       16180602                   60                  360
       16179198                    1                  360
       16179451                    1                  360
       16178726                   60                  360
       16180048                    1                  360
       16180170                    1                  360
       16179970                    1                  480
       16179022                    1                  360
       16178295                   60                  360
       16178575                   60                  360
       16178666                   60                  360
       16180116                    1                  480
       16178601                   60                  360
       16178251                   60                  360
       16179783                    1                  360
       16179849                    1                  360
       16179898                    1                  360
       16179194                    1                  360
       16180603                   60                  360
       16179452                    1                  360
       16180627                   60                  360
       16179396                    1                  480
       16178936                    1                  360
       16178954                    1                  360
       16178913                    1                  360
       16179672                    1                  360
       16180110                    1                  360
       16178291                   60                  360
       16179264                    1                  360
       16178220                   60                  360
       16180018                    1                  480
       16179784                    1                  480
       16179108                    1                  360
       16179453                    1                  360
       16180259                   60                  360
       16179673                    1                  360
       16178689                   60                  360
       16178822                   60                  360
       16179265                    1                  360
       16179217                    1                  360
       16179243                    1                  360
       16179201                    1                  360
       16179850                    1                  480
       16179899                    1                  360
       16179454                    1                  360
       16180260                   60                  360
       16179149                    1                  360
       16179033                    1                  360
       16179564                    1                  480
       16178550                   60                  360
       16178937                    1                  360
       16179790                    1                  480
       16180190                    1                  360
       16178581                   60                  360
       16178568                   60                  360
       16179132                    1                  360
       16179918                    1                  360
       16178221                   60                  360
       16179244                    1                  360
       16179017                    1                  360
       16179109                    1                  360
       16178364                   60                  360
       16179351                    1                  360
       16179398                    1                  360
       16180261                   60                  360
       16179052                    1                  360
       16179565                    1                  360
       16178938                    1                  360
       16178339                   60                  360
       16180105                    1                  480
       16180088                    1                  360
       16178281                   60                  360
       16179919                    1                  360
       16178192                   60                  360
       16179018                    1                  360
       16179851                    1                  480
       16179456                    1                  360
       16178773                   60                  360
       16178640                   60                  360
       16178688                   60                  360
       16179294                    1                  360
       16179235                    1                  360
       16180220                   60                  360
       16179250                    1                  360
       16179207                    1                  360
       16180070                    1                  480
       16179478                    1                  360
       16179370                    1                  360
       16179526                    1                  360
       16180452                   60                  360
       16180289                   60                  360
       16180358                   60                  360
       16179163                    1                  360
       16179036                    1                  360
       16179586                    1                  360
       16178784                   60                  360
       16178485                   60                  360
       16179654                    1                  480
       16180036                    1                  360
       16180163                    1                  480
       16179273                    1                  360
       16180221                   60                  360
       16178387                   60                  360
       16178359                   60                  360
       16178897                    1                  360
       16180077                    1                  360
       16179371                    1                  360
       16180453                   60                  360
       16180290                   60                  360
       16179716                    1                  360
       16179061                    1                  360
       16179764                    1                  480
       16179143                    1                  360
       16179807                    1                  360
       16178809                   36                  360
       16179024                    1                  360
       16178793                   60                  360
       16180139                    1                  360
       16179274                    1                  360
       16179295                    1                  360
       16180222                   60                  360
       16178842                   60                  360
       16178510                   60                  360
       16180622                   60                  360
       16180454                   60                  360
       16179166                    1                  360
       16179073                    1                  360
       16180291                   60                  360
       16180359                   60                  360
       16178448                   60                  360
       16180065                    1                  360
       16179808                    1                  360
       16179587                    1                  360
       16178638                   60                  360
       16179702                    1                  360
       16179655                    1                  360
       16179025                    1                  360
       16179691                    1                  360
       16178587                   60                  360
       16178523                   60                  360
       16180223                   60                  360
       16179372                    1                  360
       16180623                   60                  360
       16180389                   60                  360
       16180455                   60                  360
       16179074                    1                  360
       16180292                   60                  360
       16180360                   60                  360
       16179809                    1                  360
       16180141                    1                  360
       16178620                   60                  360
       16178699                   60                  360
       16178629                   60                  360
       16180084                    1                  360
       16178825                   60                  360
       16179275                    1                  360
       16180181                    1                  360
       16178378                   60                  360
       16180624                   60                  360
       16180390                   60                  360
       16179184                    1                  360
       16180456                   60                  360
       16180293                   60                  360
       16179825                    1                  360
       16180361                   60                  360
       16178449                   60                  360
       16179717                    1                  360
       16180192                    1                  360
       16178652                   60                  360
       16180156                    1                  360
       16178945                    1                  360
       16178639                   60                  360
       16178778                   60                  360
       16178304                   60                  360
       16178325                   60                  360
       16179775                    1                  480
       16179236                    1                  360
       16178551                   60                  360
       16180556                   60                  360
       16180625                   60                  360
       16180391                   60                  360
       16179185                    1                  360
       16180457                   60                  360
       16179082                    1                  360
       16180294                   60                  360
       16179826                    1                  360
       16179718                    1                  360
       16179037                    1                  360
       16180151                    1                  360
       16178693                   60                  360
       16178865                   60                  360
       16179276                    1                  360
       16179499                    1                  360
       16178512                   60                  360
       16178228                   60                  360
       16180557                   60                  360
       16180392                   60                  360
       16180458                   60                  360
       16180172                    1                  360
       16180295                   60                  360
       16178407                   60                  360
       16180157                    1                  360
       16179062                    1                  360
       16178708                   60                  360
       16178338                   60                  360
       16178525                   60                  360
       16178181                   60                  360
       16179303                    1                  360
       16178391                   60                  360
       16179277                    1                  360
       16179500                    1                  360
       16179648                    1                  360
       16180074                    1                  360
       16180558                   60                  360
       16180327                   60                  360
       16180586                   60                  360
       16179932                    1                  360
       16179985                    1                  360
       16178959                    1                  360
       16180326                   60                  360
       16179646                    1                  480
       16179148                    1                  360
       16179162                    1                  360
       16179740                    1                  360
       16178713                   60                  360
       16178645                   60                  360
       16178548                   60                  360
       16178243                   60                  360
       16180518                   60                  360
       16179121                    1                  360
       16180587                   60                  360
       16179933                    1                  480
       16180186                    1                  360
       16179986                    1                  360
       16180420                   60                  360
       16178733                   60                  360
       16180487                   60                  360
       16179067                    1                  360
       16179170                    1                  360
       16178416                   60                  360
       16180067                    1                  360
       16179057                    1                  360
       16178200                   36                  360
       16178201                   36                  360
       16178202                   36                  360
       16178203                   36                  360
       16178204                   36                  360
       16178205                   36                  360
       16178206                   36                  360
       16178207                   36                  360
       16178208                   36                  360
       16178209                   36                  360
       16178841                   60                  360
       16178762                   60                  360
       16178843                   36                  360
       16178763                   60                  360
       16178845                   60                  360
       16178846                   36                  360
       16178684                   36                  360
       16178847                   36                  360
       16178685                   36                  360
       16178686                   36                  360
       16178848                   60                  360
       16178849                   36                  360
       16178687                   60                  360
       16178210                   36                  360
       16178211                   36                  360
       16178212                   36                  360
       16178213                   36                  360
       16178214                   36                  360
       16178215                   36                  360
       16178850                   36                  360
       16178852                   36                  360
       16178853                   60                  360
       16178772                   60                  360
       16178854                   36                  360
       16178692                   60                  360
       16178774                   36                  360
       16178857                   36                  360
       16178858                   36                  360
       16178859                   36                  360
       16178697                   36                  360
       16178779                   36                  360
       16178301                   36                  360
       16178303                   60                  360
       16178305                   36                  360
       16178307                   36                  360
       16179831                    1                  480
       16178860                   36                  360
       16178863                   60                  360
       16178866                   60                  360
       16178786                   36                  360
       16178868                   36                  360
       16178787                   36                  360
       16178869                   36                  360
       16178311                   36                  360
       16180194                   36                  360
       16180195                   36                  360
       16180196                   36                  360
       16180197                   36                  360
       16178317                   36                  360
       16180198                   36                  360
       16180199                   36                  360
       16179921                    1                  360
       16178319                   60                  360
       16178870                   36                  360
       16178790                   36                  360
       16178872                   36                  360
       16178873                   36                  360
       16178792                   60                  360
       16178874                   36                  360
       16178794                   60                  360
       16178875                   36                  360
       16178876                   36                  360
       16178795                   36                  360
       16178877                   60                  360
       16178322                   36                  360
       16178880                   60                  360
       16179771                    1                  360
       16178882                   36                  360
       16178883                   60                  360
       16179778                    1                  360
       16178170                   36                  360
       16178173                   36                  360
       16178336                   36                  360
       16178174                   36                  360
       16178177                   36                  360
       16178259                   36                  360
       16178178                   36                  360
       16178179                   36                  360
       16179785                    1                  360
       16179787                    1                  360
       16178502                   36                  360
       16180626                   36                  360
       16178503                   60                  360
       16178180                   36                  360
       16178504                   36                  360
       16178263                   36                  360
       16178506                   36                  360
       16178184                   60                  360
       16178508                   36                  360
       16178186                   36                  360
       16178267                   36                  360
       16180385                   60                  360
       16180449                   60                  360
       16179601                    1                  480
       16180286                   60                  360
       16178355                   60                  360
       16179713                    1                  360
       16180054                    1                  360
       16179761                    1                  480
       16178775                   60                  360
       16178286                   60                  360
       16179516                    1                  360
       16179407                    1                  360
       16180246                   60                  360
       16178481                   60                  360
       16178519                   60                  360
       16180479                   60                  360
       16178890                    1                  360
       16180549                   60                  360
       16180319                   60                  360
       16179089                    1                  360
       16180450                   60                  360
       16179165                    1                  360
       16180058                    1                  480
       16178405                   60                  360
       16178314                   60                  360
       16179714                    1                  360
       16178783                   60                  360
       16178524                   60                  360
       16180247                   60                  360
       16179390                    1                  360
       16179982                    1                  360
       16180480                   60                  360
       16180550                   60                  360
       16180320                   60                  360
       16179415                    1                  360
       16179738                    1                  360
       16180451                   60                  360
       16180144                    1                  360
       16179602                    1                  480
       16179146                    1                  360
       16178428                   60                  360
       16178644                   60                  360
       16178401                   60                  360
       16178691                   60                  360
       16179301                    1                  360
       16180248                   60                  360
       16179254                    1                  360
       16179391                    1                  360
       16179983                    1                  360
       16178225                   60                  360
       16178562                   60                  360
       16180481                   60                  360
       16178489                   60                  360
       16180551                   60                  360
       16180321                   60                  360
       16179779                    1                  360
       16179009                    1                  360
       16180386                   60                  360
       16178785                   60                  360
       16179048                    1                  360
       16179715                    1                  360
       16180138                    1                  360
       16178390                   60                  360
       16179984                    1                  360
       16180416                   60                  360
       16180482                   60                  360
       16180552                   60                  360
       16180322                   60                  360
       16179416                    1                  480
       16179090                    1                  360
       16178976                    1                  360
       16180387                   60                  360
       16179183                    1                  360
       16180052                    1                  360
       16180178                    1                  360
       16179739                    1                  360
       16178992                    1                  360
       16179072                    1                  360
       16178429                   60                  360
       16178226                   60                  360
       16179202                    1                  360
       16180417                   60                  360
       16180483                   60                  360
       16178473                   60                  360
       16180553                   60                  360
       16180323                   60                  360
       16180388                   60                  360
       16179830                    1                  360
       16178297                   60                  360
       16178505                   60                  360
       16178483                   60                  360
       16179306                    1                  360
       16180079                    1                  360
       16180584                   60                  360
       16180418                   60                  360
       16180484                   60                  360
       16180554                   60                  360
       16180324                   60                  360
       16179417                    1                  480
       16179091                    1                  360
       16178437                   60                  360
       16180169                    1                  360
       16179619                    1                  360
       16179960                    1                  480
       16178541                   60                  360
       16178265                   60                  360
       16178462                   60                  360
       16179196                    1                  360
       16180585                   60                  360
       16179931                    1                  360
       16178227                   60                  360
       16178511                   60                  360
       16180419                   60                  360
       16180485                   60                  360
       16180555                   60                  360
       16180325                   60                  360
       16179418                    1                  480
       16178717                   60                  360
       16179177                    1                  360
       16179092                    1                  360
       16179161                    1                  360
       16178729                   60                  360
       16178406                   60                  360
       16178716                   60                  360
       16180047                    1                  360
       16179348                    1                  360
       16179531                    1                  360
       16178189                   60                  360
       16180099                    1                  360
       16179884                    1                  360
       16179684                    1                  360
       16180152                    1                  360
       16180092                    1                  360
       16178829                   60                  360
       16178761                   60                  360
       16179774                    1                  360
       16178961                    1                  360
       16179206                    1                  360
       16180443                   60                  360
       16178280                   60                  360
       16180281                   60                  360
       16180350                   60                  360
       16179757                    1                  480
       16180241                   60                  360
       16179293                    1                  360
       16178468                   60                  360
       16179232                    1                  360
       16180053                    1                  360
       16180061                    1                  360
       16179386                    1                  360
       16179367                    1                  360
       16178610                   60                  360
       16180444                   60                  360
       16179070                    1                  360
       16180282                   60                  360
       16180351                   60                  360
       16179710                    1                  360
       16179758                    1                  360
       16179579                    1                  360
       16178944                    1                  360
       16179142                    1                  360
       16180193                    1                  360
       16178696                   60                  360
       16178712                   60                  360
       16178269                   60                  360
       16180242                   60                  360
       16179491                    1                  360
       16180381                   60                  360
       16180445                   60                  360
       16179164                    1                  360
       16180283                   60                  360
       16178427                   60                  360
       16180352                   60                  360
       16179759                    1                  360
       16179580                    1                  360
       16178789                   60                  360
       16180039                    1                  360
       16179298                    1                  360
       16180243                   60                  360
       16179253                    1                  360
       16179492                    1                  360
       16180382                   60                  360
       16180446                   60                  360
       16179071                    1                  360
       16180284                   60                  360
       16180353                   60                  360
       16180166                    1                  480
       16178803                   60                  360
       16179711                    3                  360
       16179777                    1                  360
       16179828                    1                  360
       16180155                    1                  480
       16180127                    1                  360
       16179581                    1                  360
       16180165                    1                  360
       16180037                    1                  360
       16180130                    1                  360
       16179493                    1                  360
       16179388                    1                  360
       16178660                   60                  360
       16180383                   60                  360
       16180447                   60                  360
       16178991                    1                  360
       16178963                    1                  360
       16179600                    1                  360
       16180285                   60                  360
       16179035                    1                  360
       16179582                    1                  360
       16178597                   60                  360
       16180045                    1                  480
       16180244                   60                  360
       16178320                   36                  360
       16179139                    1                  360
       16178377                   60                  360
       16180547                   60                  360
       16180317                   60                  360
       16178171                   60                  360
       16180384                   60                  360
       16180448                   60                  360
       16178404                   60                  360
       16179155                    1                  360
       16179712                    1                  360
       16180191                    1                  360
       16178928                    1                  360
       16179760                    1                  480
       16178833                   60                  360
       16179583                    1                  360
       16178625                   60                  360
       16178622                   60                  360
       16179299                    1                  360
       16180245                   60                  360
       16179484                    1                  360
       16179272                    1                  360
       16179495                    1                  360
       16178608                   60                  360
       16180548                   60                  360
       16180318                   60                  360
       16179260                    1                  360
       16179863                    1                  360
       16179195                    1                  360
       16180621                   60                  360
       16178884                    1                  360
       16179405                    1                  480
       16180347                   60                  360
       16179575                    1                  360
       16178892                    1                  360
       16178851                   60                  360
       16179792                    1                  360
       16178736                   60                  360
       16178767                   60                  360
       16179230                    1                  360
       16179113                    1                  360
       16179864                    1                  360
       16178369                   60                  360
       16179365                    1                  360
       16180278                   60                  360
       16180348                   60                  360
       16179802                    1                  360
       16178626                   60                  360
       16179137                    1                  360
       16179248                    1                  360
       16178386                   60                  360
       16179261                    1                  360
       16179910                    1                  360
       16179487                    1                  360
       16180279                   60                  360
       16179060                    1                  360
       16179577                    1                  360
       16179803                    1                  360
       16179618                    1                  480
       16178764                   60                  360
       16178282                   60                  360
       16179292                    1                  360
       16179231                    1                  360
       16179138                    1                  360
       16178376                   60                  360
       16179100                    1                  360
       16180184                    1                  360
       16180442                   60                  360
       16180349                   60                  360
       16179578                    1                  360
       16179804                    1                  360
       16179045                    1                  360
       16180051                    1                  480
       16178893                    1                  360
       16179806                    1                  360
       16180257                   60                  360
       16179700                    1                  360
       16178828                   60                  360
       16178748                   60                  360
       16178668                   60                  360
       16178589                   36                  360
       16180075                    1                  360
       16180159                    1                  360
       16179801                    1                  360
       16178830                   36                  360
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      EXHIBIT
        C

       

      FORM
        OF
        TRANSFER AFFIDAVIT

      

      Affidavit
        pursuant to Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended,
        and for other purposes 

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      [NAME
        OF
        OFFICER], being first duly sworn, deposes and says:

       

      1. That
        he/she is [Title of Officer] of [Name of Investor] (the “Investor”), a [savings
        institution] [corporation] duly organized and existing under the laws of
        [the
        State of _____] [the United States], on behalf of which he makes this
        affidavit.

       

      2. That
        (i)
        the Investor is not a “disqualified organization” as defined in Section
        860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), and
        will not be a disqualified organization as of [Closing Date] [date of purchase];
        (ii) it is not acquiring the Structured
        Asset Mortgage Investments II Inc.
        Mortgage
        Pass-Through Certificates, Series 2006-3, Class R-__ Certificates (the “Residual
        Certificates”) for the account of a disqualified organization; (iii) it consents
        to any amendment of the Pooling and Servicing Agreement that shall be deemed
        necessary by Structured Asset Mortgage Investments II Inc. (upon advice of
        counsel) to constitute a reasonable arrangement to ensure that the Residual
        Certificates will not be owned directly or indirectly by a disqualified
        organization; and (iv) it will not transfer such Residual Certificates unless
        (a) it has received from the transferee an affidavit in substantially the
        same
        form as this affidavit containing these same four representations and (b)
        as of
        the time of the transfer, it does not have actual knowledge that such affidavit
        is false.

       

      3. That
        the
        Investor is one of the following: (i) a citizen or resident of the United
        States, (ii) a corporation or partnership (including an entity treated as
        a
        corporation or partnership for federal income tax purposes) created or organized
        in, or under the laws of, the United States or any state thereof or the District
        of Columbia (except, in the case of a partnership, to the extent provided
        in
        regulations), provided that no partnership or other entity treated as a
        partnership for United States federal income tax purposes shall be treated
        as a
        United States Person unless all persons that own an interest in such partnership
        either directly or through any entity that is not a corporation for United
        States federal income tax purposes are United States Persons, (iii) an estate
        whose income is subject to United States federal income tax regardless of
        its
        source, or (iv) a trust other than a Aforeign
        trust,@
        as
        defined in Section 7701 (a)(31) of the Code.

       

      4. That
        the
        Investor=s
        taxpayer identification number is ______________________.

       

      5. That
        no
        purpose of the acquisition of the Residual Certificates is to avoid or impede
        the assessment or collection of tax.

       

      6. That
        the
        Investor understands that, as the holder of the Residual Certificates, the
        Investor may incur tax liabilities in excess of any cash flows generated
        by such
        Residual Certificates.

       

      7. That
        the
        Investor intends to pay taxes associated with holding the Residual Certificates
        as they become due.

       

      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
                  of Officer]

              
	 	 	 	 	 	 	 	
                [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___

       

      Structured
        Asset Mortgage Investments II Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      Attention:
        Luminent Mortgage Trust 2006-3

       

      
        	 	
                Re:

              	
                Luminent
                  Mortgage Trust 2006-3

              

      

      Mortgage
        Pass-Through Certificates, Series 2006-3, Class__

       

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Mortgage
        Pass-Through Certificates, Series 2006-3, Class _____ (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”), dated as of April 1, 2006, among Structured Asset
        Mortgage Investments II Inc., as depositor (the “Depositor”), Luminent Mortgage
        Capital, Inc., as sponsor, Wells Fargo Bank, National Association, as master
        servicer and securities administrator and HSBC Bank USA, National Association,
        as trustee (the “Trustee”). The Seller hereby certifies, represents and warrants
        to, a covenants with, the Depositor, the Certificate Registrar 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

       

      [Date]

       

      [SELLER]

       

      Structured
        Asset Mortgage Investments II Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, N.A

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      
        	 	Re:	
                Luminent
                  Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series
                  2006-3
                  (the “Certificates”), including the Class R, Class P, Class I-B-IO, Class
                  II-B-4, Class II-B-5 and Class II-B-6 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) 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 Securities Administrator) 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 HSBC Bank USA, National
        Association (the “Trustee”) or Wells Fargo Bank, N.A. (the “Securities
        Administrator”) 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, or section
                  4975 of the
                  Internal Revenue Code of 1986, as amended, or (ii) in the case
                  of the
                  Class I-B-IO, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates,
                  are providing a representation to the effect that the proposed
                  transfer
                  and holding of a Privately Offered 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 Exemption (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE
                  95-60, or PTE 96-23 and (II) will not give rise to any additional
                  obligations on the part of the Depositor, the Master Servicer,
                  the
                  Securities Administrator or the Trustee or (iii) in the case of
                  the
                  Privately Offered Securities have attached hereto the Opinion of
                  Counsel
                  specified in Section 6.02 of the
                  Agreement.

              

      

       

      
        	 	
                (ix)

              	
                We
                  understand that each of the Privately Offered Certificates bears,
                  and will
                  continue to bear, a legend to substantiate the following effect:
                  ATHIS
                  CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED (THE “SECURITIES 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 SECURITIES ACT AND OTHER
                  APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES
                  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
                  SECURITIES 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) OF REGULATION D UNDER THE ACT OR ANY
                  ENTITY IN
                  WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING
                  NOT
                  FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO
                  (A) THE
                  RECEIPT BY THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY
                  IN THE FORM
                  PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE CERTIFICATE
                  REGISTRAR
                  OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES ADMINISTRATOR
                  THAT
                  SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH
                  THE
                  SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE
                  WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY
                  OTHER
                  APPLICABLE JURISDICTION. [In the case of the Class II-B-4, Class
                  II-B-5
                  and Class II-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:
                  (1)
                  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 EXEMPTION (APTE@)
                  84-14, PTE 91-38, PTE 90-1, PTE 95-60 OR PTE 96-23 AND (II) WILL
                  NOT GIVE
                  RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR,
                  THE
                  MASTER SERVICER, THE SECURITIES ADMINISTRATOR OR THE TRUSTEE, WHICH
                  WILL
                  BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR
                  A GLOBAL
                  CERTIFICATE OR UNLESS THE OPINION PROVIDED IN SECTION 6.02 OF THE
                  AGREEMENT IS PROVIDED.@]
                  [In the case of the Class P 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
                  PROPOSED
                  TRANSFEREE PROVIDES THE SECURITIES ADMINISTRATOR WITH AN OPINION
                  OF
                  COUNSEL ADDRESSED TO THE TRUSTEE, DEPOSITOR, MASTER SERVICER AND
                  SECURITIES ADMINISTRATOR AND ON WHICH THEY MAY RELY THAT IS SATISFACTORY
                  TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE OF CERTIFICATES
                  ON
                  BEHALF OF SUCH PERSON WILL NOT RESULT IN OR CONSTITUTE A NONEXEMPT
                  PROHIBITED TRANSACTION, IS PERMISSIBLE UNDER APPLICABLE LAW AND
                  WILL NOT
                  GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR,
                  THE
                  MASTER SERVICER, THE SECURITIES ADMINISTRATOR OR THE
                  TRUSTEE.]

              

      

       

      “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 AAccredited
        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 April 1, 2006, among Structured Asset
        Mortgage Investments II Inc., as depositor, Luminent Mortgage Capital, Inc.,
        as
        sponsor, Wells Fargo Bank, National Association, as master servicer and
        securities administrator and HSBC Bank USA, National Association, as Trustee
        (the “Pooling and Servicing Agreement”).

       

      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]

       

      Structured
        Asset Mortgage Investments II Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      
        	 	
                Re:

              	
                Luminent
                  Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series
                  2006-3
                  (the “Certificates”), including the Class R, Class P, Class I-B-IO, Class
                  I-B-4, Class II-B-4, Class II-B-5 and Class II-B-6 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)

              	
                [_]

              	
                an
                  insurance company as defined in Section 2(13) of the Act1 ;
                  or 

              

      

       

      
        	 	
                (y)

              	
                [_]

              	
                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)

              	
                [_]

              	
                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)

              	
                [_]

              	
                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)

              	
                [_]

              	
                a
                  business development company as defined in Section 202(a)(22) of
                  the
                  Investment Advisers Act of 1940; or

              

      

       

      
        	 	
                (cc)

              	
                [_]

              	
                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)

              	
                [_]

              	
                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)

              	
                [_]

              	
                an
                  investment adviser registered under the Investment Advisers Act;
                  or

              

      

       

      
        	 	
                b.

              	
                [_]

              	
                greater
                  than $10 million, and the undersigned is a broker-dealer registered
                  with
                  the SEC; or

              

      

       

      
        	 	
                c.

              	
                [_]

              	
                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.

              	
                [_]

              	
                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.

              	
                [_]

              	
                less
                  than $100 million, and the undersigned is an entity, all the equity
                  owners
                  of which are qualified institutional
                  buyers.

              

      

      

        

      

      
        
          
            
              	 	
                      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. 

                    

            

             

          

        

      

       

      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 April 1, 2006, among Structured Asset Mortgage
        Investments II Inc., Wells Fargo Bank, National Association, Luminent Mortgage
        Capital, Inc. and HSBC Bank USA, National Association, as Trustee, 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, or section 4975 of the
        Internal Revenue Code of 1986, as amended, or (ii) in the case of the Class
        I-B-IO, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, is providing
        a
        representation to the effect that the proposed transfer and holding of a
        Privately Offered 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 a prohibited transaction exemption, including, but not
        limited
        to, Prohibited Transaction Exemption (APTE@)
        84-14,
        PTE 91-38, PTE 90-1, PTE 95-60, PTE 96-23 and (II) will not give rise to
        any
        additional obligations on the part of the Depositor, the Master Servicer,
        the
        Securities Administrator or the Trustee or (iii) in the case of the Privately
        Offered Certificates, has attached hereto the Opinion of Counsel specified
        in
        Section 6.02 of the Agreement.

       

      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
        G

       

      FORM
        OF
        REQUEST FOR RELEASE

       

      
        	
                To:

              	
                HSBC
                  Bank USA, National Association

              

      

      10
        E.
        40th Street, 14th Floor

      Corporate
        Trust & Loan Agency

      New
        York,
        New York 10016

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of April 1, 2006, among Structured
                  Asset
                  Mortgage Investments II Inc., as Depositor, Luminent Mortgage Capital,
                  Inc., as sponsor, Wells Fargo Bank, National Association, as master
                  servicer and securities administrator and HSBC Bank USA, National
                  Association, as Trustee

              

      

      

       

      In
        connection with the administration of the Mortgage Loans held by you pursuant
        to
        the above-captioned Pooling and Servicing 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

       

      CUSTODIAL
        AGREEMENT

       

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of April 28, 2006, by and among HSBC BANK USA, NATIONAL
        ASSOCIATION, as trustee under the Pooling and Servicing Agreement defined
        below
        (including its successors under the Pooling and Servicing Agreement defined
        below, the “Trustee”), STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., as
        depositor (together with any successor in interest, the “Depositor”), MAIA
        MORTGAGE FINANCE STATUTORY TRUST as seller (the “Seller”) and WELLS FARGO BANK,
        NATIONAL ASSOCIATION, as master servicer (together with any successor in
        interest or successor under the Pooling and Servicing Agreement referred
        to
        below, the “Master Servicer”), securities administrator and custodian (together
        with any successor in interest or any successor appointed hereunder, the
        “Custodian”).

       

      WITNESSETH
        THAT:

       

      WHEREAS,
        the Depositor, the Master Servicer, Trustee and Luminent Mortgage Capital,
        Inc.,
        as sponsor (the “Sponsor”) have entered into a Pooling and Servicing Agreement,
        dated as of April 1, 2006, relating to the issuance of Luminent Mortgage
        Trust
        2006-3, Mortgage Pass-Through Certificates, Series 2006-3 (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 Seller 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 Seller,
        the
        Master Servicer and the Custodian hereby agree as follows:

       

      SECTION
        1. 

      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.

       

      SECTION
        2. 

      CUSTODY
        OF MORTGAGE DOCUMENTS

       

      (a) 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.

       

      (b) 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 Depositor for the purpose of recording it in the appropriate
        public office for real property records, and the Depositor, 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.

       

      (c) Review
        of Mortgage Files.

       

      (i) On
        or
        prior to the Closing Date, in accordance with Section 2.02 of the Pooling
        and
        Servicing Agreement, the Custodian shall deliver to the Seller, the Trustee
        and
        the Servicers 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”).

       

      (ii) 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
        the Seller, the Trustee and the Servicers 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.

       

      (iii) 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 the Seller, the Trustee and the Servicers a Final Certification
        in
        the form annexed hereto as Exhibit Three evidencing the completeness of the
        Mortgage Files.

       

      (iv) 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.

       

      (d) 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 Seller, the related Servicer and the
        Trustee.

       

      (e) Custodian
        to Cooperate: Release of Mortgage Files.
        Upon
        receipt of written notice from the Trustee that the Seller or Underlying
        Seller,
        as applicable, has repurchased a Mortgage Loan pursuant to the Mortgage
        Loan Purchase Agreement,
        and a
        request for release (a “Request for Release”) confirming that the purchase price
        therefore has been deposited in the Master Servicer Collection Account or
        the
        Distribution Account, then the Custodian agrees to promptly release to the
        Seller or Underlying Seller, as applicable, 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 to release to the Servicer within five Business
        Days, 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 Seller 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 Seller 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 within five Business
        Days the Mortgage File to the Seller or the related Servicer, as applicable.
        The
        Seller 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
        therefor by the Seller 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 Seller 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 Seller or the related Servicer is required to deliver to the
        Custodian a Request for Release, the Seller or the related Servicer, as
        applicable, shall deliver two copies of the Request for Release if delivered
        in
        hard copy or the Seller 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 or Underlying Seller, as applicable,
        (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 Seller or the
        related Servicer, as applicable.

       

      (f) 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
        Seller 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.

       

      SECTION
        3. 

      CONCERNING
        THE CUSTODIAN

       

      (a) 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 Seller, the Depositor, any Servicer
        or the
        Master Servicer or otherwise released from the possession of the
        Custodian.

       

      (b) 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.

       

      (c) Master
        Servicer to Pay Custodian’s Fees and Expenses.
        The
        Master Servicer covenants and agrees to pay to the Custodian, and the Custodian
        shall be entitled to, reasonable compensation for all services rendered by
        it in
        the exercise and performance of any of the powers and duties hereunder of
        the
        Custodian, and the Master Servicer will pay or reimburse the Custodian upon
        its
        request 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 its 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. The obligations of the Master
        Servicer to pay Custodial for such fees and expenses in connection with services
        provided by Custodian hereunder shall survive the termination of this agreement,
        or the resignation or removal of the Custodian.

       

      (d) Custodian
        May Resign; Trustee May Remove Custodian.
        The
        Custodian may resign upon at least 60 days’ prior notice 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 Seller, 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 Seller 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.

       

      (e) 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.

       

      (f) 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.

       

      SECTION
        4. 

      COMPLIANCE
        WITH REGULATION AB

       

      (a) 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.

       

      (b) Additional
        Representations and Warranties of the Custodian.

       

      (i) The
        Custodian hereby represents and warrants that the information set forth in
        the
        Prospectus Supplement under the caption "Description of the Certificates
        - The
        Custodian" (the "Custodian Disclosure") does not contain any untrue statement
        of
        a material fact or omit to state a material fact required to be stated therein
        or necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading.

       

      (ii) 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 Custodian 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").

       

      (iii) 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.

       

      (c) 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.

       

      (d) Report
        on Assessment of Compliance and Attestation.
        On or
        before March 15 of each calendar year, the Custodian shall:

       

      (i) deliver
        to the Depositor a report (in form and substance reasonably satisfactory
        to the
        Depositor) regarding the Custodian’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 Depositor and signed by an authorized officer
        of the Custodian, and shall address each of the Servicing Criteria specified
        on
        a certification substantially in the form of Exhibit Five hereto;
        and

       

      (ii) deliver
        to the Depositor a report of a registered public accounting firm reasonably
        acceptable to the Depositor that attests to, and reports on, the assessment
        of
        compliance made by the Custodian 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.

       

      (e) Indemnification;
        Remedies.

       

      (i) The
        Custodian shall indemnify the Depositor, each affiliate of the Depositor
        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 the
        Custodian Disclosure and 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. 

       

      (ii) 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.

       

      (iii) 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. 

       

      SECTION
        5. 

      MISCELLANEOUS
        PROVISIONS

       

      (a) 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.

       

      (b) [Reserved].
        

       

      (c) 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.

       

      (d) 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.

       

      (e) 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.

       

      (f) 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.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      IN
        WITNESS WHEREOF, this Agreement is executed as of the date first above
        written.

       

      

        
          	Address:	
                  HSBC
                    BANK USA, NATIONAL ASSOCIATION, not individually but solely as
                    Trustee

                
	452 Fifth Avenue	 	 
	
                  New
                    York, New York 10018

                	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

      

      
        

          
            	Address:	
                    STRUCTURED
                      ASSET MORTGAGE 

                    INVESTMENTS
                      II INC.

                  
	383 Madison Avenue	 	 
	
                    New
                      York, New York 10179

                  	
                    By:

                  	 
	 	
                    Name:

                  	Baron
                    Silverstein
	 	
                    Title:

                  	Vice
                    President

          

        

        
          

            
              	Address:	
                      MAIA
                        MORTGAGE FINANCE 

                      STATUTORY
                        TRUST 

                    
	One Market Street	 	 
	
                      Spear
                        Tower, 30th Floor

                    	
                      By:

                    	 
	
                      San
                        Francisco, California 94105

                    	
                      Name:

                    	 
	 	
                      Title:

                    	 

            

          

          
            

              
                	Address:	
                        
                          WELLS
                            FARGO BANK,

                          NATIONAL
                            ASSOCIATION, 

                          as
                            Master Servicer

                        

                      
	9062 Old Annapolis Road	 	 
	
                        
                          Columbia,
                            Maryland 21045

                        

                      	
                        By:

                      	 
	
                         

                      	
                        Name:

                      	 
	 	
                        Title:

                      	 

              

            

            
              

                
                  	Address:	
                          
                            
                              WELLS
                                FARGO BANK,

                              NATIONAL
                                ASSOCIATION, as Custodian

                            

                          

                        
	24 Executive Park, Suite
                          100	 	 
	
                          
                            
                              Irvine,
                                California 92614

                            

                          

                        	
                          By:

                        	 
	
                           

                        	
                          Name:

                        	 
	 	
                          Title:

                        	 

                

              

               

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        
          	
                  STATE
                    OF_____________

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF___________

                	
                  )

                	 

        

        
 

      

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        _________________, known to me to be a(n) _________________ of HSBC Bank
        USA,
        National Association, a national banking association, one of the parties
        that
        executed the within agreement, and also known to me to be the person who
        executed the within agreement 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 NEW YORK

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF NEW YORK

                	
                  )

                	 

        

         

      

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        Baron Silverstein, known to me to be a(n) Vice President of Structured Asset
        Mortgage Investments II Inc., 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_____________

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF___________

                	
                  )

                	 

        

        
 

      

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        _____________________, known to me to be an authorized representative of
        Maia
        Mortgage Finance Statutory Trust, 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
        28th
        day of
        April 2006 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 _________

                	
                  )

                	 

        

         

      

       

      On
        the
        28th
        day of
        April 2006 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

       

      April
        28,
        2006

       

      HSBC
        Bank
        USA, National Association

      10
        E. 40th
        Street, 14th
        Floor

      Corporate
        Trust & Loan Agency

      New
        York, NY 10016

       

      Maia
        Mortgage Finance Statutory Trust

      One
        Market Street

      Spear
        Tower, 30th Floor

      San
        Francisco, CA 94105 

       

      Attention:
        Luminent Mortgage Trust 2006-3, Series 2006-3

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of April 28, 2006, by and 

                among
                  HSBC Bank USA, National Association, Wells 

                Fargo
                  Bank, National Association, Structured Asset 

                Mortgage
                  Investments II Inc. and Maia Mortgage Finance 

                Statutory
                  Trust relating to Luminent Mortgage Trust 2006-

                3, Mortgage
                  Pass-Through Certificates, Series
                  2006-3

              

      

       

      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:

                	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        TWO

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

      [DATE]

       

      HSBC
        Bank
        USA, National Association

      10
        E. 40th
        Street, 14th
        Floor

      Corporate
        Trust & Loan Agency

      New
        York, NY 10016

       

      Maia
        Mortgage Finance Statutory Trust

      One
        Market Street

      Spear
        Tower, 30th Floor

      San
        Francisco, CA 94105 

       

      Attention:
        Luminent Mortgage Trust 2006-3, Series 2006-3

       

      
        	
              	Re:	
                Custodial
                  Agreement, dated as of April 28, 2006, by and 

                among
                  HSBC Bank USA, National Association, Wells 

                Fargo
                  Bank, National Association, Structured Asset 

                Mortgage
                  Investments II Inc. and Maia Mortgage Finance 

                Statutory
                  Trust relating to Luminent Mortgage Trust 2006-

                3,
                  Mortgage Pass-Through Certificates, Series 2006-3  

              

      

       

      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:

                	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

      

      EXHIBIT
        THREE

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

      [DATE]

       

      HSBC
        Bank
        USA, National Association

      10
        E. 40th
        Street, 14th
        Floor

      Corporate
        Trust & Loan Agency

      New
        York, NY 10016

       

      Maia
        Mortgage Finance Statutory Trust

      One
        Market Street

      Spear
        Tower, 30th Floor

      San
        Francisco, CA 94105 

       

      Attention:
        Luminent Mortgage Trust 2006-3, Series 2006-3

       

      
        	
              	Re:	
                Custodial
                  Agreement, dated as of April 28, 2006, by and 

                among
                  HSBC Bank USA, National Association, Wells 

                Fargo
                  Bank, National Association, Structured Asset 

                Mortgage
                  Investments II Inc. and Maia Mortgage Finance 

                Statutory
                  Trust relating to Luminent Mortgage Trust 2006-

                3,
                  Mortgage Pass-Through Certificates, Series 2006-3  

              

      

       

      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
        K

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      among

       

      MAIA
        MORTGAGE FINANCE STATUTORY TRUST

       

      as
        Mortgage Loan Seller

       

      LUMINENT
        MORTGAGE CAPITAL, INC.

       

      as
        Sponsor

       

      and

       

      STRUCTURED
        ASSET MORTGAGE INVESTMENTS II INC.

       

      as
        Purchaser

       

      Dated
        as
        of

       

      April
        28,
        2006

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      

        TABLE
          OF CONTENTS

         

        
          	
                  SECTION
                    1. Definitions

                
	 
	
                  SECTION
                    2. Purchase and Sale of the Mortgage Loans and Related
                    Rights.

                
	 
	
                  SECTION
                    3. Mortgage Loan Schedules

                
	 
	
                  SECTION
                    4. Mortgage Loan Transfer.

                
	 
	
                  SECTION
                    5. Examination of Mortgage Files.

                
	 
	
                  SECTION
                    6. Recordation of Assignments of Mortgage.

                
	 
	
                  SECTION
                    7. Representations and Warranties of Mortgage Loan Seller Concerning
                    the
                    Mortgage Loans

                
	 
	
                  SECTION
                    8. Representations and Warranties Concerning the Mortgage Loan
                    Seller

                
	 
	
                  SECTION
                    9. Representations and Warranties Concerning the
                    Purchaser

                
	 
	
                  SECTION
                    10. Conditions to Closing.

                
	 
	
                  SECTION
                    11. Fees and Expenses

                
	 
	
                  SECTION
                    12. Accountants’ Letters.

                
	 
	
                  SECTION
                    13. Indemnification.

                
	 
	
                  SECTION
                    14. Notices

                
	 
	
                  SECTION
                    15. Transfer of Mortgage Loans

                
	 
	
                  SECTION
                    16. Termination

                
	 
	
                  SECTION
                    17. Representations, Warranties and Agreements to Survive
                    Delivery

                
	 
	
                  SECTION
                    18. Severability

                
	 
	
                  SECTION
                    19. Counterparts

                
	 
	
                  SECTION
                    20. Amendment

                
	 
	
                  SECTION
                    22. Further Assurances

                
	 
	
                  SECTION
                    23. Successors and Assigns.

                
	 
	
                  SECTION
                    24. The Mortgage Loan Seller and the Purchaser

                
	 
	
                  SECTION
                    25. Entire Agreement

                
	 
	
                  SECTION
                    26. No Partnership

                
	 
	
                  SECTION
                    27. Fiduciary Duty

                

        

        

        

        EXHIBITS
          AND SCHEDULE TO

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        
          	
                  Exhibit
                    1

                	
                  Contents
                    of Mortgage File

                
	
                  Exhibit
                    2

                	
                  Mortgage
                    Loan Schedule Information

                
	
                  Exhibit
                    3

                	
                  Sponsor’s
                    Information

                
	
                  Exhibit
                    4

                	
                  Purchaser’s
                    Information

                
	
                  Exhibit
                    5

                	
                  Schedule
                    of Lost Certificates

                
	
                  Exhibit
                    6

                	
                  Standard
                    & Poor’s Levels Glossary, Version 5.6(c) Revised, Appendix
                    E

                
	
                  Schedule
                    A

                	
                  Required
                    Ratings for Each Class of Certificates

                
	
                  Schedule
                    B

                	
                  Mortgage
                    Loan Schedule

                

        

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of April 28, 2006, as amended and supplemented
        by any and all amendments hereto (collectively, the “Agreement”),
        by
        and among MAIA MORTGAGE FINANCE STATUTORY TRUST, a Maryland Business Trust
        (the
“Mortgage
        Loan Seller”),
        LUMINENT MORTGAGE CAPITAL, INC. (the “Sponsor”)
        and
        STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., a Delaware corporation (the
        “Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, the Mortgage Loan
        Seller
        agrees to sell, and the Purchaser agrees to purchase, certain conventional,
        first lien mortgage loans secured primarily by one- to four-family residential
        properties and individual condominium units (collectively, the “Mortgage
        Loans”)
        as
        described herein. The Purchaser intends to deposit the Mortgage Loans into
        a
        trust fund (the “Trust
        Fund”)
        and
        create Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
        Series 2006-3 (the “Certificates”),
        under
        a pooling and servicing agreement, to be dated as of April 1, 2006 (the
“Pooling
        and Servicing Agreement”),
        among
        the Purchaser, as purchaser, the Sponsor, as sponsor, Wells Fargo Bank, National
        Association, as master servicer (the “Master
        Servicer”)
        and as
        securities administrator and HSBC Bank USA, 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 333-132232) relating to its Mortgage
        Pass-Through 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 April 27, 2006, to the Prospectus, dated March
        28,
        2006, relating to certain classes of the Certificates. With respect to the
        Public Offering of certain classes of the Certificates, the Purchaser, Bear,
        Stearns & Co. Inc. (“Bear
        Stearns”)
        and
        Wachovia Capital Markets, LLC (“Wachovia”)
        have
        entered into a terms agreement dated as of April [__], 2006 to an underwriting
        agreement dated March 22, 2006, among the Purchaser, Bear Stearns and Wachovia
        (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
        6. 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:
        Cash in
        an amount equal to $[       *        .   ]
        (plus
        $[       *      .   ]
        in
        accrued interest) and the Certificates issued pursuant to the Trust
        Agreement.

       

      AmNet:
        American Mortgage Network, Inc.

       

      AmNet
        Sale Agreement
        :
        Mortgage Loan Sale Agreement, dated as of April 25, 2006, among AmNet as
        seller,
        Luminent Capital Markets, Inc. as purchaser, Mercury Mortgage Finance Statutory
        Trust as purchaser and Maia Mortgage Finance Statutory Trust as
        purchaser.

       

      Bear
        Stearns:
        Bear,
        Stearns & Co. Inc.

       

      Closing
        Date:
        April
        28, 2006.

       

      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.

       

      Co-op
        Stock:
        With
        respect to a Co-op Loan, the single outstanding class of stock, partnership
        interest or other ownership instrument in the related residential cooperative
        housing corporation.

       

      Cut-off
        Date:
        April
        1, 2006.

       

      Cut-off
        Date Balance:
        $673,771,000.

       

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

       

      Due
        Date:
        With
        respect to each Mortgage Loan, the date in each month on which its scheduled
        payment is due if such due date is the first day of a month and otherwise
        is
        deemed to be the first day of the following month or such other date specified
        in the Wells Fargo Servicing Agreement.

       

      EMC:
        EMC
        Mortgage Corporation.

       

      EMC
        Servicing Agreement:
        That
        certain Amended and Restated Purchase, Warranties and Servicing Agreement,
        dated
        as of April 24, 2006, among the EMC Mortgage Corporation, Maia Mortgage Finance
        Statutory Trust, Luminent Mortgage Capital, Inc. and Mercury Mortgage Finance
        Statutory Trust, as amended by the Assignment, Assumption and Recognition
        Agreement, dated as of April 28, 2006.

       

      IndyMac:
        IndyMac
        Bank, F.S.B.

       

      IndyMac
        Servicing Agreement:
        That
        certain Flow Sale and Servicing Agreement, dated as of April 21, 2006, among
        Maia Mortgage Finance Statutory Trust, Luminent Mortgage Capital, Inc., Mercury
        Mortgage Finance Statutory Trust and the IndyMac Bank, F.S.B as amended by
        the
        Assignment, Assumption and Recognition Agreement, dated as of April 28,
        2006.

       

      Master
        Servicer:
        Wells
        Fargo Bank, N.A.

       

      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.

       

      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
        Interest Rate:
        The
        annual rate of interest borne by a Mortgage Note as stated therein.

       

      Mortgagor:
        The
        obligor(s) on a Mortgage Note.

       

      Net
        Rate:
        For
        each Mortgage Loan, the Mortgage Interest Rate for such Mortgage Loan less
        the
        Servicing Fee Rate and the Lender-Paid PMI Rate (if applicable) expressed
        as a
        per annum rate.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be counsel for the Mortgage Loan Seller
        or
        the Purchaser, reasonably acceptable to the Trustee.

       

      Paul
        Financial:
        Paul
        Financial, LLC.

       

      Paul
        Financial Servicing Agreement:
        That
        certain Flow Sale and Servicing Agreement, dated as of January 24, 2006,
        among
        the Maia Mortgage Finance Statutory Trust, Luminent Mortgage Capital, Inc.,
        Mercury Mortgage Finance Statutory Trust and Paul Financial as amended by
        the
        Assignment, Assumption and Recognition Agreement, dated as of April 28,
        2006.

       

      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 (or any property acquired with respect thereto)
        required to be repurchased by the Mortgage Loan Seller or Underlying Seller,
        as
        applicable, pursuant to 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),
        (ii) accrued and unpaid interest thereon at the Mortgage Rate through and
        including the last day of the month of purchase 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, Moody’s and Fitch, each a “Rating
        Agency.”

       

      RFC:
        Residential Funding Corporation.

       

      RFC
        Servicing Agreement:
        Standard Terms and Provisions of Sale and Servicing Agreement, dated as of
        March
        30, 2006 (the “Sale and Servicing Agreement”), among the Assignor, Luminent,
        Mercury and RFC, together with that certain Reference Agreement, dated as
        of
        March 30, 2006 as amended by the Assignment, Assumption and Recognition
        Agreement, dated as of April 28, 2006.

       

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

       

      Security
        Instrument:
        A
        written instrument creating a valid first lien on a Mortgaged Property securing
        a Mortgage Note, which may be any applicable form of mortgage, deed of trust,
        deed to secure debt or security deed, including any riders or addenda
        thereto.

       

       Standard
        & Poor’s:
        Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its
        successors in interest.

       

      Substitute
        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 Sale
        and
        Servicing Agreement with respect to such substitution; upon such substitution,
        such mortgage loan shall be a “Mortgage Loan” hereunder.

       

      Underlying
        Sale Agreement:
        The EMC
        Servicing Agreement, IndyMac Servicing Agreement, Paul Financial Servicing
        Agreement, RFC Servicing Agreement or AmNet Sale Agreement, as
        applicable.

       

      Underlying
        Seller:
        EMC,
        RFC, Paul Financial, IndyMac or AmNet, as applicable.

       

      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.

       

      
        
          

        

        
          
            * Please
              contact Bear Stearns for pricing information.

          

        

      

       

      SECTION
        7. Purchase
        and Sale of the Mortgage Loans and Related Rights.  

       

      (a) Upon
        satisfaction of the conditions set forth in Section 10 hereof, the Mortgage
        Loan
        Seller agrees to sell, and the Purchaser agrees to purchase Mortgage Loans
        having an aggregate outstanding principal balance as of the Cut-off Date
        equal
        to the 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 10 hereof, on the Closing
        Date, the Purchaser shall pay to the Mortgage Loan Seller the cash portion
        of
        the Acquisition Price for the Mortgage Loans in immediately available funds
        by
        wire transfer to such account or accounts as shall be designated by the Mortgage
        Loan Seller and shall deliver the Certificates to the Mortgage Loan Seller
        or
        its designee.

       

      (d) In
        addition to the foregoing, on the Closing Date the Mortgage Loan Seller assigns
        to the Purchaser all of its right, title and interest in the Underlying Sale
        Agreements to the extent relating to the Mortgage Loans. 

       

      SECTION
        8. Mortgage
        Loan Schedules.  The
        Mortgage Loan Seller agrees to deliver or cause to be delivered to the Purchaser
        as of the date hereof a preliminary listing of the Mortgage Loans (the
“Preliminary
        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 Mortgage
        Loan Seller. If there are changes to the Preliminary Mortgage Loan Schedule,
        the
        Mortgage Loan Seller shall provide to the Purchaser as of the Closing Date
        a
        final schedule (the “Final
        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 Mortgage
        Loan Seller to the Purchaser. The Final Mortgage Loan Schedule shall be
        delivered to the Purchaser on the Closing Date, shall be attached to an
        amendment to this Agreement to be executed on the Closing Date by the parties
        hereto and shall be in form and substance mutually agreed to by the Mortgage
        Loan Seller and the Purchaser (the “Amendment”).
        If
        there are no changes to the Preliminary Mortgage Loan Schedule, the Preliminary
        Mortgage Loan Schedule shall be the Final Mortgage Loan Schedule for all
        purposes hereof.

       

      SECTION
        9. 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 thereon, other than scheduled principal and interest
        due on or before the Cut-off Date but received after the Cut-off Date. The
        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 thereon, other
        than
        scheduled principal and interest due after the Cut-off Date but received
        on or
        before the Cut-off Date. Such principal amounts and any interest thereon
        belonging to the 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 Final 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, the 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 the 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,
        the Mortgage Loan Seller may deliver the following documents, under the
        circumstances set forth below: (x) in lieu of the original Mortgage, 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 Mortgage Loan Seller may deliver a true copy thereof
        with a
        certification by the Mortgage Loan Seller or the Master Servicer, on the
        face of
        such copy, substantially as follows: “Certified to be a true and correct copy of
        the original, which has been transmitted for recording;” (y) in lieu of the
        Mortgage, 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 from the
        Mortgage Loan Seller or the Master Servicer to such effect), the 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
        Mortgage Loan Seller may deliver lost note affidavits and indemnities of
        the
        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, the Mortgage Loan Seller, in lieu of delivering the
        above
        documents, may deliver or cause to be delivered to the Trustee a certification
        by the Master Servicer to such effect. The Mortgage Loan Seller shall deliver
        or
        cause to be delivered 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. The Trustee 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, the Trustee further agrees that it will cause, at the Sponsor’s own
        expense, and with the cooperation of the Depositor and the Master Servicer
        within 30 days after the Closing Date, the MERS® System to indicate that such
        Mortgage Loans have been assigned by the Mortgage Loan Seller to the Purchaser,
        by the Purchaser to the Issuer and by the Issuer to the Trustee in accordance
        with this Agreement for the benefit of the Certificateholders by including
        (or
        deleting, in the case of Mortgage Loans which are repurchased in accordance
        with
        this Agreement) in such computer files (a) the code in the field which
        identifies the specific Trustee and (b) the code in the field “Pool Field” which
        identifies the series of the Certificates issued in connection with such
        Mortgage Loans. The Trustee further agrees that it will not, and will not
        permit
        any Servicer or the Master Servicer to 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) The
        Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of
        the
        Mortgage Loans and the related servicing will ultimately be assigned to HSBC
        Bank USA, National Association, as Trustee on behalf of the Certificateholders,
        on the date hereof.

       

      SECTION
        10. Examination
        of Mortgage Files.

       

      (a) On
        or
        before the Mortgage File Delivery Date, the Mortgage Loan Seller will have
        made
        the Mortgage Files available to the Purchaser or its agent for examination
        which
        may be at the offices of the Trustee or the 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 Mortgage Files shall not affect
        the
        Purchaser’s rights to demand cure, repurchase, or substitution for as provided
        in this Agreement. In furtherance of the foregoing, the Mortgage Loan Seller,
        upon reasonable request, shall make the Mortgage Files available through
        the
        Custodian thereof to the Purchaser or its agent from time to time so as to
        permit the Purchaser to confirm the 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, the 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 Mortgage Files available
        to the
        Purchaser, Bear Stearns and to such investors or prospective investors (which
        may be at the offices of the Mortgage Loan Seller and/or the Mortgage Loan
        Seller’s custodian) and to make available personnel knowledgeable about the
        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 Custodial Agreement, on the Closing Date the Custodian, on behalf
        of the
        Trustee, for the benefit of the Certificateholders, will acknowledge receipt
        of
        each Mortgage Loan, by delivery to the Mortgage Loan Seller, the Purchaser and
        the Issuer of an initial certification in the form attached as Exhibit One
        to
        the Custodial Agreement.

       

      (c) Pursuant
        to the Custodial Agreement, within 90 days of the Closing Date, the Trustee
        will
        review or shall cause the Custodian to review items of the Mortgage Files
        as set
        forth on Exhibit
        1
        and will
        deliver to the Mortgage Loan Seller, the Purchaser and the Trustee an interim
        certification substantially in the form of Exhibit Two to the Custodial
        Agreement. If the Trustee or Custodian, as its agent, finds any document
        listed
        on Exhibit
        1
        not to
        have been executed or 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 the Final Mortgage Loan Schedule or to appear defective
        on
        its face to review criteria specified in Section 2.01 of the Pooling and
        Servicing Agreement (a “Material
        Defect”),
        the
        Trustee in accordance with the Pooling and Servicing Agreement or the Custodian,
        as its agent, shall promptly notify the Mortgage Loan Seller of such Material
        Defect. The Mortgage Loan Seller shall correct or cure any such Material
        Defect
        within 90 days from the date of notice from the Trustee or the Custodian,
        as its
        agent, of the Material Defect and if the Mortgage Loan Seller or Underlying
        Seller, as applicable, fails to 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, the Mortgage Loan Seller
        or
        Underlying Seller, as applicable, will, in accordance with the terms of the
        Pooling and Servicing Agreement, within 90 days of the date of notice, provide
        the Trustee with a Substitute Mortgage Loan (if within two years of the Closing
        Date) or purchase the related Mortgage Loan at the applicable Purchase Price;
        provided that,
        if such
        defect would cause the Mortgage Loan to be other than a “qualified mortgage” as
        defined in Section 860G(a)(3) of the Code, any such cure, repurchase or
        substitution must occur within 90 days from the date such breach was discovered;
        provided,
        however,
        that if
        such defect relates solely to the inability of the Mortgage Loan Seller or
        Underlying Seller, as applicable, 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, the Mortgage Loan Seller or Underlying Seller, as applicable,
        shall not be required to purchase such Mortgage Loan if the Mortgage Loan
        Seller
or
        Underlying Seller, as applicable,
        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 the Mortgage Loan Seller or Underlying
        Seller,
        as applicable, 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
        the
        Mortgage Loan Seller or Underlying Seller, as applicable, shall instead deliver
        a recording receipt of such recording office or, if such receipt is not
        available, a certificate confirming that such documents have been accepted
        for
        recording, and delivery to the Trustee or the Custodian, as its agent, shall
        be
        effected by the Mortgage Loan Seller or Underlying Seller, as applicable,
        within
        thirty days of its receipt of the original recorded document.

       

      (d) Pursuant
        to the Custodial Agreement, within 180 days of the Closing Date (or, with
        respect to any Substitute Mortgage Loan, within five Business Days after
        the
        receipt by the Indenture Trustee or Custodian thereof) the Trustee will review
        or cause the Custodian to review items of the Mortgage Files as set forth
        on
Exhibit
        1
        and will
        deliver to the Mortgage Loan Seller, the Purchaser and the Trustee a final
        certification substantially in the form of Exhibit Three to the Custodial
        Agreement. If the Trustee or the Custodian, as its agent, finds a Material
        Defect, the Trustee or the Custodian, as its agent, shall promptly notify
        the
        Mortgage Loan Seller of such Material Defect. The Mortgage Loan Seller or
        Underlying Seller, as applicable, shall correct or cure any such Material
        Defect
        within 90 days from the date of notice from the Trustee or the Custodian,
        as its
        agent, of the Material Defect and if the Mortgage Loan Seller fails to 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, the Mortgage Loan Seller or Underlying Seller, as applicable,
        will, in accordance with the terms of the Pooling and Servicing Agreement,
        within 90 days of the date of notice, provide the Trustee with a Substitute
        Mortgage Loan (if within two years of the Closing Date) or purchase the related
        Mortgage Loan at the applicable Purchase Price; provided, however,
        that if
        such defect relates solely to the inability of the Mortgage Loan Seller or
        Underlying Seller, as applicable, 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, the Mortgage Loan Seller or Underlying Seller, as applicable,
        shall not be required to purchase such Mortgage Loan if the Mortgage Loan
        Seller
        or Underlying Seller, as applicable, 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 the Mortgage Loan Seller or Underlying Seller, as applicable,
        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 the Mortgage
        Loan
        Seller or Underlying Seller, as applicable, shall instead deliver a recording
        receipt of such recording office or, if such receipt is not available, a
        certificate confirming that such documents have been accepted for recording,
        and
        delivery to the Trustee or the Custodian, as its agent, shall be effected
        by the
        Mortgage Loan Seller within thirty days of its receipt of the original recorded
        document.

       

      (e) At
        the
        time of any substitution, the Mortgage Loan Seller or Underlying Seller,
        as
        applicable, shall deliver or cause to be delivered the Substitute 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
        in
        accordance with the terms of the Pooling and Servicing Agreement shall (i)
        assign to the Mortgage Loan Seller and 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 Custodian 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 the Mortgage Loan Seller or Underlying Seller, as applicable, title
        to
        such Deleted Mortgage Loan.

       

      SECTION
        11. Recordation
        of Assignments of Mortgage.

       

      (a) The
        Purchaser shall cause each assignment of the Security Instrument from the
        Mortgage Loan Seller to the Trustee to be recorded not later than 180 days
        after
        the Closing Date, unless (a) such recordation is not required by the Rating
        Agencies or an Opinion of Counsel has been provided to the Trustee (with
        a copy
        to the Custodian) which states that the recordation of such assignments is
        not
        necessary to protect the interests of the Certificateholders in the related
        Mortgage Loans or (b) 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 Mortgage Loan Seller and its successors and assigns;
provided,
        however,
        notwithstanding the delivery of any such Opinion of Counsel, each assignment
        of
        Mortgage shall be submitted for recording by the Purchaser in the manner
        described above, at no expense to the Sponsor or the Trustee, upon the earliest
        to occur of (i) reasonable direction by the Holders of Certificates aggregating
        at least 25% of the Certificate Principal Balance of the Certificates, (ii)
        the
        occurrence of a Master Servicer Event of Default or an Event of Default,
        (iii)
        the occurrence of a bankruptcy, insolvency or foreclosure relating to the
        Mortgage Loan Seller and, (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, the Mortgage
        Loan Seller shall leave or cause to be left with the Trustee a certified
        copy of
        such Mortgage or assignment. 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
        the
        Sponsor as set forth in Section 11.

       

      (b) It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Mortgage Loan Seller to the Purchaser, as contemplated by this Agreement
        be, and be treated as, a sale, except under United States generally accepted
        accounting principals. It is, further, not the intention of the parties that
        such conveyance be deemed a pledge of the Mortgage Loans by the Mortgage
        Loan
        Seller to the Purchaser to secure a debt or other obligation of the 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
        the Mortgage Loan Seller, then (i) 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; (ii) the transfer of the Mortgage Loans provided
        for
        herein shall be deemed to be a grant by the Mortgage Loan Seller to the
        Purchaser of a security interest in all of the 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; (iii) the possession by the Purchaser, the Issuer or the
        Trustee
        of Mortgage Certificates 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 9-313 (or comparable provision) of the applicable
        Uniform Commercial Code; and (iv) 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. The
        Mortgage Loan Seller hereby authorizes the Purchaser, to the extent consistent
        with this Agreement, to 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
        12. Representations
        and Warranties of Mortgage Loan Seller Concerning the Mortgage
        Loans.
        

       

      (a) The
        Mortgage Loan Seller 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 being sold by it, that:

       

      (i) Each
        mortgage loan at the time it was made complied in all material respects with
        applicable local, state, and federal laws, including, but not limited to,
        all
        applicable predatory and abusive lending laws;

       

      (ii) No
        mortgage loan is a “High Cost Loan” or “Covered Loan,” as applicable, (as such
        terms are defined in the then current Standard & Poor’s LEVELS® Glossary,
        Appendix E, in effect as of the Closing Date) and no mortgage loan originated
        on
        or after October 1, 2002 through March 6, 2003 is governed by the Georgia
        Fair
        Lending Act; and; and 

       

      (iii) With
        respect to each representation and warranty with respect to any mortgage
        loan
        made by the servicers in the Underlying Sale Agreements that is made as of
        the
        related Closing Date (as defined in the applicable Underlying Sale Agreement),
        no event has occurred since the related Closing Date (as defined in the
        applicable Underlying Sale Agreement) that would render such representations
        and
        warranties to be untrue in any material respect as of the Closing
        Date.

       

      (b) 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
        Substitute Mortgage Loan as of the date of substitution.

       

      (c) 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 or
        in
        any Underlying Sale 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.
        The
        Mortgage Loan Seller hereby covenants with respect to the representations
        and
        warranties set forth in Section 7 of the Mortgage Loan Purchase Agreement
        and
        each Underlying Seller hereby covenants with respect to the representations
        and
        warranties set forth in the related Underlying Sale 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 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; 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, the Securities Administrator of an Opinion of
        Counsel if required by Section 2.05 of the Pooling and Servicing Agreement
        and
        any such substitution pursuant to (i) above shall not be effected prior to
        the
        additional delivery to the Securities Administrator and the Trustee of a
        Request
        for Release. With respect to the representations and warranties in Section
        7 of
        the Mortgage Loan Purchase Agreement or the representations and warranties
        contained in each Underlying Sale Agreement that are made to the best of
        the
        Mortgage Loan Seller’s or Underlying Seller’s knowledge, as applicable, if it is
        discovered by any of the Depositor, the Master Servicer, the Sponsor, the
        Securities Administrator, 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 Mortgage Loan
        Seller’s or Underlying Seller’s knowledge, as applicable, lack of knowledge with
        respect to the substance of such representation or warranty, the Mortgage
        Loan
        Seller or Underlying Seller, as applicable, shall nevertheless be required
        to
        cure, substitute for or repurchase the affected Mortgage Loan in accordance
        with
        the foregoing. Notwithstanding the foregoing, to the extent that any fact,
        condition or event with respect to a Mortgage Loan constitutes a breach of
        a
        representation or warranty of Paul Financial under the related Underlying
        Sale
        Agreement which materially adversely affects the value of such Mortgage Loan
        or
        the interest therein of the Certificateholders, the Trustee shall request
        that
        Paul Financial cure such breach or repurchase such Mortgage Loan and if Paul
        Financial fails to cure such breach or repurchase such Mortgage Loan within
        60
        days of receipt of such request from the Trustee, the Trustee shall then
        request
        that the Mortgage Loan Seller cure such breach or repurchase such Mortgage
        Loan,
        and if the Mortgage Loan Seller fails to cure such breach or repurchase such
        Mortgage Loan within 60 days of receipt of such request from the Trustee,
        the
        Trustee shall then request that the Sponsor cure such breach or repurchase
        such
        Mortgage Loan.

       

      SECTION
        13. Representations
        and Warranties Concerning the Mortgage Loan Seller.  As
        of the date hereof and as of the Closing Date, the Mortgage Loan Seller
        represents and warrants to the Purchaser as to itself in the capacity indicated
        as follows:

       

      (a) the
        Mortgage Loan Seller (i) is a business trust duly organized, validly existing
        and in good standing under the laws of the State of Maryland 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 Mortgage
        Loan
        Seller’s business as presently conducted or on the Mortgage Loan Seller’s
        ability to enter into this Agreement and to consummate the transactions
        contemplated hereby;

       

      (b) the
        Mortgage Loan Seller has full requisite 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 the Mortgage Loan Seller of this Agreement have
        been
        duly authorized by all necessary action on the part of the Mortgage Loan
        Seller;
        and neither the execution and delivery of this Agreement, nor the consummation
        of the transactions herein contemplated, nor compliance with the provisions
        hereof, 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 Mortgage Loan Seller or its properties
        or the articles of formation or trust agreement of the Mortgage Loan Seller,
        except those conflicts, breaches or defaults which would not reasonably be
        expected to have a material adverse effect on the Mortgage Loan Seller’s ability
        to enter into this Agreement and to consummate the transactions contemplated
        hereby;

       

      (d) the
        execution, delivery and performance by the Mortgage Loan Seller 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 the Mortgage Loan Seller
        and,
        assuming due authorization, execution and delivery by the Purchaser, constitutes
        a valid and binding obligation of the Mortgage Loan Seller 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 Mortgage
        Loan Seller, threatened against the Mortgage Loan Seller, 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 the Mortgage Loan Seller will
        be
        determined adversely to the Mortgage Loan Seller and will if determined
        adversely to the Mortgage Loan Seller materially and adversely affect the
        Mortgage Loan Seller’s ability to perform its obligations under this Agreement;
        and the Mortgage Loan Seller 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 13(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
        14. 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 Seller as follows:

       

      (a) the
        Purchaser (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 as a foreign corporation 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 and to consummate the transactions contemplated hereby;

       

      (b) the
        Purchaser has full corporate 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 the Purchaser of this Agreement have been duly
        authorized by all necessary corporate 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,
        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 articles of
        incorporation or by-laws 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 and to consummate
        the transactions contemplated hereby;

       

      (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) this
        Agreement has been duly executed and delivered by the Purchaser and, assuming
        due authorization, execution and delivery by the Mortgage Loan Seller,
        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 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
        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

       

      (g) the
        Purchaser’s Information (as defined in Section 13(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
        15. 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:

       

      (i) Each
        of
        the obligations of the 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 the Mortgage Loan Seller under this Agreement shall be
        true
        and correct as of the Closing Date specified in all material
        respects.

       

      (ii) 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:

       

      (a) If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (b) If
        required pursuant to Section 3 hereof, the Final Mortgage Loan Schedule
        containing the information set forth on Exhibit 2 hereto, one copy to be
        attached to each counterpart of the Amendment;

       

      (c) 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;

       

      (d) A
        certificate of an officer of the Mortgage Loan Seller dated as of the Closing
        Date, in a form reasonably acceptable to the Purchaser, and attached thereto
        the
        resolutions of the Mortgage Loan Seller authorizing the transactions
        contemplated by this Agreement and the other Transaction Documents to which
        it
        is a party, together with copies of the articles of formation or trust agreement
        and certificate of good standing of the Mortgage Loan Seller;

       

      (e) One
        or
        more opinions of counsel from the Mortgage Loan Seller’s counsel otherwise in
        form and substance reasonably satisfactory to the Purchaser, the Trustee
        and
        each Rating Agency;

       

      (f) 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

       

      (g) 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.

       

      (iii) The
        Certificates to be sold to Bear Stearns and Wachovia pursuant to the
        Underwriting Agreement and the Purchase Agreement shall have been issued
        and
        sold to Bear Stearns and Wachovia.

       

      (iv) The
        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 its counsel
        may
        reasonably request.

       

      (b) The
        obligations of the Mortgage Loan Seller under this Agreement shall be subject
        to
        the satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      (i) 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, and the Mortgage Loan Seller shall
        have
        received a certificate to that effect signed by an authorized officer of
        the
        Purchaser.

       

      (ii) The
        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
        the
        Mortgage Loan Seller, duly executed by all signatories other than the Mortgage
        Loan Seller as required pursuant to the respective terms thereof:

       

      (a) If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (b) The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Sponsor, and all documents required thereby duly executed by all
        signatories;

       

      (c) A
        certificate of an officer of the Purchaser dated as of the Closing Date,
        in a
        form reasonably acceptable to the 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;

       

      (d) One
        or
        more opinions of counsel from the Purchaser’s counsel in form and substance
        reasonably satisfactory to the Mortgage Loan Seller and the Rating Agencies;
        and

       

      (e) 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
        16. Fees
        and Expenses.  Subject
        to Section 16 hereof, the Mortgage Loan Seller 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 Seller’s attorneys and the fees and expenses of the
        Purchaser’s attorneys (subject to the limitation on fees mutually agreed upon by
        such Purchaser’s attorneys and the Mortgage Loan Seller), (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 each Rating Agency
        (both initial and ongoing) and (vi) 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 the Mortgage Loan Seller to the Trustee
        or
        the expenses relating to the Opinion of Counsel (which shall be included
        in fees
        payable to the Purchaser’s attorneys) referred to in Section 6(a) hereof, as the
        case may be.

       

      SECTION
        17. Accountants’
        Letters.  

       

      (a) Deloitte
        & Touche LLP will review the characteristics of a sample of the Mortgage
        Loans described in the Final Mortgage Loan Schedule and will compare those
        characteristics to the description of the Mortgage Loans contained in the
        Prospectus Supplement under the captions “Summary of Prospectus Supplement—The
        Mortgage Loans” and “The Mortgage Pool” and in Schedule A thereto. The Mortgage
        Loan Seller 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 On The Certificates” in the
        Prospectus Supplement.

       

      (b) To
        the
        extent statistical information with respect to the Master Servicer’s or a
        Servicer’s servicing portfolio is included in the Prospectus Supplement under
        the caption “[The Master Servicer and the Servicers,]” a letter from the
        certified public accountant for the Master Servicer and such Servicer or
        Servicer s will be delivered to the Purchaser dated the date of the Prospectus
        Supplement, in the form previously agreed to by the Mortgage Loan Seller
        and the
        Purchaser, with respect to such statistical information.

       

      SECTION
        18. Indemnification.

       

      (a) The
        Sponsor 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 (i) any untrue statement of a material fact
        contained in the Sponsor’s
        Information
        as
        identified in Exhibit
        3,
        the
        omission to state in the Sponsor’s information a material fact about the
        Mortgage Loans required to be stated therein or necessary to make the statements
        therein in light of the circumstances in which they were made, not misleading,
        (ii) any representation or warranty made by the Sponsor in Section 9 hereof
        being, or alleged to be, untrue or incorrect, or (iii) any failure by the
        Sponsor to perform its obligations under this Agreement; and the Sponsor
        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 any such loss, claim, damage, liability
        or
        action. The foregoing indemnity agreement is in addition to any liability
        which
        the Sponsor otherwise may have to the Purchaser, or any other such indemnified
        party,

       

      The
        foregoing indemnity agreement is in addition to any liability which the Sponsor
        otherwise may have to the Purchaser or any other such indemnified
        party.

       

      (b) The
        Purchaser shall indemnify and hold harmless the Sponsor 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 (i) 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, (ii) any representation or warranty made
        by the
        Purchaser in Section 9 hereof being, or alleged to be, untrue or incorrect,
        or
        (iii) any failure by the Purchaser to perform its obligations under this
        Agreement; and the Purchaser shall reimburse the Sponsor, 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
        Sponsor, 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 13 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 13
        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 13, 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 Sponsor 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 (within the meaning of Section
        11(f)
        of the Securities Act) 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
        19. Notices.  All
        demands, notices and communications hereunder shall be in writing but may
        be
        delivered by facsimile transmission subsequently confirmed in writing. Notices
        to the Mortgage Loan Seller shall be directed to Maia Mortgage Finance Statutory
        Trust, One Market Street, Spear Tower, 30th Floor, San Francisco, CA 94105,
        and
        notices to the Purchaser shall be directed to Structured Asset Mortgage
        Investments II Inc., 383 Madison Avenue, New York, New York 10179 (Telecopy:
        (212-272-7206)), Attention: Baron Silverstein; 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
        20. 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 Issuer, with the understanding that
        the
        Issuer will then assign such rights to the Trustee pursuant to the Pooling
        and
        Servicing Agreement, without the consent of the Mortgage Loan Seller, and,
        upon
        such assignment, the Trustee, as the ultimate assignee, 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 11,
        13 and
        17 hereto and as provided in Section 2(a). Notwithstanding the foregoing,
        the
        sole and exclusive right and remedy of the Issuer or the Trustee with respect
        to
        a breach of representation or warranty of the Mortgage Loan Seller shall
        be the
        cure, purchase or substitution obligations of the Mortgage Loan Seller contained
        in Sections 5 and 7 hereof.

       

      SECTION
        21. 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 10(a) hereof are not
        fulfilled as and when required to be fulfilled or (c) by the Mortgage Loan
        Seller, if the conditions to the Mortgage Loan Seller’s obligation to close set
        forth under Section 10(b) hereof are not fulfilled as and when required to
        be
        fulfilled. In the event of termination pursuant to clause (b), the Mortgage
        Loan
        Seller 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
        22. 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 Seller 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,
        the Mortgage Loan Seller’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 Final Mortgage Loan
        Schedule and any Replacement Mortgage Loan and not to those Mortgage Loans
        deleted from the Preliminary Mortgage Loan Schedule pursuant to Section 3
        hereof
        prior to the Closing.

       

      SECTION
        23. Severability.  If
        any provision of this Agreement shall be prohibited or invalid under applicable
        law, the Agreement shall be ineffective only to such extent, without
        invalidating the remainder of this Agreement.

       

      SECTION
        24. 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
        25. Amendment.  This
        Agreement cannot be amended or modified in any manner without the prior written
        consent of each party.

       

      SECTION
        21. 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.

       

      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
        26. Successors
        and Assigns.

       

      This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Mortgage Loan Seller, the Sponsor and the Purchaser and their permitted
        successors and assigns and, to the extent specified in Section 13 hereof,
        Bear
        Stearns, and their directors, officers and controlling persons (within the
        meaning of federal securities laws). The Mortgage Loan Seller and the Sponsor
        acknowledges and agrees that the Purchaser may assign its rights under this
        Agreement (including, without limitation, with respect to the Mortgage Loan
        Seller’s representations and warranties respecting the Mortgage Loans) to the
        Issuer and that the Issuer may further assign such rights to the Trustee.
        Any
        person into which the Mortgage Loan Seller or
        the
        Sponsor may
        be
        merged or consolidated (or any person resulting from any merger or consolidation
        involving the Mortgage Loan Seller), any person resulting from a change in
        form
        of the Mortgage Loan Seller or the Sponsor or any person succeeding to the
        business of the Mortgage Loan Seller or the Sponsor, shall be considered
        the
“successor” of the Mortgage Loan Seller or the Sponsor, as applicable, 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 and in Section 15 hereto, 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
        27. The
        Mortgage Loan Seller and the Purchaser.
        The
        Mortgage Loan Seller, the Sponsor and the Purchaser will keep in full effect
        all
        rights as are necessary to perform their respective obligations under this
        Agreement.

       

      SECTION
        28. 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
        29. No
        Partnership.  Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto.

       

      SECTION
        30. Fiduciary
        Duty.
        Each
        party to this Agreement acknowledges that (A) the terms of this Agreement
        were
        negotiated at arms length between sophisticated parties represented by counsel,
        (B) no fiduciary, advisory or agency relationship between the Depositor and
        the
        Mortgage Loan Seller has been created as a result of any of the transactions
        contemplated by this Agreement, irrespective of whether the Mortgage Loan
        Seller
        has advised or is advising the Depositor on other matters; (C) the Mortgage
        Loan
        Seller’s obligations to the Depositor are set forth in this Agreement in their
        entirety; and (D) it has obtained such legal, tax, accounting and other advice
        as it deems appropriate with respect to this Agreement and the transactions
        contemplated hereby and any other activities undertaken in connection therewith,
        and it is not relying on the Depositor with respect to any such
        matters.

       

      [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.

       

      

        
          	 	MAIA
                  MORTGAGE
                  FINANCE STATUTORY TRUST
	 	 	 
	 	
                  By:

                	 
	 	
                   

                	
                  Name:

                
	 	
                   

                	
                  Title:

                

        

        

          
            	 	LUMINENT
                    MORTGAGE CAPITAL, INC.
	 	 	 
	 	
                    By:

                  	 
	 	
                     

                  	
                    Name:

                  
	 	
                     

                  	
                    Title:

                  

          

          

            
              	 	STRUCTURED
                      ASSET MORTGAGE INVESTMENTS II INC.
	 	 	 
	 	
                      By:

                    	 
	 	
                       

                    	
                      Name:
                        Baron Silverstein 

                    
	 	
                       

                    	
                      Title:  
                        Vice President

                    

            

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

      

      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 the Agreement.

       

      (a) with
        respect to each Mortgage Loan:

       

      (i) The
        original Mortgage Note, endorsed without recourse to the order of the Indenture
        Trustee and showing an unbroken chain of endorsements from the originator
        thereof to the Person endorsing it to the Indenture Trustee, or a lost note
        affidavit together with a copy of the related Mortgage Note;

       

      (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 if the original is not available,
        a
        copy), with evidence of such recording indicated thereon (or if the original
        is
        not available, a copy), with evidence of such recording indicated thereon
        (or if
        the original Security Instrument, assignments to the Indenture Trustee or
        intervening assignments thereof which have been delivered, are being delivered
        or will, upon receipt of recording information relating to the Security
        Instrument required to be included thereon, be delivered to recording offices
        for recording and have not been returned to the Mortgage Loan Seller in time
        to
        permit their recording as specified in Section 2.01(a) of the Pooling and
        Servicing Agreement, shall be in recordable form);

       

      (iii) unless
        the Mortgage Loan is a MOM Loan, a certified copy of the assignment (which
        may
        be in the form of a blanket assignment if permitted in the jurisdiction in
        which
        the Mortgaged Property is located) in blank or to “LaSalle Bank National
        Association, as Indenture Trustee”, with evidence of recording with respect to
        each Mortgage Loan in the name of the Indenture Trustee thereon (or if (A)
        the
        original Security Instrument, assignments to the Indenture Trustee or
        intervening assignments thereof which have been delivered, are being delivered
        or will, upon receipt of recording information relating to the Security
        Instrument required to be included thereon, be delivered to recording offices
        for recording and have not been returned to the Mortgage Loan Seller in time
        to
        permit their delivery as specified in Section 2.01(a) of the Pooling and
        Servicing Agreement, the Mortgage Loan Seller may deliver a true copy thereof
        with a certification by the Mortgage Loan Seller, on the face of such copy,
        substantially as follows: “Certified to be a true and correct copy of the
        original, which has been transmitted for recording” or (B) the related Mortgaged
        Property is located in a state other than Maryland and an Opinion of Counsel
        has
        been provided as set forth in Section 2.01(a) of the Pooling and Servicing
        Agreement, shall be in recordable form);

       

      (iv) all
        intervening assignments of the Security Instrument, if applicable and only
        to
        the extent available to the Mortgage Loan Seller with evidence of recording
        thereon;

       

      (v) the
        original or a copy of the policy or certificate of primary mortgage guaranty
        insurance, to the extent available, if any;

       

      (vi) the
        original or copy of the policy of title insurance or mortgagee’s certificate of
        title insurance or commitment or binder for title insurance; and

       

      (vii) originals
        of all modification agreements, if applicable and available.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        2

       

      MORTGAGE
        LOAN SCHEDULE INFORMATION

       

      The
        Preliminary and Final Mortgage Loan Schedules shall set forth the following
        information with respect to each Mortgage Loan:

       

      
        
          	
                  (a)

                	
                  the
                    loan number;

                
	
                  (b)

                	
                  [Reserved];

                
	
                  (c)

                	
                  the
                    city, state and zip code of the Mortgaged Property;

                
	
                  (d)

                	
                  the
                    property type;

                
	
                  (e)

                	
                  the
                    Mortgage Interest Rate;

                
	
                  (f)

                	
                  the
                    Servicing Fee Rate;

                
	
                  (g)

                	
                  the
                    Net Rate;

                
	
                  (h)

                	
                  the
                    original term to maturity;

                
	
                  (i)

                	
                  the
                    maturity date;

                
	
                  (j)

                	
                  the
                    stated remaining term to maturity;

                
	
                  (k)

                	
                  the
                    original principal balance;

                
	
                  (1)

                	
                  the
                    first Payment Date;

                
	
                  (m)

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

                
	
                  (n)

                	
                  the
                    unpaid principal balance as of the Cut-off Date;

                
	
                  (o)

                	
                  the
                    Loan-to-Value Ratio at origination;

                
	
                  (p)

                	
                  paid-through
                    date;

                
	
                  (q)

                	
                  the
                    insurer of any Primary Mortgage Insurance Policy;

                
	
                  (r)

                	
                  the
                    Gross Margin, if applicable;

                
	
                  (s)

                	
                  the
                    Maximum Lifetime Mortgage Rate, if applicable;

                
	
                  (t)

                	
                  the
                    Minimum Lifetime Mortgage Rate, if applicable;

                
	
                  (u)

                	
                  the
                    Periodic Rate Cap, if applicable;

                
	
                  (v)

                	
                  the
                    number of days delinquent, if any;

                
	
                  (w)
                    

                	which
                  Mortgage Loans adjust after an initial
                  fixed-rate period of five or seven years;
	
                  (x)
                    

                	the
                  Prepayment Charge Loans; and
	
                  (y)
                    

                	the
                  Servicer.

        

      

       

      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 (k) and
        (n)
        above, the weighted average by principal balance as of the Cut-off Date of
        each
        of the rates described under (e), (f) and (g) above, and the weighted average
        remaining term to maturity by unpaid principal balance as of the Cut-off
        Date.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        3

       

      SPONSOR’S
        INFORMATION

       

      All
        information in the Prospectus Supplement described under the following captions:
        (1) “THE MORTGAGE POOL” and “SCHEDULE A—CERTAIN CHARACTERISTICS OF THE MORTGAGE
        LOANS,” excluding any tabular information in the section “THE MORTGAGE
        POOL—INDICES OF THE MORTGAGE LOANS” (2) “THE SPONSOR A ND THE SELLER” and
“STATIC POOL INFORMATION”, but only to the extent set forth in the link entitled
“Luminent Capital” on the website
        http://www.bearstearns.com/transactions/sami_ii/luminent 2006-3.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        4

       

      PURCHASER’S
        INFORMATION

       

      All
        information in the Prospectus Supplement and the Prospectus, except the Mortgage
        Loan Seller’s Information.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        5

       

      SCHEDULE
        OF LOST NOTES

       

      Available
        Upon Request

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        6

      

      REVISED
        August 1, 2005

      

      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.
                  

              	
                High
                  Cost Home Loan 

              

      

       

      STANDARD
        & POOR’S HIGH COST LOAN CATEGORIZATION 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending 

                Law/Effective
                  Date

              	
                Category
                  under 

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	 	
                Effective
                  October 1, 2002 - March 6, 2003 

              	 
	
                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 

              
	
                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.
                  

              	
                High
                  Cost Home Loan 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      STANDARD
&
POOR’S
        HIGH COST LOAN
        CATEGORIZATION 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory 

                Lending
                  Law/Effective Date

              	
                Category
                  under 

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	 	
                Effective
                  March 22, 2001 and amended from time to time 

              	 
	
                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 

              
	
                South
                  Carolina 

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code 

              	
                High
                  Cost Home Loan 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      STANDARD
&
POOR’S
        HIGH COST LOAN
        CATEGORIZATION 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory 

                Lending
                  Law/Effective Date

              	
                Category
                  under 

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	 	
                Ann.
                  §§ 37-23-10 et seq.
                  

                 

                Effective
                  for loans taken on or after January 1, 2004 

              	 
	
                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 

              	
                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

              
	 	
                Act
                  of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq.
                  

                 

                Effective
                  for loans closed on or after November 27, 2003 

              	 
	
                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 

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        A

       

      REQUIRED
        RATINGS FOR EACH CLASS OF NOTES

       

      Public
        Notes

      

      
        	
                Class

              	
                 

                S&P

              	
                Fitch

              	
                 

                Moody’s

              
	
                Class
                  I-1A-1

              	
                AAA

              	
                NR

              	
                Aaa

              
	
                Class
                  I-1A-2

              	
                AAA

              	
                NR

              	
                Aaa

              
	
                Class
                  I-1A-3

              	
                AAA

              	
                NR

              	
                Aaa

              
	
                Class
                  I-2A-1

              	
                AAA

              	
                NR

              	
                Aaa

              
	
                Class
                  I-2A-2

              	
                AAA

              	
                NR

              	
                Aaa

              
	
                Class
                  I-2A-3

              	
                AAA

              	
                NR

              	
                Aaa

              
	
                Class
                  I-2X

              	
                AAA

              	
                NR

              	
                Aaa

              
	
                Class
                  I-M-1

              	
                AA+

              	
                NR

              	
                Aa1

              
	
                Class
                  I-M-2

              	
                AA

              	
                NR

              	
                Aa2

              
	
                Class
                  I-M-3

              	
                AA-

              	
                NR

              	
                Aa3

              
	
                Class
                  I-B-1

              	
                A+

              	
                NR

              	
                A2

              
	
                Class
                  I-B-2

              	
                A

              	
                NR

              	
                Baa1

              
	
                Class
                  I-B-3

              	
                BBB

              	
                NR

              	
                Baa2

              
	
                Class
                  I-B-4

              	
                BBB-

              	
                NR

              	
                Baa3

              
	
                Class
                  II-1A-1

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-1A-2

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-1X-1

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-2A-1

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-2A-2

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-2X-1

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-3A-1

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-3A-2

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-3X-1

              	
                NR

              	
                AAA

              	
                Aaa

              
	
                Class
                  II-B-1

              	
                NR

              	
                AA

              	
                NR

              
	
                Class
                  II-B-2

              	
                NR

              	
                A

              	
                NR

              
	
                Class
                  II-B-3

              	
                NR

              	
                BBB

              	
                NR

              

      

      

      None
        of
        the above ratings has been lowered since the respective dates of such
        letters.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Private
        Notes

      

      
        	
                Class

              	
                S&P

              	
                Fitch

              	
                Moody’s

              
	
                Class
                  R

              	
                AAA

              	
                AAA

              	
                Aaa

              
	
                Class
                  I-B-IO

              	
                --

              	
                --

              	
                --

              
	
                Class
                  II-B-4

              	
                --

              	
                BB

              	
                --

              
	
                Class
                  II-B-5

              	
                --

              	
                B

              	
                --

              
	
                Class
                  II-B-6

              	
                --

              	
                --

              	
                --

              
	
                Class
                  P

              	
                --

              	
                --

              	
                --

              

      

      

       

      None
        of
        the above ratings has been lowered since the respective dates of such
        letters.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        B

       

      MORTGAGE
        LOAN SCHEDULE

       

      [Provided
        upon request]

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      
EXHIBIT
        L

      

      FORM
        OF
        BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

      

       

      I. The
        [ ]
        agreement dated as of [ ],
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY], certify to [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 and the
        Securities Administrator 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 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 and
        the
        Securities Administrator;

       

      (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 the Depositor and the Securities
        Administrator. Any material instances of noncompliance described in such
        reports
        have been disclosed to the the Depositor and the Securities Administrator.
        Any
        material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

       

      

        
          	 	 
	Date:	 	 
	 	 	 
	
                  By:

                	 	 
	
                  Name:

                	 	 
	
                  Title:

                	 	 

        

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

       

      EXHIBIT
        M

      

      

      (Multicurrency-Cross
        Border)

       

      ISDAâ

      

      International
        Swap Dealers Association, Inc.

      

      MASTER
        AGREEMENT

      

      dated
        as
        of April 28, 2006

      

      
        	
                WACHOVIA
                  BANK, N.A.

              	
                and

              	
                HSBC
                  BANK USA, NATIONAL ASSOCIATION, not in its individual capacity
                  but solely
                  as Trustee for Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
                  Certificates, Series 2006-3

              

      

      

      

      have
        entered and/or anticipate entering into one or more transactions (each a
        “Transaction”) that are or will be governed by this Master Agreement, which
        includes the schedule (the “Schedule”), and the documents and other confirming
        evidence (each a “Confirmation”) exchanged between the parties confirming those
        Transactions.

      

      Accordingly,
        the parties agree as follows:3⁄4

      

      1. Interpretation

      

      (a) Definitions.
        The
        terms defined in Section 14 and in the Schedule will have the meanings therein
        specified for the purpose of this Master Agreement.

      

      (b) Inconsistency. 
        In the
        event of any inconsistency between the provisions of the Schedule and the
        other
        provisions of this Master Agreement, the Schedule will prevail. In the event
        of
        any inconsistency between the provisions of any Confirmation and this Master
        Agreement (including the Schedule), such Confirmation will prevail for the
        purposes of the relevant Transaction.

      

      (c) Single
        Agreement.
        All
        Transactions are entered into in reliance on the fact that this Master Agreement
        and all Confirmations form a single agreement between the parties (collectively
        referred to as this “Agreement”), and the parties would not otherwise enter into
        any Transactions.

      

      2. Obligations

      

      (a) General
        Conditions.

      

      (i)
        Each
        party will make each payment or delivery specified in each Confirmation to
        be
        made by it, subject to the other provisions of this Agreement.

      

      (ii)
        Payments under this Agreement will be made on the due date for value on that
        date in the place of the account specified in the relevant Confirmation or
        otherwise pursuant to this Agreement, in freely transferable funds and
        in
        the manner customary for
        payments in the required currency.
        Where settlement is by delivery (that is, other than by payment), such delivery
        will be made for receipt on the due date in the manner customary for the
        relevant obligation unless otherwise specified in the relevant Confirmation
        or
        elsewhere in this Agreement.

      

      (iii)
        Each obligation of each party under Section 2(a)(i) is subject to (1) the
        condition precedent that no Event of Default or Potential Event of Default
        with
        respect to the other party has occurred and is continuing, (2) the condition
        precedent that no Early Termination Date in respect of the relevant Transaction
        has occurred or been effectively designated and (3) each other applicable
        condition precedent specified in this Agreement.

      value
        of
        that which was (or would have been) required to be delivered as of the
        originally scheduled date for delivery, in each case together with (to the
        extent permitted under applicable law) interest, in the currency of such
        amounts, from (and including) the date
        such
        amounts or obligations were or
        would
        have been
        required to have been paid or performed to (but excluding) such
        Early Termination Date, at the Applicable Rate. Such amounts of interest
        will be
        calculated on the basis of daily compounding and the actual number of days
        elapsed. The fair market value of any obligation referred to in clause (b)
        above
        shall be reasonably determined by the party obliged to make the determination
        under Section 6(e) or, if each party is so obliged, it shall be the average
        of
        the Termination Currency Equivalents of the fair market values reasonably
        determined by both parties.

      

      IN
        WITNESS WHEREOF the parties have executed this document on the respective
        dates
        specified below with effect from the date specified on the first page of
        this
        document.

       

      

      

      
        	
                WACHOVIA
                  BANK, N.A.

              	 	
                HSBC
                  BANK USA, NATIONAL 

                ASSOCIATION,
                  not in its individual capacity 

                but
                  solely as Trustee for Luminent Mortgage 

                Trust
                  2006-3, Mortgage Pass-Through 

                Certificates,
                  Series 2006-3

              
	
                (Name
                  of Party)

              	 	
                (Name
                  of Party)

                 

              
	
                By:________________________________ 

              	 	
                 By:_______________________________

              
	
                Name:

              	 	
                Name:

              
	
                Title:

              	 	
                Title:

              
	
                Date:

              	 	
                Date:

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      (Multicurrency
        - Cross Border)

      

      

      ISDA®

      International
        Swaps and Derivatives Association, Inc.

      

      

      SCHEDULE
        

      to
        the 

      Master
        Agreement

      

      

      dated
        as
        of April 28, 2006

      

      between

      

      
        	
                WACHOVIA
                  BANK, N.A.

              	
                 

                 

                and

              	
                HSBC
                  BANK USA, NATIONAL ASSOCIATION, 

                not
                  in its individual capacity but solely as Trustee 

                for
                  Luminent Mortgage Trust 2006-3, Mortgage 

                Pass-Through
                  Certificates, Series 2006-3 

              
	
                 

                ("Party
                  A")

              	 	
                 

                ("Party
                  B")

              

      

      

      

      Part
        1. Termination
        Provisions.

      

      (a) The
        parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form Master
        Agreement will apply to any Transaction.

      

      (b) Termination
        Provisions.
        For
        purposes of the ISDA Form Master Agreement:

      

      (i) “Specified
        Entity” is not applicable to Party A or Party B for any purpose. 

      

      
        	 	
                (ii)

              	
                “Specified
                  Transaction” is not applicable to Party A or Party B for any purpose, and
                  accordingly, Section 5(a)(v) shall not apply to Party A or Party
                  B.

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Cross Default” provisions of Section 5(a)(vi) shall not apply to Party A
                  or Party B.

              

      

      

      
        	
              	(iv)	
                The
                  “Bankruptcy” provisions of Section 5(a)(vii)(2) shall not apply to Party
                  B.

              

      

      

      
        	 	
                (v)

              	
                The
                  “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply
                  to Party A or Party B.

              

      

      

      
        	 	
                (vi)

              	
                The
                  “Automatic Early Termination” provisions of Section 6(a) will not apply to
                  Party A or Party B.

              

      

      

      
        	 	
                (vii)

              	
                Payments
                  on Early Termination. For the purposes of Section 6(e) of this
                  ISDA Form
                  Master Agreement:

              

      

      (1) Market
        Quotation will apply.

      (2) Second
        Method will apply.

      

      
        	
              	(viii)	
                “Termination
                  Currency” means United States
                  Dollars.

              

      

      

      
        	
                Part
                  2.

              	
                Tax
                  Representations.

              

      

      

      (a) Payer
        Representations. For
        the
        purpose of Section 3(e) of this Agreement, Party A will make the following
        representation and Party B will make the following representation:

      

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
        be made
        by it to the other party under this Agreement. In making this representation,
        it
        may rely on (i) the accuracy of any representations made by the other party
        pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the
        agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
        the
        accuracy and effectiveness of any document provided by the other party pursuant
        to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction
        of
        the agreement of the other party contained in Section 4(d) of this Agreement,
        provided that it shall not be a breach of this representation where reliance
        is
        placed on clause (ii) and the other party does not deliver a form or document
        under Section 4(a)(iii) of this Agreement by reason of material prejudice
        to its
        legal or commercial position.

      

      (b) Payee
        Representations.
        For the
        purpose of Section 3(f) of this Agreement, Party A and Party B make the
        representations specified below, if any:

      

      (i)
         Party
        A
        represents that it is a national banking association organized or formed
        under
        the laws of the United States and is a United States resident for United
        States
        federal income tax purposes.

      

      (ii) Party
        B
        represents that it is the Trustee for the Trust created pursuant to the Pooling
        and Servicing Agreement

      

      Part
        3. Documents
        to be Delivered. 

      

      For
        the
        purposes of Section 4(a):

      

      (a) Tax
        forms
        to be delivered. Each party agrees to complete, execute and deliver to the
        other
        party a correct, complete and duly executed U.S. Internal Revenue Service
        Form
        W-9 (or successor thereto) (A) before the first Payment Date with respect
        to
        this Confirmation, (B) promptly upon reasonable demand by the other party
        and
        (C) promptly upon learning that any such form previously provided by the
        party
        has become obsolete or incorrect.

       

      (b) Other
        documents to be delivered are:

       

      

        
          	
                  Party
                    required to

                  Deliver
                    document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d)

                  Representation

                
	 	 	 	 
	
                  Party
                    A and Party B

                	
                  Any
                    documents required

                  by
                    the receiving party

                  to
                    evidence the authority

                  of
                    the delivering party

                  or
                    its Credit Support 

                  Provider,
                    if any, for it

                  to
                    execute and deliver

                  this
                    Agreement, any

                  Confirmation,
                    and any

                  Credit
                    Support Documents

                  to
                    which it is a party, and to

                  evidence
                    the authority of the

                  delivering
                    party or its 

                  Credit
                    Support Provider to

                  perform
                    its obligations 

                  under
                    this Agreement, such

                  Confirmation
                    and/or Credit

                  Support
                    Document, as the 

                  case
                    may be 

                	
                  Upon
                    the execution and

                  delivery
                    of this 

                  Agreement
                    and such 

                  Confirmation

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A and Party B

                	
                  A
                    certificate of an 

                  authorized
                    officer of 

                  the
                    party, as to the 

                  incumbency
                    and

                  authority
                    of the respective 

                  officers
                    of the party signing 

                  this
                    Agreement, any relevant 

                  Credit
                    Support Document, 

                  or
                    any Confirmation, as 

                  the
                    case may be

                	
                  Upon
                    the execution

                  and
                    delivery of this

                  Agreement
                    and such 

                  Confirmation

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A

                	
                  An
                    opinion of counsel  

                	
                  Concurrent
                    with the 

                  execution
                    of this 

                  Agreement

                	
                  Yes

                
	 	 	 	 
	Party A	
                  Annual
                    Report of 

                  Wachovia
                    Corporation containing 

                  financial
                    statements certified by 

                  independent
                    certified public 

                  accountants
                    and prepared in 

                  accordance
                    with generally 

                  accepted
                    accounting principles 

                  in
                    the country in which such party is organized

                	
                  To
                    be made available on
                    http://wachovia.com/inside/page/0,,133_202_270,00.html as soon
                    as
                    available and in any event within 90 days after the end of each
                    fiscal
                    year of Party A

                	
                  Yes

                
	 	 	 	 
	
                  Party A

                	
                  Quarterly
                    Financial Statements 

                  of
                    Wachovia Corporation 

                  containing
                    unaudited, consolidated 

                  financial
                    statements of 

                  such
                    party’s fiscal quarter 

                  prepared
                    in accordance with 

                  generally
                    accepted accounting 

                  principles
                    in the country in 

                  which
                    such party is organized

                	
                  To
                    be made available on
                    http://wachovia.com/inside/page/0,,133_202_270,00.html as soon
                    as
                    available and in any event within 30 days after the end of each
                    fiscal
                    quarter of Party A

                	
                  Yes

                

        

      

      

        Part
          4. Miscellaneous.

      

      

      (a) Address
        for Notices. For the purposes of Section 12(a) of this ISDA Form Master
        Agreement:

      

      Address
        for notices or communication to Party A:

      

      Address:               
        301
        South
        College Street

      Charlotte,
        NC 28288

       

      Wachovia
        Contacts

      Settlement
        and/or Rate Resets:

      Tel:
        (800) 249-3865

      Fax:
        (704) 383-8429

      

      Documentation:

      Tel:
        (704) 383-4599

      Fax:
        (704) 383-9139

      

      Collateral:

      Tel:
        (704) 383-9529

       

      Address
        for notices or communication to Party B:

       

      Address:              
        452
        Fifth
        Avenue, 14th
        Floor

      New
        York,
        NY 10018

      Attention:            
        Luminent
        Mortgage Trust 2006-3

       

      

      with
        a
        copy to the Securities Administrator: 

       

      Address:               
        P.
        O. Box
        98, 

      Columbia,
        Maryland 21046 

      (or,
        for
        overnight deliveries, 

      9062
        Old
        Annapolis Road, 

      Columbia,
        Maryland 21045)

      Attention:            
        BSABS
        I
        2006-3 

      

      
        	 	
                (b)

              	
                Process
                  Agent. For the purposes of Section 13(c) of the ISDA Form Master
                  Agreement:

              

      

      

      Party
        A
        appoints as its Process Agent:  Not
        Applicable.

      

      Party
        B
        appoints as its Process Agent:  Not
        Applicable.

      

      
        	 	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will not apply to this
                  Agreement.

              

      

      

      
        	 	
                (d)

              	
                Multibranch
                  Party. For purposes of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

      

      Party
        A
        is not a Multibranch Party.

      

      Party
        B
        is not a Multibranch Party.

      

      (e) Calculation
        Agent. The Calculation Agent is Party A.

      

      
        	 	
                (f)

              	
                Credit
                  Support Document. 

              

      

      

      Party
        A:
        None or, in that event that Party A posts collateral under a Credit Support
        Annex pursuant to Part 4(o) below, such Credit Support Annex

      Party
        B:
        Not applicable.

      

      (g) Credit
        Support Provider. 

       

      Party
        A:
        Not applicable, unless Party A provides a guarantee or other contingent
        agreement pursuant to Part 4(o) below

       

      Party
        B:
        Not Applicable.

      

      (h) Governing
        Law. The parties to this Agreement hereby agree that the law of the State
        of New
        York, without reference to or giving effect to its rules and principles
        governing conflicts of laws other than New York General Obligations Law Section
        5-1401 and 5-1402, shall govern their rights and duties in whole.

      

      (i) Severability.
        If any term, provision, covenant or condition of this Agreement, or the
        application thereof to any party or circumstance, shall be held to be invalid
        or
        unenforceable (in whole or in part) for any reason, the remaining terms,
        provisions, covenants, and conditions hereof shall continue in full force
        and
        effect as if this Agreement has been executed with the invalid or unenforceable
        portion eliminated, so long as this Agreement as so modified continues to
        express, without material change, the original intentions of the parties
        as to
        the subject matter of this Agreement and the deletion of such portion of
        this
        Agreement will not substantially impair the respective benefits or expectations
        of the parties. The parties shall endeavor to engage in good faith negotiations
        to replace any invalid or unenforceable term, provision, covenant or condition
        with a valid or enforceable term, provision, covenant or condition, the economic
        effect of which comes as close as possible to that of the invalid or
        unenforceable term, provision, covenant or condition.

      

      (j) Consent
        to Recording. Each party hereto consents to the monitoring or recording,
        at
        anytime and from time to time, by the other party of any and all communications
        between officers or employees of the parties, waives any further notice of
        such
        monitoring or recording, and agrees to notify its officers and employees
        of such
        monitoring or recording.

      

      (k) Waiver
        of
        Jury Trial. Each party waives any right it may have to a trial by jury in
        respect of any Proceedings relating to this Agreement or any Credit Support
        Document. 

      

      (l) Non-Petition.
        Party A hereby irrevocably and unconditionally agrees that it will not institute
        against, or join any other person in instituting against, Party B, any
        bankruptcy, reorganization, arrangement, insolvency, or similar proceeding
        under
        the laws of the United States, the Cayman Islands or any other jurisdiction
        for
        the non-payment of any amount due hereunder or any other reason until the
        payment of the Certificates (as defined in the Pooling and Servicing Agreement)
        and the expiration of a period of one year plus ten days (or if longer, the
        applicable preference period) following such payment. 

      

      (m) Additional
        Provisions. Notwithstanding the terms of Section 5 and 6 of the ISDA Form
        Master
        Agreement, the provisions of Sections 5(a)(ii), 5(a)(iii) (except as provided
        in
        the following sentence), 5(a)(iv) and 5(a)(v) shall not apply to Party A
        or
        Party B. Section 5(a)(iii)(1) will apply to Party A in the event that Party
        A
        posts collateral or provides a guarantee or other contingent agreement pursuant
        to Part 4(o) below.

      

      (n) No
        Set-off. Notwithstanding any provision of this Agreement or any other existing
        or future agreement, each party irrevocably waives any and all rights it
        may
        have to set off, net, recoup or otherwise withhold or suspend or condition
        payment or performance of any obligation between it and the other party
        hereunder against any obligation between it and the other party under any
        other
        agreements. The provisions for Set-off set forth in Section 6(e) of the
        Agreement shall not apply for purposes of this Transaction. 

       

      (o)
        Rating Agency Downgrade. In the event that (i) Party A's short-term debt
        rating
        is withdrawn or reduced below "A- 1" by S&P or, if Party A does not have a
        short-term debt rating by S&P, Party A's issuer or long-term senior
        unsecured debt rating is withdrawn or reduced below "A+" by S&P, or (ii)
        Party A’s long-term unsecured and unsubordinated debt rating is withdrawn or
        reduced below "A1" and not on "Watch For Downgrade" (and the short-term
        unsecured and unsubordinated debt of Party A is rated "P-1" and not on "Watch
        For Downgrade") or "Aa3" and not on "Watch For Downgrade", (if only the
        long-term debt obligations are rated) by Moody's or (iii) Party A’s long-term
        unsecured and unsubordinated debt rating is withdrawn or reduced below "A"
        by
        Fitch or Party A’s short-term unsecured and unsubordinated debt rating is
        withdrawn or reduced below "F1" by Fitch (and together with S&P and Moody’s,
        the "Swap Rating Agencies", and such rating " thresholds, "Approved Rating
        Thresholds"), then within 30 days after such rating withdrawal or downgrade
        (a
        "Collateral Event") (unless, within 30 days after such withdrawal or downgrade,
        each such Swap Rating Agency has reconfirmed the rating of the relevant
        Certificates, which was in effect immediately prior to such withdrawal or
        downgrade), Party A shall, at its own expense, either (i) cause another entity
        to replace Party A as party to this Agreement that meets or exceeds the Approved
        Rating Thresholds on terms substantially similar to this Agreement, (ii)
        obtain
        a guaranty of, or a contingent agreement of another person with the Approved
        Rating Thresholds, to honor Party A's obligations under this Agreement, (iii)
        post collateral under a Credit Support Annex or (iv) establish any other
        arrangement satisfactory to the applicable Swap Rating Agency. In the event
        that
        Party A's long-term debt rating is withdrawn or reduced below "BBB-" by S&P,
        then within 10 business days after such rating withdrawal or downgrade Party
        A
        shall, at its own expense either (i) cause another entity to replace Party
        A as
        party to this Agreement that meets or exceeds the Approved Rating Thresholds
        on
        terms substantially similar to this Agreement or(ii) obtain a guaranty of,
        or a
        contingent agreement of another person with the Approved Rating Thresholds,
        to
        honor Party A's obligations under this Agreement. 

       

      (p) “Affiliate”
        will have the meaning specified in Section 14 of the ISDA Form Master Agreement,
        provided
        that
        Party A and Party B shall be deemed not to have any Affiliates for purposes
        of
        this Agreement, including for purposes of Section 6(b)(ii). 

      

      (q) Section
        3
        of the ISDA Form Master Agreement is hereby amended by adding at the end
        thereof
        the following subsection (g):

      

      “(g) Relationship
        Between Parties.

      

      Each
        party represents to the other party on each date when it enters into a
        Transaction that:-

      

      (1) Nonreliance.
        It is
        not relying on any statement or representation of the other party regarding
        the
        Transaction (whether written or oral), other than the representations expressly
        made in this Agreement or the Confirmation in respect of that Transaction.
        

      

      
        	 	
                (2)

              	
                Evaluation
                  and Understanding.

              

      

      

      
        	 	 	
                (i)

              	
                It
                  has the capacity to evaluate (internally or through independent
                  professional advice) the Transaction and has made its own decision
                  to
                  enter into the Transaction; and 

              

      

      

      
        	 	 	
                (ii)

              	
                It
                  understands the terms, conditions and risks of the Transaction
                  and is
                  willing and able to accept those terms and condition and to assume
                  those
                  risks, financial and otherwise.

              

      

      

      (3) Purpose.
        It is
        engaging into the Transaction for the purposes of managing its borrowings
        or
        investments, hedging its underlying assets or liabilities or in connection
        with
        a line of business.

      

      (4) Eligible
        Contract Participant.
        Each
        party constitutes an “eligible contract participant” as such term is defined in
        Section 1(a)12 of the Commodity Exchange Act, as amended.

      

      
        	 	
                (5)

              	
                Principal.
                  In the case of Party A, it is entering into the Transaction as
                  principal,
                  and not as agent or in any other capacity, fiduciary or
                  otherwise.

              

      

      

      
        	 	
                (6)

              	
                The
                  material terms of each Transaction are subject to individual
                  negotiation.”

              

      

       

      (r) Regulation
        AB Provisions. 

       

      (i)
         Party
        A
        agrees and acknowledges that Structured Asset Mortgage Investments II Inc.
        (the
“Depositor”) may be required under Regulation AB, as defined in the Pooling and
        Servicing Agreement, to disclose certain financial information regarding
        Party A
        or its group of affiliated entities, if applicable, depending on the aggregate
        “significance percentage” of the Cap Contracts (as defined in the Pooling and
        Servicing Agreement), as calculated from time to time in accordance with
        Item
        1115 of Regulation AB. 

       

      (ii) It
        shall
        be a swap disclosure event (“Swap
        Disclosure Event”)
        if, on
        any Business Day after the date hereof for so long as the Issuing Entity
        is
        required to file periodic reports under the Exchange Act with respect to
        the
        Certificates, Party B or the Depositor requests from Party A the applicable
        financial information described in Item 1115(b) of Regulation AB (such request
        to be based on a reasonable determination by the Depositor, based on
        "significance estimates" made in substantially the same manner as that used
        in
        the Sponsor's internal risk management process in respect of similar instruments
        and furnished by the Sponsor to the Depositor, or if the Sponsor does not
        furnish such significance estimates to the Depositor, based on a determination
        of such significance estimates by the Depositor in a manner that it deems
        reasonable) (the “Swap
        Financial Disclosure”).

       

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, Party A, at its own expense, shall
        either
        (1)(a) either (i) provide to the Depositor the current Swap Financial Disclosure
        in an EDGAR-compatible format (for example, such information may be provided
        in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to the Depositor to incorporation by reference of
        such
        current Swap Financial Disclosure that are filed with the Securities and
        Exchange Commission in the Exchange Act Reports of the Depositor, (b) if
        applicable, cause its outside accounting firm to provide its consent to filing
        or incorporation by reference in the Exchange Act Reports of the Depositor
        of
        such accounting firm’s report relating to their audits of such current Swap
        Financial Disclosure, and (c) provide to the Depositor any updated Swap
        Financial Disclosure with respect to Party A or any entity that consolidates
        Party A within five days of the release of any such updated Swap Financial
        Disclosure; (2) secure another entity to replace Party A as party to this
        Agreement on terms substantially similar to this Agreement, which entity
        (or a
        guarantor therefor) meets or exceeds the Approved Rating Thresholds and which
        entity complies with the requirements of Item 1115 of Regulation AB and clause
        (1) above, (3) obtain a guaranty of Party A’s obligations under this Agreement
        from an affiliate of Party A that complies with the financial information
        disclosure requirements of Item 1115 of Regulation AB, and cause such affiliate
        to provide Swap Financial Disclosure and any future Swap Financial Disclosure
        and other information pursuant to clause (1), such that disclosure provided
        in
        respect of such affiliate will satisfy any disclosure requirements applicable
        to
        the Swap Provider, or (4) transfer Eligible Collateral to Party B's Custodian
        in
        an amount (taking into account any amount posted pursuant to paragraph (o)
        of
        this Agreement, if any) which is sufficient, as reasonably determined in
        good
        faith by the Depositor, to reduce the aggregate significance percentage below
        10% (or, so long as Party A is able to provide the Swap Financial Disclosure
        required pursuant to Item 1115(b)(1) of Regulation AB, below 20%, in the
        event
        Party A is requested to provide the Swap Financial Disclosure required pursuant
        to Item 1115(b)(2) of Regulation AB). 

       

      (iv)
        Third Party Beneficiary. Depositor shall be an express third party beneficiary
        of this Agreement as if a party hereto to the extent of Depositor’s rights
        explicitly specified herein.

       

      (s)
        Fully-Paid Transactions. Notwithstanding the terms of Sections 5 and 6 of
        the
        ISDA Form Master Agreement, if Party B has satisfied its payment obligations
        under Section 2(a)(i) of the ISDA Form Master Agreement, then unless Party
        A is
        required pursuant to appropriate proceedings to return to Party B or otherwise
        returns to Party B upon demand of Party B any portion of such payment, (a)
        the
        occurrence of an event described in Section 5(a) of the ISDA Form Master
        Agreement with respect to Party B shall not constitute an Event of Default
        or
        Potential Event of Default with respect to Party B as the Defaulting Party
        and
        (b) Party A shall be entitled to designate an Early Termination Date pursuant
        to
        Section 6 of the ISDA Form Master Agreement only as a result of a Termination
        Event set forth in either Section 5(b)(i) or Section 5(b)(ii) of the ISDA
        Form
        Master Agreement with respect to Party A as the Affected Party or Section
        5(b)(iii) of the ISDA Form Master Agreement with respect to Party A as the
        Burdened Party. For purposes of the Transaction to which this Agreement relates,
        Party B’s only obligation under Section 2(a)(i) of the ISDA Form Master
        Agreement is to pay the Fixed Amount on the Fixed Rate Payer Payment
        Date.

       

      
        	
              	(t)	
                Additional
                  Termination Events will apply.

              

      

       

      (i)
        It
        shall be an Additional Termination Event with Party A as the sole Affected
        Party
        if, upon the occurrence of a Swap Disclosure Event, Party A has not, within
        ten (10) days after such Swap Disclosure Event complied with any of the
        provisions set forth in Paragraph 12(iii) above.

       

      (ii)
        It
        shall be an Additional Termination Event with Party A as the sole Affected
        Party
        if a Rating Agency Downgrade has occurred and Party A has not complied with
        Part
        8(q) above within the time period specified therein. 

       

      
        	 	
                (u)

              	
                Limitation
                  of Liability. It is expressly understood and agreed by the parties
                  hereto
                  that (a) this Agreement is executed and delivered by HSBC Bank
                  USA,
                  National Association (“HSBC”), not individually or personally but solely
                  as Trustee of the trust created pursuant to the Pooling and Servicing
                  Agreement (the “Trust”), in the exercise of the powers and authority
                  conferred and vested in it, (b) each of the representations, undertakings
                  and agreements herein made on the part of Party B is made and intended
                  not
                  as personal representations, undertakings and agreements by HSBC
                  but is
                  made and intended for the purpose of binding only the Trust, (c)
                  nothing
                  herein contained shall be construed as creating any liability on
                  HSBC,
                  individually or personally, to perform any covenant either expressed
                  or
                  implied contained herein, all such liability, if any, being expressly
                  waived by the parties hereto and by any Person claiming by, through
                  or
                  under the parties hereto, and (d) under no circumstances shall
                  HSBC be
                  personally liable for the payment of any indebtedness or expenses
                  of the
                  Trust or be liable for the breach or failure of any obligation,
                  representation, warranty or covenant made or undertaken by the
                  Trust under
                  this Agreement or any other related
                  documents.

              

      

       

      
        	 	
                (v)

              	
                Failure
                  to Pay or Deliver. The word “third” shall be replaced by the word “first”
                  in the third line of Section 5(a)(i).

              

      

       

      
        	 	
                (w)

              	
                Section
                  7 of the Master Agreement is hereby amended by adding the words
                  the
                  "Depositor and the Sponsor" after the words "prior written consent
                  of the
                  other party", and Section 9(b) of the Master Agreement is hereby
                  amended
                  by adding at the end of such Section the words ", and unless the
                  Depositor
                  and the Sponsor consents".

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      We
        are very pleased to have executed this Transaction with you and we look forward
        to completing other transactions with you in the near future. 

       

      Very
        truly yours,

      

      WACHOVIA
        BANK, N.A.

      

      By:___________________________

      Name:   

      Its:

      

      SP:___  

      

      Party
        B, acting through its duly authorized signatory, hereby agrees to, accepts
        and
        confirms the terms of the foregoing as of the Trade Date.

      

      HSBC
        BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely
        as
        Trustee for Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
        Series 2006-3

      

      By:
        ___________________________

      Name: 

      Its: 

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      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

      Securities
        Administrator - waterfall calculator

      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

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key: X
        - obligation

              
        [X]
        - under consideration for obligation

       

      

        

         

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Primary
                    Servicer

                	
                  Master
                    Servicer

                	
                  Securities
                    Admin

                	
                  Custodian

                	
                  Trustee

                  (nominal)

                
	 	
                  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

                	 	 	 
	
                  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

                	 	 	 	 
	
                  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

                	 	 	 	 
	
                  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 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 Statement to Certificateholders”
are required to be included in the periodic Distribution Date statement
          under
          Section 6.06, provided by the Securities Administrator 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 Securities Administrator and the
          Depositor.

        

        
          	
                  Form

                	
                  Item

                	
                  Description

                	
                  Servicers

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                	
                  Custodian

                	
                  Trustee

                	
                  Depositor

                	
                  Sponsor

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the distribution date for the asset-backed
                    securities.

                	 	
                  (nominal)

                	 	 
	
                  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)

                	 	 	
                  X

                	 
	
                  (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

                	 	 	 	 	 	 	 
	
                  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

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  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

                	 	 	 	 
	
                  Requesting
                    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

                	 	 	 	 
	
                  Requesting
                    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)

                	 	 
	
                  Reg
                    AB disclosure about any new securities administrator is also
                    required.

                	 	 	
                  X

                	 	 	 	 
	
                  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

                	 	 	 	 
	
                  Requesting
                    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

                	 	 	 	 
	
                  Requesting
                    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

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  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 (with
                    respect to1119(a) affiliations only)

                	 	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  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

         

        Wells
          Fargo Bank, N.A. as [Securities Administrator] 

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Fax:
          (410) 715-2380

        E-mail:
          cts.sec.notifications@wellsfargo.com

         

        Structured
          Asset Mortgage Investments II Inc.

        383
          Madison Avenue

        New
          York,
          New York 10179

         

        

         

        Attn:
          Corporate Trust Services - LUMINENT MORTGAGE TRUST 2006-3-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
          April 1, 2006, among Luminent Mortgage Capital, Inc., as Sponsor, Wells
          Fargo
          Bank, National Association, as Master Servicer and Securities Administrator
          and
          HSBC Bank USA, 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

         

        AMENDED
          AND RESTATED

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        
           

          
            
              
                

              

             

            RESIDENTIAL
              FUNDING CORPORATION,

            the
              Company,

             

             

            and

             

             

            LUMINENT
              MORTGAGE CAPITAL, INC.,

            MERCURY
              MORTGAGE FINANCE STATUTORY TRUST AND

            MAJA
              MORTGAGE FINANCE STATUTORY TRUST

            the
              Initial Owners

             

             

            STANDARD
              TERMS AND PROVISIONS OF

            SALE
              AND
              SERVICING AGREEMENT

             

             

            Dated
              as
              of March 30, 2006

             

             

            Adjustable
              Rate Mortgage Loans

             

             

            

            
              
                

              

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            TABLE
              OF CONTENTS 

             

             

            ARTICLE
              I 

            DEFINITIONS

             

            
              	 	
                      Section
                        1.01

                    	
                      Definitions

                    	 

            

             

            ARTICLE
              II 

            CONVEYANCE
              0F MORTGAGE LOANS

             

            
              	 	
                      Section
                        2.01

                    	
                      Conveyance
                        of Mortgage Loans; Possession of Mortgage Files.

                    	 

            

            
              	 	
                      Section
                        2.02

                    	
                      Acceptance
                        by the Initial Owners

                    	 

            

            
              	 	
                      Section
                        2.03

                    	
                      Assignment
                        of Mortgage Loans

                    	 

            

            
              	 	
                      Section
                        2.04

                    	
                      Representations
                        and Warranties of the Company.

                    	 

            

            
              	 	
                      Section
                        2.05

                    	
                      Representations

                    	 

            

            
              	 	
                      Section
                        2.06

                    	
                      Protection
                        of Confidential Information and Consumer Information.

                    	 

            

            
              	 	
                      Section
                        2.07

                    	
                      Early
                        Payment Default

                    	 

            

            
              	 	
                      Section
                        2.08

                    	
                      Prepayment
                        Protection

                    	 

            

            
              	 	
                      Section
                        2.09

                    	
                      Delivery
                        of Collateral Documents

                    	 

            

             

            ARTICLE
              III 

            ADMINISTRATION
              AND SERVICING OF MORTGAGE LOANS

             

            
              	 	
                      Section
                        3.01

                    	
                      Company
                        to Act as Servicer

                    	 

            

            
              	 	
                      Section
                        3.02

                    	
                      Agreements
                        Between Company and Subservice

                    	 

            

            
              	 	
                      Section
                        3.03

                    	
                      Collection
                        of Certain Mortgage Loan Payments and Liquidation of Mortgage
                        Loans

                    	 

            

            
              	 	
                      Section
                        3.04

                    	
                      Principal
                        and Interest Accounts

                    	 

            

            
              	 	
                      Section
                        3.05

                    	
                      Escrow
                        Accounts

                    	 

            

            
              	 	
                      Section
                        3.06

                    	
                      Custodial
                        Account

                    	 

            

            
              	 	
                      Section
                        3.07

                    	
                      Permitted
                        Withdrawals From the Custodial Account

                    	 

            

            
              	 	
                      Section
                        3.08

                    	
                      Permitted
                        Instruments

                    	 

            

            
              	 	
                      Section
                        3.09

                    	
                      Primary
                        Insurance Policies

                    	 

            

            
              	 	
                      Section
                        3.10

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

                    	 

            

            
              	 	
                      Section
                        3.11

                    	
                      Enforcement
                        of Due-On-Sale Clauses.

                    	 

            

            
              	 	
                      Section
                        3.12

                    	
                      Realization
                        Upon Defaulted Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        3.13

                    	
                      Owner
                        to Cooperate: Release of Mortgage Files.

                    	 

            

            
              	 	
                      Section
                        3.14

                    	
                      Reports
                        to the Owners.

                    	 

            

            
              	 	
                      Section
                        3.15

                    	
                      REO
                        Property

                    	 

            

            
              	 	
                      Section
                        3.16

                    	
                      Compensating
                        Interest

                    	 

            

            
              	 	
                      Section
                        3.17

                    	
                      Filing
                        Requirements

                    	 

            

            
              	 	
                      Section
                        3.18

                    	
                      Reconstitution.

                    	 

            

            
              	 	
                      Section
                        3.19

                    	
                      Reserved.

                    	 

            

            
              	 	
                      Section
                        3.20

                    	
                      Compliance
                        with Regulation AR

                    	 

            

             

            ARTICLE
              IV 

            PAYMENTS
              TO THE OWNERS

             

            
              	 	
                      Section
                        4.01

                    	
                      Distributions

                    	 

            

            
              	 	
                      Section
                        4.02

                    	
                      Statements
                        to the Owners

                    	 

            

            
              	 	
                      Section
                        4.03

                    	
                      Distribution
                        Reports; Monthly Advances by the Company

                    	 

            

            
              	 	
                      Section
                        4.04

                    	
                      Reports
                        and Returns to be Filed by the Company

                    	 

            

            
              	 	
                      Section
                        4.05

                    	
                      Format
                        of Reports and Statements

                    	 

            

            
              	 	
                      Section
                        4.06

                    	
                      Records;
                        Audit

                    	 

            

             

            ARTICLE
              V 

            THE
              COMPANY

             

            
              	 	
                      Section
                        5.01

                    	
                      Indemnification.

                    	 

            

            
              	 	
                      Section
                        5.02

                    	
                      Liability
                        of the Company and Others.

                    	 

            

            
              	 	
                      Section
                        5.03

                    	
                      Merger
                        or Consolidation of the Company

                    	 

            

            
              	 	
                      Section
                        5.04

                    	
                      Limitation
                        on Resignation and Assignment by Company

                    	 

            

            
              	 	
                      Section
                        5.05

                    	
                      Right
                        to Examine Company Records

                    	 

            

             

            ARTICLE
              VI 

            DEFAULT

             

            
              	 	
                      Section
                        6.01

                    	
                      Events
                        of Default of the Company

                    	 

            

            
              	 	
                      Section
                        6.02

                    	
                      Waiver
                        of Defaults

                    	 

            

             

            ARTICLE
              VII 

            TERMINATION

             

            
              	 	
                      Section
                        7.01

                    	
                      Termination

                    	 

            

             

            ARTICLE
              VIII 

            MISCELLANEOUS
              PROVISIONS

             

            
              	 	
                      Section
                        8.01

                    	
                      Successor
                        to the Company

                    	 

            

            
              	 	
                      Section
                        8.02

                    	
                      Entire
                        Agreement: Amendment

                    	 

            

            
              	 	
                      Section
                        8.03

                    	
                      Governing
                        Law

                    	 

            

            
              	 	
                      Section
                        8.04

                    	
                      Notices

                    	 

            

            
              	 	
                      Section
                        8.05

                    	
                      Severability
                        of Provisions

                    	 

            

            
              	 	
                      Section
                        8.06

                    	
                      No
                        Partnership

                    	 

            

            
              	 	
                      Section
                        8.07

                    	
                      Exhibits

                    	 

            

            
              	 	
                      Section
                        8.08

                    	
                      Counterparts;
                        Successors and Assigns

                    	 

            

            

             

            EXHIBIT
              A
-
              FORM
              OF
              REFERENCE AGREEMENTA-1

             

            EXHIBIT
              B
-
              FORM
              OF
              CUSTODIAL AGREEMENTB-1

             

            EXHIBIT
              C
-
              FORM
              OF
              SUBSERVICING AGREEMENTC-1

             

            EXHIBIT
              D
-
              FORM
              OF
              ASSIGNMENT AND ASSUMPTION AGREEMENTD-1

             

            EXHIBIT
              E
              -FORM OF CERTIFICATIONE-1

             

            EXHIBIT
              F
-
              FORM
              OF
              REQUEST FOR RELEASEF-1

             

            EXHIBIT
              G- FORMAT FOR REPORTS AND STATEMENTSG-1

             

            EXHIBIT
              H
-
              REGULATION
              AD COMPLIANCE ADDENDUMH-1

             

            EXHIBIT
              I
-
              FORM
              OF
              SPECIAL FORECLOSURE RIGHTS SECTIONI-1

             

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            STANDARD
              TERMS AND
              PROVISIONS OF SALE AND SERVICING AGREEMENT

             

            This
              is a
              STANDARD TERMS AND PROVISIONS OF SALE AND SERVICING AGREEMENT for adjustable
              rate mortgage loans, dated and effective as of March 30, 2006, by and
              between
              RESIDENTIAL FUNDING CORPORATION, as seller and master servicer (the
“Company”)
              and Luminent Mortgage Capital, Inc., Mercury Mortgage Finance Statutory
              Trust
              and Maia Mortgage Finance Statutory Trust, as the initial owner (the
“Initial
              Owners”), together with all amendments hereof and supplements hereto (as it
              pertains to the Mortgage Pool and as incorporated by reference in and
              made a
              part of a Reference Agreement (as defined below), this “Agreement”).

             

            PRELIMINARY
              STATEMENT

             

            The
              Initial Owners have agreed to purchase from time to time from the Company
              and
              the Company has agreed to sell to the Initial Owners, on a servicing
              retained
              basis and without recourse, pools of adjustable rate Mortgage Loans.
              Each pool
              of Mortgage Loans will have the characteristics set forth herein and
              in a
              reference agreement, which shall be in the form attached hereto as
              Exhibit A
              (each, a “Reference Agreement”). The sale of the Mortgage Loans in each Mortgage
              Pool will be governed by the applicable Reference Agreement together
              with this
              Agreement, which will be incorporated by reference into and made a
              part of such
              Reference Agreement. 

             

            In
              consideration of the premises and the mutual agreements hereinafter
              set forth,
              and intending to be legally bound, each Initial Owner and the Company
              agree
              hereby as follows: 

             

             

            ARTICLE
              I

             

            DEFINITIONS

             

            Section
              1.01  Definitions.
              Whenever
              used in this Agreement, the following words and phrases, unless the
              context
              otherwise requires, shall have the meanings specified in this
              Article. 

             

            Accrued
              Interest:
              With
              respect to each Remittance Date, one month’s interest accrued at the then
              applicable Pass-Through Rate on the aggregate Principal Balance of
              the Mortgage
              Loans in the Mortgage Pool as of the close of business on the immediately
              preceding Remittance Date (or in the case of the first Remittance Date,
              the
              applicable Cut-off Date). Accrued Interest will be calculated on the
              basis of a
              360-day year consisting of twelve 30-day months. In each case Accrued
              Interest
              will be adjusted in accordance with Section 1.02. 

             

            Acquisition
              Date:
              As
              defined in Section 3.15. 

             

            Adjustment
              Date:
              As to
              each Mortgage Loan, each date set forth in the related Mortgage Note
              on which an
              adjustment to the interest rate on such Mortgage Loan becomes effective.
              

             

            Agency:
              Fannie
              Mae and/or Freddie Mac. 

             

            Appraised
              Value:
              With
              respect to any Mortgaged Property, generally, the lesser of (a) the
              appraised
              value of such Mortgaged Property based on an appraisal made at the
              time of the
              origination or modification of the related Mortgage Loan by an appraiser
              who met
              the minimum requirements of Fannie Mae and Freddie Mac and (b) the
              sales price
              of the Mortgaged Property at such time of origination; except in the
              case of a
              Mortgaged Property securing a refinanced or modified Mortgage Loan
              as to which
              it is either the appraised value determined above or the appraised
              value
              determined in an appraisal at the time of refinancing or modification,
              as the
              case may be by an appraiser who met the minimum requirements of Fannie
              Mae and
              Freddie Mac. 

             

            Assignment:
              An
              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
              of the
              Mortgage. 

             

            Bankruptcy
              Code:
              The
              Bankruptcy Code of 1978, as amended. 

             

            Business
              jay:
              Any
              day other than (i) a Saturday or a Sunday or (ii) a day on which banking
              institutions in the State of Minnesota, the State of California or
              the State of
              Illinois (or such other state or states in which the Custodial Account
              is at the
              time located) are required or authorized by law or executive order
              to be closed.

             

            Cash
              Receipts:
              As
              defined in Section 3.15. 

             

            Closing
              Date:
              With
              respect to each Mortgage Pool, as defined in the Reference Agreement
              for such
              Mortgage Pool. 

             

            Code:
              The
              internal Revenue Code of 1986, as amended. 

             

            Commission:
              The
              United States Securities and Exchange Commission. 

             

            Company:
              Residential Funding Corporation, a Delaware corporation, or its successor
              in
              interest, or any successor as herein provided. 

             

            Compensating
              Interest:
              With
              respect to any Remittance Date, an amount equal to Prepayment Interest
              Shortfalls resulting from Full Prepayments during the related Prepayment
              Period
              and Partial Prepayments during the prior calendar month, but, except
              as
              otherwise agreed by the Company and the relevant Initial Owner in the
              commitment
              letter with respect to any Mortgage Loan, not more than the sum of
              the Servicing
              Fee and all income and gain on amounts held in the Custodial Account
              with
              respect to the Mortgage Loans and such Remittance Date. 

             

            Confidential
              Information:
              As
              defined in Section 2.06. 

             

            Consumer
              Information:
              Information, including, but not limited to, all personal information
              about the
              Mortgagors that is supplied to any Initial Owner by or on behalf of
              the Company.

             

            Converted
              Mortgage Loan:
              Any
              Convertible
              Mortgage Loan with respect to which the interest rate borne by such
              Mortgage
              Loan has been converted from an adjustable interest rate to a fixed
              interest
              rate. 

             

            Convertible
              Mortgage Loan:
              Any
              Mortgage Loan which by its terms grants to the related Mortgagor the
              option to
              convert the interest rate borne by such Mortgage Loan from an adjustable
              interest rate to a fixed interest rate. 

             

            Converting
              Mortgage Loan:
              Any
              Convertible Mortgage Loan with respect to which the related Mortgagor
              has given
              notice of his intent to convert from an adjustable interest rate to
              a fixed
              interest rate and prior to the conversion of such Mortgage Loan. 

             

            Custodial
              Account:
              The
              custodial account created and maintained pursuant to Section 3.06.

             

            Custodial
              Agreement:
              A
              Custodial Agreement among the Initial Owners and the Custodian. 

             

            Custodian:
              A
              custodian, which shall not be an Owner, appointed by the Owner pursuant
              to a
              Custodial Agreement. 

             

            Cut-off
              Date:
              With
              respect to each Mortgage Pool, as defined in the Reference Agreement
              for such
              Mortgage Pool. 

             

            Debt
              Service Reduction:
              With
              respect to any Mortgage Loan, a reduction in the scheduled Monthly
              Payment for
              such Mortgage Loan by a court of competent jurisdiction in a proceeding
              under
              the Bankruptcy Code, except such a reduction constituting a Deficient
              Valuation
              or any 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 the Mortgage Loan, or any reduction in the amount
              of
              principal to be paid in connection with any scheduled Monthly Payment
              that
              constitutes a permanent forgiveness of principal, which valuation or
              reduction
              results from a proceeding under the Bankruptcy Code. 

             

            Determination
              Date:
              With
              respect to any Remittance Date, the 16th day (or if such 16th day is
              not a
              Business Day, the Business Day immediately succeeding such 16th day)
              of the
              month in which such Remittance Date occurs. 

             

            Due
              Date:
              With
              respect to any Remittance Date, the first day of the month in which
              such
              Remittance Date occurs. 

             

            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
              related Due
              Date. 

             

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

             

            Event
              of Default:
              As
              defined in Section 6.01. 

             

            Fannie
              Mae:
              Federal
              National Mortgage Association, a federally chartered and privately
              owned
              corporation organized and existing under the Federal National Mortgage
              Association Charter Act, or any successor thereto. 

             

            Fitch:
              Fitch,
              Inc. or its successor in interest. 

             

            Freddie
              Mac:
              Federal
              Home Loan Mortgage Corporation, a corporate instrumentality of the
              United States
              created and existing under Title III of the Emergency Home Finance
              Act of 1970,
              as amended, or any successor thereto. 

             

            Full
              Prepayment:
              Any
              payment of the entire principal balance of a Mortgage Loan which is
              received in
              advance of its scheduled Due Date and 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. 

             

            Gross
              Margin:
              As to
              each Mortgage Loan, the fixed percentage set forth in the related Mortgage
              Note
              and indicated on the Mortgage Loan Schedule as the “NOTE MARGIN”, which
              percentage is added to the Index on each Adjustment Date to determine
              (subject
              to rounding in accordance with the related Mortgage Note, the applicable
              Periodic Cap, Maximum Interest Rate and Minimum Interest Rate) the
              interest rate
              to be borne by such Mortgage Loan until the next Adjustment Date thereof.
              

             

            Index:
              With
              respect to each Mortgage Pool, as defined in the Reference Agreement
              for such
              Mortgage Pool. 

             

            Insurance
              Proceeds:
              Proceeds paid in respect of any Mortgage Loan pursuant to any insurance
              policy
              covering such Mortgage Loan to the extent such proceeds are payable
              to the
              mortgagee under the Mortgage, any Subservicer or the Company and are
              not applied
              to the restoration of the related Mortgaged Property or released to
              the
              Mortgagor in accordance with the procedures set forth in the Program
              Guide.

             

            Insured
              Expenses:
              Expenses that are covered or will be paid by any mortgage insurance
              policy, any
              replacement insurance policy or policies or any other insurance policy.
              

             

            Interim
              Certification:
              As
              defined in Section 2.02. 

             

            Lender-Paid
              Mortgage Insurance Policy:
              A
              policy of primary mortgage guaranty insurance pursuant to which the
              related
              premium is to be paid by the servicer of the related Mortgage Loan
              from payments
              of interest made by the Mortgagor in an amount as is set forth in the
              related
              Mortgage Loan Schedule. 

             

            Liquidated
              Mortgage Loan:
              A
              Mortgage Loan as to which payment has been made to the Company of all
              Liquidation Proceeds and other payments or recoveries which the Company
              deems to
              be finally recoverable. 

             

            Liquidation
              Expenses:
              Expenses which are incurred by the Company in connection with the liquidation
              of
              any defaulted Mortgage Loan (to the extent such amount is reimbursable
              under the
              terms of this Agreement or the Program Guide) and not recovered by
              the Company
              under any insurance policy for reasons other than the Company’s failure to
              comply with Section 3.09 or 3.10. 

             

            Liquidation
              Proceeds:
              Cash
              (including Insurance Proceeds and condemnation proceeds) received in
              connection
              with the liquidation of defaulted Mortgage Loans, whether through trustee’s
              sale, condemnation, foreclosure sale or otherwise, net of Liquidation
              Expenses
              and Insured Expenses. 

             

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

             

            Maximum
              Interest Rate:
              As to
              any Mortgage Loan, the maximum interest rate that may be borne by such
              Mortgage
              Loan as set forth in the related Mortgage Note and indicated in the
              related
              Mortgage Loan Schedule as the “NOTE CEILING,” which rate may be applicable to
              such Mortgage Loan at any time during the life of such Mortgage Loan.
              

             

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

             

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

             

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

             

            Minimum
              Interest Rate:
              As to
              any Mortgage Loan, the greater of (i) the Gross Margin and (ii) the
              rate
              indicated in the related Mortgage Loan Schedule as the “NOTE FLOOR,” which rate
              may be applicable to such Mortgage Loan at any time during the life
              of such
              Mortgage Loan. 

             

            Minimum
              Monthly Payment:
              With
              respect to a Pay Option ARM Mortgage Loan, the minimum Monthly Payment
              calculated in accordance with the terms of the related Mortgage Note.
              

             

            MOM
              Loan:
              Any
              Mortgage Loan where MERS acts as the mortgagee of record of such Mortgage
              Loan,
              solely as nominee for the originator of such Mortgage Loan and its
              successors
              and assigns, at the origination thereof. 

             

            Monthly
              Advance:
              The
              aggregate of the advances made by the Company with respect to any Remittance
              Date pursuant to Section 4.03, the amount of any such Monthly Advance
              being
              equal to the aggregate of the principal portion of such Monthly Payments
              on the
              Mortgage Loans which were due on the related Due Date but extended
              pursuant to
              Section 3.03 or delinquent (in whole or in part) as of the close of
              business on
              the Business Day next preceding the related Remittance Date, plus the
              interest
              portion of such Monthly Payments adjusted to the related Mortgage Loan
              Remittance Rates, and less the amount of any advances which the Company
              has
              determined would constitute Nonrecoverable Monthly Advances, if made.
              

             

            Monthly
              Payment:
              With
              respect to any Mortgage Loan and any month, the scheduled monthly payment
              of
              principal and interest on such Mortgage Loan which is payable by a
              Mortgagor in
              such month under the related Mortgage Note. 

             

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

             

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

             

            Mortgage
              File:
              The
              mortgage documents listed in Section 2.01 pertaining to a particular
              Mortgage
              Loan which shall be delivered to the Custodian, as the duly appointed
              agent of
              the Owners, or as otherwise agreed by the parties to this Agreement
              and the
              Custodian, if any, in writing and any additional documents required
              to be added
              to the Mortgage File pursuant to this Agreement. 

             

            Mortgage
              Interest Rate:
              The
              annual rate at which interest accrues on any Mortgage Loan. The Mortgage
              Interest Rate for each Mortgage Loan as of the applicable Cutoff Date
              will be
              the rate indicated as the “C1.TRR RATE” on the Mortgage Loan Schedule and, with
              respect to any adjustable rate Mortgage Loan, will be adjusted on each
              Adjustment Date to a rate equal to the sum of the Index applicable
              to such
              Adjustment Date and the Gross Margin, rounded to the nearest multiple
              of 0.125%,
              subject to the application of the applicable Periodic Cap, Maximum
              Interest Rate
              and Minimum Interest Rate. 

             

            Mortgage
              Loan:
              An
              individual mortgage loan which is the subject of this Agreement and
              identified
              on the Mortgage Loan Schedule including, without limitation, each related
              Mortgage Note, Mortgage and Mortgage File and all rights appertaining
              hereto,
              but excluding the servicing rights with respect thereto as provided
              herein.

             

            Mortgage
              Loan Remittance Rate:
              With
              respect to each Mortgage Loan and Due Date occurring prior to the first
              Adjustment Date for such Mortgage Loan occurring after the applicable
              Cut-off
              Date, the rate designated as the “NET MTG RT” for such Mortgage Loan on the
              related Mortgage Loan Schedule. With respect to each Mortgage Loan
              and each Due
              Date occurring on or after each Adjustment Date, a rate equal to the
              then-applicable Mortgage Interest Rate minus the sum of the then-applicable
              Servicing Fee Rate and Subservicing Fee Rate. 

             

            Mortgage
              Loan Schedule:
              Each
              schedule of Mortgage Loans attached to a Reference Agreement. 

             

            Mortgage
              Note:
              The
              originally executed note evidencing the indebtedness of a Mortgagor
              under a
              Mortgage Loan and any modification thereto. 

             

            Mortgage
              Pool:
              Each
              pool of Mortgage Loans conveyed by the Company to the an Initial Owner
              from time
              to time pursuant to a Reference Agreement referencing this Agreement.
              

             

            Mortgaged
              Property:
              The
              underlying property securing a Mortgage Loan. 

             

            Mortgagor:
              The
              obligor on a Mortgage Note. 

             

            Nonrecoverable
              Monthly Advance:
              Any
              Monthly Advance previously made or proposed to be made by the Company
              which, in
              the judgment of the Company, is not or, in the case of a proposed Monthly
              Advance, would not be ultimately recoverable by the Company from Liquidation
              Proceeds or otherwise. 

             

            Negative
              Amortization:
              With
              respect to a Pay Option ARM Mortgage Loan, any portion of interest
              accrued at
              the Mortgage Interest Rate in any month which exceeds the Monthly Payment
              on the
              related Mortgage Loan for such month and which, pursuant to the terms
              of the
              Mortgage Note, is added to the principal balance of the Mortgage Loan.
              

             

            Opinion
              of Counsel:
              A
              written opinion of counsel, who may, unless otherwise provided herein,
              be
              counsel for the Company. 

             

            Outside
              Conversion Date:
              The
              latest date on which a Mortgagor may elect, in accordance with the
              terms of the
              related Mortgage Note, to convert the interest rate borne by the related
              Convertible Mortgage Loan from an adjustable interest rate to a fixed
              interest
              rate. 

             

            Owner:
              Any
              Person from time to Lime having an Ownership Interest in the Mortgage
              Loans.

             

            Ownership
              Interest:
              The
              undivided ownership interest in the Mortgage Pool. 

             

            Partial
              Prepayment:
              Any
              payment of principal on a Mortgage Loan, other than a Full Prepayment,
              which is
              received in advance of its scheduled Due Date and 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. 

             

            Pass-Through
              Rate:
              As to
              any Remittance Date, a rate equal to the weighted average, expressed
              as a
              percentage, of the Mortgage Loan Remittance Rates of all Mortgage Loans
              in the
              Mortgage Pool as of the close of business on the Due Date in the month
              preceding
              the month in which such Remittance Date occurs, weighted on the basis
              of the
              respective Principal Balances of such Mortgage Loans, which Principal
              Balances
              shall be the Principal Balances of such Mortgage Loans immediately
              prior to such
              Remittance Date. 

             

            Pay
              Option ARM Mortgage Loan:
              Any
              Mortgage Loan that lets Mortgagors choose one of various different
              payments each
              month which may include, but not be limited to, a Minimum Monthly Payment,
              an
              interest-only payment, full principal and interest amortized over thirty
              (30)
              years, or full principal and interest amortized over fifteen (15) years.
              

             

            Periodic
              Cap:
              With
              respect to each Mortgage Loan, the maximum increase or decrease in
              the Mortgage
              Interest Rate on any Adjustment Date, which shall be an increase or
              decrease of
              not more than 2.00% per annum. 

             

            Permitted
              Instrument:
              As
              defined in Section 3.08.

             

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

             

            Plan:
              As
              defined in Section 2.03. 

             

            Prepayment
              Interest Shortfall:
              As to
              any Remittance Date and any Mortgage Loan (other than a Mortgage Loan
              relating
              to an REQ
              Property)
              that was the subject of (a) a Full Prepayment during the portion of
              the related
              Prepayment Period that falls during the prior calendar month, an amount
              equal to
              the excess of one month’s interest at the Mortgage Loan Remittance Rate on the
              Principal Balance of such Mortgage Loan over the amount of interest
              (adjusted to
              the Mortgage Loan Remittance Rate) paid by the Mortgagor for such month
              to the
              date of such Full Prepayment or (b) a Partial Prepayment during the
              prior
              calendar month, an amount equal to one month’s interest at the Mortgage Loan
              Remittance Rate on the amount of such Partial Prepayment. 

             

            Prepayment
              Penalty:
              Any
              prepayment charge or penalty interest required to be paid by a Mortgagor
              in
              connection with a prepayment of the related Mortgage Loan, as provided
              in the
              related Mortgage Note or Mortgage, to which the Company is entitled
              and which is
              sold by the Company hereunder, and as specified on the related Mortgage
              Loan
              Schedule. 

             

            Prepayment
              Period:
              As to
              any Remittance Date and a Full Prepayment, the prior calendar month.
              

             

            Primary
              Insurance Policy:
              Each
              primary policy of mortgage guaranty insurance or any replacement policy
              thereof.

             

            Principal
              Balance:
              As to
              each Mortgage Loan, as of the time of any determination, (i) the principal
              balance remaining to be paid by the Mortgagor at the close of business
              on the
              applicable Cut-off Date, after deduction of all payments due on or
              before the
              applicable Cut-off Date whether or not paid, minus (ii) all amounts
              distributed
              to the Owner with respect to such Mortgage Loan and reported to the
              Owner as
              allocable to principal, including the principal component of any Monthly
              Advances and any losses incurred with respect to such Mortgage Loan,
              plus (iii)
              without duplication of amounts described in clause (i) above, the cumulative
              amount of any Negative Amortization. 

             

            Principal
              Remittance Amount:
              With
              respect to any Remittance Date, the sum of (a) the principal component
              of any
              Monthly Advance for such Remittance Date; (b) any amount required to
              be
              deposited in the Custodial Account pursuant to Section 3.10(a); and
              (c) the
              amount on deposit in the Custodial Account as of the close of business
              on the
              Determination Date immediately preceding such Remittance Date which
              is allocable
              to payments on account of principal of the Mortgage Loans, which amount
              shall
              not include (i) Full Prepayments and Partial Prepayments and the principal
              portion of any Liquidation Proceeds, Insurance Proceeds or proceeds
              of the
              purchase of any Mortgage Loan pursuant to Sections 2.02 and 2.04 received
              in the
              month in which such Remittance Date occurs (other than such Liquidation
              Proceeds, Insurance Proceeds or proceeds of the purchase of any Mortgage
              Loan
              pursuant to Sections 2.02 and 2.04 that the Company has deemed to have
              been
              received in the preceding month), (ii) payments which represent receipt
              of
              scheduled payments of principal due on a date or dates subsequent to
              the related
              Due Date and (iii) late payments of principal which have been the subject
              of a
              previous Monthly Advance and which are eligible for withdrawal pursuant
              to
              clauses (ii) or (vii) of Section 3.07. 

             

            Program
              Guide:
              Collectively, the Client Guide and the Servicer Guide for Residential
              Funding
              Corporation’s mortgage loan purchase and conduit servicing program and all
              supplements and amendments thereto published by Residential Funding
              Corporation
              from time to time.. 

             

            Rating
              Agencies:
              Fitch,
              Moody’s and S&P. 

             

            Reconstitution:
              As
              defined in Exhibit H. 

             

            Record
              Date:
              With
              respect to each Remittance Date, the close of business on the last
              Business Day
              of the month next preceding the month in which the related Remittance
              Date
              occurs. 

             

            Reference
              Agreement:
              As
              defined in the preliminary statement hereto. 

             

            Regulation
              AB:
              Subpart
              229.1100 —
              Asset
              Backed Securities (Regulation AB), 17 C.F.R. §229.1 100-229.1123, 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. 

             

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

             

            REMIC
              Provisions:
              Provisions of the federal income tax law relating to a REMIC, which
              appear at
              Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A
              of the Code,
              and related provisions, and regulations, rulings or pronouncements
              promulgated
              thereunder, as the foregoing may be in effect from time to time. 

             

            Remittance
              Amount:
              With
              respect to any Remittance Date, an amount equal to, subject to Section
              1.02, (i)
              the Principal Remittance Amount (if any) for such Remittance Date,
              plus (ii) the
              Accrued Interest for such Remittance Date, minus (iii) any amounts
              payable to
              the Company pursuant to Section 3.07 that are not taken into account
              in the
              adjustment of Accrued Interest pursuant to Section 1.02, plus (iv)
              the amount of
              any Compensating Interest with respect to that Remittance Date, plus
              (v) any
              Prepayment Penalties collected during the related Prepayment Period.
              

             

            Remittance
              Date:
              The
              18th day of any month, beginning in the month following the month in
              which the
              applicable Cut-off Date occurs, or if such 18th day is not a Business
              Day, the
              first Business Day immediately following. 

             

            REO
              Acquisition:
              The
              acquisition by the Company on behalf of an Initial Owner of any REO
              Property
              pursuant to Section 3.12. 

             

            REO
              Property:
              A
              Mortgaged Property acquired by an Owner or the Company on behalf of
              an Owner
              through foreclosure or deed in lieu of foreclosure.. 

             

            Repurchase
              Price:
              With
              respect to any Mortgage Loan, a price equal to (i) the principal balance
              of the
              Mortgage Loan (including any Negative Amortization), plus (ii) interest
              on such
              principal balance at the Mortgage Interest Rate from the date on which
              interest
              has last been paid and distributed to the relevant Initial Owner to
              the date of
              repurchase, less amounts received, if any, plus amounts advanced, if
              any, by any
              servicer, in respect of such repurchased Mortgage Loan, plus (iii)
              any costs and
              damages incurred with respect to the Mortgage Loan in connection with
              any
              violation by such Mortgage Loan of any predatory or abusive-lending
              law and plus
              (iv) if the repurchase occurs within 12 months of the Closing Date,
              any premium
              paid by the relevant Initial Owner for the Mortgage Loan or minus any
              discount
              paid by the relevant Initial Owner for the Mortgage Loan as set forth
              in the
              related Mortgage Loan Schedule or commitment letter; provided,
              that,
              if, on the date of repurchase, the Principal Balance of the relevant
              Mortgage
              Loan is greater than the Principal Balance of such Mortgage Loan on
              the
              applicable Closing Date, then the premium shall be calculated on the
              Principal
              Balance of such Mortgage Loan as of such Closing T)ate. 

             

            Request
              for Release:
              A
              request for release, the form of which is attached as Exhibit F hereto,
              or an
              electronic request in a form acceptable to the Custodian. 

             

            Retention
              Period:
              As
              defined in Section 4.05.
              

             

            Securities
              Act:
              The
              Securities Act of 1933, as amended. 

             

            Securitization
              Transaction:
              As
              defined in Exhibit H. 

             

            Seller:
              As to
              any Mortgage Loan, a Person that executed a Seller’s Agreement applicable to
              such Mortgage Loan. 

             

            Seller’s
              Agreement:
              An
              agreement for the origination and sale of Mortgage Loans in the form
              referred to
              in the Program Guide. 

             

            Servicing
              :
              As to
              each Mortgage Loan, the annual fee, payable monthly to the Company
              out of the
              interest portion of the Monthly Payment received on each Mortgage Loan.
              

             

            Servicing
              Fee Rate:
              With
              respect to each Mortgage Loan, as defined in the Reference Agreement
              for such
              Mortgage Loan and the related Mortgage Loan Schedule. 

             

            Standard
              & Poor’s:
              Standard & Poor’s, a division of the McGraw-Hill Companies, Inc., or its
              successor in interest. 

             

            Subservicer:
              Any
              Person, including any successor, with whom the Company has entered
              into a
              Subservicing Agreement pursuant to the Program Guide. 

             

            Subservicing
              Agreement:
              The
              written contract between the Company and a Subservicer as may be amended
              from
              time to time, a representative form of which is attached hereto as
              Exhibit C.

             

            Subservicing
              Fee:
              The
              annual fee, payable monthly to the Subservicer out of the interest
              portion of
              the Monthly Payment received on each Mortgage Loan. 

             

            Subservicing
              Fee Rate:
              As to
              each Mortgage Loan, the rate per annum set forth in the Mortgage Loan
              Schedule
              as the “SUBSERV FEE.” 

             

            Successor
              Servicer:
              My
              successor servicer appointed pursuant to Section 8.01. 

             

            Whole
              Loan Transfer:
              As
              defined in Exhibit H. 

             

            Section
              1.02. Calculations
              Respecting Accrued Interest. 

             

            (a)  The
              Accrued Interest on any Remittance Date shall be reduced by the amount
              of any
              Prepayment Interest Shortfalls with respect to that Remittance Date
              (to the
              extent not offset by the Company with a payment of Compensating Interest).
              

             

            (b)  In
              the
              event that the Liquidation Proceeds with respect to any Mortgage Loan
              (net of
              amounts payable or reimbursable therefrom pursuant to Sections 3 .07(iii)
              and
              3.07(iv)) are less than the Principal Balance of such Mortgage Loan,
              together
              with one month’s interest thereon at the applicable Mortgage Loan Remittance
              Rate, the Accrued Interest on the Remittance Date in the next succeeding
              month
              shall be reduced by the amount of such insufficiency. In the event
              that such
              Liquidation Proceeds exceed the sum of the Principal Balance of such
              Mortgage
              Loan plus one month’s interest thereon at the applicable Mortgage Interest Rate,
              such excess shall be payable to the relevant Owner. 

             

            (c)  In
              the
              event that any amount or amounts shall be withdrawn from amounts attributable
              to
              the Mortgage Loans on deposit in the Custodial Account pursuant to
              clauses (ii),
              (iii) (other than for servicing compensation), (iv), (v), (vi), (vii),
              (viii) or
              (ix) of Section 3.07 and the related withdrawal or withdrawals shall
              not be
              reflected in any adjustment required pursuant to subsections (a) and
              (b) above,
              the Accrued Interest on the immediately succeeding Remittance Date
              shall be
              reduced by the total of such amounts so withdrawn to the extent such
              amounts
              would result in a shortfall of Accrued Interest. 

             

            (d)  In
              the
              event that as of the end of any Due Period, for any reason (including,
              without
              limitation, acquisition of title to the underlying Mortgaged Property
              through
              foreclosure or acceptance of a deed in lieu of foreclosure, application
              of the
              Servicemembers’ Civil Relief Act or similar legislation or regulations as in
              effect from time to time, or a Debt Service Reduction or a Deficient
              Valuation),
              less than the full amount of the interest portion of the Monthly Payment
              at the
              Mortgage Loan Remittance Rate due on the Due Date in such Due Period
              on any
              Mortgage Loan is deposited in the Custodial Account and no Monthly
              Advance is
              made or required to be made in respect thereof, the Accrued Interest
              on the
              immediately succeeding Remittance Date shall be reduced by the amount
              of such
              insufficiency. 

             

            (e)  In
              the
              event that on or in the month of any Due Date (after adjustment for
              the
              Subservicing Fee and the Servicing Fee) more than one month’s interest at the
              applicable Mortgage Loan Remittance Rate on the Principal Balance of
              any
              Mortgage Loan is deposited in the Custodial Account as a result of
              late
              recoveries of interest in respect of which no Monthly Advance was made
              in
              respect of such amount, the Accrued Interest on the immediately succeeding
              Remittance Date shall be increased by the amount of such excess. 

             

            (f)  All
              references to the Principal Balance of any Mortgage Loan in this Section
              102 are
              to the Principal Balance of such Mortgage Loan as of the close of business
              on
              the Remittance Date immediately preceding the Remittance Date in respect
              of
              which the Accrued Interest thereon is being adjusted pursuant to the
              applicable
              subsection of this Section 1.02 or, in the case of the first Remittance
              Date, as
              of the applicable Cut-off Date. 

             

             

             

            ARTICLE
              II

             

            CONVEYANCE
              0F MORTGAGE LOANS

             

            Section
              2.01  Conveyance
              of Mortgage Loans; Possession of Mortgage Files. 

             

            (a)  The
              Company, simultaneously with the execution and delivery of a Reference
              Agreement, shall sell, transfer and assign, without recourse, to the
              relevant
              Initial Owner, the Ownership Interest comprising all right, title and
              interest
              of the Company in and to the Mortgage Loans, including all interest
              at the
              applicable Mortgage Loan Remittance Rate and principal received on
              or with
              respect to the Mortgage Loans after the applicable Cut-off Date set
              forth in the
              applicable Reference Agreement (other than payments of principal and
              interest
              due on the Mortgage Loans on or before the applicable Cut-off Date)
              on a
              servicing retained basis. 

             

            (b)  In
              connection with the Company’s sale of the Mortgage Loans to the relevant Initial
              Owner pursuant to a Reference Agreement, the Company shall deliver
              to, and
              deposit with, the Custodian, as the duly appointed agent of the Owners
              for such
              purpose, the following original documents or instruments (or copies
              thereof as
              permitted by this Section) with respect to each Mortgage Loan so assigned:
              

             

            (i)  The
              original Mortgage Note, endorsed in blank by the Company without recourse,
              and
              showing an unbroken chain of endorsements from the originator thereof
              to the
              Company or, for no more than 1.0% of the related Mortgage Pool (measured
              by the
              Cut-Off Date Principal Balance), an original lost note affidavit from
              the
              related Seller or the Company stating that the original Mortgage Note
              was lost,
              misplaced or destroyed, together with a copy of the related Mortgage
              Note;

             

            (ii)  Unless
              the Mortgage Loan is registered on the MERS® System, an unrecorded original
              Assignment of the Mortgage from the Company in blank; 

             

            (iii)  The
              original Mortgage, noting the presence of the MIN of the Mortgage Loan
              and
              language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
              Loan is
              a MOM Loan, with evidence of recording indicated thereon or a copy
              of the
              Mortgage with evidence of recording indicated thereon; 

             

            (iv)  The
              original recorded assignment or assignments of the Mortgage showing
              an unbroken
              chain of title from the originator thereof to the Company (or to MERS,
              if the
              Mortgage Loan is registered on the MERS® System and noting the presence of a MN)
              with evidence of recordation noted thereon or attached thereto, or
              a copy of
              such assignment or assignments of the Mortgage with evidence of recording
              indicated thereon; 

             

            (v)  The
              original of each modification, assumption agreement or preferred loan
              agreement,
              if any, relating to such Mortgage Loan with evidence of recording thereon
              or a
              certified copy of each modification, assumption agreement or preferred
              loan
              agreement; 

             

            (vi)  The
              original of any guarantee executed in connection with such Mortgage
              Loan, if
              any; 

             

            (vii)  Relating
              to a Mortgage Note or Mortgage that is executed by an attorney-in-fact,
              an
              original or certified copy of the fully executed power of attorney;
              and

             

            (viii)  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.

             

            The
              Company may, in lieu of delivery of the original of the documents set
              forth in
              Section 2.0l(b)(iii) through (viii) (or copies thereof as permitted
              by Section
              2.01(b)) to the Custodian, retain such documents and hold such documents
              in
              trust for the use and benefit of all present and future Owners until
              10 Business
              Days following the receipt of the original of all of the documents
              or
              instruments set forth in Section 2.01 (b)(iii) through (viii) (or copies
              thereof
              as permitted by such Section) for any Mortgage Loan. At such time,
              the Company
              shall deliver a complete set of such documents to the Custodian as
              the duly
              appointed agent of the Owners. 

             

            In
              the
              event that the Company has been notified by the Custodian that it has
              delivered
              to the Custodian any Mortgage Note endorsed in blank or Assignment
              of Mortgage
              in blank by a party other than the Company, the Company shall complete
              the
              endorsement of the Mortgage Note and Assignment of Mortgage into the
              name of the
              Company and deliver an endorsement in blank by the Company and an Assignment
              of
              the Mortgage from the Company in blank in conjunction with the Interim
              Certification issued by the Custodian as contemplated by Section 2.02.
              

             

            (c)  Notwithstanding
              the provisions of Section 2.01(b), in the event that in connection
              with any
              Mortgage Loan the Company cannot deliver the original of the Mortgage,
              any
              assignment, modification, assumption agreement or preferred loan agreement
              (or a
              copy thereof as permitted by Section 2.01(b)) with evidence of recording
              thereon
              concurrently with the execution and delivery of this Agreement because
              of a
              delay caused by a public recording office where such Mortgage, assignment,
              modification, assumption agreement or preferred loan agreement as the
              case may
              be, has been delivered for recordation, the Company shall deliver to
              the
              Custodian a copy of such Mortgage, assignment, modification, assumption
              agreement or preferred loan agreement The Company shall promptly deliver
              to the
              Custodian such Mortgage, assignment, modification, assumption agreement
              or
              preferred loan agreement with evidence of recording indicated thereon
              in
              accordance with Section 2.01(b). 

             

            In
              connection with the assignment of any Mortgage Loan registered on the
              MERS®
System, the Company further agrees that it will, at the relevant Initial
              Owners’
request, cause the MERS® System to indicate that such Mortgage Loans have been
              assigned by the Company to such Initial Owner by including (or, if
              applicable,
              deleting, in the case of Mortgage Loans which are repurchased in accordance
              with
              this Agreement) in such computer files the code in the field “Pool Field” which
              identifies the series in which such loans were sold. The Company further
              agrees
              that it will not alter the code 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.
              

             

            (d)  Any
              documents required to be delivered to the Custodian by the Company
              pursuant to
              this Section 2.01 which are in the possession or control of the Company
              or a
              Subservicer and which arc not delivered to the Custodian or are requested
              from
              the Custodian in connection with the servicing of the Mortgage Loans
              are and
              shall be held by the Company, either directly or through the related
              Subservicer, in trust for the benefit of the Owners. 

             

            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 records for each
              Mortgage
              Loan which shall be clearly marked to reflect the ownership of each
              Mortgage
              Loan by the Owners. 

             

            Section
              2.02  Acceptance
              by the Initial Owners.
              The
              relevant Initial Owner, upon its receipt of the Initial Certification
              (as found
              on Exhibit One of the applicable Custodial Agreement) from the Custodian,
              shall
              acknowledge receipt by the Custodian as the duly appointed agent of
              the Owners
              of the documents referred to in Section 2.01 above and declares that
              the
              Custodian as its agent, holds and will hold such documents and the
              other
              documents constituting a part of the Mortgage Files delivered to the
              Custodian
              as its agent, in trust for the use and benefit of such Initial Owner
              and any
              other future Owner. The Custodian, being so obligated under the applicable
              Custodial Agreement, shall, for the benefit of the Owners, review each
              Mortgage
              File delivered to it within 45
              days
              after the applicable Closing Date to ascertain that all required documents
              have
              been executed and received, and that such documents relate to the Mortgage
              Loans
              identified on an exhibit to the applicable Reference Agreement, and
              deliver to
              the Owners a certificate (the “Interim Certification”) to the effect that all
              documents required to be delivered pursuant to Section 2.01(b) 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. Pursuant to the
              applicable
              Custodial Agreement, the Custodian shall notify the relevant Initial
              Owner and
              the Company if any document or documents constituting a part of the
              Mortgage
              File are missing or defective in respect of the items reviewed by it
              pursuant to
              the applicable Custodial Agreement. The relevant Initial Owner shall
              notify the
              Company and the Custodian of any such omission or defect which it finds
              in
              respect of any Mortgage Loan. If such omission or defect materially
              and
              adversely affects the interests of an Owner, the Company shall promptly
              notify
              the related Subservicer or Seller of such omission or defect and shall
              request
              that such Subservicer or Seller correct or cure such omission or defect
              within
              60 days from the date the Company was notified of such omission or
              defect. if
              such Subservicer or Seller does not correct or cure such omission or
              defect
              within such period, the Company shall use reasonable efforts to cause
              such
              Subservicer or Seller to purchase such Mortgage Loan from the Owners
              within
75
              days
              from
              the date the Company was notified of such omission or defect by depositing
              in
              the Custodial Account or otherwise delivering the Repurchase Price
              for such
              Mortgage Loan to the Company; provided,
              however,
              if such
              Subservicer or Seller falls to purchase such Mortgage Loan from the
              Owners
              within such 75
              day
              period, the Company shall purchase, from its own funds, such Mortgage
              Loan at
              the Repurchase Price within 15 Business Days of the expiration of such
              75
              day
              period. The Company shall exercise reasonable efforts to enforce the
              related
              Subservicer’s or Seller’s obligation to purchase such Mortgage Loan from the
              Owners. The Repurchase Price for such Mortgage Loan shall be deposited
              by the
              Company in the Custodial Account. Upon receipt by the relevant Initial
              Owner of
              written notification of such deposit signed by an officer of the Company,
              the
              Custodian shall release to the Company the related Mortgage File and
              the Owners
              shall execute and deliver such instruments of transfer or assignment,
              in each
              case without recourse, as shall be necessary to vest in the Company,
              Seller or
              its designee or the Subservicer or its designee, as the case may be,
              any
              Mortgage Loan released pursuant hereto. In furtherance of the foregoing,
              if the
              Subservicer or the Seller that is obligated to purchase a Mortgage
              Loan under
              this Section 2.02 is not a member of MERS, and the Mortgage is registered
              on the
              MERS® System, the Company shall cause MERS to execute and deliver an Assignment
              in recordable form to transfer the Mortgage from MERS to such Subservicer
              or
              Seller and shall cause such Mortgage to be removed from registration
              on the
              MERS® System in accordance with MERS’ rules and regulations. The obligation of
              the Seller, the Subservicer or the Company, as the case may be, under
              this
              Section 2.02 to cure any material and adverse omissions or defects
              with respect
              to any Mortgage Loan or to purchase any Mortgage Loan as to which a
              material and
              adverse defect in or omission of a constituent document exists shall
              constitute
              the sole remedy respecting such defect or omission available to the
              Owners. 

             

            Section
              2.03  Assignment
              of Mortgage Loans.
              The
              Initial Owners shall have the right to assign its interest under this
              Agreement
              with respect to a Mortgage Pool in whole or in part and designate any
              person to
              exercise any rights of an Owner hereunder with respect to such Mortgage
              Pool,
              and the assignee or designee shall accede to the rights and obligations
              hereunder of an Owner with respect to such Mortgage Pool; provided,
              however,
              that
              (i) such Mortgage Pool shall at all times be subject to the terms of
              this
              Agreement; and (ii) with respect to any Mortgage Pool, there will be
              no more
              than three Owners at one time, and provided
              further that
              the
              Company shall be given 20 days’ prior written notice before any such assignment
              shall be effective. Prior to assigning its interests under this Agreement,
              the
              relevant Initial Owner shall deliver a copy of this Agreement to such
              assignee
              or designee. Each assignee or designee may assign its interest in a
              Mortgage
              Pool owned by it in whole or in part to no more than three Persons;
              provided,
however,
              that at
              no time will there be more than three Owners with respect to any Mortgage
              Pool.,
              No sale or transfer of a Mortgage Loan or assignment of this Agreement
              shall be
              binding upon the Company for any purpose under this Agreement unless
              the Owner
              proposing to make such sale, transfer or assignment and its prospective
              assignee
              have executed and delivered to the Company (with a copy to the Custodian)
              an
              assignment and assumption agreement substantially in the form of Exhibit
              D
              annexed hereto and the Company has acknowledged such agreement. No
              sale of the
              Mortgage Loans shall be made to any employee benefit plan or other
              plan that is
              subject to ERISA or Section 4975 of the Code (each, a “Plan”) or to any person
              or entity that is investing on behalf of or with “plan assets” of any Plan or to
              any insurance company, other than an insurance company investing with
              funds held
              in its general account (if such funds do not include “plan assets” of
any
              Plan),
              unless an Owner’s prospective assignee provides the Company with a certification
              or Opinion of Counsel or both, which establishes to the Company’s satisfaction
              that such disposition will not constitute or result in a non-exempt
              prohibited
              transaction under Section 406 of ERISA and Section 4975
              of
              the
              Code. The Company shall not be required to pay any costs or expenses
              incurred in
              connection with obtaining such Opinion of Counsel. The Company may
              require that
              such prospective assignee certify to the Company in writing the facts
              establishing that such disposition will not violate the prohibited
              transaction
              provisions of Section 406 of ERISA and Section 4975
              of
              the
              Code. 

             

            The
              sale
              of the Mortgage Loans has not been registered or qualified under the
              Securities
              Act or any state securities law. No sale, transfer, pledge or other
              disposition
              of the Mortgage Loans or any interest therein shall be made unless
              such
              disposition is made pursuant to an effective registration statement
              under the
              Securities Act and effective registration or qualification under applicable
              state securities laws, or is made in a transaction which does not require
              such
              registration or qualification. If an Owner proposes to make a disposition
              (by
              sale, hypothecation, pledge or otherwise) without registration or qualification,
              the Company shall require, in order to assure compliance with such
              laws, that
              the Owner desiring to effect the disposition, and an Owner’s prospective
              transferee, certify to the Company in writing the facts surrounding
              the
              disposition. Unless the Company requests otherwise, such certification
              of facts
              shall he in the form of an assignment and assumption agreement annexed
              hereto as
              Exhibit I). In the event that such certification of facts does not
              on its face
              establish that registration or qualification is not required, the Company
              may
              require an Opinion of Counsel satisfactory to it that the transfer
              may be made
              without such registration or qualification. Any such Opinion of Counsel
              shall
              not be an expense of the Company. The Company is not obligated to register
              or
              qualify the Mortgage Loans under the Securities Act or any other securities
              law
              or to take any action not otherwise required under this Agreement to
              permit the
              transfer of the Mortgage Loans without registration or qualification.
              

             

            Upon
              compliance with the foregoing conditions and receipt of an assignment
              and
              assumption agreement executed by an Owner and its prospective assignee
              and
              acknowledged by the Company, the Company shall make the appropriate
              notations in
              its books to reflect the sale of the affected Mortgage Loans to such
              assignee,
              such assignee shall accede to the rights and the obligations of such
              Owner
              hereunder with respect to such Mortgage Loans, and such Owner shall
              be released
              from its obligations hereunder with respect to such Mortgage Loans
              that have
              been sold in accordance with this Agreement. For the purposes of this
              Agreement,
              the Company shall be under no obligation to deal with any Person with
              respect to
              this Agreement or the Mortgage Loans unless the books and records of
              the Company
              show such Person as an Owner of such Mortgage Loans,. The Company shall
              not be
              responsible for expenses incurred by an Owner or any transferee in
              connection
              with any sale or transfer pursuant to this Section 2.03. 

             

            Section
              2.04  Representations
              and Warranties of the Company. 

             

            (a)  With
              respect to each Mortgage Loan, Company hereby represents and warrants
              to the
              relevant Initial Owner that as of each Closing Date or such other date
              specifically provided for herein, unless otherwise specified in a Reference
              Agreement: 

             

            (i)  Each
              Primary Insurance Policy insures the named insured and its successors
              and
              assigns, and the issuer of the Primary Insurance Policy is an insurance
              company
              whose claims-paying ability is currently acceptable to any nationally
              recognized
              rating agency; 

             

            (ii)  There
              is
              no default, breach, violation or event of acceleration existing under
              any
              Mortgage Note or Mortgage and no event which, with notice and expiration
              of any
              grace or cure period, would constitute a default, breach, violation
              or event of
              acceleration, and no such default, breach, violation or event of acceleration
              has been waived by any Seller or Subservicer or by any other entity
              involved in
              originating or servicing a Mortgage Loan., 

             

            (iii)  No
              Mortgagor has any right of offset, defense or counterclaim as to the
              related
              Mortgage Note or Mortgage except as may be provided under the Servicemembers
              Civil Relief Act; 

             

            (iv)  The
              improvements upon the Mortgaged Properties are insured against loss
              by fire and
              other hazards as required by the Program Guide including flood insurance
              if
              required under the National Flood Insurance Act of 1968, as amended.
              The
              Mortgage requires the Mortgagor to maintain such casualty insurance
              at the
              Mortgagor’s expense, and on the Mortgagor’s failure to do so, authorize the
              holder of the Mortgage to obtain and maintain such insurance at the
              Mortgagor’s
              expense and to seek reimbursement therefore from the Mortgagor; 

             

            (v)  No
              Mortgage Loan is secured by a leasehold estate; 

             

            (vi)  The
              Mortgage Loans are secured by one- to four-family dwelling units. No
              Mortgage
              Loan is secured by a mobile or manufactured home. No portion of the
              Mortgaged
              Property has been used for commercial or mixed-use purposes; 

             

            (vii)  All
              parties to the Mortgage Note and the Mortgage had 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. The Mortgagor is a natural person, the identity of such
              natural
              person was hilly verified by the originator and such Mortgagor is not
              in
              violation of any laws regarding identity theft; 

             

            (viii)  (A)
              The
              terms of the Mortgage and the Mortgage Note have not been impaired,
              waived,
              altered or modified and (B) no instrument of release or waiver has
              been executed
              in connection with the Mortgage Loans, and no Mortgagor has been released,
              in
              whole or in part from its obligations in connection with a Mortgage
              Loan, except
              in either case of (A) or (B) above by a written instrument which has
              been
              recorded, if necessary, to protect the interest of the Owners and which
              has been
              delivered in accordance with
              this
              Agreement., The substance of any such alteration or modification is
              reflected on
              the Mortgage Loan Schedule and, to the extent necessary, has been approved
              by
              the primary mortgage insurer, if any, and the insurer under the applicable
              mortgage title insurance policy; 

             

            (ix)  With
              respect to each Mortgage Loan, either (i) the Mortgage Loan is assumable
              pursuant to the terms of the Mortgage Note, or (ii) the Mortgage Loan
              contains a
              customary provision for the acceleration of the payment of the unpaid
              principal
              balance of the Mortgage Loan in the event the related Mortgaged Property
              is sold
              without the prior consent of the mortgagee thereunder; 

             

            (x)  Any
              escrow arrangements established with respect to any Mortgage Loan are
              in
              compliance with all applicable local, state and federal laws and are
              in
              compliance with the terms of the related Mortgage Note; 

             

            (xi)  Each
              Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
              of
              the Code and Treasury Regulations Section 1 .860G-2(a)( 1); 

             

            (xii)  There
              are
              no toxic materials or other environmental hazards on, in or that could
              affect
              any Mortgaged Property in any material respect; 

             

            (xiii)  No
              Mortgage Loan secured by a property located in the State of Georgia
              was
              originated on or after October 1, 2002 and before March 7, 2003; 

             

            (xiv)  None
              of
              the Mortgage Loans are loans that, under applicable state or local
              law in effect
              at the time of origination of the loan, are referred to as (1) “high cost,”
“covered,” “high risk home,” or “predatory” loans or (2) any other similar
              designation if the law imposes greater restrictions or additional legal
              liability for residential mortgage loans with high interest rates,
              points and/or
              fees; 

             

            (xv)  No
              Mortgage Loan originated on or after October 1, 2002 provides for the
              payment of
              a Prepayment Premium beyond the three year term following the origination
              of the
              Mortgage Loan. No Mortgage Loan originated prior to such date provides
              for the
              payment of a Prepayment Premium beyond the five-year term following
              the
              origination of the Mortgage Loan; 

             

            (xvi)  The
              Company 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 borrower credit files to Equifax,
              Experian,
              and Trans Union Credit Information Company (three of the credit repositories),
              on a monthly basis; 

             

            (xvii)  Article
              XVI, Section 50(a)(6) of the Texas Constitution is not applicable to
              the
              Mortgage Loan or the origination thereof. If the Mortgage Loan was
              originated in
              Texas, it is not a cash-out refinancing; 

             

            (xviii)  The
              Debt-to-Income Ratio of the Mortgage Loan is accurately reflected in
              the
              Mortgage Loan Schedule; 

             

            (xix)  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 thereunder or in connection
              with
              the origination of such Mortgage Loan; 

             

            (xx)  The
              Loan-to-Value Ratio of the Mortgage Loan is accurately reflected in
              the Mortgage
              Loan Schedule; 

             

            (xxi)  No
              Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as
              such terms
              are defined in S&P’s current edition of its LEVELS Glossary, Appendix E);

             

            (xxii)  All
              fees
              and charges (including finance charges) and whether or not financed,
              assessed,
              collected or to be collected with the origination and servicing of
              each Mortgage
              Loan has been disclosed in writing to the Mortgagor in accordance with
              applicable state and federal law and regulation; 

             

            (xxiii)  No
              Mortgage Loans have been prepaid in full prior to the related Closing
              Date;

             

            (xxiv)  Neither
              the origination of the Mortgage Loan nor the purchase thereof by the
              Initial
              Owner will cause the Mortgage Loan or the Initial Owner to fail to
              comply with
              the 0CC Guidelines Establishing Standards for Residential Mortgage
              Lending
              Practices; 

             

            (xxv)  The
              credit score of such Mortgage Loan is accurately reflected in the Mortgage
              Loan
              Schedule and each credit score was obtained from Experian, Transunion
              or Credit
              Repository; 

             

            (xxvi)  None
              of
              the Mortgage Loans are buy-down loans, graduated payment loans or have
              a shared
              appreciation or other contingent interest feature; 

             

            (xxvii)  Reserved;
              

             

            (xxviii)  
              The
              interest only period with respect to any Interest Only Mortgage Loan
              shall be
              for a fixed period not to exceed ten years; and 

             

            (xxix)  Interest
              on each Mortgage Loan is calculated on the basis of a 360-day year
              consisting of
              twelve 30-day months, with Monthly Payments due on the first of the
              month and
              interest payable in arrears; 

             

            (xxx)  No
              Mortgage Loan is one month or more delinquent in payment of principal
              and
              interest and, unless otherwise agreed by the Company and the relevant
              Initial
              Owner in the commitment letter with respect to such Mortgage Loan,
              has not been
              so delinquent more than once in the 12-month period immediately prior
              to the
              applicable Closing Date; 

             

            (xxxi)  There
              is
              no delinquent tax or assessment lien against any Mortgaged Property;
              

             

            (xxxii)  There
              are
              no delinquent insurance premiums affecting any Mortgaged Property;

             

            (xxxiii)  
              The
              information set forth in the Mortgage Loan Schedule (including, without
              limitation, any information with respect to any Lender-Paid Mortgage
              Insurance
              Policy) with respect to each Mortgage Loan or the Mortgage Loans, as
              the case
              may be, is true and correct in all material respects at the date or
              dates
              respecting which such information is furnished; 

             

            (xxxiv)  As
              of the
              applicable Closing Date, the Mortgage Loans were originated and have
              been
              serviced in all material respects in accordance with the Program Guide;
              

             

            (xxxv)  Each
              Mortgage Loan has been closed and fully disbursed, and immediately
              prior to the
              sale of the Mortgage Loans to such Initial Owner, the Company had good
              title to,
              and was the sole owner of, each Mortgage Loan and the sale of each
              Mortgage Loan
              by the Company validly transfers such Mortgage Loan to such Initial
              Owner free
              and clear of any pledge, lien, encumbrance or security interest (other
              than
              rights to servicing and related compensation) and no action has been
              taken or
              failed to be taken by the Company that would materially adversely affect
              the
              enforceability of any Mortgage Loan or the interests therein of such
              Initial
              Owner; 

             

            (xxxvi)  No
              misrepresentation, fraud or similar occurrence in respect of a Mortgage
              Loan has
              taken place on the part of any person, including without limitation,
              the
              Mortgagor, any appraiser or any party involved in the origination of
              the
              Mortgage Loan or in the application for any insurance in relation to
              such
              Mortgage Loan that might result in a denial, contesting, failure or
              impairment
              of full and timely coverage under any insurance policies required to
              be obtained
              with respect to the Mortgage Loans; 

             

            (xxxvii)  Each
              Mortgage constitutes a valid first lien on the related Mortgaged Property
              subject only to (1) the lien of current real property taxes and assessments,
              (2)
              covenants, conditions and restrictions, rights of way, easements and
              other
              matters of public record as of the date of recording of the Mortgage,
              and such
              other permissible title exceptions as are listed in the Program Guide,
              and (3)
              other matters to which like properties are commonly subject which do
              not
              materially adversely affect the value, use, enjoyment and marketability
              of the
              Mortgaged Property; 

             

            (xxxviii)  The
              Mortgaged Property is free of damage and is in good repair, and no
              notice of
              condemnation has been given with respect thereto and the Company knows
              of
              nothing involving any Mortgaged Property that could reasonably be expected
              to
              adversely affect the value or marketability of any Mortgaged Property;
              

             

            (xxxix)  There
              are
              no mechanics’ liens or claims for work, labor or material affecting any
              Mortgaged Property which are or may be a lien prior to, or equal with,
              the lien
              of the related Mortgage, except such liens that are insured or indemnified
              against by a title insurance policy described under clause (xlviii)
              below;

             

            (xl)  Each
              Mortgage Loan was originated by the Company in accordance with the
              Program Guide
              except for such variances as were justified by compensating factors
              identified
              in writing at the time of origination of such Mortgage Loan; 

             

            (xli)  Each
              Mortgage Loan as of the time of its origination complied with all applicable
              local, state and federal laws, including, but not limited to, all applicable
              predatory lending laws; 

             

            (xlii)  None
              of
              the Mortgage Loans are “high cost loans”, subject to the Home Ownership and
              Equity Protection Act of 1994, as amended or “high cost”, covered or predatory
              loans under other applicable state federal or local law; 

             

            (xliii)  Each
              Mortgage Loan was originated (1) 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, (2)
              by a
              mortgagee approved by the Secretary of HUD
              pursuant
              to Sections 203 and 211 of the National Housing Act, as amended, or
              (3) by a
              mortgage broker in a manner such that any mortgage backed securities
              representing interests in the Mortgage Loans would not fail to qualify
              as
“mortgage related securities” within the meaning of Section 3(a)(41) of the
              Securities Exchange Act of 1934, as amended; 

             

            (xliv)  Each
              Mortgage contains customary and enforceable provisions which render
              the rights
              and remedies of the holder adequate to realize the benefits of the
              security
              against the Mortgaged Property, including (1) in the case of a Mortgage
              that is
              a deed of trust, by trustee’s sale, (2) by summary foreclosure, if available
              under applicable law, and (3) otherwise by foreclosure, and there is
              no
              homestead or other exemption or dower, courtesy or other rights or
              interests
              available to the Mortgagor or the Mortgagor’s spouse that would interfere with
              such right to sell at a trustee’s sale or right to foreclosure, subject in each
              case to applicable federal and state laws and judicial precedents with
              respect
              to bankruptcy and rights of redemption; 

             

            (xlv)  No
              Mortgage Loan was made in connection with (I) the construction or rehabilitation
              of a Mortgaged Property or (2) facilitating the trade-in or exchange
              of a
              Mortgaged Property or an REO Property; 

             

            (xlvi)  With
              respect to each Mortgage that is a deed of trust, a trustee duly qualified
              under
              applicable law to serve as such is properly named, designated and serving;
              

             

            (xlvii)  Except
              in
              connection with a trustee’s sale after default by a Mortgagor, no fees or
              expenses are payable by the Company or the Subservicer to the trustee
              under any
              Mortgage that is a deed of trust; 

             

            (xlviii)  A
              policy
              of title insurance in the form and amount required by the Program Guide
              was
              effective as of the closing of each Mortgage Loan, is valid and binding
              and
              remains in full force and effect, unless the Mortgaged Property is
              located in
              the State of Iowa and an attorney’s certificate has been provided as described
              in the Program Guide; with respect to any Pay Option ARM Mortgage Loan,
              such
              policy of title insurance includes a negative amortization endorsement
              and
              insures the Company against any loss by reason of the invalidity or
              the
              unenforceability of the lien resulting from the provisions of the Mortgage
              providing for the adjustment of the mortgage interest rate and/or the
              monthly
              payment including any Negative Amortization thereunder; 

             

            (xlix)  There
              is
              no requirement for future advances under the Mortgage Loan 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 (including any escrow funds
              held to
              make Monthly Payments pending completion of such improvements) have
              been
              complied with. MI costs, fees and expenses incurred in making, closing
              or
              recording the Mortgage Loans were paid. 

             

            (l)  Each
              Mortgage Note constitutes a legal, valid and binding obligation of
              the Mortgagor
              enforceable in accordance with its terms except as limited by bankruptcy,
              insolvency or other similar laws affecting generally the enforcement
              of
              creditors’ rights; 

             

            (li)  The
              Mortgage Note is not and has not been secured by any collateral, pledged
              account, or other security except the lien of the Mortgage; 

             

            (lii)  The
              Mortgagor has not notified the Company or a Subservicer, and no relief
              has been
              requested or allowed to the Mortgagor, under the Servicemembers’ Civil Relief
              Act. 

             

            (liii)  No
              Mortgagor is the subject to any pending bankruptcy, insolvency, reorganization
              or moratorium proceeding; 

             

            (liv)  All
              improvements which were considered in determining the Appraised Value
              of the
              Mortgaged Property lie wholly within the boundaries and the building
              restriction
              lines of the Mortgaged Property, or the policy of title insurance affirmatively
              insures against loss or damage by reason of any violation, variation,
              encroachment or adverse circumstance that either is disclosed or would
              have been
              disclosed by an accurate survey; 

             

            (lv)  The
              Company is a member of MERS, in good standing, and current in payment
              of all
              fees and assessments imposed by MERS, and has complied with all rules
              and
              procedures of MERS in connection with its assignment on the MERS® System to such
              Initial Owner; 

             

            (lvi)  To
              the
              extent an appraisal of the Mortgaged Property was made, the appraisal
              was made
              by an appraiser who meets the minimum qualifications for appraisers
              as specified
              in the Program Guide; 

             

            (lvii)  Each
              Mortgage Loan was underwritten and approved in accordance with the
              Company’s
              general procedures and standards in all material respects; 

             

            (lviii)  The
              servicing of each Mortgage Loan has been legal, proper, prudent and
              customary
              and in accordance with the Program Guide; 

             

            (lix)  The
              Mortgaged Property is in material compliance with all applicable environmental
              laws pertaining to environmental hazards (including without limitation,
              asbestos) and neither the Company, nor to the Company’s knowledge, the related
              Mortgagor, has received any notice of any violation or potential violation
              of
              such environmental laws; 

             

            (lx)  No
              misrepresentation or fraud in respect of such Mortgage Loan has taken
              place on
              the part of any Person in connection with the origination and servicing
              of such
              Mortgage Loan; 

             

            (lxi)  There
              is
              no mortgage loan in the trust that was originated on or after March
              7, 2003,
              which is a “high cost home loan” as defined under the Georgia Fair Lending Act;

             

            (lxii)  No
              mortgage loan in the trust is a “high cost home,” “covered’1 (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” loan 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);

             

            (lxiii)  With
              respect to each mortgage loan underlying the Security, no borrower
              obtained a
              prepaid single-premium credit-life, credit disability, credit unemployment
              or
              credit property insurance policy In connection with the origination
              of the
              mortgage loan; 

             

            (lxiv)  No
              subprime mortgage loan originated on or after October 1, 2002 underlying
              the
              Security will impose a prepayment premium for a term in excess of three
              years.
              Any loans originated prior to such date, and any non-subprime loans,
              will not
              impose prepayment penalties in excess of five years; 

             

            (lxv)  The
              servicer for each mortgage loan underlying the Security will fully
              furnish, in
              accordance with the Fair Credit Reporting Act and its implementing
              regulations,
              accurate and complete information (it., 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; 

             

            (lxvi)  With
              respect to Pay Option ARM Mortgage Loans, the related Mortgage Note
              requires a
              Monthly Payment which is a Minimum Monthly Payment, an interest-only
              payment,
              full principal and interest amortized over thirty (30) years, or full
              principal
              and interest amortized over fifteen (15)
              years,
              and in each case, such Monthly Payment is in accordance with the related
              Mortgage Note; 

             

            (lxvii)  With
              respect to any Pay Option ARM Mortgage Loan, as of any Adjustment Date,
              the
              Mortgagor is and was provided with any and all disclosures and amortization
              schedules required by applicable law; and 

             

            (lxviii)  No
              Pay
              Option ARM Mortgage Loan has a Loan-to-Value Ratio as of the Closing
              Date equal
              to or greater than 115%, and no Mortgage Loan or Mortgage Note allows
              for a
              Loan-to-Value Ratio equal to or greater than 115%. 

             

            (b)  It
              is
              understood and agreed that the representations and warranties set forth
              in
              Section 2.04(a) herein and any additional representations and warranties
              set
              forth in a Reference Agreement shall survive the sale of the Mortgage
              Loans and
              shall inure to the benefit of any Owners, notwithstanding any restrictive
              or
              qualified endorsement or assignment. Upon discovery by either the Company
              or an
              Owner of a breach of any of the representations and warranties in Section
              2.04(a) or any additional representations and warranties set forth
              in a
              Reference Agreement, which materially and adversely affects the interest
              of the
              Owners, including, but not limited to, value and enforceability, in
              the related
              Mortgage Loan, the party discovering such breach shall give prompt
              written
              notice to the other. Within 90 days of its discovery or its receipt
              of notice of
              any such breach, the Company shall (i) cure such breach in all material
              respects
              or (ii) repurchase such Mortgage Loan at the Repurchase Price provided
              that if
              the breach would cause the Mortgage Loan to be other than a “qualified mortgage”
as defined in Section 860G(a(3) of the Code, any such cure or repurchase
              must
              occur within 90 days from the date such breach was discovered. The
              Repurchase
              Price for the repurchased Mortgage Loan shall be deposited by the Company
              in the
              Custodial Account and, upon receipt by the Owners of such Repurchase
              Price, the
              Owners shall cause the Custodian to promptly deliver the related Mortgage
              File
              to the Company. If any breach of representation or warranty set forth
              in clauses
              (xxi), (xli) and (xlii) of Section 2.04(a) gives rise to an obligation
              to
              repurchase a Mortgage Loan pursuant to this Section 2.04(b), then the
              Company
              shall pay to the Owner an amount equal to any liability, penalty or
              expense that
              is actually incurred and paid by the Owner and that directly resulted
              from such
              breach. The Company shall prepare the Assignment of the related Mortgage
              for
              execution by or at the direction of the Owners, as applicable, and
              shall pay all
              costs and expenses reasonably incurred by the Owners in effecting the
              reconveyance of a repurchased Mortgage Loan including, without limitation,
              the
              cost of recording the Assignment of the related Mortgage for any Mortgage
              Loan
              that is not registered with MERS. Notwithstanding the foregoing, the
              Company
              shall indemnify the Owner for any reasonable expense, cost, loss or
              liability
              (including but not limited to reasonable attorney’s fees) incurred by the Owner
              arising from any breach of warranty or representation or covenant of
              the Company
              made herein that materially and adversely affects the interests of
              the Owner in
              such Mortgage Loan. It is understood and agreed that the.. obligation
              of the
              Company to cure such breach or to so purchase such Mortgage Loan as
              to which
              such a breach has occurred and is continuing and the obligation of
              the Company
              to indemnify the Owner pursuant to the preceding sentence shall constitute
              the
              sole remedy respecting such breach available to the Owners. 

             

            (c)  The
              Company hereby represents and warrants to each Initial Owner that as
              of each
              Closing Date: 

             

            (i)  The
              Company is a corporation duly organized, validly existing and in good
              standing
              under the laws governing its creation and existence and is or will
              be in
              compliance with the laws of each state in which any Mortgaged Property
              is
              located to the extent necessary to ensure the enforceability of each
              Mortgage
              Loan in accordance with the terms of this Agreement; 

             

            (ii)  The
              execution, delivery and performance of this Agreement by the Company
              have been
              duly authorized and its execution, delivery, performance and compliance
              with the
              terms of this Agreement will not violate the Company’s Certificate of
              Incorporation or Bylaws or constitute a default (or an event which,
              with notice
              or lapse of time, or both, would constitute a material default) under,
              or result
              in the material breach of, any material contract, agreement or other
              instrument
              to which the Company is a party or which may be applicable to the Company
              or any
              of its assets; 

             

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

             

            (iv)  The
              Company is not in default with respect to any order or decree of any
              court or
              any order, regulation or demand of any federal, state, municipal or
              governmental
              agency, which default might have consequences that would materially
              and
              adversely affect the condition (financial or other) or operations of
              the Company
              or its properties or might have consequences that would materially
              adversely
              affect its performance hereunder; 

             

            (v)  The
              Company believes that it can perform the covenants contained in this
              Agreement
              in all material respects. The Company is solvent and will not be rendered
              insolvent by the consummation of the transactions contemplated by this
              Agreement; 

             

            (vi)  The
              performance of the Company’s obligations under this Agreement and the
              consummation of the transactions contemplated hereby do not require
              any consent,
              approval, authorization or order of, filing with or notice to any State
              of
              Minnesota agency or other governmental body in any other applicable
              jurisdiction, except such as have been obtained, effected or given;
              

             

            (vii)  No
              litigation is pending or, to the best of the Company’s knowledge, threatened
              against the Company which would prohibit the Company from entering
              into this
              Agreement or which would have a material adverse effect on the Company’s ability
              to perform its obligations under this Agreement; 

             

            (viii)  The
              consummation of the transactions contemplated by this Agreement are
              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 are not subject Lo the bulk transfer or any similar
              statutory
              provisions in effect in any applicable jurisdiction; 

             

            (ix)  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 that will be borne by the relevant Initial
              Owner;

             

            (x)  Except
              as
              previously disclosed to the Initial Owners in writing (a) the financial
              statements of the Company delivered to the Initial Owners for the fiscal
              year
              ended December 31, 2004 fairly present the results of operations and
              changes in
              financial position of the Company for such period and the financial
              position of
              the Company as of the end of such period, and (b) such financial statements
              are
              true, correct and complete as of their respective dates and have been
              prepared
              in accordance with generally accepted accounting principles consistently
              applied
              throughout the periods involved, except as set forth in the notes to
              such
              financial statements. 

             

            (xi)  No
              information, certificate of an officer, statement furnished in writing
              or report
              delivered by the Company to the Initial Owners will contain any untrue
              statement
              of a material fact; 

             

            (xii)  Each
              Mortgage Loan was originated by a Seller that was in good standing
              with the
              Company as a seller under the Program Guide at the time of purchase
              of the
              Mortgage Loan by the Company; 

             

            (xiii)  The
              electronic data file listing the Mortgage Loans and characteristics
              thereof
              provided to the relevant Initial Owner by the Company prior to the
              Closing Date
              is true and correct in all material respects; and 

             

            (xiv)  The
              Company has complied with all anti-money laundering laws and regulations
              currently in effect and applicable to it,. 

             

            Section
              2.05  Representations,
              Warranties and Covenants of the Initial Owners.
              Each
              Initial Owner hereby represents and warrants to and covenants with,
              the Company
              that as of the applicable Closing Date: 

             

            (i)  Such
              Initial Owner understands that the Mortgage Loans have not been registered
              under
              the Securities Act or the securities laws of any state. Such Initial
              Owner is
              acquiring the Mortgage Loans for investment for its own account only
              and not
              with a view to or for sale or other transfer in connection with any
              distribution
              of the Mortgage Loans in any manner that would violate the Securities
              Act or any
              applicable state securities law. Such Initial Owner considers itself
              a
              substantial, sophisticated institutional investor having such knowledge
              and
              experience in financial and business matters that it is capable of
              evaluating
              the merits and risks of investment in the Mortgage Loans. Such Initial
              Owner has
              been furnished with all information regarding the Mortgage Loans that
              it has
              requested from the Company. Neither such Initial Owner 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 to, 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 from, or otherwise approached
              or
              negotiated with respect to the Mortgage Loans, 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
              or which would render the disposition of the Mortgage Loans a violation
              of
              Section 5
              of
              the
              Securities Act or require registration pursuant thereto, nor will it
              act, nor
              has it authorized or will it authorize any person to act, in such manner
              with
              respect to the Mortgage Loans; 

             

            (ii)  Such
              Initial Owner is either (a) not a Plan that is subject to ERISA or
              Section
4975
              of
              the
              Code and not a Person acting, directly or indirectly, on behalf of
              or investing
              with “plan assets” of any such Plan or (b) an employee benefit plan that is
              subject to ERISA or Section 4975
              of
              the
              Code and the transaction contemplated herein does not constitute and
              will not
              result in a non-exempt prohibited transaction under Section 406 of
              ERISA or
              Section 4975
              of
              the
              Code; 

             

            (iii)  Such
              Initial Owner has executed this Agreement, the applicable Reference
              Agreement
              and the applicable Custodial Agreement contemporaneously with the sale
              of the
              Mortgage Loans by the Company to such Initial Owner and the transfer
              of the
              purchase price by such Initial Owner to the Company. The appropriate
              credit and
              investment committees of such Initial Owner has approved this Agreement,
              such
              Reference Agreement and such Custodial Agreement and such committees
              have the
              corporate authority to approve this Agreement, such Reference Agreement
              and such
              Custodial Agreement; 

             

            (iv)  Such
              Initial Owner shall maintain this Agreement, each Reference Agreement
              and each
              Custodial Agreement continuously, from the time of their execution,
              as an
              official record of such Initial Owner; and 

             

            (v)  Such
              Initial Owner has the full corporate power and authority to purchase
              the
              Mortgage Loans and to execute, deliver and perform and to enter into
              and
              consummate all transactions contemplated by this Agreement, the applicable
              Reference Agreement and applicable Custodial Agreement, has duly authorized
              the
              execution and delivery of this Agreement, such Reference Agreement
              and such
              Custodial Agreement, and this Agreement, such Reference Agreement and
              such
              Custodial Agreement each constitute the legal, valid and binding obligation
              of
              such Initial Owner, enforceable against it in accordance with their
              respective
              terms, except as limited by bankruptcy, insolvency or other similar
              laws
              affecting generally the enforcement of creditors’ rights and by general
              principles of equity regardless of whether such enforcement is considered
              in a
              proceeding in equity or at law. 

             

            The
              relevant Initial Owner shall indemnify the Company and hold it harmless
              against
              any loss, liability or expense incurred in connection with any claim,
              demand,
              defense or assertion based on or grounded upon, or resulting from,
              a breach of
              such Initial Owner’s representations, warranties and covenants contained in this
              Section 2.05. 

             

            Section
              2.06  Protection
              of Confidential Information and Consumer Information. 

             

            (a)  Each
              Owner agrees that the Sellers are customers of the Company and that
              the
              relationships between the Company and such Sellers are confidential
              (the
“Confidential Information”). Each Owner agrees that it shall not directly
              solicit the Sellers of Mortgage Loans for the purpose of purchasing
              loans
              similar to the Mortgage Loans from any such Seller unless (I) such
              a
              relationship already exists between such Owner or its affiliates and
              such
              Seller, (ii) such a purchase of a mortgage loan is established by a
              broker or
              agent of such Owner, which agent or broker is acting independently,
              and neither
              such Owner nor its affiliates have provided such broker or agent with
              any
              Confidential Information, or (iii) such a purchase of a mortgage loan
              is in such
              Owner’s ordinary course of business and is not based on the use of Confidential
              Information. Each Owner shall keep confidential and shall not, without
              the
              Company’s prior written consent, divulge to any party the price paid by such
              Owner for the Mortgage Loans, except to the extent that it is appropriate
              for
              such Owner to do so in working with legal counsel, auditors, examiners,
              taxing
              authorities or other governmental or regulatory agencies. 

             

            (b)  Each
              Owner agrees that it (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 as
              permitted or
              required by applicable law and regulations or at the specific written
              direction
              of the Company, (iv) shall maintain adequate physical, technical and
              administrative safeguards to protect Consumer Information from unauthorized
              access, and (v) shall immediately notify the Company of any actual
              or suspected
              breach of the confidentiality of Consumer Information. 

             

            Each
              Owner agrees that it shall indemnify, defend and hold the Company harmless
              from
              and against any loss, claim or liability the Company may suffer by
              reason of
              such Owner’s failure to perform the obligations set forth in this Section
              2.06(b). 

             

            (c)  The
              Company agrees that (i) it shall not solicit any Mortgagors (in writing
              or
              otherwise) to refinance any of the Mortgage Loans; provided that mass
              advertising or mailings (such as placing advertisements on television,
              on radio,
              in magazines or in newspapers or including messages in billing statements)
              that
              are not exclusively directed towards the Mortgagors shall not constitute
              solicitation and shall not violate this covenant and (ii) it shall
              comply with
              any applicable laws and regulations regarding the privacy and security
              of
              Consumer Information, it shall not use Consumer Information in any
              manner
              inconsistent with any applicable laws and regulations regarding the
              privacy and
              security of Consumer Information, it shall not disclose Consumer Information
              to
              third parties except as permitted or required by applicable law and
              regulations,
              it shall maintain adequate physical, technical and administrative safeguards
              to
              protect Consumer Information from unauthorized access and it shall
              immediately
              notify the Owner of any actual or suspected breach of the confidentiality
              of
              Consumer Information. 

             

            The
              Company shall indemnify, defend and hold the Owner harmless from and
              against any
              loss, claim or liability the Owner may suffer by reason of the Company’s failure
              to perform the obligations set forth in this Section 2.06(c). 

             

            (d)  The
              Company agrees and acknowledges that as to all nonpublic personal information
              received or obtained by it with respect to any Mortgagor: (a) such
              information
              is and shall be held by the Company in accordance with all applicable
              law,
              including but not limited to the privacy provisions of the Gramm-Leach
              Bliley
              Act; (b) such information is in connection with a proposed or actual
              secondary
              market sale related to a transaction of the Mortgagor for purposes
              of 16
              CF.R.3l2. 14(a)(3); and (c) Company is hereby prohibited from disclosing
              or
              using any such information other than to carry out the express provisions
              of
              this Agreement, or as otherwise permitted by applicable law. 

             

            (e)  The
              agreements under this Section 2.06 shall survive any termination of
              this
              Agreement. 

             

            Section
              2.07  Early
              Payment Default.
              If
              the
              related Mortgagor is thirty (30) days or more delinquent with respect
              to the
              first Monthly Payment (or, if the Company and the relevant Initial
              Owner
              expressly agree in any commitment letter with respect to any Mortgage
              Loan, the
              second Monthly Payment) under a Mortgage Loan due following the related
              Closing
              Date, the Company shall, at the Initial Owner’s option, repurchase such Mortgage
              Loan from the Initial Owner at the Repurchase Price within forty-five
              (45)
              days
              of
              the Due Date relating to such Monthly Payment; provided that the Company
              shall
              not be required to repurchase such Mortgage Loan if it can demonstrate
              to the
              Initial Owner’s reasonable satisfaction within thirty (30) days of such reported
              delinquency that the related Mortgagor timely made all payments required
              of the
              Mortgagor but such payment was otherwise misapplied. 

             

            Section
              2.08  Prepayment
              Protection.
              If
              any
              Mortgage Loan prepays in full within the first two (2) months following
              the
              related Closing Date, then the Company will pay to the Initial Owner
              an amount
              equal to the greater of (without duplication of any prepayment penalty
              fees
              otherwise paid with respect to such Mortgage Loan hereunder) (y) (1)
              the excess
              of the “purchase price percentage” paid by the Initial Owner to the Company for
              such Mortgage Loan over 100% as set forth in the related Mortgage Loan
              Schedule
              and/or commitment letter, times (2) the outstanding principal balance
              of the
              Mortgage Loan as of the date of such prepayment in full and (z) the
              amount of
              any prepayment penalty fees paid with respect to such Mortgage Loan.
              Such amount
              shall be deposited in the Custodial Account maintained by the Company
              In the
              event any Mortgage Loan is paid in full after the related Cut-off Date
              and on or
              prior to the related Closing Date, the Company shall also pay, in addition
              to
              the premium, the accrued interest paid by the Initial Owner for such
              Mortgage
              Loan. Nothing contained in this Section 2.08 shall in any way limit
              the rights
              of the Initial Owner to all collections and recoveries of principal
              and interest
              received or applied to any Mortgagor’s account and the Company’s obligation to
              remit such recoveries of principal and interest to the Initial
              Owner. 

             

            Section
              2.09  Delivery
              of Collateral Documents.
              Upon
              request from the Owner, the Company shall deliver no later than fifteen
              (15)
              days after such request copies of any documents related to a Mortgage
              Loan that
              required to be delivered pursuant to Section 2.01(b) but are held by
              the
              Company, to the Owner at the direction of the Owner. If the Company
              fails to
              furnish copies within the time period specified in this Section after
              the Owner
              has requested such copies, the Company shall repurchase such Mortgage
              Loan from
              the Owner in accordance with Section 2.04 hereof. 

             

            In
              connection with any Mortgage Loan that is a “Streamline Refi” Mortgage Loan,
              upon request from the Owner, the Company shall deliver, no later than
              fifteen
              (15) days after such request, copies of any documents related to the
              original
              mortgage loan that was the subject of the refinancing; provided,
              however,
              that
              any such document was required to be included in the related mortgage
              loan file
              pursuant to the related underwriting guidelines which have been provided
              to the
              Owner. If the Company fails to furnish such copies within the time
              period
              specified in this Section after the Owner has requested such copies,
              the Company
              shall repurchase such Mortgage Loan from the Owner in accordance with
              Section
              2.04 hereof. 

             

             

             

            ARTICLE
              III

             

            ADMINISTRATION
              AND SERVICING OF MORTGAGE LOANS

             

            Section
              3.01  Company
              to Act as Servicer.
              The
              Company shall act as master servicer, and in such capacity shall service
              and
              administer the Mortgage Loans in accordance with this Agreement and
              the Program
              Guide, and in connection therewith shall follow such procedures as
              it would
              employ in its good faith business judgment and which are normal and
              usual in its
              general mortgage servicing activities for mortgage loans similar to
              the Mortgage
              Loans, and as if the Mortgage Loans were owned by the Company and that
              are in
              accordance with accepted mortgage servicing practices of prudent mortgage
              lending institutions which service mortgage loans of the same type
              as the
              Mortgage Loans. The Company shall have full power and authority to
              the extent
              provided herein, acting alone and/or through the Subservicer as provided
              in
              Section 3.02, to do or cause to be done any and all things which it
              may deem
              necessary or prudent in connection with such servicing and administration.
              The
              Company will perform its duties and obligations as master servicer
              hereunder in
              accordance with all applicable laws in all material respects. The Owner
              shall
              furnish the Company and any Subservicer with any powers of attorney
              and other
              documents necessary or appropriate to enable the Company to service
              and
              administer the Mortgage Loans. 

             

            Section
              3.02  Agreements
              Between Company and Subservice.
              The
              Company may
              enter
              into one or more Subservicing Agreements with one or more Subservicers
              for the
              servicing and administration of the Mortgage Loans. Each Subservicer
              shall be
              approved by the Company as a servicer in accordance with the terms
              and
              conditions of the Program Guide and shall be entitled to receive and
              retain the
              Subservicing Fee in respect of the related Mortgage Loans. References
              in this
              Agreement to actions taken or to be taken by the Company in servicing
              the
              Mortgage Loans include actions taken or to be taken by a Subservicer
              on behalf
              of the Company. Each Subservicing Agreement will be upon such terms
              and
              conditions as are required or permitted by the Program Guide and are
              not
              inconsistent with
              this
              Agreement. Any Subservicing Agreement shall be deemed to be between
              the
              Subservicer and the Company alone and the Owners shall not be deemed
              a party
              thereto and shall have no claims, rights, obligations, duties or liabilities
              with respect to the Subservicer in its capacity as such except as hereinafter
              set forth in this Section 3.02. 

             

            The
              Company further is authorized and empowered by the Owners, with the
              Owners’
knowledge and consent, in its own name or in the name of the Subservicer,
              when
              the Company believes it appropriate in its best judgment to register
              any
              Mortgage Loan on the MERS® System, or cause the removal from the registration of
              any Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the
              Owners any and all instruments of assignment and other comparable instruments
              with respect to such assignment or re-recording of a Mortgage in the
              name of
              MERS, solely as nominee for the Owners and its successors and assigns.
              The cost
              of any such registration, removal, assignment or re-recording shall
              be paid by
              the Owners. 

             

            The
              Company shall be entitled to terminate any Subservicing Agreement that
              may exist
              and the rights and obligations of any Subservicer pursuant to any Subservicing
              Agreement in accordance with the terms and conditions of such Subservicing
              Agreement and without any limitation by virtue of this Agreement; provided,
              however, that
              in
              the event of tennination of any Subservicing Agreement by the Company
              or the
              Subservicer, all servicing obligations of such Subservicer shall be
              assumed
              simultaneously by the Company, and the Company shall either act as
              servicer of
              the related Mortgage Loan or enter into a Subservicing Agreement with
              a
              successor Subservicer which will be bound by the terms of the related
              Subservieing Agreement. 

             

            The
              Company shall remain obligated and primarily liable to the Owners for
              the
              servicing and administering of the Mortgage Loans in accordance with
              the
              provisions of Section 3.01 without diminution of such obligation or
              liability by
              virtue of such Subservicing Agreements or arrangements or by virtue
              of
              indemnification from the Subservicer and to the same extent and under
              the same
              terms and conditions as if the Company alone were servicing and administering
              the Mortgage Loans. 

             

            In
              the
              event the Company shall for any reason no longer be the master servicer
              of the
              Mortgage Loans hereunder, the Successor Servicer appointed pursuant
              to Section
              8.01, if any, or the Owners, as the case may be, shall thereupon assume
              all of
              the rights and obligations of the Company under each Subservicing Agreement
              that
              may have been entered into, unless the Subservicer or Owner is then
              permitted
              and elects to terminate any Subservicing Agreement in accordance with
              its terms.

             

            Section
              3.03  Collection
              of Certain Mortgage Loan Payments and Liquidation of Mortgage
              Loans.
              The
              Company shall cause all payments called for under the terms and provisions
              of
              the Mortgage Loans to be collected. Consistent with the foregoing,
              the Company
              may in its discretion (i) waive any late payment charge or penalty
              interest in
              connection with the prepayment of a Mortgage Loan and (ii) only upon
              determining
              that the coverage of such Mortgage Loan by the related mortgage insurance
              policy
              if any, will not be affected, extend the Due Dates for the Monthly
              Payments due
              on a Mortgage Note in accordance with the Program Guide. The Company
              may (or
              shall, in the case of clauses (ii) or (iii) below) waive (or permit
              a
              Subservicer to waive) a Prepayment Penalty only under the following
              circumstances: (i) such waiver 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
              Penalty and
              the related Mortgage Loan, (ii) such waiver is required under state
              or federal
              law or (iii) the mortgage debt has been accelerated as a result of
              the
              Mortgagor’s default in making its Monthly Payments. The Company shall not waive
              (and shall not permit any Subservicer to waive) any Prepayment Penalty
              unless it
              is waived in accordance with the immediately preceding sentence. 

             

            Section
              3.04  Principal
              and Interest Accounts.
              In
              those
              cases where a Subservicer is servicing a Mortgage Loan pursuant to
              a
              Subservicing Agreement, the Subservicer will be required to establish
              and
              maintain one or more principal and interest accounts in accordance
              with the
              Program Guide. The Subservicer will generally be required to deposit
              into such
              accounts all proceeds of Mortgage Loans received by the Subservicer,
              less its
              servicing compensation, and remit such amounts to the Company as described
              in
              the Subservicing Agreement. 

             

            Section
              3.05  Escrow
              Accounts.
              In
              addition to the principal and interest account described in Section
              3.04, the
              Company shall cause each Subservicer pursuant to the related Subservicing
              Agreement to establish and maintain one or more escrow accounts for
              the benefit
              of the Company and deposit and retain therein all collections from
              the
              Mortgagors for the payment of taxes, assessments, hazard insurance
              premiums,
              mortgage insurance policy premiums, if applicable, and comparable items
              for the
              account of the Mortgagors. 

             

            Section
              3.06  Custodial
              Account.
              The
              Company shall establish and maintain one or more Custodial Accounts,
              which may
              be interest bearing accounts. A Custodial Account may contain fluids
              which do
              not belong to the Owners. Except as otherwise set forth below, the
              following
              payments and collections shall be deposited therein (other than in
              respect of
              principal and interest on the Mortgage Loans due on or before the applicable
              Cut-off Date): (i) all payments on account of principal on the Mortgage
              Loans;
              (ii) all payments on account of interest on the Mortgage Loans, net
              of the
              Subservicing Fee or any portion of the Servicing Fee payable to the
              Subservicer,
              including Compensating Interest; (iii) all Insurance Proceeds and Liquidation
              Proceeds; (iv) any Monthly Advances; (v) all proceeds of any Mortgage
              Loan
              repurchased pursuant to Sections 2.02 and 2.04 and clause (iii) of
              Section 7.01,
              (vi) any amounts required to be deposited pursuant to Section 2.07,
              2.08, the
              first paragraph of Section 3.08 and Section 3.19 and (vii) any Prepayment
              Penalties. 

             

            With
              respect to Liquidation Proceeds, Insurance Proceeds and the proceeds
              of the
              purchase of any Mortgage Loan pursuant to Sections 2.02 and 2.04 received
              in any
              calendar month, the Company may elect to treat such amounts as included
              in the
              Principal Remittance Amount for the Remittance Date in the month of
              receipt, but
              is not obligated to do so. If the Company so elects, such amounts will
              be deemed
              to have been received on the last day of the month prior to the receipt
              thereof.

             

            Section
              3.07  Permitted
              Withdrawals From the Custodial Account.
              The
              Company may, from time to time as provided herein, make withdrawals
              from the
              Custodial Account for the following purposes: 

             

            (i)  to
              make
              payments to the Owners in the amounts and in the manner provided for
              in Section
              4.01; 

             

            (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 payments of principal and/or interest
              respecting which any such advance was made; 

             

            (iii)  to
              reimburse itself as to any Liquidated Mortgage Loan from related liquidation
              Proceeds for related Monthly Advances, Insured Expenses and Liquidation
              Expenses, and to reimburse itself for any unpaid servicing compensation
              on such
              Liquidated Mortgage Loan; 

             

            (iv)  to
              reimburse itself as to any Mortgage Loan which became an REO Property,
              from
              related Liquidation Proceeds for related Insured Expenses and Liquidation
              Expenses; 

             

            (v)  (a)
              to
              pay to itself as servicing compensation any interest earned on or investment
              income with respect to funds in the Custodial Account to the extent
              interest
              earnings are in excess of the amount of Compensating Interest owed
              and (b) to
              pay to itself as to each Mortgage Loan the Servicing Fee, and to the
              related
              Subservicer the Subservicing Fee; 

             

            (vi)  to
              pay to
              itself with respect to each Mortgage Loan that has been repurchased
              pursuant to
              Sections 2.02, 2.04 and 3.19 all amounts received thereon and not required
              to be
              distributed to the Owners; 

             

            (vii)  to
              reimburse itself for any Nonrecoverable Monthly Advance or to reimburse
              itself
              for any Liquidation Expenses not previously recovered pursuant to subclauses
              (iii) and (iv) above; 

             

            (viii)  to
              reimburse itself for expenses incurred by and reimbursable to it pursuant
              to
              Section 5.01; 

             

            (ix)  to
              reimburse itself for any other expenses incurred and reimbursable to
              it pursuant
              to Section 3.12 or otherwise; and 

             

            (x)  to
              clear
              the Custodial Account of all amounts on deposit therein attributable
              to the
              Mortgage Loans upon the termination of this Agreement. 

             

            Section
              3.08  Permitted
              Instruments.
              The
              depository institution at which the Custodial Account has been established
              may
              at the direction of the Company, invest the funds in the Custodial
              Account in
              Permitted Instruments, which shall mature not later than the Remittance
              Date
              next following the date of such investment. All income and gain realized
              from
              any such investment shall be for the benefit of the Company and shall
              be subject
              to its withdrawal or order from time to time. The amount of any losses
              incurred
              in respect of any such investments shall be deposited in the Custodial
              Account
              by the Company out of its own funds immediately as such losses are
              realized. As
              used herein, Permitted Instruments shall include the following: 

             

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

             

            (ii)  repurchase
              obligations with respect to any security described in clause (i) above
              maturing
              not more than one month from the date of acquisition thereof provided
              that the
              unsecured obligations of the party agreeing to repurchase such obligations
              are
              at the tune rated by any nationally recognized rating agency as investment
              grade; 

             

            (iii)  federal
              funds, certificates of deposit, demand deposits, time deposits and
              bankers’
acceptances (which shall each have an original maturity of not more
              than 90 days
              and, in the case of bankers’ acceptances, shall in no event have an original
              maturity of more than 365
              days
              or a
              remaining maturity of more than 30 days) denominated in United States
              dollars of
              any U.S.. depository institution or trust company incorporated under
              the laws of
              the United States or any state thereof or of any domestic branch of
              a foreign
              depository institution or trust company incorporated under the laws
              of the
              United States or any state, provided that the debt obligations of such
              depository institution or trust company (or, in the case of the principal
              depository institution in a depository institution holding company
              system, debt
              obligations of the depository institution holding company) at the date
              of
              acquisition thereof have been rated by any nationally recognized rating
              agency
              as investment grade; and provided further that, if the depository or
              trust
              company is a principal subsidiary of a depository institution holding
              company
              and the debt obligations of such subsidiary are not separately rated,
              the
              applicable rating shall be that of the depository institution holding
              company;
              and, provided further that, if the original maturity of such short-term
              obligations of a domestic branch of a foreign depository institution
              or trust
              company shall exceed 30 days, the short-term rating of such institution
              shall be
              rated by any nationally recognized rating agency as investment grade;
              

             

            (iv)  commercial
              paper and demand notes (having original maturities of not more than
              365 days) of
              any corporation incorporated under the laws of the United States or
              any state
              thereof which on the date of acquisition has a remaining maturity of
              not more
              than 30 days and has been rated by any nationally recognized rating
              agency as
              investment grade; 

             

            (v)  a
              money
              market fund or a qualified investment fund rated by any nationally
              recognized
              rating agency as investment grade; and 

             

            (vi)  other
              obligations or securities that are acceptable to any nationally recognized
              rating agency as a Permitted Instrument for a security rated as investment
              grade

             

            Section
              3.09  Primary
              Insurance Policies.
              The
              Company shall not take any action which would result in non-coverage
              under any
              applicable mortgage insurance policy or any loss which, but for the
              actions of
              the Company, would have been covered thereunder. To the extent coverage
              is in
              full force and effect on the Mortgage Loans as of the applicable Cut-off
              Date,
              the Company shall use reasonable efforts to keep or cause to be kept
              in full
              force and effect each such mortgage insurance policy until the principal
              balance
              of the related Mortgage Loan is reduced to 80% or less of the Appraised
              Value in
              the case of such a Mortgage Loan having a Loan-to-Value Ratio at origination
              in
              excess of 80%. The Company shall pay or use reasonable efforts to cause
              the
              premium for each mortgage insurance policy to be paid on a timely
              basis. 

             

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

             

            (a)  The
              Company shall use reasonable efforts to cause to be maintained for
              each Mortgage
              Loan and on property acquired upon foreclosure, or deed in lieu of
              foreclosure,
              of any Mortgage Loan, fire insurance with extended coverage and flood
              insurance
              in accordance with the Program Guide. Any amounts applied to the Company
              under
              any such policies (other than amounts 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 Custodial Account, subject to withdrawal
              pursuant to
              Section 3.07. In the event that the Company shall obtain and maintain
              a blanket
              policy insuring against hazard losses on all of the Mortgage Loans,
              it shall
              conclusively be deemed to have satisfied its obligations as set forth
              in the
              first sentence of this Section 3.10(a), 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 a policy complying with the first sentence of this Section
              3.10(a) 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 administrator and servicer of the Mortgage Loans, the
              Company
              agrees to present, on behalf of itself and the Owners, claims under
              any such
              blanket policy in a timely fashion in accordance with the terms of
              such policy.

             

            (b)  The
              Company shall obtain and maintain at its own expense and keep in full
              force and
              effect throughout the term of this Agreement a blanket fidelity bond
              and an
              errors and omissions insurance policy covering the Company’s officers and
              employees and other persons acting on behalf of the Company in connection
              with
              its activities under this Agreement. The amount of coverage shall be
              at least
              equal to the coverage that would be required by Fannie Mae or Freddie
              Mac with
              respect to the Company if the Company were servicing and administrating
              the
              Mortgage Loans for Fannie Mae or Freddie Mac in addition to other mortgage
              loans
              being serviced and administered by the Company. 

             

            Section
              3.11  Enforcement
              of Due-On-Sale Clauses. 

             

            (a)  When
              any
              Mortgaged Property is conveyed, the Company shall declare such Mortgage
              Loan due
              and payable and shall enforce any due-on-sale clause contained in any
              Mortgage
              Note or Mortgage in accordance with the Program Guide, 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
              insurance policy. Notwithstanding the foregoing: 

             

            (i)  the
              Company shall not be deemed to be in default under this Section 3.11(a)
              by
              reason of any transfer or assumption which the Company is restricted
              by law from
              preventing; and 

             

            (ii)  if
              the
              Company determines that it is reasonably likely that any Mortgagor
              will bring,
              or if any Mortgagor does bring, legal action to declare invalid or
              otherwise
              avoid enforcement of a due-on-sale clause contained in any Mortgage
              Note or
              Mortgage, the Company shall not be required to enforce the due-on-sale
              clause or
              to contest such action. 

             

            (b)  Subject
              to the Company’s duty to enforce any due-on-sale clause to the extent set forth
              in Section 3.11(a),
              in
              any
              case in which a Mortgaged Property is to be conveyed to a Person by
              a Mortgagor,
              and such Person is to enter into an assumption or modification agreement
              or
              supplement to the Mortgage Note or Mortgage which requires the signature
              of the
              Owners, or if an instrument of release signed by the Owners is required
              releasing the Mortgagor from liability on the Mortgage Loan, the Company
              is
              authorized, subject to the requirements of the sentence next following,
              to
              execute and deliver, on behalf of the Owners, 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. The Company
              shall
              execute and deliver such documents only if it reasonably determines
              that (i) its
              execution and delivery thereof will not conflict with or violate any
              terms of
              this Agreement or cause the unpaid balance and interest on the Mortgage
              Loan to
              be uncollectible in whole or in part, (ii) any required consents of
              insurers
              under any related insurance policies have been obtained and (iii) subsequent
              to
              the closing of the transaction involving the assumption or transfer
              (A) the
              Mortgage Loan will continue to be secured by a first mortgage lien
              pursuant to
              the terms of the Mortgage, (B) such transaction will not adversely
              affect the
              coverage under any related Insurance Policies, (C) the Mortgage Loan
              will fully
              amortize over the remaining term thereof, (D) no material term of the
              Mortgage
              Loan (including the interest rate on the Mortgage Loan) will be altered
              nor will
              the term of the Mortgage Loan be changed and (B) if the seller/transferor
              of the
              Mortgaged Property is to be released from liability on the Mortgage
              Loan, such
              release will not (based on the Company’s or the Subservicer’s good faith
              determination) adversely affect the collectability of the Mortgage
              Loan,. Upon
              receipt of appropriate instructions from the Company in accordance
              with the
              foregoing, the Custodian shall execute any necessary instruments for
              such
              assumption or substitution of liability as directed by the Company.
              Upon the
              closing of the transactions contemplated by such documents, the Company
              shall
              cause the originals or true and correct copies of the assumption agreement,
              the
              release (if any), or the modification or supplement to the Mortgage
              Note or
              Mortgage to be delivered to the Custodian and deposited with the Mortgage
              File
              for such Mortgage Loan. Any fees collected by the Company or the related
              Subservicer for entering into an assumption or substitution of liability
              agreement will be retained by the Company or such Subservicer as additional
              servicing compensation. The Company shall notify the Owner, in writing,
              of any
              such assumption, modification, supplement or substitution of liability
              with
              respect to any Mortgage Loan and the date thereof. 

             

            (c)  The
              Company or the related Subservicer, as the case may be, shall be entitled
              to
              approve a request from a Mortgagor for a partial release of the related
              Mortgaged Property, the granting of an easement thereon in favor of
              another
              Person, any alteration or demolition of the related Mortgaged Property
              or other
              similar matters if it has determined, exercising its good faith business
              judgment in the same manner as it would if it were the owner of the
              related
              Mortgage Loan, that the security for, and the timely and full collectability
              of,
              such Mortgage Loan would not be adversely affected thereby Any fee
              collected by
              the Company or the related Subservicer for processing such a request
              will be
              retained by the Company or such Subservicer as additional servicing
              compensation. 

             

            (d)  Subject
              to any other applicable terms and conditions of this Agreement, the
              Custodian
              and Company shall be entitled to approve an assignment in lieu of satisfaction
              with respect to any Mortgage Loan, provided the obligee with respect
              to such
              Mortgage Loan following such proposed assignment provides the Custodian
              and
              Company with a “Certification” in the form attached hereto as Exhibit F, in form
              and substance satisfactory to the Custodian and Company, providing
              the
              following: (i) that the Mortgage Loan is secured by Mortgaged Property
              located
              in a jurisdiction in which an assignment in lieu of satisfaction is
              required to
              preserve lien priority, minimize or avoid mortgage recording taxes
              or otherwise
              comply with, or facilitate a refinancing under, the laws of such jurisdiction;
              (ii) that the substance of the assignment is, and is intended to be,
              a
              refinancing of such Mortgage Loan and that the form of the transaction
              is solely
              to comply with, or facilitate the transaction under, such local laws;
              (iii) that
              the Mortgage Loan following the proposed assignment will have a rate
              of interest
              at least 0.25 percent below or above the rate of interest on such Mortgage
              Loan
              prior to such proposed assignment and (iv) that such assignment is
              at the
              request of the borrower under the related Mortgage Loan, upon approval
              of such
              assignment in lieu of satisfaction with respect to any Mortgage Loan,
              the
              Company shall receive cash in an amount equal to the unpaid principal
              balance of
              and accrued interest on such Mortgage Loan and the Company shall treat
              such
              amount as a Full Prepayment with respect to such Mortgage Loan for
              all purposes
              hereof. 

             

            Section
              3.12  Realization
              Upon Defaulted Mortgage Loans. 

             

            (a)  Subject
              to Section 3.18(f), the Company shall foreclose upon or otherwise comparably
              convert the ownership of properties securing such of the Mortgage Loans
              as come
              into and continue in default and as to which no satisfactory arrangements
              can be
              made for collection of delinquent payments pursuant to Section 3.03;
              provided,
              however,
              that
              the Company shall notify the Owners of the Company’s intent to foreclose on any
              such properties at least 5 Business Days prior to the commencement
              of
              foreclosure on such properties. In connection with such foreclosure
              or other
              conversion, the Company shall, consistent with this Agreement, 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; provided
              that the
              Company shall not be liable in any respect hereunder if the Company
              is acting in
              a manner that is consistent with the provisions of this Agreement and
              the
              applicable Custodial Agreement. The foregoing is subject to the proviso
              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 Mortgage Loan to the Owners after reimbursement
              to itself for
              such expenses and (ii) that such expenses will be recoverable to it
              through
              Liquidation Proceeds from the related Mortgaged Property, as contemplated
              in
              Section 3.07. In the event of a determination by the Company pursuant
              to this
              Section 3.12(a), the Company shall be entitled to reimbursement of
              its hinds so
              expended pursuant to Section 3.07. The Company shall be responsible
              for all
              other costs and expenses incurred by it in any such proceeding; provided,
              however,
              that it
              shall be entitled to reimbursement thereof from the related Mortgaged
              Property,
              as contemplated in Section 3.07. 

             

            (b)  Any
              proceeds
              collected by the Subservicer and received by the Company with respect
              to any
              Mortgage Loan, including without limitation, Insurance Proceeds, Liquidation
              Proceeds or any other proceeds realized with respect to the sale of
              the Mortgage
              Loan (other than any such amounts relating to PRO Property) shall be
              applied as
              follows: first, to reimburse the Subservicer and the Company for all
              unreimbursed Monthly Advances with respect to such Mortgage Loan and
              servicing
              advances and expenses incurred by the Subservicer and the Company with
              respect
              to such Mortgage Loan in accordance with the Program Guide and this
              Agreement,
              including without limitation, taxes, assessments and hazard insurance
              premiums;
              second, to pay to the Company any unpaid Servicing Fees and Subservicing
              Fees
              owed with respect to the related Mortgage Loan; third, to pay to the
              Owners an
              amount equal to accrued and unpaid interest on the Principal Balance
              of such
              Mortgage Loan at the Mortgage Loan Remittance Rate to the Due Date
              prior to the
              Remittance Date on which such amounts are to be distributed; fourth,
              to pay to
              the Owners an amount equal to the Principal Balance of such Mortgage
              Loan; and
              fifth, to pay to the Owners any amounts remaining. 

             

            Section
              3.13  Owner
              to Cooperate: Release of Mortgage Files. 

             

            (a)  Upon
              becoming aware of the payment in full of any Mortgage Loan or upon
              the receipt
              by the Company of a notification that payment in fill will be escrowed
              in a
              manner customary for such purposes, the Company will immediately notify
              the
              relevant Initial Owner and the Custodian by delivering to such Initial
              Owner and
              the Custodian a Request for Release. Upon receipt of such Request for
              Release,
              such Initial Owner shall, within five Business Days, release or cause
              the
              Custodian to release the related Mortgage File to the Company. No expenses
              incurred in connection with any instrument of satisfaction or deed
              of
              reconveyance shall be chargeable to finds attributable to the Mortgage
              Loans on
              deposit in the Custodial Account. 

             

            (b)  From
              time
              to time as is appropriate for the servicing or foreclosure of any Mortgage
              Loan,
              the Company will deliver to the Owners and the Custodian a Request
              for Release.
              Upon receipt of such Request for Release, the Owners shall promptly
              cause the
              Custodian to deliver the related Mortgage File, as requested, to the
              Company.
              The Company shall cause each Mortgage File so released to be returned
              to the
              Custodian when the need therefor by the Company 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 Custodial Account or (ii)
              the Mortgage
              File or such document has been delivered directly or through a Subservicer
              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.
              

             

            Section
              3.14  Reports
              to the Owners. 

             

            (a)  The
              Company will deliver to the Owners on or before March 15 of each year,
              beginning
              with the first March 15 that occurs at least three (3) months after
              the initial
              Cutoff Date, a certificate of an officer of the Company stating, as
              to each
              signer thereof, that (i) a review of the activities of the Company
              during the
              preceding calendar year and of performance under agreements similar
              to this
              Agreement has been made under such officer’s supervision, (ii) to the best of
              such officer’s knowledge, based on such review, the Company has fulfilled its
              obligations in all material respects throughout such year, or, if there
              has been
              a default in the fulfillment in all material respects of any such obligation
              relating to this Agreement, specifying each such default known to such
              officer
              and the nature and status thereof and (iii) to the best of such officer’s
              knowledge, each Subservicer has fulfilled its material obligations
              under its
              Subservicing Agreement in all material respects, or if there has been
              a material
              default in the fulfillment of such obligations as it relates to the
              Mortgage
              Loans, specifying such default known to such officer and the nature
              and status
              thereof. 

             

            (b)  On
              or
              before March 15 of each year, beginning with the first March 15 that
              occurs at
              least three (3) months after the initial Cut-off Date, the Company
              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 Owners
              to the effect that such firm has examined certain documents and records
              relating
              to the servicing of the mortgage loans under various agreements (including
              this
              Agreement) similar one to another and that, on the basis of such examination
              conducted substantially in compliance with the Uniform Single Audit
              Program for
              Mortgage Bankers or the Audit Program for Mortgages serviced for Freddie
              Mac,
              such servicing has been conducted in compliance with such agreements
              except for
              such significant exceptions or errors in records that, in the opinion
              of such
              firm, the Uniform Single Audit Program for Mortgage Bankers or the
              Audit Program
              for Mortgages serviced for Freddie Mac requires it to report. The Company
              shall
              use its best efforts to eliminate any such reported exceptions or errors
              as
              promptly as practicable. 

             

            Section
              3.15  REO
              Property.
              In
              the
              event that title to a Mortgaged Property is acquired in foreclosure
              or by deed
              in lieu of foreclosure, the deed or certificate of sale to the REO
              Property
              shall be taken in the name of the relevant Owner of the related Mortgage
              Loan on
              the date (the “Acquisition Date”) on which such Mortgaged Property becomes an
              REO Property, or in the name of such other Person or Persons as requested
              by the
              Owners, provided,
              however,
              that
              title to the REO Property shall not be taken in the name of the Company
              unless
              the Company has obtained an Opinion of Counsel satisfactory to it from
              an
              attorney duly licensed to practice law in the State where the REO Property
              is
              located to the effect that the Company shall not suffer any adverse
              tax,
              financial, regulatory or licensing consequences as a result of obtaining
              record
              title to the REO property. The Person or Persons other than the Owners
              holding
              record title to an REO Property shall acknowledge in writing that such
              title is
              being held as nominee for such Owners. 

             

            The
              Company by itself or through an affiliate shall manage or cause the
              Subservicer
              to manage the REO Property in accordance with the terms and provisions
              of the
              Program Guide and in a manner that is consistent with the manner in
              which it
              would manage its own property, and in a manner that is in the best
              interests of
              the Owners. Any proceeds collected by the Subservicer after the Acquisition
              Date
              with respect to the REO Property, including without limitation, insurance,
              liquidation or any proceeds realized with respect to the sale or rental
              of the
              REO Property (collectively, the “Cash Receipts”) shall be promptly applied as
              follows: First, to pay the commission of the broker, if any, who introduced
              the
              purchaser of the REO Property to the Subservicer; and Second, to reimburse
              the
              Subservicer and the Company for all unreimbused Monthly Advances and
              pre and
              post Acquisition Date cash outlays made by the Subservicer and the
              Company (or
              such affiliate) with respect to such P.130 Property in accordance with
              the
              Program Guide, including without limitation, taxes, assessments and
              hazard
              insurance premiums. All Cash Receipts remaining thereafter shall be
              distributed
              to the Owners on the first Remittance Date which occurs one calendar
              month after
              the sale of the REO Property. 

             

            The
              Company and the Owners hereby agree that the Subservicer shall be relieved
              of
              its obligation, as set forth in the Program Guide, to advance to the
              Company on
              the 18th day of the month following the Acquisition Date uncollected
              principal
              and net interest with respect to the Mortgage Loan relating to the
              PLO Property.

             

            Section
              3.16  Compensating
              Interest.
              Notwithstanding
              any other provisions contained herein, the amount of servicing compensation
              that
              the Company shall be entitled to receive for its activities hereunder
              for the
              period ending on each Remittance Date shall be reduced (but not below
              zero) by
              an amount equal to Compensating Interest (if any) for such Remittance
              Date. Such
              reduction shall be applied during such period as follows: first, to
              any
              Servicing Fee or Subservicing Fee to which the Company is entitled
              pursuant to
              Section 3.07, and second, to any income or gain realized from any investment
              of
              funds held in the Custodial Account to which the Company is entitled
              pursuant to
              Section 3.08. In making such reduction, the Company (i) will not withdraw
              from
              the Custodial Account any such amount representing all or a portion
              of the
              Servicing Fee to which it is entitled pursuant to Section 3.07, and
              (ii) will
              not withdraw from the Custodial Account any such amount to which it
              is entitled
              pursuant to Section 3.08. 

             

            Section
              3.17  Filing
              Requirements.
              In
              the
              event that the Mortgage Loans in a Mortgage Pool are transferred by
              the Owner
              directly or indirectly to a securitization trust (a “Securitization Trust”),
              other than pursuant to Section 3.18(a), then, upon request of the Owner
              or any
              other person as specified in the related pooling and servicing agreement
              or
              similar agreement (and except as otherwise specified therein), the
              Company shall
              cause the servicing officer in charge of servicing of the Company to
              execute and
              deliver a certification (the “Backup Certification”) in the form set forth as
              Exhibit A to the Regulation AB Compliance Addendum attached hereto
              as Exhibit H
              in connection with such Securitization Trust, not later than March
              15 of each
              calendar year following the first fiscal year of the Securitization
              Trust;
              provided that such Backup Certification shall no longer be required
              if periodic
              reports under the Securities Exchange Act of 1934 are no longer required
              with
              respect to the Securitization Trust., 

             

            Section
              3.18  Reconstitution. 

             

            (a)  Upon
              20
              days’ prior written notice of intent to the Company, the Owner and the Company
              agree that the Owner may consummate a Whole-Loan Transfer or Securitization
              Transaction and assign its rights under this Agreement with respect
              to the
              Mortgage Loans subject to such Whole-Loan Transfer or Securitization
              Transaction
              subject to the terms of this Agreement; provided,
              however,
              that
              the transferee will not be deemed to be the Owner hereunder unless
              such
              transferee shall agree in writing to be bound by the terms of this
              Agreement and
              an original counterpart of the document evidencing such agreement shall
              have
              been executed by the Owner and the transferee and delivered to the
              Company.
              Notwithstanding the foregoing, no transfer shall be effective if such
              transfer
              would result in there being more than three (3) transferees outstanding
              hereunder with respect to any Mortgage Loan Package. 

             

            (b)  The
              Owner
              and the Company agree that in connection with the completion of a Securitization
              Transaction, the Company shall: 

             

            (i)  provide
              the Owner with an Officer’s Certificate on behalf of the Company that restates
              as of the date of the Reconstitution all representations and warranties
              made by
              the Company pursuant to Section 2.04(c) of this Agreement and to restate
              the
              representations and warranties made by the Company in Section 2.04(a)
              as of the
              Closing Date on which such Mortgage Loans were purchased by the Initial
              Owner
              pursuant to this Agreement, together with any additional reasonable
              representations and warranties which may be required by the rating
              agencies in
              connection with the Securitization Transaction, which shall be mutually
              agreed
              upon by the Company and the Owner and shall be standard representations
              and
              warranties for Securitization Transactions involving mortgage loans
              similar to
              the Mortgage Loans and shall not impose any additional material obligations
              or
              liabilities on the Company than are set forth in this Agreement; 

             

            (ii)  cooperate
              with the Owner with respect to reasonable requests which have been
              made by the
              Owner by prior notice and if the Company is required to be a party
              to any of the
              Reconstitution Agreements, execute any Reconstitution Agreement, subject
              to the
              provisions of this Section 3.1 8, and subject to the mutual agreement
              between
              the Owner and the Company as to the terms thereof within a reasonable
              period of
              time, but in no event shall any prior notice and request to execute
              a
              Reconstitution Agreement be made to the Company less than ten (10)
              days prior to
              the date such Reconstitution Agreement is to be executed; 

             

            (iii)  provide
              to any master servicer or trustee, as applicable, and/or the Owner,
              as of a
              recent date prior to the Securitization Transaction, any and all publicly
              available 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 Owner. trustee or a master servicer shall
              reasonably request as to the related Mortgage Loans and that is customary
              information for a Securitization Transaction; 

             

            (iv)  agree
              to
              service the Mortgage Loans in accordance with the requirements of the
              Securitization Transaction, including, without limitation, servicing
              the
              Mortgage Loans in accordance with the requirements of the applicable
              Agency if
              the Securitization Transaction is an Agency securitization, or servicing
              the
              Mortgage Loans in accordance with the requirements of the private label
              securitization if the Securitization Transaction is a private label
              securitization; provided that no such servicing requirements shall
              impose any
              additional obligations or liabilities on the Company than are set forth
              in this
              Agreement unless mutually agreed upon by the Company and the Owner;
              

             

            (v)  deliver
              to the Owner an Opinion of Counsel with respect to the enforceability
              of the
              Reconstitution Agreement against the Company, it being understood that
              the cost
              of any Opinion of Counsel from outside counsel shall be the responsibility
              of
              the Owner, subject to Section 3.18(b): and 

             

            (vi)  provide
              all other assistance reasonably requested by the Owner in connection
              with
              effectuation and completion of the Securitization Transaction. 

             

            With
              respect to any Securitization Transaction, the Owner shall be entitled
              to
              include in any disclosure document information provided by the Company
              as
              required by the rating agencies (the “Company Information”), and the Company
              acknowledges and agrees that the related investors will be permitted
              to rely on
              such information. The Company shall indemnify the Owner for any untrue
              statement
              or alleged untrue statement of any material fact contained in such
              Company
              Information, or the 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. In addition,
              the Owner
              shall indemnify the Company and its affiliates for any untrue statement
              of any
              material fact contained in information other than the Company Information
              contained in any disclosure document, or the 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.

             

            (c)  The
              Owner
              shall reimburse the Company for all reasonable out-of-pocket costs
              and expenses
              (including auditor and legal fees) incurred in connection with any
              Securitization Transaction; provided,
              however,
              that
              all amounts required to be paid by the Owner pursuant to this clause
              (c) shall
              be subject to the prior notice and approval of the Owner, such approval
              not to
              be unreasonably withheld; and provided,
              further,
              that,
              unless otherwise agreed by the Owner and the Company in a term sheet
              related to
              a Securitization Transaction, such legal fees for the first such Securitization
              Transaction shall not exceed $20,000 and shall not exceed $10,000 for
              any
              additional Securitization Transaction. 

             

            (d)  All
              Mortgage Loans not sold or transferred pursuant to Section 2.03 or
              a
              Securitization Transaction shall be subject to this Agreement and shall
              continue
              to be serviced in accordance with the terms of this Agreement and with
              respect
              thereto this Agreement shall remain in full force and effect. 

             

            (e)  If
              a
              REMIC election has been made with respect to the arrangement under
              which the
              Mortgage Loans and REO Property are held, the Company shall not take
              any action,
              cause the REMIC to take any action or fail to take (or fail to cause
              to be
              taken) any action that, under the REMIC Provisions, if taken or not
              taken, as
              the case may be, could (i) endanger the status of the REMIC 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 Section 860(a)(2) of the Code
              and the tax on “contributions” to a REMIC set forth in Section 860(d) of the
              Code) unless the Company has received an Opinion of Counsel (at the
              expense of
              the party seeking to take such an action) to the effect that the contemplated
              action will not endanger such REMIC status or result in the imposition
              of any
              such tax. 

             

            (f)  (i)
              The
              Company hereby agrees to the inclusion in any Reconstitution Agreement,
              where
              applicable, a section relating to special foreclosure rights in the
              form of
              Exhibit I attached hereto which provisions shall be applicable to the
              Company or
              any Subservicer with respect to the applicable Mortgage Loans. Notwithstanding
              the foregoing, prior to any Reconstitution in respect of any Mortgage
              Loan, the
              provisions of Exhibit I attached hereto shall be applicable to the
              Company, any
              Subservicer, Luminent Mortgage Capital, Inc. (“Luminent”), the Initial Owners
              and the Owners; provided
              that,
              for purposes of such Exhibit I, during any such pre-Reconstitution
              period in
              respect of a Mortgage Loan, any reference in Exhibit I to (A) “Master Servicer”
(other than in clause (c) thereof) shall be deemed to be a reference
              to the
              relevant Initial Owner in respect of such Mortgage Loan, (B) “Master Servicer”
in clause (c) thereof shall be deemed to be a reference to the Company,
              (C) to
              the “holder of the most junior of the Subordinate Certificates” shall be deemed
              to be a reference to the relevant Owner in respect of such Mortgage
              Loan, and
              (D) to the “Servicer” shall be deemed a reference to the Company or any
              Subservicer, as applicable.

             

            (i)  

             

            (ii)  In
              connection with any notice required to be delivered pursuant to clause
              (a) of
              Exhibit I (whether prior to or after a Reconstitution with respect
              to a Mortgage
              Loan), so long as Luminent or an affiliate thereof is the Owner of
              such Mortgage
              Loan or the holder of the most junior of the Subordinate Certificates
              in respect
              of a Securitization Transaction in respect of such Mortgage Loan, as
              applicable,
              Luminent shall provide evidence to the Company as to the Person that
              is the 100%
              holder of the most junior of the Subordinate Certificates (as defined
              in the
              relevant Reconstitution Agreement) or the Owner of the Mortgage Loan,
              as
              applicable, in the form of an officer’s certificate of Luminent setting forth
              the 100% holder of the most junior of the Subordinate Certificates
              or Owner of
              the Mortgage Loan, as applicable, together with (A) if the Subordinate
              Certificate is registered in the name of the Depository Trust Company,
              an
              account statement through the applicable broker-dealer or such other
              evidence as
              the Company shall reasonably request or (B) if the Subordinate Certificate
              is
              held in physical form, the trade confirmation with respect to such
              Subordinate
              Certificate or such other evidence as the Company shall reasonably
              request.

             

            (iii)  In
              the
              event that the provisions of Exhibit I are no longer applicable to
              the servicer
              with respect to any Mortgage Loan pursuant to the terms of the first
              paragraph
              of Exhibit I, then, if the Company is the servicer with respect to
              such Mortgage
              Loan, the Company shall be entitled to elect to whether to continue
              the
              applicability of this Section 3.18(f) with respect to such Mortgage
              Loan in its
              sole discretion. 

             

            (iv)  So
              long
              as Luminent or any affiliate thereof is the holder of the most junior
              of the
              Subordinate Certificates (under, and as defined in the relevant Reconstitution
              Agreement) or the Owner of a Mortgage Loan, as applicable, Luminent
              shall
              deliver to the Company written notice of any transfer of such Subordinate
              Certificate or Mortgage Loan, as applicable, promptly upon any transfer
              thereof,
              which notice shall set forth the name and address of the transferee
              and the date
              upon which such transfer was effected. 

             

            (v)  It
              is
              expressly understood and agreed by the parties hereto that the servicing
              procedures set forth in this Section 3.18 and Exhibit I hereto differ
              from the
              standard servicing practices of the Company and that the Company’s compliance
              with such procedures may (i) increase the time to resolution of any
              foreclosure
              or in respect of any REO Property, and the Company shall not be responsible
              for
              any losses resulting from such delays and (ii) result in additional
              expenses
              that will be borne by the Owner or holder of the most junior of the
              Subordinate
              Certificates, as applicable. 

             

            (g)  With
              respect to any Securitization Transaction, at the option of the Company,
              in the
              event that any payment due under any Mortgage Loan and not postponed
              is not paid
              when the same becomes due and payable, or in the event the related
              Mortgagor
              fails to perform any other covenant or obligation under such Mortgage
              Loan and
              such failure continues beyond any applicable grace period, the Company
              shall
              take such action, which action (notwithstanding anything contained
              herein or
              incorporated by reference to the contrary) may include but is not limited
              to
              effecting the sale of such Mortgage Loan on an as-is basis, as (1)
              the Company
              would undertake under similar circumstances with respect to a similar
              mortgage
              loan held for its own account for investment, (2) shall be consistent
              with
              accepted servicing practices, and (3) the Company shall determine prudently
              to
              be in the best interest of the Company. The Company, on behalf of the
              Owner, may
              also, in its sole and exclusive discretion, as an alternative to foreclosure,
              sell defaulted Mortgage Loans at fair market value to third-parties,
              if the
              Company believes, in its sole and exclusive discretion, that such sale
              would
              maximize proceeds to the Owner (on a present value basis) with respect
              to each
              such Mortgage Loan. Notwithstanding any other provision in this Agreement
              or
              otherwise, the Company shall have no liability to the Owner or any
              other party
              for the Company’s determination hereunder. 

             

            Section
              3.19  Reserved. 

             

            Section
              3.20  Compliance
              with Regulation AR.
              In
              order
              to facilitate compliance with Regulation AB, the Company and each Owner
              agree to
              comply with the provisions of the Regulation AB Compliance Addendum
              attached
              hereto as Exhibit
              H. 

             

             

             

            ARTICLE
              IV

             

            PAYMENTS
              TO THE
              OWNERS 

             

            Section
              4.01  Distributions.
              On
              each
              Remittance Date the Company shall distribute to the Owners of record
              on the next
              preceding Record Date in immediately available funds (by wire transfer
              or
              otherwise) to the account of such Owner in accordance with the wire
              instructions
              set forth in, or provided to the Company in accordance with, Section
              8.04 the
              Remittance Amount payable to such Owner. 

             

            Section
              4.02  Statements
              to the Owners.
              Concurrently
              with each distribution charged to the Custodial Account, the Company
              shall
              furnish to the Owners in an electronic format agreed upon by the Company
              and the
              Owners a statement setting forth certain information in respect of
              the Mortgage
              Loans including: 

             

            (i)  the
              amount, if any, of such distribution allocable to principal and/or
              interest;

             

            (ii)  the
              amount of related servicing compensation received by the Company and
              the
              Subservicer and such other customary information as the Company deems
              necessary
              or desirable to enable each Owner to prepare its tax returns; 

             

            (iii)  the
              number and aggregate Principal Balance of the Mortgage Loans at the
              close of
              business on such Remittance Date after giving effect to all distributions
              allocable to principal made on such Remittance Date, including, for
              this
              purpose, the Principal Balances of all Mortgage Loans purchased pursuant
              to
              Section 2.02 or 2.04 the proceeds of which are being distributed on
              such
              Remittance Date; 

             

            (iv)  on
              the
              basis of the most recent reports furnished to it by the Subservicer,
              the number
              and aggregate principal balances of Mortgage Loans in each Mortgage
              Pool
              delinquent (a) one month, (b) two or more months, and (c) the number
              and
              aggregate balance of Mortgage Loans that are in foreclosure; 

             

            (v)  the
              number and aggregate balance of REO Properties; 

             

            (vi)  the
              Pass-Through Rate for such Remittance Date; 

             

            (vii)  loan-level
              data, including but not limited to “paid to date” information, Partial
              Prepayments and Mortgage Interest Rate Adjustments; and 

             

            (viii)  such
              other information as shall be reasonably requested by the Owner. 

             

            Within
              a
              reasonable period of time after the end of each calendar year, the
              Company shall
              furnish to the Owners a statement containing the information set forth
              in
              clauses (i) and (iii) above aggregated for such calendar year. Such
              obligation
              of the Company shall be deemed to have been satisfied to the extent
              that
              substantially comparable information shall be provided by the Company
              pursuant
              to any requirements of the Code as from time to time in force. 

             

            Section
              4.03  Distribution
              Reports; Monthly Advances by the Company.
              Prior
              to
              the close of business on the Business Day next succeeding each Determination
              Date, the Company shall furnish a statement to the Owners setting forth
              the
              amount to be distributed on the next succeeding Remittance Date on
              account of
              principal of and interest on the Mortgage Loans. Prior to such time
              as title to
              a Mortgaged Property is acquired in foreclosure or by deed in lieu
              of
              foreclosure, on or before each Remittance Date, the Company shall either
              (i)
              deposit in the Custodial Account an amount equal to the Monthly Advance,
              if any,
              or (ii) cause to be made an appropriate entry in the records of the
              Custodial
              Account that funds in such account that are being held for future distribution
              or withdrawal or which do not belong to the Owners have been used by
              the Company
              in discharge of any such Monthly Advance or (iii) make advances in
              the form of
              any combination of (i) and (ii) aggregating the amount of such Monthly
              Advance.,
              Any funds being held for future distribution to the Owners and so used
              shall be
              replaced by the Company by deposit in the Custodial Account on any
              future
              Remittance Date to the extent that funds in the Custodial Account relating
              to
              the Mortgage Loans on such Remittance Date shall be less than payments
              to the
              Owners required to be made on such date. 

             

            Section
              4.04  Reports
              and Returns to be Filed by the Company.
              The
              Company shall file information reports with respect to the receipt
              of mortgage
              interest received in a trade or business, reports of foreclosures and
              abandonments of any Mortgaged Property and information returns relating
              to
              cancellation of indebtedness income with respect to any Mortgaged Property
              as
              required by Sections 6050H, 60503 and 6050P of the Code. Such reports
              shall be
              in form and substance sufficient to meet the reporting requirements
              imposed by
              such Sections 605011, 60503 and 6050P of the Code. 

             

            Section
              4.05  Format
              of Reports and Statements.
              The
              reports and
              statements
              delivered by the Company to the Owners pursuant to this Article IV
              shall be
              substantially in the form attached hereto as Exhibit G. 

             

            Section
              4.06  Records;
              Audit.
              The
              Company shall maintain complete and accurate records in accordance
              with standard
              accounting practices during the term of this Agreement and for a period
              of at
              least six (6) years following the termination of this Agreement (the
“Retention
              Period”); provided,
              however,
              that in
              the event of any dispute arising under or with respect to this Agreement,
              the
              Retention Period shall last until the resolution of such dispute becomes
              final
              and non-appealable and all obligations of the parties hereto have been
              satisfied
              in full.
              The
              Company shall as and when so requested by any Initial Owner or by a
              regulatory
              authority acting pursuant to law at all reasonable times and from time
              to time
              during the Retention Period (i) make such records available for inspection
              by
              such person or persons as such Initial Owner designates as its authorized
              representatives or such regulatory authority, who shall have the right
              to take
              copies of or extracts from any records kept pursuant to this Agreement,
              (ii)
              permit such initial Owner’s authorized representatives or such regulatory
              authority to examine and make copies of that portion of any of the
              Company’s
              external audit opinions (including, but not limited to, the external
              auditor’s
              management letter and reports prepared in accordance with Statement
              of Auditing
              Standards No. 70 Type II or other reports) which relates to the Company
              provision of services under this Agreement, (iii) give such Initial
              Owner’s
              authorized representatives or such regulatory authority complete access,
              during
              regular business hours to the Company’s officers, employees and other
              representatives, including attorneys, accountants and others, in connection
              with
              such audit, and (iv) provide such computer access, office space and
              furniture
              and telephone, photocopying and electric service as may be necessary
              or
              advisable for such Initial Owner’s authorized representatives or such regulatory
              authority to conduct such audit. 

             

             

             

            ARTICLE
              V

             

            THE
              COMPANY 

             

            Section
              5.01  Indemnification. 

             

            (a)  The
              Company shall indemnify and hold harmless the Owner and any director,
              officer,
              employee or agent of the Owner 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 Owner may sustain arising out
              of,
              resulting from, or caused by (i) any material breach of any of Company’s
              representations, warranties or covenants set forth in this Agreement;
              provided,
              however,
              that if
              the Company breaches a representation or warranty set forth in clauses
              (xxi),
              (xli) or (xlii) of Section 2.04(a), then the Company shall pay to the
              relevant
              Owner, concurrently with and in addition to the repurchase or substitution
              obligations set forth in Section 2.04 an amount equal to any liability,
              penalty
              or expense that was actually incurred and paid out of or on behalf
              of such Owner
              (including any reasonable attorney’s fees), and that directly resulted from such
              breach, or if incurred and paid by an Owner thereafter, concurrently
              with such
              payment, or (ii) the failure by the Company to perform its duties hereunder.
              The
              Owner shall notify the Company promptly if a claim is made by a third
              party with
              respect to this Agreement or the Mortgage Loans, and the Company may
              assume 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 that may be entered against it or the Owner in respect of such
              claim. The
              Owner promptly shall reimburse the Company for all amounts advanced
              by it
              pursuant to the preceding sentence unless the Company’s indemnification
              obligation described in this paragraph is applicable. 

             

            (b)  The
              Owner
              shall indemnify and hold harmless the Company and any director, officer,
              employee or agent of the Company against any and all claims, losses,
              damages,
              penalties, fines, forfeitures, legal fees and related costs, judgments,
              and any
              other costs, fees and expenses incurred in connection with any audit,
              controversy or judicial proceeding relating to a governmental taxing
              authority
              or legal action relating to this Agreement, other than any such amounts
              incurred
              by reason of a material breach by the Company of any representation
              or warranty
              made by it herein or the failure by the Company to perform its duties
              hereunder.

             

            (c)  The
              Company 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 which
              in its opinion may involve it in any expense or liability; provided,
              however,
              that
              the Company may in its discretion undertake any such legal action relating
              to
              the servicing of the Mortgage Loans under this Agreement that it may
              deem
              necessary or desirable in respect to this Agreement and the rights
              and duties of
              the parties hereto. in such event, the legal expenses and costs of
              such action
              and any liability resulting therefrom shall be expenses, costs and
              liabilities
              payable or reimbursable out of the Custodial Account as provided by
              Section 3.07
              unless the Company’s indemnification obligation described in Section 5.01(a)
              above is applicable and, notwithstanding any other provision hereof,
              distributions pursuant to Section 4.01 shall be reduced accordingly.
              

             

            (d)  For
              purposes of this Section 5.01, “Owner” shall mean the Person then acting as the
              Owner under this Agreement and any and all Persons who previously were
“Owners”
under this Agreement. 

             

            Section
              5.02  Liability
              of the Company and Others. 

             

            (a)  The
              Company shall be liable in accordance herewith only to the extent of
              the
              obligations specifically imposed upon and undertaken by the Company
              herein.

             

            (b)  Neither
              the Company, nor any of the directors, officers, employees or agents
              of the
              Company shall be under any liability to any Owner for any action taken
              or for
              refraining from the taking of any action in good faith pursuant to
              this
              Agreement, or for errors in judgment; provided,
              however, that
              this
              provision shall not protect the Company or any such person against
              any breach of
              warranties or representations made herein, failure to perform its duties
              hereunder or any liability that would otherwise be imposed by reason
              of willthl
              misfeasance, bad faith or gross negligence in the performance of duties
              or by
              reason of reckless disregard of obligations and duties hereunder..
              The Company
              and any director, officer, employee or agent of the Company may rely
              in good
              faith on any document of any kind prima fade properly executed and
              submitted by
              any Person respecting any matters arising hereunder. 

             

            Section
              5.03  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 Delaware, 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 or consolidation to which the Company shall
              be a
              party, or any Person succeeding to the business of the Company, 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,
              such
              successor shall be a Fannie Mae and Freddie Mac approved seller/servicer.
              

             

            Section
              5.04  Limitation
              on Resignation and Assignment by Company.
              The
              Company shall not assign this Agreement or the servicing hereunder
              or delegate
              its rights or duties hereunder or any portion hereof without the prior
              written
              consent of the Owner; provided,
              however,
              that no
              such prior written consent shall be required if such assignee is a
              Fannie Mae
              and Freddie Mac approved Seller/Servicer with a net worth of at least
              $25
              million. 

             

            The
              Company shall not resign from the obligations and duties hereby imposed
              on it
              except by mutual consent of the Company and the Owner 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 Owner which Opinion of Counsel
              shall be
              in form arid substance acceptable to the Owner. No such resignation
              shall become
              effective until a successor acceptable to the Owner shall have assumed
              the
              Company’s responsibilities and obligations hereunder. 

             

            Section
              5.05  Right
              to Examine Company Records.
              The
              Owner, or its designee, shall have the right to examine and audit any
              of the
              related books, records or other information of the Company, whether
              held by the
              Company or by another on its behalf, with respect to or concerning
              this
              Agreement or the Mortgage Loans, during business hours or at such other
              times as
              may be reasonable under applicable circumstances, upon reasonable advance
              notice. The Owner shall pay its own travel expenses and any other costs
              and
              expenses incurred by the Owner and the Company associated with such
              examination. 

             

            The
              Company shall provide to the Owner and any supervisory agents or examiners
              which
              may relate to the Owner access to any documentation regarding the Mortgage
              Loans
              which may be required by any applicable regulations, including but
              not limited
              to any disaster recovery/business continuity plan and/or any measures
              taken by
              the Company to protect Consumer Information, provided,
              however,
              that
              the Company shall only be obligated to provide such documentation to
              the extent
              such documentation is maintained by the Company in the ordinary course
              of
              business. Such access shall be afforded without charge, upon reasonable
              request,
              upon ten Business Days prior written notice, during normal business
              hours and at
              the offices of the Company, all in accordance with applicable federal
              government
              regulations. 

             

             

             

            ARTICLE
              VI

             

            DEFAULT

             

            Section
              6.01  Events
              of Default of the Company.
              Event
              of
              Default, wherever used herein, means any one of the following
              events: 

             

            (i)  the
              Company shall fail to remit to any Owner any payment required to be
              made under
              the terms of this Agreement and such failure shall continue unremedied
              for a
              period of 2 Business Days after the date upon which written notice
              or oral
              notice (promptly confirmed in writing) of such failure, requiring such
              failure
              to be remedied, shall have been given to the Company by such Owner;
              or

             

            (ii)  the
              Company shall fail to observe or perform in any material respect any
              other of
              the covenants or agreements on the part of the Company contained in
              this
              Agreement and such failure shall continue unremedied for a period of
              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 an Owner; or 

             

            (iii)  a
              decree
              or order of a court or agency or supervisory authority having jurisdiction
              in an
              involuntary case under any present or future federal or state bankruptcy,
              insolvency or similar law or appointing a conservator or 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 Company and such decree or order
              shall have
              remained in force undischarged or unstayed for a period of 60 days;
              or

             

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

             

            (vi)  any
              failure of the Company to be in compliance with applicable qualification
              or
              licensing laws of any jurisdiction where Mortgaged Property is located,
              provided
              that such failure has a material adverse effect on the ability of the
              Company to
              perform its obligations under this Agreement; or 

             

            (vii)  any
              representation or warranty made by the Company hereunder (other than
              the
              representations and warranties set forth in Section 2.04(a)) shall
              prove to be
              untrue or incomplete in any material respect and continues unremedied
              for a
              period of thirty (30) days after the discovery of same; or 

             

            (viii)  the
              Company ceases to meet the qualifications of either FNMA or FHLMC;
              or

             

            (ix)  the
              Company’s servicer rating (if any) by any rating agency for a classification
              of
              loans sold under this Agreement falls below an “average” rating at any time
              after the effectiveness of this Agreement. 

             

            If
              an
              Event of Default described in this Section shall occur, then, and in
              each and
              every such case, so long as such Event of Default shall not have been
              remedied,
              the Owners by notice in writing to the Company, may terminate all of
              the rights
              and obligations of the Company under this Agreement other than its
              right to
              receive servicing compensation for servicing the Mortgage Loans hereunder
              during
              any period prior to the date of such termination and may exercise any
              and all
              other remedies available at law or equity; provided,
              however,
              that
              any liability of the Company under this Agreement arising prior to
              such
              termination shall survive. On or after the receipt by the Company of
              such
              written notice, all authority and power of the Company under this Agreement
              shall, in accordance with Section 8.01, pass to and be vested in the
              Owners or
              the Successor Servicer appointed pursuant to Section 8.01. Upon written
              request
              from the Owner, the Company 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
              Company’s sole expense. The Company agrees to cooperate with the Owner 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 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. If the Company obtains knowledge
              of an Event
              of Default, the Company shall promptly notify the Owner thereof. 

             

            Section
              6.02  Waiver
              of Defaults.
              The
              Owner
              may waive such 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, as defined
              in Section
              6.01, 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. 

             

             

             

            ARTICLE
              VII

             

            TERMINATION

             

            Section
              7.01  Termination.
              The
              obligations and responsibilities of the Company hereunder shall terminate
              upon
              the earlier of: (i) the later of the final payment or other liquidation
              (or any
              advance with respect thereto) of the last Mortgage Loan in the Mortgage
              Pool and
              the remittance of all funds due hereunder, or (ii) by mutual consent
              of the
              Company and each Initial Owner in writing, or (iii) the purchase by
              the Company
              of all Mortgage Loans in the Mortgage Pool and all property acquired
              in respect
              of any such Mortgage Loan remaining subject to this Agreement at a
              price equal
              to the aggregate Principal Balance of such Mortgage Loans (including,
              with
              respect to any such Mortgage Loan as to which title to the underlying
              Mortgaged
              Property has been acquired, the Principal Balance thereof as of the
              date of such
              acquisition), together with interest on such aggregate Principal Balance
              at the
              then applicable Pass-Through Rate to the first day of the month in
              which such
              repurchase price is distributed to the Owners. 

             

             

             

            ARTICLE
              VIII

             

            MISCELLANEOUS
              PROVISIONS

             

            Section
              8.01  Successor
              to the Company.
              Any
              successor servicer appointed as provided herein (the “Successor Servicer”) shall
              have a net worth of not less than $25,000,000 and shall execute, acknowledge
              and
              deliver to the Company and the Owners an instrument accepting such
              appointment,
              whereupon such Successor Servicer shall succeed to the rights and obligations
              of
              the Company under the Subservicing Agreements and 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. The Successor Servicer shall promptly deliver a copy of
              any such
              instrument to the Custodian. The resignation or removal of the Servicer
              hereunder shall not become effective until a successor shall be appointed
              pursuant to this Section 8.01- In connection with the termination or
              resignation
              of the Company as servicer hereunder, either (i) the Successor Servicer
              shall
              represent and warrant that it is a member of MERS in good standing
              and shall
              agree to comply in all material respects with the rules and procedures
              of MERS
              in connection with the servicing of the Mortgage Loans that are registered
              with
              MERS, or (ii) the Company shall cooperate with the Successor Servicer
              in causing
              MERS to execute and deliver an Assignment of Mortgage in recordable
              form to
              transfer the Mortgage from MERS to the Owners and to execute and deliver
              such
              other notices, documents and other instruments us may be necessary
              or desirable
              to effect a transfer of such Mortgage Loan or servicing of such Mortgage
              Loan on
              the MERS® System to the Successor Servicer. The Company shall file or cause to
              be filed any such assignment in the appropriate recording office. The
              Successor
              Servicer shall cause such assignment to be delivered to the Custodian
              promptly
              upon receipt of the original with evidence of recording thereon or
              a copy
              certified by the public recording office in which such assignment was
              recorded. 

             

            Section
              8.02  Entire
              Agreement: Amendment.
              This
              Agreement may be amended from time to time by the Company and each
              Initial Owner
              by written agreement signed by the Company and each Initial Owner.
              This
              Agreement together with each Reference Agreement shall constitute the
              entire
              agreement between the parties. 

             

            Section
              8.03  GOVERNING
              LAW.
              THIS
              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 N ACCORDANCE WITH SUCH LAWS. 

             

            EACH
              OF
              THE COMPANY AND THE OWNER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
              WAIVES
              ANY AN ALL RIGHTS Fl’ MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
              BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT,
              OR
              ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION HERE WITH,
              OR ANY
              COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN),
              OR
              ACTIONS OF THE COMPANY OR THE OWNER. THIS PROVISION IS A MATERIAL INDUCEMENT
              FOR
              THE OWNER TO ENTER INTO THIS AGREEMENT. 

             

            Section
              8.04  Notices.
              All
              demands and notices hereunder shall be in writing and shall be deemed
              to have
              been duly given if personally delivered at or mailed by registered
              mail, postage
              prepaid, or sent by overnight courier to (a) in the case of the Company:
              (i) in
              the case of any notice delivered pursuant to Exhibit I, Residential
              Funding
              Corporation, 2255 N. Ontario Street, Suite 400, Burbank, California
              91504,
              Attention: Servicing Manager and/or such other address as may hereafter
              be
              furnished to the Initial Owner in writing by the Company and (ii) in
              the case of
              any other notice, Residential Funding Corporation, 8400 Normandale
              Lake
              Boulevard, Suite 250, Minneapolis, Minnesota 55437, Attention: Office
              of the
              President, and Residential Funding Corporation, 2255 N. Ontario Street,
              Suite
              400, Burbank, California 91504, Attention: Servicing Manager and/or
              such other
              address as may hereafter be furnished to the Initial Owner in writing
              by the
              Company; (b) in the case of the Initial Owners: Luminent Mortgage Capital,
              Inc.,
              One Commerce Square, 2005 Market Street, Suite 2100, Philadelphia,
              Pennsylvania
              19103, Attention: Trez Moore, COO, Telephone: (215) 564-5900, Fax:
              (215) 564-
              5990, with a copy to Luminent Mortgage Capital, Inc., One Market Street,
              Spear
              Tower, 30th Floor, San Francisco, California 94105, Attention: Christopher
              Zyda,
              CFO, Telephone: (415) 978-3000, Fax: (415) 978-3014, or such other
              address or
              addresses as may hereafter be furnished to the Company in writing by
              an Initial
              Owner; (c) in the case of any Owner other than the Initial Owner, to
              such
              address as may be furnished to the Company in writing by such Owner;
              and (d) in
              the case of the Custodian, Wells Fargo Bank, N.A., 1015 Tenth Avenue
              Southeast,
              Minneapolis, Minnesota 55414, Attention: Mortgage Document Custody,
              or such
              other address or addresses as may hereafter be furnished to the Company
              in
              writing by the Custodian. 

             

            Distributions
              that may be made by wire transfer pursuant to Section 4.01 shall be
              made in
              accordance with wire instructions provided in the applicable Reference
              Agreement
              or in accordance with such other instructions as may hereafter be furnished
              to
              the Company in writing by an Owner, provided that such instructions
              have been
              received by the Company prior to the Record Date. 

             

            Section
              8.05  Severability
              of Provisions.
              If
              any
              provision of this Agreement or a Reference Agreement shall be for any
              reason
              whatsoever held invalid, then such provision shall be deemed severable
              from the
              remaining provisions of this Agreement and such Reference Agreement
              and shall in
              no way affect the validity or enforceability of the other provisions
              of this
              Agreement or such Reference Agreements. 

             

            Section
              8.06  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
              Owners. 

             

            Section
              8.07  Exhibits.
              The
              exhibits to this Agreement are hereby incorporated and made a part
              hereof and
              are an integral part of this Agreement. 

             

            Section
              8.08  Counterparts;
              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 5.04,
              this
              Agreement shall inure to the benefit of and be binding upon the Company
              and
              the
              Owners and their respective successors and assigns. 

             

            [Signature
              Page Follows]

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the Company and
              each
              Initial Owner
              have caused their names to be signed hereto by their respective officers
              thereunto duly authorized as of the day and year first above written.
              

             

            RESIDENTIAL
              FUNDING CORPORATION 

             

            By: ___________________________

            Name: 

            Title:
              

             

            LUMINENT
              MORTGAGE CAPITAL, INC., 

             

            By:
              ___________________________

            Name:
              

            Title:
              

             

            MERCURY
              MORTGAGE FINANCE 

            STATUTORY
              TRUST 

             

            By:
              ___________________________

            Name:
              

            Title:
              

             

            MAIA
              MORTGAGE FINANCE STATUTORY 

            TRUST
              

             

            By:
              ____________________________

            Name:
              

            Title:
              

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the Company and each Initial Owner have caused their
              names to
              be signed hereto by their respective officers thereunto duly authorized
              as of
              the day
              and
              year
              first above written. 

             

            RESIDENTIAL
              FUNDING CORPORATION 

             

            By:
              ___________________________

            Name:
              

            Title:
              

             

            LUMINENT
              MORTGAGE CAPITAL, INC., 

             

            
              By:
                ___________________________

              Name:
                

              Title:
                

               

            

            MERCURY
              MORTGAGE FINANCE 

            STATUTORY
              TRUST 

             

            
              By:
                ___________________________

              Name:
                

              Title:
                

               

            

            MAIA
              MORTGAGE FINANCE STATUTORY 

            TRUST
              

             

            
              By:
                ___________________________

              Name:
                

              Title:
                

            

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              A

             

             

            FORM
              OF
              REFERENCE AGREEMENT

             

             

            
              
                

              

             

            RESIDENTIAL
              FUNDING CORPORATION,

            the
              Company,

             

             

            and

             

             

            __________________________________

            the
              Initial Owner

             

             

            REFERENCE
              AGREEMENT

             

             

            Dated
              as
              of [_________
              —, 20J

             

             

            Adjustable
              Rate Mortgage Loans

             

             

            Series
              20
              -WH

             

             

            
              
                

              

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            REFERENCE
              AGREEMENT 

             

            THIS
              REFERENCE AGREEMENT, dated as of [_______ ____
              20___]
              (this “Reference Agreement”), is hereby executed by and between RESIDENTIAL
              FUNDING CORPORATION, as seller and master servicer (the “Company”) and
______________________,
              as
              initial owner (the “Initial Owner”) under this Reference Agreement and the
              Standard Terms and Provisions of Sale and Servicing Agreement, dated
              as
              of—,
              2QJ
              (as
              further amended or restated from time to time, the “Standard Terms”), all the
              provisions of which are incorporated herein and shall be a part of
              this
              Reference Agreement as if set forth herein in full (this Reference
              Agreement
              together with the Standard Terms so incorporated, the “Agreement”).

             

            PRELIMINARY
              STATEMENT

             

            The
              Initial Owner has agreed to purchase from the Company and the Company
              has agreed
              to sell to the Initial Owner, on a servicing retained basis and without
              recourse, a 100% undivided Ownership Interest in the Mortgage Loans,
              which an
              aggregate outstanding principal balance as of the Cut-off Date of
              $[______________________] as described in the Mortgage Loan Schedule
              attached
              hereto as Exhibit A. 

             

            The
              Mortgage Loans are adjustable rate, [fully-amortizing] mortgage loans
              with terms
              to maturity from the date of origination or modification of not more
              than
[15]
              [30]
              [40]
              years.. The interest rate on each Mortgage Loan will adjust annually
              to equal
              the sum of (i) the Index plus (ii) the Gross Margin for such Mortgage
              Loan,
              rounded to the nearest multiple of 0.125%, subject to the Periodic
              Cap, Minimum
              Mortgage Rate and Maximum Mortgage Rate applicable to such Mortgage
              Loan. [With
              respect to [____]% of the Mortgage Loans, the related Mortgage Notes
              require
              that interest only be paid for not more than ten years.] [The interest
              rate on
              each Mortgage Loan will adjust annually after a fixed initial period
              of
              [_______]
              years,
              to equal the sum of (i) the Index, as most recently available as of
              the
              applicable Adjustment Date specified in the related Mortgage Note,
              plus (ii) the
              Gross Margin for such Mortgage Loan, rounded to the nearest multiple
              of 0.125%,
              subject to the Periodic Cap, Minimum Mortgage Rate and Maximum Mortgage
              Rate
              applicable to such Mortgage Loan.] 

             

            In
              consideration of the premises and the mutual agreements hereinafter
              set forth,
              and intending to be legally bound, the Initial Owner and the Company
              agree
              hereby as follows: 

             

            Standard
              Terms; Designation. 

             

            The
              Company and the Initial Owner acknowledge that the Standard Terms prescribe
              certain obligations of the Company and the Initial Owner with respect
              to the
              Mortgage Loans. The Company and the Initial Owner each agree to observe
              and
              perform such prescribed duties, responsibilities and obligations, and
              acknowledge that the Standard Terms are arid shall be a part of this
              Agreement
              to the same extent as if set forth herein in full. 

             

            The
              Mortgage Loans are designated generally as the Adjustable Rate Mortgage
              Loans,
              Series [20____-WH____]. 

             

            Defined
              Terms. 

             

            In
              addition to the definitions set forth in Section 1.01 of the Standard
              Terms, the
              following words and phrases, unless the context otherwise requires,
              shall have
              the meanings specified in this Article. 

             

            Closing
              Date:
              [_____________
              ____, 20__].
              

             

            Cut-off
              Date:
              [_____________
              ____, 20__].
              

             

            First
              Remittance Date:
              [_____________
              ____, 20__].
              

             

            Index:
              With
              respect to any Mortgage Loan and as to any Adjustment Date therefor,
              a rate per
              annum equal to either (a) the average of interbank offered rates for
              one-year
              U.S. dollar-denominated deposits in the London market based on quotations
              of
              major banks as published in The Wall Street Journal, (b) the average
              of
              interbank offered rates for six-month U. S. dollar-denominated deposits
              in the
              London market based on quotations of major banks as published in The
              Wall Street
              Journal, (c) the weekly average yield on U.S. Treasury securities adjusted
              to a
              constant maturity of one year, as reported by the Federal Reserve Board
              in
              Statistical Release No. H. 15(519), as most recently available as of
              the
              applicable Adjustment Date specified in the related Mortgage Note,
              or (d) in the
              event that the related index is no longer available, an index selected
              by the
              Company that is based on comparable information. 

             

            Servicing
              Fee Rate:
              As to
              each Mortgage Loan, an amount equal to 0.05% per annum plus, if such
              Mortgage
              Loan is not serviced by a Subservicer at the time of determination,
              an amount
              equal to the Subservicing Fee Rate for such Mortgage Loan. 

             

            Subservicing
              Fee Rate:
              As to
              each Mortgage Loan, the rate per annum set forth in the Mortgage Loan
              Schedule
              as the “SUBSERV FEE.” The weighted average subservice fee is [____].
              

             

            Conveyance
              of Mortgage Loans; Possession of Mortgage Files. 

             

            The
              Company, simultaneously with the execution and delivery of this Reference
              Agreement, does hereby sell, transfer and assign, without recourse,
              to the
              Initial Owner the Ownership Interest comprising all of the right, title
              and
              interest of the Company in and to the Mortgage Loans, including all
              documents
              maintained as part of the related Mortgage Files all Mortgaged Properties
              which
              secure an Mortgage Loan but are acquired by foreclosure, deed in lieu
              of
              foreclosure after the Cut-Off Date or otherwise, all interest at the
              applicable
              Mortgage Loan Remittance Rate and principal received on or with respect
              to the
              Mortgage Loans after the Cut-off Date (other than payments of principal
              and
              interest due on the Mortgage Loans on or before the Cut-off Date) on
              a servicing
              retained basis, all other unscheduled collections collected in respect
              of the
              Mortgage Loans after the Cut-Off Date, and all proceeds of the foregoing
              (other
              than the servicing tights with respect thereto, and any late fees in
              respect
              thereof). Additionally, in connection with the Company’s assignment to the
              Initial Owner, and subject to Section 2.01 of the Standard Terms, the
              Company
              has delivered to, and deposited with, the Custodian, as the duly appointed
              agent
              of the Owners for such purpose, the documents or instruments or copies
              thereof
              set forth in Section 2.01(b) of the Standard Terms. 

             

            Additional
              Representations and Warranties of the Company. 

             

            The
              Company hereby restates each of the representations and warranties
              in the
              standard terms as of the date hereof and further represents and warrants
              to the
              Initial Owner that as of the Closing Date or such other date specifically
              provided for herein: 

             

            (i)  [With
              respect to the Mortgage Loans described in the Mortgage Loan Schedule
              attached
              hereto as Exhibit A, the Company has complied with its obligations
              under Section
              2.01 of the Standard Terms;] 

             

            (ii)  The
              Mortgage Loans are adjustable rate, [filly-amortizing] mortgage loans
              having
              terms to maturity of not more than [15] [30] [40] years from the date
              of
              origination or modification with monthly payments due on the first
              day of each
              month, with interest payable in arrears; 

             

            (iii)  [Each
              Mortgage Loan with a Loan-to-Value Ratio at origination in excess of
              80% is the
              subject of a primary insurance policy that insures at least 30% of
              the principal
              balance of the Mortgage Loan at origination if the Loan-to-Value Ratio
              is
              between 95.00% and 90.01%, at least 25% of the principal balance of
              the Mortgage
              Loan at origination if the Loan-to-Value Ratio is between 90.00% and
              85.01%, and
              at least 12% of the principal balance of the Mortgage Loan at origination
              if the
              Loan-to-Value Ratio is between 85.00% and 80.01%;] 

             

            (iv)  [None
              of
              the Mortgage Loans are buydown mortgage loans;] 

             

            (v)  [None
              of
              the Mortgage Loans are balloon mortgage loans;] 

             

            (vi)  [All
              condominiums or units in a planned unit development (other than a de
              minimis
              planned unit development) on any Mortgaged Property meet the eligibility
              requirements set forth in the Program Guide;) 

             

            (vii)  [The
              Mortgage Loan is not a graduated payment loan nor does it have a shared
              appreciation feature, or other contingent interest feature]; 

             

            (viii)  [The
              Mortgage Loans are secured by one- to four family dwelling units;]

             

            (ix)  [None
              of
              the Mortgage Loans are secured by a leasehold estate or is a cooperative
              loan]
              and 

             

            (x)  [INSERT
              OTHER APPLICABLE REPRESENTATIONS AND WARRANTIES TO COVER THE MORTGAGE
              LOANS
              PURCHASED WITH THE REFERENCE AGREEMENT]. 

             

            Wire
              Instructions.
              

             

            Distributions
              that may be made by wire transfer pursuant to Section 4.01 of the Standard
              Terms
              shall be made in accordance with the following wire instructions: 

             

            Bank:
              [___________]

            ABA
              Number: [___________]

            Account
              Name: [___________]

            Account
              Number: [___________]

            Reference:
              PORT [____]

             

            or
              in
              accordance with such other instructions as may hereafter be furnished
              to the
              Company in writing by an Owner, provided that such instructions have
              been
              received by the Company prior to the Record Date. 

             

            Counterparts.
              

             

            This
              Reference 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.
              

             

            Governing
              Law. 

             

            This
              Reference Agreement shall be governed by and construed in accordance
              with the
              laws of the State of New York and the obligations, rights and remedies
              of the
              parties hereunder shall be determined in accordance with such laws.
              

             

            Amendment.
              

             

            This
              Reference Agreement may be amended from time to time by the Company
              and the
              Initial Owner by written agreement signed by the Company and the Initial
              Owner.

             

            [Signature
              Page Follows]

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the Company and the Initial Owner have caused their names to be
              signed hereto by their respective officers thereunto duly authorized
              as of the
              day and year first above written. 

             

            RESIDENTIAL
              FUNDING CORPORATION

             

            By:
              ____________________________________

            Name:
              

            Title:
              

             

            _______________________________________

             

            By:
              ____________________________________

            Name:
              

            Title:
              

             

            

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              [A] [A-I] [A-2]

             

            TO
              THE
              REFERENCE AGREEMENT 

             

            MORTGAGE
              LOAN SCHEDULE 

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              B

             

            RESERVED

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHBIT
              C

             

            FORM
              OF
              SUBSERVICING AGREEMENT 

             

            SUBSERVICING
              AGREEMENT 

             

            This
              Seller/Servicer Contract (as may be amended, supplemented or otherwise
              modified
              from time to time, this “Contract”) is made this ____
              day
              of_____ ,
              20_,
              by
              and between Residential Funding Corporation, its successors and assigns
              (“Residential Funding”) and ______________
              (the
              “Seller/Servicer,” and, together with Residential Funding, the “parties” and
              each, individually, a “party”). 

             

            WHEREAS,
              the Seller/Servicer desires to sell Loans to, and/or service Loans
              foi;
              Residential Funding, and Residential Funding desires to purchase Loans
              from the
              Seller/Servicer and/or have the Seller/Servicer service various of
              its Loans,
              pursuant to the terms of this Contract and the Residential Funding
              Seller and
              Servicer Guides incorporated herein by reference, as amended, supplemented
              or
              otherwise modified, from time to time (together, the “Guides”). 

             

            NOW,
              THEREFORE, in consideration of the premises, and the terms, conditions
              and
              agreements set forth below, the parties agree as follows: 

             

            ARTICLE
              I

             

            Incorporation
              of Guides b Reference.

             

            The
              Seller/Servicer acknowledges that it has received and read the Guides.
              All
              provisions of the Guides are incorporated by reference into and made
              a part of
              this Contract, and shall be binding upon the parties; provided, however,
              that
              the Seller/Servicer shall be entitled to sell Loans to and/or service
              Loans for
              Residential Funding only if and for so Long as it shall have been authorized
              to
              do so by Residential Funding in writing. Specific reference in this
              Contract to
              particular provisions of the Guides and not to other provisions does
              not mean
              that those provisions of the Guides not specifically cited in this
              Contract are
              not applicable. All terms used herein shall have the same meanings
              as such terms
              have in the Guides, unless the context clearly requires otherwise.

             

            ARTICLE
              II 

             

            Amendments.

             

            This
              Contract may not be amended or modified orally, and no provision of
              this
              Contract may be waived or amended except in writing signed by the party
              against
              whom enforcement is sought. Such a written waiver or amendment must
              expressly
              reference this Contract.. However, by their terms, the Guides may be
              amended or
              supplemented by Residential Funding from time to time. Any such amendment(s)
              to
              the Guides shall be binding upon the parties hereto. 

             

            ARTICLE
              III 

             

            Representations
              and Warranties. 

             

            
              	
                      A.

                    	
                      Reciprocal
                        Representations and Warranties.

                    

            

             

            The
              Seller/Servicer and Residential Funding each represents and warrants
              to the
              other that as of the date of this Contract: 

             

            Each
              party is duly organized, validly existing, and in good standing under
              the laws
              of its jurisdiction of organization, is qualified, if necessary, to
              do business
              and in good standing in each jurisdiction in which it is required to
              be so
              qualified, and has the requisite power and authority to enter into
              this Contract
              and all other agreements which are contemplated by this Contract and
              to carry
              out its obligations hereunder and under the Guides and under such other
              agreements. 

             

            This
              Contract has been duly authorized, executed and delivered by each party
              and
              constitutes a valid and legally binding agreement of each party enforceable
              in
              accordance with its terms. 

             

            There
              is
              no action, proceeding or investigation pending or threatened, and no
              basis
              therefor is known to either party, that could affect the validity or
              prospective
              validity of this Contract. 

             

            Insofar
              as its capacity to carry out any obligation under this Contract is
              concerned,
              neither party is in violation of any charter, articles of incorporation,
              bylaws,
              mortgage, indenture, indebtedness, agreement, instrument, judgment,
              decree,
              order, statute, rule or regulation and none of the foregoing adversely
              affects
              its capacity to fulfill any of its obligations under this Contract.
              Its
              execution of, and performance pursuant to, this Contract will not result
              in a
              violation of any of the foregoing. 

             

            
              	
                      B.

                    	
                      Seller/Servicer’s
                        Representations, Warranties and
                        Covenants.

                    

            

             

            In
              addition to the representations, warranties and covenants made by the
              Seller/Servicer pursuant to subparagraph (a) of this paragraph 3, the
              Seller/Servicer makes the representations, warranties and covenants
              set forth in
              the Guides and, upon request, agrees to deliver to Residential Funding
              the
              certified Resolution of Board of Directors which authorizes the execution
              and
              delivery of this Contract. 

             

            ARTICLE
              IV 

             

            Remedies
              of Residential Funding.

             

            If
              an
              Event of Seller Default or an Event of Servicer Default shall occur,
              Residential
              Funding may, at its option, exercise one or more of those remedies
              set forth in
              the Guides. 

             

            ARTICLE
              V

             

            Seller/Servicer’s
              Status as Independent Contractor.

             

            At
              no
              time shall the Seller/Servicer represent that it is acting as an agent
              of
              Residential Funding. The Seller/Servicer shall, at all times, act as
              an
              independent contractor. 

             

            ARTICLE
              VI 

             

            Prior
              Agreements Superseded.

             

            This
              Contract restates, amends and supersedes any and all prior Seller Contracts
              or
              Servicer Contracts between the parties except that any subservicing
              agreement
              executed by the Seller/Servicer in connection with any loan-security
              exchange
              transaction shall not be affected. 

             

            ARTICLE
              VII 

             

            Assignment.

             

            This
              Contract may not be assigned or transferred, in whole or in part, by
              the
              Seller/Servicer without the prior written consent of Residential Funding.
              Residential Funding may sell, assign, convey, hypothecate, pledge or
              in any
              other way transfer, in whole or in part, without restriction, its rights
              under
              this Contract and the Guides with respect to any Commitment or Loan.
              

             

            Article
              VIII 

             

            Notices.

             

            All
              notices, requests, demands or other communications that are to be given
              under
              this Contract shall be in writing, addressed to the appropriate parties
              and sent
              by facsimile or by overnight courier or by United States mail, postage
              prepaid,
              to the addresses and facsimile numbers specified below. However, another
              name,
              address and/or facsimile number may be substituted by the Seller/Servicer
              pursuant to the requirements of this paragraph 8, or Residential Funding
              pursuant to an amendment to the Guides. 

             

            If
              to
              Residential Funding, notices must be sent to the appropriate address
              or
              facsimile number specified in the Guides. 

             

            If
              to the
              Seller/Servicer, notice must be sent to: 

             

            Attention:
              

             

            Facsimile
              Number: (_____) _______-_________

             

            ARTICLE
              IX 

             

            Jurisdiction
              and Venue.

             

            Each
              of
              the pasties irrevocably submits to the jurisdiction of any state or
              federal
              court located in Hennepin County, Minnesota, over any action, suit
              or proceeding
              to enforce or defend any right under this Contract or otherwise arising
              from any
              loan sale or servicing relationship existing in connection with this
              Contract,
              and each of the parties irrevocably agrees that all claims in respect
              of any
              such action or proceeding may be heard or determined in such state
              or federal
              court. Each of the parties irrevocably waives the defense of an inconvenient
              forum to the maintenance of any such action or proceeding and any other
              substantive or procedural rights or remedies it may have with respect
              to the
              maintenance of any such action or proceeding in any such forum. Each
              of the
              parties agrees that a final judgment in any such action or proceeding
              shall be
              conclusive and may be enforced in any other jurisdiction by suit on
              the judgment
              or in any other manner provided by law. Each of the parties further
              agrees not
              to institute any legal actions or proceedings against the other party
              or any
              director, officer, employee, attorney, agent or property of the other
              party,
              arising out of or relating to this Contract in any court other than
              as
              hereinabove specified in this paragraph 9. 

             

            ARTICLE
              X

             

            Miscellaneous.

             

            This
              Contract, including all documents incorporated by reference herein,
              constitutes
              the entire understanding between the parties hereto and supersedes
              all other
              agreements, covenants, representations, warranties, understandings
              and
              communications between the parties, whether written or oral, with respect
              to the
              transactions contemplated by this Contract. All paragraph headings
              contained
              herein are for convenience only and shall not be construed as part
              of this
              Contract. Any provision of this Contract that is prohibited or unenforceable
              in
              any jurisdiction shall, as to such jurisdiction, be ineffective to
              the extent of
              such prohibition or unenforceability without invalidating the remaining
              portions
              hereof or affecting the validity or enforceability of such provision
              in any
              other jurisdiction, and, to this end, the provisions hereof are severable.
              This
              Contract shall be governed by, and construed and enforced in accordance
              with,
              applicable federal laws and the laws of the State of Minnesota. 

             

            [Signature
              Page Follows]

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer
              and
              Residential Funding have executed this Seller/Servicer Contract as
              of the date
              first above written. 

             

            
              	
                      ATTEST:

                    	 	
                      SELLER/SERVICER

                    
	
                      [Corporate
                        Seal]

                      (If
                        none, so state.)

                    	 	 ____________________________________________
	 	 	
                      (Name
                        of Seller/Servicer)

                    
	 	 	 
	 	 	
                      By:
                        ________________________________________________

                    
	 	 	
                      (Signature)

                    
	 	 	 
	
                      ________________________________________________________

                    	 	
                      By:
                        ________________________________________________

                    
	
                      (Typed
                        Name)

                    	 	
                      (Typed
                        Name)

                    
	 	 	 
	
                      Title:

                    	 	
                      Title:

                    
	 	 	 
	
                      ATTEST:

                    	 	
                      RESIDENTIAL
                        FUND1NG CORPORATION

                    
	 	 	 
	 	 	
                      By:
                        ________________________________________________

                    
	 	 	
                      (Signature)

                    
	 	 	 
	
                      ________________________________________________________

                    	 	
                      By:
                        ________________________________________________

                    
	
                      (Typed
                        Name)

                    	 	
                      (Typed
                        Name)

                    
	 	 	 
	
                      Title:
                        ____________________________________________________

                    	 	
                      Title:
                        _______________________________________________

                    

            

            

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              D

             

            FORM
              OF
              ASSIGNMENT AN])
              ASSUMPTION
              AGREEMENT

             

            ASSIGNMENT
              AND ASSUMPTION AGREEMENT 

             

            THIS
              ASSIGNMENT AND ASSUMPTION AGREEMENT is dated [________
              __, 20__],
              between _____________
              (“Assignor”),
              and ______
              (“Assignee”).
              

             

            For
              and
              in consideration of the sum
              of
              TEN
              DOLLARS ($10.00) and other valuable consideration the receipt and sufficiency
              of
              which hereby are acknowledged, and of the mutual covenants herein contained,
              the
              parties hereto hereby agree as follows: 

             

            The
              Assignor hereby grants, transfers and assigns to Assignee all of the
              right,
              title and interest of the Assignor, as Owner in, to and under that
              certain
              Reference Agreement, Adjustable Rate Mortgage Loans, Series 20__-WH__
              (the
“Servicing Agreement”), dated as of [________
              __, 20__],
              by
              and
              between Residential Funding Corporation (the “Company”) and ___________________
              the
              Mortgage Loans delivered thereunder by the Company to the Assignor;
[and
              that certain Custodial Agreement, Series 20,_-WJ1_ (the “Custodial Agreement”),
              dated [________
              __, 20__],
              by and among __________________________ and Wells Fargo Bank ,N.A.,
              as
              custodian].
              

             

            The
              Assignor warrants and represents to, and covenants with, the Assignee
              that:

             

            (a) The
              Assignor is the lawful owner of the Mortgage Loans with the full right
              to
              transfer such Mortgage Loans, which transfer is made subject to the
              terms and
              provisions of the Servicing Agreement but free from any other claims
              and
              encumbrances; 

             

            (b) The
              Assignor has not received notice of, and has no knowledge of, any offsets,
              counterclaims or other defenses available to the Company with respect
              to the
              Servicing Agreement or the Mortgage Loans; 

             

            (c) Unless
              noted below, the Assignor has not waived or agreed to any waiver under,
              or
              agreed to any amendment or other modification of, the Servicing Agreement,
              the
              Custodial Agreement or the Mortgage Loans, including without limitation
              the
              transfer of the servicing obligations under the Servicing Agreement.
              The
              Assignor has no knowledge of, and has not received notice of, any waivers
              under
              or amendments or other modifications of, or assignments of rights or
              obligations
              under, the Servicing Agreement, the Custodial Agreement or the Mortgage
              Loans;
              and 

             

            (d) 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 to, 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
              from, or
              otherwise approached or negotiated with respect to the Mortgage Loans,
              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 (the “Securities Act”) or which would
              render the disposition of the Mortgage Loans a violation of Section
5
              of
              the
              Securities Act or require registration pursuant thereto. 

             

            The
              Assignee represents and warrants to, and covenants with, the Assignor
              and the
              Company pursuant to Section 2.03 of the Servicing Agreement that: 

             

            (a) The
              Assignee agrees to be bound, as Owner by all of the terms, covenants
              and
              conditions of the Servicing Agreement, the Mortgage Loans and the Custodial
              Agreement and from and after the date hereof, the Assignee assumes
              for the
              benefit of each of the Company and the Assignor all of the Assignor’s
              obligations as Owner thereunder; 

             

            (b) Assignee
              understands that the Mortgage Loans have not been registered under
              the
              Securities Act or the securities laws of any state. Assignee is acquiring
              the
              Mortgage Loans for investment for its own account only and not with
              a view to or
              for sale or other transfer in connection with any distribution of the
              Mortgage
              Loans in any manner that would violate die Securities Act or any applicable
              state securities law. Assignee considers itself a substantial, sophisticated
              institutional investor having such knowledge and experience in financial
              and
              business matters that it is capable of evaluating the merits and risks
              of
              investment in the Mortgage Loans. Assignee has been furnished with
              all
              information regarding the Mortgage Loans that it has requested from
              Assignor or
              the Company. Neither the Assignee nor anyone acting on its behalf has
              offered,
              transferred, pledged, sold or otherwise disposed of the Mortgage Loans,
              any
              interest in the Mortgage Loans to, or solicited any offer to buy or
              accept a
              transfer, pledge or other disposition of the Mortgage Loans, any interest
              in the
              Mortgage Loans from, or otherwise approached or negotiated with respect
              to the
              Mortgage Loans, 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 or which
              would
              render the disposition of the Mortgage Loans a violation of Section
5
              of
              the
              Securities Act or require registration pursuant thereto, nor will it
              act, nor
              has it authorized or will it authorize any person to act, in such manner
              with
              respect to the Mortgage Loans; 

             

            (c) The
              Assignee is either (i) not an employee benefit plan that is subject
              to the
              Employee Retirement Income Security Act of 1974, as amended (“ER1SA”) or Section
4975
              of
              the
              Internal Revenue Code of 1986 (the “Code”)(a “Plan”) and not a Person acting,
              directly or indirectly, on behalf of or investing with “plan assets” of any such
              Plan or (ii) an employee benefit plan that is subject to ERISA and
              the
              assignment contemplated herein does not constitute and will not result
              in a
              non-exempt prohibited transaction under Section 406 of ERISA or Section
              4975 of
              the Code; and 

             

            (d) The
              Assignee shall indemnify the Company and hold it harmless against any
              loss,
              liability or expense incurred in connection with any claim, demand,
              defense or
              assertion based on or grounded upon or resulting from, a breach of
              the
              Assignee’s representations, warranties and covenants set forth in this
              Assignment and Assumption Agreement. 

             

            (h) The
              Assignee’s address for purposes of all notices and correspondence related to
              the
              Mortgage Loans and the Servicing Agreement is: 

             

            [Assignee’s
              address]

            Attention:
              

            Telephone:
              

            Fax:
              

            Email:
              

             

            The
              Assignee’s wire transfer instructions for purposes of all remittances and
              payments related to the Mortgage Loans and the Servicing Agreement
              is:

             

            For
              the
              account of 

             

            ABA#:
              

            AJC#:
              

            A/C
              Name:

            Taxpayer
              ID#: 

             

            From
              and
              after the date hereof, the Company shall note the transfer of the Mortgage
              Loans
              to the Assignee in its books and records and the Company shall recognize
              the
              Assignee as the owner of the Mortgage Loans. The Company hereby agrees
              that it
              shall continue to provide information pursuant to Section 4.02(vii)
              of the
              Standard Terms (as defined in the Servicing Agreement) to the Assignor
              following
              the date hereof. The Company acknowledges that the Mortgage Loans may
              become
              part of a REMIC and the Company shall service the Mortgage Loans in
              accordance
              with the Servicing Agreement, the terms of which are incorporated herein
              by
              reference, 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 REMJC
              set forth
              in Section 860G(d) of the Code). It is the intention of the Assignor,
              the
              Company and the Assignee that the Servicing Agreement shall be binding
              upon and
              inure to the benefit of the Company and the Assignee and their respective
              successors and assigns. 

             

            [Signature
              Page Follows]

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Capitalized
              words and phrases used but not otherwise defined in this Assignment
              and
              Assumption Agreement shall have the respective meanings assigned to
              them in the
              Servicing Agreement. 

             

            IN
              WITNESS WHEREOF, the parties have caused this Assignment and Assumption
              Agreement to be executed by their duly authorized officers as of the
              date first
              above written. 

             

            
              	
                      ___________________________________

                    	 	
                      ____________________________________

                    
	
                      Assignor

                    	 	
                      Assignee

                    
	 	 	 
	
                      By:
                        _______________________________

                    	 	
                      By:
                        _________________________________

                    
	
                      Name:
                        _____________________________

                    	 	
                      Name:
                        _______________________________

                    
	
                      Title:
                        ______________________________

                    	 	
                      Title:
                        ________________________________

                    
	 	 	 
	 	 	
                      Taxpayer

                    
	 	 	
                      Identification
                        No. ______________________

                    

            

            

             

            

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              E

             

            FORM
              OF
              CERTIFICATION 

             

            __________
              ___,_____

             

            Residential
              Funding Corporation 

            8400
              Normandale Lake Drive, Suite 600 

            Minneapolis,
              Minnesota 55437
              

             

            
              	 	
                      Re:

                    	
                      Adjustable
                        Rate Mortgage Loans, 

                    

            

                           
              Series [20____-WH____] -
              Assignment
              of Mortgage Loan 

             

             

            Ladies
              and Gentlemen: 

             

            This
              letter is delivered to you in connection with the assignment by (the
“Owner”) to
________
              (the
              “Lender”) of _________
              (the
              “Mortgage Loan”) pursuant to Section 3.11(d) of the Sale and Servicing Agreement
              (the “Sale and Servicing Agreement”), dated as of [________
              __, 20__],
              among Residential Funding Corporation, as company (the “Company”) and
____________________________,
              as
              Initial Owner. All terms used herein and not otherwise defined shall
              have the
              meanings set forth in the Sale and Servicing Agreement. The Lender
              hereby
              certifies, represents and warrants to, and covenants with, the Company
              and the
              Custodian that: 

             

            (i) the
              Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
              in
              which an assignment in lieu of satisfaction is required to preserve
              lien
              priority, minimize or avoid mortgage recording taxes or otherwise comply
              with,
              or facilitate a refinancing under, the laws of such jurisdiction; 

             

            (ii) the
              substance of the assignment is, and is intended to be, a refinancing
              of such
              Mortgage Loan and the form of the transaction is solely to comply with,
              or
              facilitate the transaction under, such local laws; 

             

            (iii) the
              Mortgage Loan following the proposed assignment will be modified to
              have a rate
              of interest at least 0.25 percent below or above the rate of interest
              on such
              Mortgage Loan prior to such proposed assignment; and 

             

            (iv) such
              assignment is at the request of the borrower under the related Mortgage
              Loan.

             

            Very
              truly yours, 

             

            LENDER
              

             

            By:
              _________________________________

            Name:
              _______________________________

            Title:
              ________________________________

            

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              F

             

            FORM
              OF
              REQUEST FOR RELEASE 

             

            DATE:
              

             

            TO:
              

             

            
              	
                      RE:

                    	
                      REQUEST
                        FOR RELEASE OF DOCUMENTS 

                    

            

             

            In
              connection with the administration of the pool of Mortgage Loans held
              by you for
              the referenced pool, we request the release of the Mortgage File described
              below. 

             

            Sale
              and
              Servicing Agreement Dated: 

            Series#:
              

            Account#:
              

            Pool#:
              

            Loan#:
              

            Min#:
              

            Borrower
              Name(s): 

             

            Reason
              for Document Request: (circle
              one)                         Mortgage
              Loan Prepaid in Full

                                 Mortgage
              Loan Repurchased 

                                                
              Mortgage Loan in Foreclosure

             

            “We
              hereby certify that all amounts received or to be received in connection
              with
              such payments which are required to be deposited have been or will
              be so
              deposited as provided in the Sale and Servicing Agreement.” 

             

            ________________________________

            Residential
              Funding Corporation 

            Authorized
              Signature 

             

            TO
              CUSTODIAN: Please acknowledge this request, and check off documents
              being
              enclosed with a copy of this form. You should retain this form for
              your files in
              accordance with the terms of the Sale and Servicing Agreement, 

             

            
              	
                      Enclosed
                        Documents: 

                    	
                      [__] 
                        Promissory
                        Note

                    
	 	
                      [_] 
Primary
                        Insurance Policy

                    
	 	
                      [__] 
Mortgage
                        or Deed of
                        Trust

                    
	 	
                      [__] 
Assignment(s)
                        of Mortgage or
                        Deed of Trust

                    
	 	
                      [__] 
Title
                        Insurance
                        Policy

                    
	 	
                      [__] 
Other:
                        ____________________________________

                    

            

            By:
              ___________________________

            Name:
              _________________________

            Title:
              __________________________

            Date:
              __________________________

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              G

             

            FORMAT
              FOR REPORTS AND STATEMENTS 

             

            [See
              Attachment]

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              H

             

            REGULATION
              AB COMPLIANCE ADDENDUM

             

            See
              Attached

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            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:
              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 (1) 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 typo 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 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 serviced under this Agreement. 

             

            Regulation
              AB:
              Subpart
              229.1100—Asset Backed Securities (Regulation AB), 17 C.F.R. §229.l 100-229.1123,
              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. 33-85 18, 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 2.03(c). 

             

            Servicing
              Criteria:
              The
“servicing criteria” set forth in item 1122(d) of Regulation AS, as such may be
              amended from time to time. 

             

            Static
              Pool Information:
              Static
              pool information as described in Item 1 105(a)(l)-(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 1l22( 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
              AD.

             

            Whole
              Loan Transfer:
              Any
              sale or transfer 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 AD 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.
              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
              and any Master Servicer 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, the 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 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 (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 to
              comply with Regulation AB. 

             

            Section
              2.02. Additional
              Representations and Warranties of the Company.
              

             

            (a) 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 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
              Transaction due to any default by the Company as a Servicer; (ii) the
              Company
              has not been terminated as servicer in a residential mortgage loan
              securitization due to a servicing default; (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
              changes to
              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; (vi) there are no legal or governmental proceedings pending
              (or
              governmental proceedings known to be contemplated) against the Company
              or any
              Subservicer that are material to investors in the related Securitization
              Transaction; (vii) there are no affiliations, relationships or transactions
              relating to the Company or any Sub servicer with respect to any Securitization
              Transaction and ally
              party
              thereto identified by the related Depositor of a type described in
              Item 1119 of
              Regulation AS; and (viii) each Mortgage Loan was originated by a Qualified
              Correspondent. 

             

            (b) If
              so
              requested by the Purchaser, any Master Serviccr 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 203, 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
              2.03. Information
              to Be Provided by the Company.
              

             

            In
              connection with any Securitization Transaction, the Company shall (i)
              within
              five Business Days following a request by the Purchaser or any Depositor,
              provide to the Purchaser and such Depositor (or, as applicable, cause
              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 (a), (b), (c), (I) and (g) of this Section,
              provided,
              that the Company shall not be required to provide such information
              and materials
              with respect to a Subservicer if Regulation AB does not require disclosure
              of
              such information and materials and (ii) 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
              (d) of this
              Section. 

             

            (a) If
              so
              requested by the Purchaser 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)
              and
              (ii) as applicable, each Subservicer, as is requested for the purpose
              of
              compliance with Items I 103(a)(1), 1105, 1110, 1117 and 1119 of Regulation
              ALL
              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 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 11 10(b)(2) of Regulation AR; 

             

            (C) a
              description of any
              legal
              or
              governmental proceedings pending (or governmental proceedings known
              to be
              contemplated) against the Company and each Subservicer that would be
              material to
              investors in the related Securitization Transaction; and 

             

            (D)
              a
              description of any affiliation or relationship, as described in Item
              1119 of
              Regulation AB, between the Company, each Subservicer and any of the
              following
              parties to a Securitization Transaction, as such parties axe 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 by the Purchaser or any Depositor, the Company shall provide
              Static
              Pool Information with respect to the mortgage loans (of a similar type
              as the
              Mortgage Loans) originated by the Company, if the Company is an originator
              of
              Mortgage Loans (including as an acquirer of Mortgage Loans from a Qualified
              Correspondent). Such Static Pool Information shall be prepared by the
              Company on
              the basis of its reasonable, good faith interpretation of the requirements
              of
              Item 11 05(a)( 1)-(3) of Regulation AB. 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
              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 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. My 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 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 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 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 seeuritizations of mortgage loans of a type similar to the
              Mortgage
              Loans involving the Servicer have defaulted 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
              securitizatiort due to a servicing default; and 

             

            (5) such
              other information as the Purchaser or any Depositor may reasonably
              request for
              the purpose of compliance with Item 1 108(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)
              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 the three-year period immediately preceding the
              related
              Securitization Transaction, or, if such statement would not be accurate,
              information regarding the percentage arid 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, for so long as the
              Depositor is
              required to file reports under the Exchange Act with respect to a Securitization
              Transaction, the Company shall (or shall cause each Subservicer 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
              or any
              Subservicer that would be material to investors in the related Securitization
              Transaction, (B) any affiliations or relationships of the type described
              in Item
              1119 of Regulation AB that develop following the closing date of a
              Securitization Transaction between the Company or any Subservicer 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 (B) the Company’s entry
              into a material agreement after the applicable closing date 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. 

             

            (e) As
              a
              condition to the succession to the Company or any Subservicer as a
              servicer or
              subservicer of at least 10% of the pool assets in a Securitization
              Transaction
              or sub-pool thereof 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 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. 

             

            (f) In
              addition to such information as the Company, as servicer, is obligated
              to
              provide pursuant to other provisions of the Agreement, not later than
              ten days
              prior to the deadline for the filing of any distribution report on
              Form 10-fl 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 1 0-fl (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)(l 1) of Regulation AB); 

             

            (ii) material
              breaches of pool asset representations or warranties or transaction
              covenants
              (Item 1 I21(a(l2) of Regulation AB); and 

             

            (iii) information
              regarding any material pool asset changes (such as additions, substitutions
              or
              repurchases) (Item 112 l(a)( 14) of Regulation AB). 

             

            (g) The
              Company shall provide to the Purchaser, any Master Servicer and any
              Depositor,
              upon request evidence of the authorization of the person signing any
              certification or statement, copies or other evidence of Fidelity Bond
              Insurance
              and Errors and Omissions Insurance policy, publicly available financial
              information and reports, and such other information reasonably related
              to the
              Company’s or such Subservicer’s performance hereunder. 

             

            (h) In
              the
              event that (i) the Company does not reasonably believe that certain
              information
              requested under Section 2.03 is required to be disclosed pursuant to
              Regulation
              AB and (ii) the Company has not provided such information for any of
              its own
              securitizations, the Purchaser shall pay all reasonable documented
              costs
              incurred by the Company in connection with the preparation and delivery
              of such
              information, and the Company shall promptly deliver such infonnation
              after
              expiration of a reasonable period of time for establishing the necessary
              systems
              and procedures to produce such information. Further, notwithstanding
              anything to
              the contrary herein, when determining if information is required under
              Regulation AB, all threshold arid other requirements shall be determined
              solely
              by looking at the Company’s mortgage loans and those of its third-party
              originators. The Company shall have no obligation with respect to disclosure
              or
              reporting under Regulation AU in the event that the aggregation of
              its
              third-party originated Mortgage Loans with those of the Purchaser’s other
              sellers require additional disclosure; provided, however, the Company
              shall
              otherwise cooperate with the Purchaser to provide disclosure or reporting
              under
              Regulation AB in the event that such disclosure or reporting is required
              under
              Regulation AB and not otherwise available to the Purchaser. 

             

            Section
              2.04. Servicer
              Compliance Statement.
              

             

            On
              or
              before March 15
              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 (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
              fulflll 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) On
              or
              before March 15 of each calendar year when the Depositor is required
              to file
              reports under the Exchange Act with respect to the related Securitization
              Transaction 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 l3a-lS and lsd-l8 of the Exchange Act and Item 1122 of
              Regulation
              AB. Such report shall be 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 2.06(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 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 lSd-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 (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.
              Neither
              the Purchaser nor any Depositor will request delivery of a certification
              under
              clause (a)(iv) above unless a Depositor is required under the Exchange
              Act to
              file an annual report on Form 10-K with respect to an issuing entity
              whose asset
              pool includes Mortgage Loans. 

             

            (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 2.05(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
              “participating in the Servicing function” within the meaning of Item 1122 of
              Regulation AB, 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 “participating in the
              Servicing function” within the meaning of Item 1122 of Regulation AB, and shall
              not permit any Subservicer to hire or otherwise utilize the services
              of any such
              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), (e), (I) and (g), 2.04, 2.05 and 2.07 of this Reg AB
              Addendum to
              the same extent as if such Subservicer were the Company, to the extent
              required
              under Regulation AB, 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 and any Depositor any servicer compliance statement required
              to be
              delivered by such Subservicer under Section 2.04 and Regulation AB,
              any
              assessment of compliance and attestation required to be delivered by
              such
              Subservicer under Section 2.05 and Regulation AB 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
              under
              Regulation AB. 

             

            (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.
              If
              required under Regulation AB, 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 reasonably 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 (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 applicable provisions of Sections 2.05
              and 2.07 of
              this Reg AB Addendum. 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
              2.05, in each
              case as and when required to be delivered under Regulation AB. 

             

            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 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-l4(d) or Rule 15d-l4(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, a “Purchaser Indemnified Party”), and shall hold each of them harmless
              from and against any losses, damages, penalties, fines, forfeitures,
              reasonable
              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 or other material 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 or Subcontractor (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 II, including
              particularly any failure by the Company, any Subservicer or any Subcontractor
              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
              gross
              negligence, bad faith or willful misfeasance in the performance of
              the Company’s
              duties, or by reason of reckless disregard of obligations and duties,
              under this
              Article ii; 

             

            provided,
              however,
              that in
              no event, other than with respect to any indemnification obligations
              of the
              Company relating to any Company Information provided by the Company
              for
              inclusion in the any prospectus, prospectus supplement, or any private
              placement
              memorandum, or in any amendment or supplement thereto, in a Securitization
              Transaction, will the Company be liable for any consequential or punitive
              damages pursuant to this Section 2.07, even if advised of the possibility
              of
              such damages. 

             

            The
              Purchaser shall indemnify the Company, each Person who controls the
              Company
              (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, a
“Company
              Indemnified Party;” together with the Purchaser Indemnified Parties, the
“Indemnified Parties”), and shall hold each of them harmless from and against
              any losses, damages, penalties, fines, forfeitures, reasonable 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 any untrue
              statement
              contained or alleged to be contained in any filing with the Commission
              or the
              omission or alleged omission to state in any filing with the Commission
              a
              material fact required to be stated or necessary to be stated in order
              to make
              the statements therein, in the light of the circumstances under which
              they were
              made, not misleading, in each case to the extent, but only to the extent,
              that
              such untrue statement, alleged untrue statement, omission, or alleged
              omission
              arose out of or was based upon any information or statement, other
              than the
              Company Information, in a filing with the Commission. 

             

            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-l4(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 under Regulation AB by
              the Company,
              any Subservicer or any Subcontractor. 

             

            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 or any Subcontractor 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
              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 any 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 (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 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. Neither the Purchaser, any Master Servicer nor
              any
              Depositor shall be entitled to terminate the rights and obligations
              of the
              Company pursuant to this subparagraph (b)(i) 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. 

             

            (ii) 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. 

             

            Section
              2.08. Third-Party
              Beneficiary.
              

             

            For
              purposes of this Article II and any related provisions thereto, each
              Master
              Servicer shall be considered a third-party beneficiary of this Reg
              AB Addendum,
              entitled to all the rights and benefits hereof as if it were a direct
              party to
              Article II of this Agreement. 

             

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              A

             

            FORM
              OF
              ANNUAL 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:

             

            (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 and identified as the responsibility
              of the
              Company on Exhibit B to the Regulation AB Compliance Addendum to the
              Agreement
              (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 1 3a-18
              and I5d-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 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.

             

            Date:
              _______________________________

             

            By:
              _________________________________

            Name:
              

            Title:
              

             

            By:
              _________________________________

            Name:
              

            Title:
              

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              B

             

            SERVICING
              CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 

             

            The
              assessment of compliance to be delivered by the Servicer 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.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      1122(d)(1)(iii)

                    	
                      Any
                        requirements In the transaction agreements to maintain a
                        back-up servicer
                        for the pool assets are maintained.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	 	
                      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.

                    	
                      ü

                    
	
                      1122(d)(2)(ii)

                    	
                      Disbursements
                        made via wire transfer on behalf of an obligor or to an investor
                        are made
                        only by authorized personnel.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      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

                    	
                      ü

                    
	
                      1122(d)(2)(vi)

                    	
                      Unissued
                        checks are safeguarded so as to prevent unauthorized
                        access.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	 	
                      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.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      1122(d)(3)(iv)

                    	
                      Amounts
                        remitted to Investors per the investor reports agree with
                        cancelled
                        22(d)(3)(iv) checks, or other form of payment, or custodial
                        bank
                        statements.

                    	
                      ü

                    
	 	
                      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.

                    	
                      ü

                    
	
                      1122(d)(4)(ii)

                    	
                      Pool
                        assets and related documents are safeguarded as required
                        by the
                        22(d)(4)(it) transaction agreements

                    	
                      ü

                    
	
                      1122(d)(2)(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.

                    	
                      ü

                    
	
                      1122(d)(4)(iv)

                    	
                      Payments
                        on pod 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.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      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 pod
                        asset documents.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      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).

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      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 asset, or such
                        other number of
                        days specified in me transaction agreements.

                    	
                      ü

                    
	
                      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.

                    	
                      ü

                    
	
                      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
                        unless tile late payment was due to the obligor’s error or
                        omission.

                    	
                      ü

                    
	
                      1122(d)(4)(xiii)

                    	
                      Disbursements
                        made on behalf of an obligor are posted within two business
                        days to the
                        obligors 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.

                    	
                      ü

                    
	
                      1122(d)(4)(xv)

                    	
                      Any
                        external enhancement or other support, identified in item
                        11 14(a)(1)
                        through (3) or Item 1115 of Regulation AB, Is maintained
                        as set forth In
                        the transaction agreements.

                    	
                      ü

                    

            

            

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              I

             

            FORM
              OF
              SPECIAL FORECLOSURE RIGHTS SECTION 

             

            Notwithstanding
              anything in this Agreement to the contrary, for so long as the Master
              Servicer
              has not notified the Servicer that a real estate investment trust or
              one of its
              subsidiaries and is no longer the holder of the entire interest in
              the most
              junior of the Subordinate Certificates is no longer entitled to the
              rights
              described in this Section U:
              

             

            (a) The
              Servicer shall not commence foreclosure proceedings with respect to
              a Mortgage
              Loan unless (i) no later than five Business Days prior to its commencement
              of
              such foreclosure proceedings, it notifies the Master Servicer of its
              intention
              to do so, and (ii) the holder of the entire interest in the most junior
              of the
              Subordinate Certificates, either directly or through the Master Servicer,
              does
              not, within such five-Business-Day period, affirmatively object to
              such action.

             

            (b) In
              the
              event that the Servicer determines not to proceed with foreclosure
              proceedings
              with respect to a Mortgage Loan that becomes 60 days’ or more delinquent and the
              Servicer has determined that it is unable to collect payments due under
              such
              Mortgage Loan in accordance with Accepted Servicing Practices, the
              Servicer
              shall, prior to taking any action with respect to such Mortgage Loan,
              promptly
              provide the Master Servicer with notice of such determination and a
              description
              of such other action as it intends to take with respect to such Mortgage
              Loan;
              provided, that the Servicer shall not be permitted to proceed with
              any such
              action unless the holder of the entire interest in the most junior
              of the
              Subordinate Certificates, either directly or through the Master Servicer,
              does
              not, within five Business Days following such notice, affirmatively
              object to
              the Servicer taking such action. 

             

            (c) If
              the
              holder of the entire interest in the most junior of the Subordinate
              Certificates
              timely and affirmatively objects to an action or contemplated action
              of the
              Servicer pursuant to either (a) or (b) above, then such holder shall
              instruct
              the Master Servicer to hire, at such holder’s sole cost and expense, three
              appraisal firms, selected by the Master Servicer in its reasonable
              discretion,
              to compute the fair value of the Mortgaged Property relating to the
              related
              Mortgage Loan utilizing the Fannie Mae Form 2055
              Exterior-Only
              Inspection Residential Appraisal Report (each such appraisal-firm computation,
              a
“Fair Value Price”), in each case (other than as set forth in (d) below) no
              later than 30 days from the date of such holder’s objection. If the Master
              Servicer shall have received three Fair Value Prices by the end of
              such 30-day
              period, then the holder of the entire interest in the most junior of
              the
              Subordinate Certificates shall, no later than 5
              days
              after the expiration of such 30-day period, purchase such Mortgage
              Loan and the
              related Mortgaged Property at an amount equal to the sum of(i) accrued
              and
              unpaid interest on such Mortgage Loan as of such purchase date (“Accrued
              Interest”) and (ii) the highest of such three Fair Value Prices respectively
              determined by such appraisal firms, and shall promptly delivery such
              amount to
              the Servicer for deposit into the Custodial Account. All costs relating
              to the
              computation of the related Fair Value Prices shall be (x) set forth
              in an
              invoice delivered by the Master Servicer, (y) for the account of the
              holder of
              the entire interest in the most junior of the Subordinate Certificates
              and (z)
              paid to the Master Servicer in immediately available funds by the holder
              of the
              entire interest in the most junior of the Subordinate Certificates
              at the time
              of such Mortgage Loan and the related Mortgaged Property are purchased
              by such
              holder.. 

             

            (d) If
              the
              Master Servicer shall not have received three Fair Value Prices at
              the end of
              the 30-day period set forth in (c) above, then: 

             

            (i) The
              Master Servicer shall obtain such three Fair Value Prices no later
              than 15 days
              after the end of such 30-day period. 

             

            (ii) If
              the
              Master Servicer shall have only received two Fair Value Prices at the
              end of
              such 15-day extension period, then the Master Servicer will determine,
              in its
              sole and absolute discretion, the fair value of the Mortgaged Property
              relating
              to such Mortgage Loan, related Insurance Proceeds and the current delinquency
              status of such Mortgage Loan (such fair value, the “Master Servicer Fair Value
              Price”), and the holder of the entire interest in the most junior of the
              Subordinate Certificates shall, no later than 5 days after the expiration
              of
              such 15-day extension period, purchase (and deliver to the Servicer
              the purchase
              price for) such Mortgage Loan and the related Mortgaged Property at
              an amount
              equal to the sum of (A) Accrued Interest thereon and (B) the higher
              of (1) the
              highest of such two Fair Value Prices determined by such appraisal
              firms and (2)
              the Master Servicer Fair Value Price. 

             

            (iii) If
              the
              Master Servicer shall have received only one Fair Value Price at the
              end of such
              15-day extension period, then the Master Servicer will determine, in
              its sole
              and absolute discretion, the Master Servicer Fair Value Price of the
              Mortgaged
              Property related to such Mortgage Loan, and: 

             

            (A) if
              such
              Master Servicer Fair Value Price is equal to or greater than the unpaid
              principal balance of the related Mortgage Loan as of such date (the
“Unpaid
              Principal Balance”), then the holder of the entire interest in the most junior
              of the Subordinate Certificates shall, no later than 5 days after the
              expiration
              of such 15- day extension period, purchase (and deliver to the Servicer
              the
              purchase price for) such Mortgage Loan and the related Mortgaged Property
              at an
              amount equal to the sum of (1) Accrued Interest thereon and (2) such
              Master
              Servicer Fair Value Price; and 

             

            (B) if
              such
              Master Servicer Fair Value Price is less than the related Unpaid Principal
              Balance, then the holder of the entire interest in the most junior
              of the
              Subordinate Certificates shall, no later than 5 days after the expiration
              of
              such 15-day extension period, purchase (and deliver to the Servicer
              the purchase
              price for) such Mortgage Loan and the related Mortgaged Property at
              an amount
              equal to the sum of (1) Accrued Interest thereon and (2) the related
              Unpaid
              Principal Balance (such sum, the “Preliminary Purchase Price”); provided, that
              the provisions of clause (d)(iv) shall thereafter apply. 

             

            (iv) Following
              the payment by the holder of the entire interest in the most junior
              of the
              Subordinate Certificates of the Preliminary Purchase Price, the Master
              Servicer
              shall continue to hire appraisal firms at the holder of the entire
              interest in
              the most junior of the Subordinate Certificates’ sole cost and expense (which
              shall be payable by the holder of the entire interest in the most junior
              of the
              Subordinate Certificates to the Master Servicer in immediately available
              funds
              promptly upon the delivery to it by the Master Servicer of an invoice
              with
              respect thereto) to compute the Fair Value Price of the Mortgaged Property
              related to such Mortgage Loan, and at such time as two such Fair Value
              Prices
              shall have been obtained: 

             

            (A) if
              such
              Master Servicer Fair Value Price is equal to or greater than the unpaid
              principal balance of the related Mortgage Loan as of such date (the
“Unpaid
              Principal Balance”), then the holder of the entire interest in the most junior
              of the Subordinate Certificates shall, no later than 5 days after the
              expiration
              of such 15- day extension period, purchase (and deliver to the Servicer
              the
              purchase price for) such Mortgage Loan and the related Mortgaged Property
              at an
              amount equal to the sum of(l) Accrued interest thereon and (2) such
              Master
              Servicer Fair Value Price; and 

             

            (B) if
              the
              sum of(l) Accrued Interest on the related Mortgage Loan and (2) the
              higher of
              (x) the highest of such two Fair Value Prices determined by such appraisal
              firms
              and (y) the Master Servicer’s Fair Value Price of the Mortgaged Property related
              to such Mortgage Loan (such sum, the “Revised Fair Value Price”) is greater than
              such Preliminary Purchase Price, then the Master Servicer shall promptly
              notify
              the holder of the entire interest in the most junior of the Subordinate
              Certificates and the Servicer of such calculation, and such holder
              shall, no
              later than 5 days after such notice, remit to the Servicer, for deposit
              into the
              Custodial Account, the difference between such Revised Fair Value Price
              and such
              Preliminary Purchase Price; and 

             

            (C) if
              such
              Preliminary Purchase Price is greater than such Revised Fair Value
              Price, then
              the Master Servicer shall promptly notify the holder of the entire
              interest in
              the most junior of the Subordinate Certificates and the Servicer of
              such
              calculation, and the Servicer shall, no later than 5 days after such
              notice,
              remit to such holder, from funds then on deposit in the Custodial Account,
              the
              difference between such Preliminary Purchase Price and such Revised
              Fair Value
              Price. 

             

            (e) Notwithstanding
              anything herein to the contrary, the holder of the entire interest
              in the most
              junior of the Subordinate Certificates shall not be entitled to any
              of its
              rights set forth herein with respect to a Mortgage Loan following its
              failure to
              purchase such Mortgage Loan and the related Mortgaged Property, at
              the related
              purchase price set forth in this Section [J
              within
              the timeframe set forth in this Section [J
              following
              such holder’s objection to an action of the Servicer, and the Servicer shall
              provide the Master Servicer written notice of such failure. Moreover,
              the holder
              of the entire interest in the most junior of the Subordinate Certificates
              shall
              not be entitled to the foregoing rights if any of the Subordinate Certificates
              are held by entities that are unaffiliated with such holder. 

             

            (f) Any
              notice, confirmation, instruction or objection pursuant to paragraphs
              (a), (b),
              (c) and (d) above may be delivered via facsimile or other written or
              electronic
              communication as the parties hereto and the holder of the entire interest
              in the
              most junior of the Subordinate Certificates may agree to from time
              to time.

             

            (g) For
              the
              avoidance of doubt, the holder of the entire interest in the most junior
              of the
              Subordinate Certificates’ rights set forth in this Section U are intended to
              provide such holder, for so long as it has not forfeited its right
              under this
              Section U as set forth in clause (e) above, with the unilateral right
              to control
              foreclosure decisions in respect of delinquent arid defaulted Mortgage
              Loans,
              and certain exclusive purchase rights so as to maximize the recovery
              value on
              delinquent and defaulted Mortgage Loans. 

             

            (h) The
              holder of the entire interest in the most junior of the Subordinate
              Certificates
              as of the Closing Date is [___________]. Any notice delivered by such
              holder (or
              any other holder of the entire interest in the most junior of the Subordinate
              Certificates), either directly or through the Master Servicer, shall
              be
              accompanied by an officer’s certificate of such holder certifying to the
              Servicer that it is the holder of the entire interest in the most junior
              of the
              Subordinate Certificates and shall attach thereto (A) if the Subordinate
              Certificate is registered in the name of a nominee of the Depository
              Trust
              Company, an account statement through the applicable broker-dealer
              or such other
              evidence as the Servicer shall reasonably request or (B) if the Subordinate
              Certificate is held in physical form, the trade confirmation with respect
              to
              such Subordinate Certificate or such other evidence as the Servicer
              shall
              reasonably request. For purposes of this Section [___],
              the
              Servicer shall be entitled to rely on any notice delivered by
              [____________________] until a notice (together with an officer’s certificate
              and the supporting evidence of ownership set forth in the immediately
              preceding
              sentence) is delivered to the Servicer by any subsequent holder of
              the entire
              interest in the most junior of the Subordinate Certificates. 

             

            (i) To
              the
              extent that the holder of the entire interest in the most junior of
              the
              Subordinate Certificates purchases any Mortgage Loan pursuant to this
              Section L]
              the Servicer will continue to service such Mortgage Loan in accordance
              with this
              Agreement.. The parties acknowledge that, in such event, the Master
              Servicer
              will have no duty or responsibility to master service any such Mortgage
              Loan.

             

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-2

         

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        
           

        

        
          
             

            FLOW
              SALE AND SERVICING AGREEMENT

            (Residential
              Mortgage Loans)

             

            Dated
              as
              of January 24, 2006

             

            by
              and
              between

             

            LUMINENT
              MORTGAGE CAPITAL, INC.,

            

            MERCURY
              MORTGAGE FINANCE STATUTORY TRUST

            

            and

            

            MAIA
              MORTGAGE FINANCE STATUTORY TRUST,

            as
              Purchasers

             

             

            and

             

            PAUL
              FINANCIAL, LLC,

            as
              Company

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                   

                

              

            

            TABLE
              OF CONTENTS

             

             

            ARTICLE
              I
              DEFINITIONS

             

             

            ARTICLE
              II AGREEMENT TO PURCHASE; PURCHASE PRICE; POSSESSION OF MORTGAGE FILES;
              MAINTENANCE OF SERVICING FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT;
              DELIVERY
              OF DOCUMENTS; CLOSING CONDITIONS

             

            
              	 	
                      Section
                        2.01

                    	
                      Agreement
                        to Purchase; Purchase Price; Mortgage and Servicing Files.

                    	 

            

            
              	 	
                      Section
                        2.02

                    	
                      Books
                        and Records; Transfers of Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        2.03

                    	
                      Custodial
                        Agreement; Delivery of Documents.

                    	 

            

            
              	 	
                      Section
                        2.04

                    	
                      Quality
                        Control Procedures.

                    	 

            

            
              	 	
                      Section
                        2.05

                    	
                      Closing
                        Conditions.

                    	 

            

             

            ARTICLE
              III REPRESENTATIONS AND WARRANTIES REMEDIES AND BREACH

             

            
              	 	
                      Section
                        3.01

                    	
                      Company
                        Representations and Warranties.

                    	 

            

            
              	 	
                      Section
                        3.02

                    	
                      Representations
                        and Warranties Regarding Individual Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        3.03

                    	
                      Repurchase.

                    	 

            

            
              	 	
                      Section
                        3.04

                    	
                      Repurchase
                        of Mortgage Loans With First Payment Defaults.

                    	 

            

            
              	 	
                      Section
                        3.05

                    	
                      Purchase
                        Price Protection.

                    	 

            

            
              	 	
                      Section
                        3.06

                    	
                      Review
                        of Mortgage Loans.

                    	 

            

             

            ARTICLE
              IV ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

             

            
              	 	
                      Section
                        4.01

                    	
                      Company
                        to Act as Servicer.

                    	 

            

            
              	 	
                      Section
                        4.02

                    	
                      Liquidation
                        of Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        4.03

                    	
                      Collection
                        of Mortgage Loan Payments.

                    	 

            

            
              	 	
                      Section
                        4.04

                    	
                      Establishment
                        of and Deposits to Custodial Account.

                    	 

            

            
              	 	
                      Section
                        4.05

                    	
                      Permitted
                        Withdrawals From Custodial Account.

                    	 

            

            
              	 	
                      Section
                        4.06

                    	
                      Establishment
                        of and Deposits to Escrow Account.

                    	 

            

            
              	 	
                      Section
                        4.07

                    	
                      Permitted
                        Withdrawals From Escrow Account.

                    	 

            

            
              	 	
                      Section
                        4.08

                    	
                      Payment
                        of Taxes, Insurance and Other Charges.

                    	 

            

            
              	 	
                      Section
                        4.09

                    	
                      Transfer
                        of Accounts.

                    	 

            

            
              	 	
                      Section
                        4.10

                    	
                      Maintenance
                        of Hazard Insurance.

                    	 

            

            
              	 	
                      Section
                        4.11

                    	
                      Maintenance
                        of Mortgage Impairment Insurance.

                    	 

            

            
              	 	
                      Section
                        4.12

                    	
                      Maintenance
                        of Fidelity Bond and Errors and Omissions Insurance.

                    	 

            

            
              	 	
                      Section
                        4.13

                    	
                      Inspections.

                    	 

            

            
              	 	
                      Section
                        4.14

                    	
                      Restoration
                        of Mortgaged Property.

                    	 

            

            
              	 	
                      Section
                        4.15

                    	
                      Maintenance
                        of PMI Policy; Claims.

                    	 

            

            
              	 	
                      Section
                        4.16

                    	
                      Title,
                        Management and Disposition of REO Property.

                    	 

            

            
              	 	
                      Section
                        4.17

                    	
                      Real
                        Estate Owned Reports.

                    	 

            

            
              	 	
                      Section
                        4.18

                    	
                      Liquidation
                        Reports.

                    	 

            

            
              	 	
                      Section
                        4.19

                    	
                      Reports
                        of Foreclosures and Abandonments of Mortgaged Property.

                    	 

            

            
              	 	
                      Section
                        4.20

                    	
                      Application
                        of Buydown Funds.

                    	 

            

            
              	 	
                      Section
                        4.21

                    	
                      Notification
                        of Adjustments.

                    	 

            

            
              	 	
                      Section
                        4.22

                    	
                      Modifications,
                        Waivers, Amendments and Consents.

                    	 

            

            
              	 	
                      Section
                        4.23

                    	
                      Specially
                        Serviced Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        4.24

                    	
                      Disaster
                        Recovery/Business Continuity Plan.

                    	 

            

            
              	 	
                      Section
                        4.25

                    	
                      Fair
                        Credit Reporting Act.

                    	 

            

             

            ARTICLE
              V
              PAYMENTS TO PURCHASER

             

            
              	 	
                      Section
                        5.01

                    	
                      Remittances.

                    	 

            

            
              	 	
                      Section
                        5.02

                    	
                      Automated
                        Servicing Systems and Statements to Purchaser.

                    	 

            

            
              	 	
                      Section
                        5.03

                    	
                      Monthly
                        Advances by Company.

                    	 

            

             

            ARTICLE
              VI GENERAL SERVICING PROCEDURES

             

            
              	 	
                      Section
                        6.01

                    	
                      Due-on-Sale
                        Provision and Assumptions.

                    	 

            

            
              	 	
                      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

                    	
                      Right
                        to Examine Company Records.

                    	 

            

            
              	 	
                      Section
                        6.07

                    	
                      Compliance
                        with REMIC Provisions.

                    	 

            

             

            ARTICLE
              VII COMPANY TO COOPERATE

             

            
              	 	
                      Section
                        7.01

                    	
                      Provision
                        of Information.

                    	 

            

            
              	 	
                      Section
                        7.02

                    	
                      Financial
                        Statements; Servicing Facility.

                    	 

            

            
              	 	
                      Section
                        7.03

                    	
                      Cooperation
                        with Third-party Service Providers.

                    	 

            

             

            ARTICLE
              VIII THE COMPANY

             

            
              	 	
                      Section
                        8.01

                    	
                      Indemnification;
                        Third Party Claims.

                    	 

            

            
              	 	
                      Section
                        8.02

                    	
                      Merger
                        or Consolidation of the Company.

                    	 

            

            
              	 	
                      Section
                        8.03

                    	
                      Limitation
                        on Liability of Company and Others.

                    	 

            

            
              	 	
                      Section
                        8.04

                    	
                      Limitation
                        on Resignation and Assignment by Company.

                    	 

            

             

            ARTICLE
              IX WHOLE LOAN TRANSFERS AND Securitization Transactions

             

            
              	 	
                      Section
                        9.01

                    	
                      Removal
                        of Mortgage Loans from Inclusion Under this Agreement.

                    	 

            

             

            ARTICLE
              X
              DEFAULT

             

            
              
                	 	
                        Section
                          10.01

                      	
                        Events
                          of Default.

                      	 

              

              
                	 	
                        Section
                          10.02

                      	
                        Waiver
                          of Defaults.

                      	 

              

               

            

            ARTICLE
              XI TERMINATION

             

            
              
                	 	
                        Section
                          11.01

                      	
                        Termination.

                      	 

              

              
                	 	
                        Section
                          11.02

                      	
                        Termination
                          Without Cause.

                      	 

              

               

            

            ARTICLE
              XII MISCELLANEOUS PROVISIONS

             

            
              
                	 	
                        Section
                          12.01

                      	
                        Successor
                          to Company.

                      	 

              

              
                	 	
                        Section
                          12.02

                      	
                        Amendment.

                      	 

              

              
                	 	
                        Section
                          12.03

                      	
                        Governing
                          Law.

                      	 

              

              
                	 	
                        Section
                          12.04

                      	
                        Arbitration.

                      	 

              

              
                	 	
                        Section
                          12.05

                      	
                        Duration
                          of Agreement.

                      	 

              

              
                	 	
                        Section
                          12.06

                      	
                        Notices.

                      	 

              

              
                	 	
                        Section
                          12.07

                      	
                        Severability
                          of Provisions.

                      	 

              

              
                
                  	 	
                          Section
                            12.08

                        	
                          Relationship
                            of Parties.

                        	 

                

                
                  	 	
                          Section
                            12.09

                        	
                          Execution;
                            Successors and Assigns.

                        	 

                

                
                  	 	
                          Section
                            12.10

                        	
                          Recordation
                            of Assignments of Mortgage.

                        	 

                

                
                  	 	
                          Section
                            12.11

                        	
                          Assignment
                            by Purchaser.

                        	 

                

                
                  	 	
                          Section
                            12.12

                        	
                          Solicitation
                            of Mortgagor.

                        	 

                

                
                  	 	
                          Section
                            12.13

                        	
                          Further
                            Agreements.

                        	 

                

                
                  	 	
                          Section
                            12.14

                        	
                          Confidential
                            Information.

                        	 

                

              

            

            
              
                
                  	 	
                          Section
                            12.15

                        	
                          Equal
                            Opportunity.

                        	 

                

                
                  	 	
                          Section
                            12.16

                        	
                          Counterparts.

                        	 

                

                
                  	 	
                          Section
                            12.17

                        	
                          Exhibits.

                        	 

                

                
                  	 	
                          Section
                            12.18

                        	
                          General
                            Interpretive Principles.

                        	 

                

                
                  	 	
                          Section
                            12.19

                        	
                          Reproduction
                            of Documents.

                        	 

                

                
                  	 	
                          Section
                            12.20

                        	
                          Purchase
                            Price and Terms Letter.

                        	 

                

                 

              

            

            EXHIBITS

            
               

              
                	 	
                        Exhibit
                          A

                      	
                        Form
                          of Mortgage Loan Schedule

                      	 

              

              
                	 	
                        Exhibit
                          B

                      	
                        Contents
                          of Each Mortgage File

                      	 

              

              
                	 	
                        Exhibit
                          C

                      	
                        Form
                          of Custodial Agreement

                      	 

              

              
                	 	
                        Exhibit
                          D

                      	
                        Form
                          of Assignment, Assumption and Recognition Agreement

                      	 

              

              
                
                  	 	
                          Exhibit
                            E 

                        	
                          Underwriting
                            Guidelines

                        	 

                

                
                  	 	
                          Exhibit
                            F 

                        	
                          Representations
                            and Warranties Regarding Individual Mortgage Loans

                        	 

                

                
                  	 	
                          Exhibit
                            G

                        	
                          Form
                            of Opinion of Counsel

                        	 

                

                
                  	 	
                          Exhibit
                            H 

                        	
                          Form
                            of SEC Certification

                        	 

              

            

            
              
                
                  	 	
                          Exhibit
                            I

                        	
                          Form
                            of Memorandum of Sale

                        	 

                

                
                  	 	
                          Exhibit
                            J 

                        	
                          Servicer
                            Requirements 

                        	 

                

                
                  	 	
                          Exhibit
                            K

                        	
                          Regulation
                            AB Compliance Addendum

                        	 

                

                
                  	 	
                          Exhibit
                            L

                        	
                          Form
                            of Special Foreclosure Rights Section

                        	 

                

                 

              

            

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            FLOW
              SALE
              AND SERVICING AGREEMENT,
              dated
              as of January 24, 2006 (as amended, restated, supplemented or otherwise
              modified
              and in effect from time to time, this “Agreement”),
              is
              made by and between LUMINENT
              MORTGAGE CAPITAL, INC.,
              MERCURY
              MORTGAGE FINANCE STATUTORY TRUST, MAIA MORTGAGE FINANCE STATUTORY
              TRUST,
              as
              purchasers (collectively, the “Purchasers”,
              and
              individually, as the purchaser of any Mortgage Loan (defined below)
              hereunder,
              the “Purchaser”),
              and
PAUL
              FINANCIAL, LLC,
              as
              seller and servicer (the “Company”).

             

            W
              I T
              N E S S E T H

             

            WHEREAS,
              each Purchaser has agreed to purchase from time to time from the Company
              and the
              Company has agreed to sell from time to time to any Purchaser first
              lien jumbo,
              alternate ‘A’ and conforming fixed and adjustable rate mortgage loans;
              and

             

            WHEREAS,
              the Mortgage Loans will be sold by the Company 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 for
              the related
              Mortgage Loan Package, which will be annexed to a Memorandum of Sale
              (as defined
              herein) on the related Closing Date; and

             

            WHEREAS,
              each of the Purchasers and the Company wish to prescribe the manner
              of purchase
              of the Mortgage Loans and the conveyance, servicing and control of
              the Mortgage
              Loans; and

             

            WHEREAS,
              following any purchase of the Mortgage Loans from the Company, the
              Purchaser may
              desire to sell some or all of the Mortgage Loans to one or more purchasers
              as a
              whole loan transfer, agency transfer or a public or private, rated
              or unrated
              mortgage securitization transaction.

             

            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, each of the Purchasers and the Company agree as
              follows:

             

            ARTICLE
              I

             

            DEFINITIONS

             

            Whenever
              used herein, the following words and phrases, unless the content otherwise
              requires, shall have the following meanings:

             

            Accepted
              Servicing Practices:
              With
              respect to any Mortgage Loan, procedures (including collection procedures)
              that
              comply with applicable federal, state and local law and that the Company
              customarily employs and exercises in servicing and administering mortgage
              loans
              for its own account and that are in accordance with the Fannie Mae
              Single Family
              Servicing Guide and the accepted mortgage servicing practices of prudent
              mortgage lending institutions which service mortgage loans of the same
              type as
              the Mortgage Loans in the jurisdiction where the related Mortgaged
              Property is
              located.

             

            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:
              As
              defined in the introductory paragraph hereof.

             

            ALTA:
              The
              American Land Title Association or any successor thereto.

             

            Anti-Money
              Laundering Laws:
              As
              defined in Section 3.01(n).

             

            Appraisal:
              A
              written appraisal of a Mortgaged Property made by a Qualified Appraiser,
              which
              appraisal must be written, in form and substance, to Fannie Mae and
              Freddie Mac
              standards, and satisfy the requirements of Title XI of the Financial
              Institution, Reform, Recovery and Enforcement Act of 1989 and the regulations
              promulgated thereunder, in effect as of the date of the appraisal.

             

            Appraised
              Value:
              With
              respect to any Mortgage Loan, the lesser of (i) the value set forth
              on the
              Appraisal made in connection with the origination of the related Mortgage
              Loan
              as the value of the related Mortgaged Property, or (ii) the purchase
              price paid
              for the Mortgaged Property, provided,
              however,
              that in
              the case of a refinanced Mortgage Loan, such value shall be based solely
              on the
              Appraisal made in connection with the origination of such Mortgage
              Loan.

             

            Approved
              Flood Policy Insurer:
              An
              insurer that meets the guidelines of the Federal Insurance
              Administration.

             

            Assignment,
              Assumption and Recognition Agreement:
              The
              agreement substantially in the form of Exhibit
              D
              attached
              hereto.

             

            Assignment
              of Mortgage:
              An
              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 the sale of the Mortgage
              to the
              Purchaser.

             

            BIF:
              The
              Bank Insurance Fund, or any successor thereto.

             

            BPO:
              A
              broker’s price opinion with respect to a Mortgaged Property.

             

            Business
              Day:
              Any day
              other than (i) a Saturday or Sunday, or (ii) a day on which banking
              and savings
              and loan institutions in the State of New York or the state in which
              the
              Company’s servicing operations are located are authorized or obligated by law
              or
              executive order to be closed.

             

            Buydown
              Agreement:
              An
              agreement between the Company 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 the
              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 funds 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 a Mortgage Loan Package, the date or dates, set forth in
              the related
              Memorandum of Sale, on which the Purchaser will purchase and the Company
              will
              sell the Mortgage Loans identified therein. 

             

            Code:
              The
              Internal Revenue Code of 1986, as it may be amended from time to time
              or any
              successor statute thereto, and applicable U.S. Department of the Treasury
              regulations issued pursuant thereto.

             

            Company:
              As
              defined in the introductory paragraph hereof.

             

            Company
              Employees:
              As
              defined in Section 4.12.

             

            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.

             

            Consumer
              Information:
              Any
              personally identifiable information in any form (written electronic
              or
              otherwise) relating to a Mortgagor, including, but not limited to:
              a Mortgagor’s
              name, address, telephone number, Mortgage Loan number, Mortgage Loan
              payment
              history, delinquency status, insurance carrier or payment information,
              tax
              amount or payment information; the fact that the Mortgagor has a relationship
              with the Company or the originator of the related Mortgage Loan; and
              any other
              non-public personally identifiable information.

             

            Co-op
              Shares:
              Shares
              issued by private non-profit housing corporations.

             

            Custodial
              Account:
              The
              separate account or accounts created and maintained pursuant to Section
              4.04.

             

            Custodial
              Agreement:
              The
              agreement governing the retention of the originals of each Mortgage
              Note,
              Mortgage, Assignment of Mortgage and other Mortgage Loan Documents,
              a form of
              which is annexed hereto as Exhibit
              C.

             

            Custodian:
              The
              custodian under the Custodial Agreement, or its successor in interest
              or
              assigns, or any successor to the Custodian under the Custodial Agreement
              as
              provided therein.

             

            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 Purchase Price and Terms Letter.

             

            Defective
              Document:
              As
              defined in Section 3.03.

             

            Deleted
              Mortgage Loan:
              A
              Mortgage Loan which is repurchased by the Company in accordance with
              the terms
              of this Agreement and which is, in the case of a substitution pursuant
              to
              Section 3.03, replaced or to be replaced with a Qualified Substitute
              Mortgage
              Loan.

             

            Determination
              Date:
              The
              fifteenth calendar day of each month (or if such fifteenth day is not
              a Business
              Day, the next immediately preceding Business Day).

             

            Due
              Date:
              The
              first day of the month 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 commencing 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.

             

            Errors
              and Omissions Insurance Policy:
              An
              errors and omissions insurance policy to be maintained by the Company
              pursuant
              to Section 4.12.

             

            Escrow
              Account:
              The
              separate account or accounts created and maintained pursuant to Section
              4.06.

             

            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 10.01.

             

            FACT
              Act:
              As
              defined in Section 3.01.

             

            Fannie
              Mae:
              The
              entity formerly known as Federal National Mortgage Association (FNMA),
              or any
              successor thereto.

             

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

             

            Fidelity
              Bond:
              A
              fidelity bond to be maintained by the Company pursuant to
              Section 4.12.

             

            First
              Remittance Date:
              February 18, 2006.

             

            Freddie
              Mac:
              The
              entity formerly known as the Federal Home Loan Mortgage Corporation
              (FHLMC), or
              any successor thereto.

             

            GAAP:
              Generally accepted accounting procedures, consistently applied.

             

            Gross
              Margin:
              With
              respect to each Adjustable Rate Mortgage Loan, the fixed percentage
              amount set
              forth in the 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.

             

            Holding
              Period:
              As to
              each Mortgage Loan, the period beginning on the Closing Date and ending
              on the
              last day of the second calendar month thereafter.

             

            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 therein.

             

            Insurance
              Proceeds:
              With
              respect to each Mortgage Loan, proceeds of insurance policies insuring
              the
              Mortgage Loan or the related Mortgaged Property.

             

            Interim
              Funder:
              With
              respect to each MERS Designated Mortgage Loan, the Person named on
              the MERS
              System as the interim funder pursuant to the MERS Procedures
              Manual.

             

            Investor:
              With
              respect to each MERS Designated Mortgage Loan, the Person named on
              the MERS
              System as the investor pursuant to the MERS Procedures Manual.

             

            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, or the sale of the related Mortgaged
              Property if
              the Mortgaged Property is acquired in satisfaction of the Mortgage
              Loan.

             

            Loan-to-Value
              Ratio or LTV:
              With
              respect to any Mortgage Loan, the ratio of the original loan amount
              of the
              Mortgage Loan at its origination (unless otherwise indicated) to the
              Appraised
              Value of the Mortgaged Property.

             

            Manufactured
              Home:
              A
              single family residential unit that is constructed in a factory in
              sections in
              accordance with the Federal Manufactured Home Construction and Safety
              Standards
              adopted on July 15, 1976, by the Department of Housing and Urban Development
              (“HUD
              Code”),
              as
              amended in 2000, which preempts state and local building codes. Each
              unit is
              identified by the presence of a HUD Plate/Compliance Certificate label.
              The
              sections are then transported to the site and joined together and affixed
              to a
              pre-built permanent foundation (which satisfies the manufacturer’s requirements
              and all state, county, and local building codes and regulations). The
              manufactured home is built on a non-removable, permanent frame chassis
              that
              supports the complete unit of walls, floors, and roof. The underneath
              part of
              the home may have running gear (wheels, axles, and brakes) that enable
              it to be
              transported to the permanent site. The wheels and hitch are removed
              prior to
              anchoring the unit to the permanent foundation. The manufactured home
              must be
              classified as real estate and taxed accordingly. The permanent foundation
              may be
              on land owned by the mortgager or may be on leased land.

             

            Market
              Change Event:
              (a) a
              suspension or material limitation in trading in securities generally
              on the New
              York Stock Exchange or on NASDAQ; (b) a general moratorium on commercial
              banking
              activities declared by either Federal or New York State authorities
              or a
              material disruption in commercial banking or securities settlement
              or clearance
              services in the United States; or (c) the outbreak or escalation of
              hostilities
              involving the United States or the declaration by the United States
              of a
              national emergency or war, if the effect of any such event specified
              in clause
              (c) in the judgment of any Purchaser makes it impracticable or inadvisable
              to
              proceed with the transactions as contemplated in this Agreement on
              the terms and
              in the manner contemplated in this Agreement.

             

            Material
              Adverse Change:
              (a) a
              material adverse change in, or a material adverse effect upon, the
              operations,
              business, properties, condition (financial or otherwise) or prospects
              of the
              Company; (b) a material impairment of the ability of the Company to
              perform
              under this Agreement or any related agreements; or (c) a material adverse
              effect
              upon the legality, validity, binding effect or enforceability of this
              Agreement
              against the Company (unless such material adverse effect is directly
              caused by
              an action of any Purchaser which can be remedied by such
              Purchaser).

             

            Memorandum
              of Sale:
              With
              respect to each Mortgage Loan and the Mortgage Loan Package, the memorandum
              of
              sale, substantially in the form of Exhibit
              I
              attached
              hereto, confirming the sale by Company and the purchase by Purchaser
              of the
              Mortgage Loan Package on the related Closing Date.

             

            MERS:
              MERSCORP, Inc., its successors and assigns.

             

            MERS
              Designated Mortgage Loan:
              A
              Mortgage Loan for which (a) the Company has designated or will designate
              MERS
              as, and has taken or will take such action as is necessary to cause
              MERS to be,
              the mortgagee of record, as nominee for the Company, in accordance
              with MERS
              Procedures Manual and (b) the Company has designated or will designate
              the
              Custodian as the Investor on the MERS System.

             

            MERS
              Procedures Manual:
              The
              MERS Procedures Manual, as it may be amended, supplemented or otherwise
              modified
              from time to time.

             

            MERS
              Report:
              The
              report from the MERS System listing MERS Designated Mortgage Loans
              and other
              information.

             

            MERS
              System:
              MERS
              mortgage electronic registry system, as more particularly described
              in the MERS
              Procedures Manual.

             

            Monthly
              Advance:
              The
              portion of each Monthly Payment that is delinquent with respect to
              each Mortgage
              Loan at the close of business on the Determination Date required to
              be advanced
              by the Company pursuant to Section 5.03 on the Business Day immediately
              preceding the Remittance Date of the related month.

             

            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.

             

            Moody’s:
              Moody’s
              Investors Service, Inc.

             

            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 or leasehold
              estate in real property securing the Mortgage Note.

             

            Mortgage
              File:
              The
              items pertaining to a particular Mortgage Loan referred to in Exhibit
              B
              annexed
              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 of interest borne on a Mortgage Note in accordance with
              the
              provisions of the 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 annexed to the related Memorandum of Sale, 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.

             

            Mortgage
              Loan Documents:
              The
              documents referred to in Exhibit
              B
              as items
              1 through  11.

             

            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 Memorandum of Sale. 

             

            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 related Mortgage Interest Rate
              minus the
              Servicing Fee Rate.

             

            Mortgage
              Loan Schedule:
              With
              respect to each Mortgage Loan Package, the schedule of Mortgage Loans
              substantially in the form attached as Exhibit
              A
              hereto
              and annexed to the related Memorandum of Sale (and delivered in electronic
              format to the Purchaser), 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 number;

                    

            

             

            
              	(2)  	
                      Mortgagor’s
                        name (including any co-mortgagors);

                    

            

             

            
              	(3)  	
                      the
                        full street address, city, state and zip code of the Mortgaged
                        Property;

                    

            

             

            
              	(4)  	
                      the
                        Mortgagor’s and co-mortgagor’s FICO score;

                    

            

             

            
              	(5)  	
                      a
                        code indicating whether the loan was originated through a
                        correspondent,
                        retail, or wholesale channel;

                    

            

             

            
              	(6)  	
                      the
                        number of units for all Mortgaged Properties;

                    

            

             

            
              	(7)  	
                      the
                        number of bedrooms and eligible rents;

                    

            

             

            
              	(8)  	
                      a
                        code indicating whether the Mortgaged Property is a single
                        family
                        residence, two-family residence, three-family residence,
                        four-family
                        residence, PUD, townhouse or condominium or secured by Co-op
                        Shares;

                    

            

             

            
              	(9)  	
                      the
                        Mortgage Interest Rate as of the Cut-off
                        Date;

                    

            

             

            
              	(10)  	
                      the
                        Mortgage Interest Rate as of the date of
                        origination;

                    

            

             

            
              	(11)  	
                      the
                        current Mortgage Loan Remittance
                        Rate;

                    

            

             

            
              	(12)  	
                      the
                        Monthly Payment as of the date of
                        origination;

                    

            

             

            
              	(13)  	
                      the
                        Monthly Payment as of the Cut-off
                        Date;

                    

            

             

            
              	(14)  	
                      the
                        date of the Mortgage Note;

                    

            

             

            
              	(15)  	
                      the
                        principal balance of the Mortgage Loan as of the Cut-off
                        Date after
                        deduction of payments of principal due on or before the Cut-off
                        Date
                        whether or not collected;

                    

            

             

            
              	(16)  	
                      the
                        date on which the first Monthly Payment was
                        due;

                    

            

             

            
              	(17)  	
                      the
                        last payment date on which a payment was
                        applied;

                    

            

             

            
              	(18)  	
                      the
                        original term to maturity or the remaining months to maturity
                        from the
                        related Cut-off Date, in any case based on the original amortization
                        schedule, and if different, the maturity expressed in the
                        same manner but
                        based on the actual amortization
                        schedule;

                    

            

             

            
              	(19)  	
                      the
                        scheduled maturity date;

                    

            

             

            
              	(20)  	
                      the
                        Loan-to-Value Ratio;

                    

            

             

            
              	(21)  	
                      a
                        code indicating the type of Adjustable Rate Mortgage Loan
                        (i.e. 3/1, 5/1,
                        7/1, etc.);

                    

            

             

            
              	(22)  	
                      the
                        Gross Margin;

                    

            

             

            
              	(23)  	
                      the
                        Index;

                    

            

             

            
              	(24)  	
                      Adjustment
                        Dates and the next Adjustment Date;

                    

            

             

            
              	(25)  	
                      the
                        lifetime Mortgage Interest Rate cap and Periodic
                        Caps;

                    

            

             

            
              	(26)  	
                      a
                        code indicating whether the Mortgage Loan is convertible
                        or
                        not;

                    

            

             

            
              	(27)  	
                      a
                        code indicating the name of the issuer of the PMI Policy,
                        if
                        any;

                    

            

             

            
              	(28)  	
                      a
                        code indicating the lien status of the Mortgage Loan;
                        

                    

            

             

            
              	(29)  	
                      a
                        code indicating whether the Mortgage Loan is a Buydown Mortgage
                        Loan;

                    

            

             

            
              	(30)  	
                      a
                        code indicating whether such Mortgage Loan provides for a
                        Prepayment
                        Penalty and, if applicable, the Prepayment Penalty period
                        for such loan;
                        

                    

            

             

            
              	(31)  	
                      a
                        code indicating whether the Mortgaged Property is owner-occupied
                        or
                        investor property; 

                    

            

             

            
              	(32)  	
                      the
                        documentation level (full, alternative,
                        limited);

                    

            

             

            
              	(33)  	
                      loan
                        purpose;

                    

            

             

            
              	(34)  	
                      the
                        Appraised Value; 

                    

            

             

            
              	(35)  	
                      the
                        applicable Servicing Fee Rate; 

                    

            

             

            
              	(36)  	
                      a
                        code indicating whether the Mortgage Loan is a “high cost” (or similarly
                        classified) loan under applicable federal, state and local
                        laws;
                        and

                    

            

             

            
              	(37)  	
                      a
                        code indicating whether the Mortgage Loan is an Option ARM
                        Mortgage
                        Loan.

                    

            

             

            With
              respect to the Mortgage Loans in the aggregate in the related Mortgage
              Loan
              Package, the respective Mortgage Loan Schedule shall set forth the
              following
              information, as of the Cut-Off Date:

             

            
              	(i)  	
                      the
                        number of Mortgage Loans;

                    

            

             

            
              	(ii)  	
                      the
                        current aggregate outstanding principal balance of the Mortgage
                        Loans;

                    

            

             

            
              	(iii)  	
                      the
                        weighted average Mortgage Interest Rate of the Mortgage Loans;
                        

                    

            

             

            
              	(iv)  	
                      the
                        weighted average months to maturity of the Mortgage
                        Loans.

                    

            

             

            Mortgage
              Note:
              The
              note or other evidence of the indebtedness of a Mortgagor secured by
              a
              Mortgage.

             

            Mortgaged
              Property:
              The
              real property, including any improvements, securing repayment of the
              debt
              evidenced by a Mortgage Note.

             

            Mortgagor:
              The
              obligor on a Mortgage Note.

             

            Negative
              Amortization:
              An
              increase in the mortgage debt that occurs when the Monthly Payment
              is not
              sufficient for full application to both principal and interest. The
              interest
              shortage is added to the unpaid principal balance to create “negative”
amortization.

             

            OCC:
              The
              Office of the Comptroller of the Currency.

             

            Officer’s
              Certificate:
              A
              certificate signed by the Chairman of the Board or the Vice Chairman
              of the
              Board or the President, a Senior Vice President, a First Vice President,
              a Vice
              President or an Assistant Vice President and 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 Company,
              reasonably
              acceptable to the Purchaser.

             

            Option
              ARM Mortgage Loan:
              An
              Adjustable Rate Mortgage Loan with an original term to maturity of
              not more than
              forty (40) 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.

             

            Periodic
              Interest Rate Cap:
              As to
              each Adjustable Rate Mortgage Loan, the maximum increase or decrease
              in the
              Mortgage Interest Rate on any Adjustment Date pursuant to the terms
              of the
              Mortgage Note.

             

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

             

            PMI
              Policy:
              A
              policy of primary mortgage guaranty insurance issued by a Qualified
              Insurer, as
              required by this Agreement with respect to certain Mortgage Loans.

             

            Prepayment
              Interest Shortfall:
              As to
              any Remittance Date and each Mortgage Loan subject to a Principal Prepayment
              received during the calendar month preceding such Remittance Date,
              the amount,
              if any, by which one month’s interest at the related Mortgage Loan Remittance
              Rate on such Principal Prepayment exceeds the amount of interest paid
              in
              connection with such Principal Prepayment.

             

            Prepayment
              Premium:
              Payments received on a Mortgage Loan as a result of a Principal Prepayment
              hereon, not otherwise due thereon in respect of principal or interest,
              which are
              intended to be a disincentive to prepayment.

             

            Prepayment
              Premium Loan:
              A
              Mortgage Loan with respect to which the Mortgagor must pay a Prepayment
              Premium
              in connection with a Principal Prepayment.

             

            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.

             

            Principal
              Prepayment:
              Any
              payment or other recovery of principal on a Mortgage Loan which is
              received in
              advance of its scheduled Due Date, including any Prepayment 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.

             

            Principal
              Prepayment Period:
              The
              month preceding the month in which the related Remittance Date
              occurs.

             

            Purchase
              Price:
              The
              price paid on the Closing Date by the Purchaser to the Company for
              the Mortgage
              Loans, as calculated as set forth in the related Purchase Price and
              Terms
              Letter.

             

            Purchase
              Price and Terms Letter:
              The
              letter agreement between the Company and the Purchaser entered into
              prior to the
              related Closing Date relating to the sale of one or more Mortgage Loan
              Packages.

             

            Purchaser(s):
              As
              defined in the introductory paragraph hereof.

             

            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 was not affected by the approval or disapproval
              of the
              Mortgage Loan, and such appraiser and the appraisal made by such appraiser
              both
              satisfied the requirements of Title XI of the Financial Institution
              Reform,
              Recovery, and Enforcement Act and the regulations promulgated thereunder,
              all as
              in effect on the date the Mortgage Loan was originated.

             

            Qualified
              Depository:
              Either
              (i) an account or accounts maintained with a federal or state chartered
              depository institution or trust company the 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) have the highest short-term ratings
              of each
              Rating Agency at the time any amounts are held on deposit therein,
              or (ii) a
              trust account or accounts maintained with the trust department of a
              federal or
              state chartered depository institution or trust company, acting in
              its fiduciary
              capacity.

             

            Qualified
              Insurer:
              A
              mortgage guaranty insurance company duly authorized and licensed where
              required
              by law to transact mortgage guaranty insurance business and approved
              as an
              insurer by Fannie Mae or Freddie Mac.

             

            Qualified
              Substitute Mortgage Loan:
              A
              mortgage loan eligible to be substituted by the Company for a Deleted
              Mortgage
              Loan which must, on the date of such substitution be approved by the
              Purchaser
              and (i) have an outstanding principal balance, after deduction of all
              scheduled
              payments due in the month of substitution (or in the case of a substitution
              of
              more than one mortgage loan for a Deleted Mortgage Loan, an aggregate
              principal
              balance), not in excess of the Stated Principal Balance of the Deleted
              Mortgage
              Loan; (ii) have a Mortgage Loan Remittance Rate not less than, and
              not more than
              2% greater than, the Mortgage Loan Remittance Rate of the Deleted Mortgage
              Loan;
              (iii) have a remaining term to maturity not greater than and not more
              than one
              year less than that of the Deleted Mortgage Loan; (iv) comply with
              each
              representation and warranty set forth in Sections 3.01 and 3.02; (v)
              be of the
              same type as the Deleted Mortgage Loan; (vi) have a Gross Margin not
              less than
              that of the Deleted Mortgage Loan; (vii) have the same Index as the
              Deleted
              Mortgage Loan; (viii) will have a FICO score not less than that of
              the Deleted
              Mortgage Loan; (ix) have an LTV not greater than that of the Deleted
              Mortgage
              Loan; (x) have a Prepayment Premium with a term and an amount at least
              equal to
              the Prepayment Premium of the Deleted Mortgage Loan; and (xi) have
              a Company
              credit grade not lower in quality than that of the Deleted Mortgage
              Loan.

             

            Rating
              Agency:
              Each of
              Fitch, Inc., Moody’s and S&P, or any successor thereto.

             

            Reconstitution
              Agreement:
              As
              defined in Section 9.01.

             

            Reconstitution
              Date:
              The
              date on which any or all of the Mortgage Loans serviced under this
              Agreement
              shall be removed from this Agreement and reconstituted as part of a
              Securitization Transaction or Whole Loan Transfer pursuant to Section
              9.01
              hereof. The Reconstitution Date shall be such date which the Purchaser
              and the
              subsequent purchaser or transferee of the related Mortgage Loans shall
              designate. On such date, except as provided in this Agreement, the
              Mortgage
              Loans transferred shall cease to be covered by this Agreement and the
              Company’s
              servicing responsibilities shall cease under this Agreement with respect
              to the
              related transferred Mortgage Loans.

             

            Record
              Date:
              The
              close of business of the last Business Day of the month preceding the
              month of
              the related Remittance Date.

             

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

             

            REMIC
              Provisions:
              Provisions of the federal income tax law relating to a REMIC, which
              appear at
              Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A
              of the Code,
              and related provisions, and regulations, rulings or pronouncements
              promulgated
              thereunder, as the foregoing may be in effect from time to time.

             

            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.

             

            REO
              Disposition:
              The
              final sale by the Company of any REO Property.

             

            REO
              Disposition Proceeds:
              All
              amounts received with respect to an REO Disposition pursuant to Section
              4.16.

             

            REO
              Property:
              A
              Mortgaged Property acquired by the Company on behalf of the Purchaser
              through
              foreclosure or by deed in lieu of foreclosure, as described in Section
              4.16.

             

            Repurchase
              Price:
              With
              respect to any Mortgage Loan, a price equal to (i) (A) prior to the
              date which
              is twelve (12) months following the Closing Date, the product of the
              Stated
              Principal Balance of such Mortgage Loan times the greater of (x) the
              Purchase
              Price Percentage, or (y) 100%, and (B) thereafter, the Stated Principal
              Balance
              of the Mortgage Loan plus (ii) interest on such Stated Principal Balance
              at the
              Mortgage Loan Interest Rate from the date on which interest has last
              been paid
              and distributed to the Purchaser to the last day of the month in which
              such
              repurchase occurs, 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 plus the amount of any advances
              owed to
              any servicer, plus all costs and expenses incurred by the Purchaser
              or any
              servicer arising out of or based upon such breach, including without
              limitation,
              costs and expenses incurred in the enforcement of the Company’s repurchase
              obligation hereunder plus (iii) with respect to any Mortgage Loan subject
              to a
              Securitization Transaction, any costs and damages incurred by the related
              trust
              in connection with any violation by such Mortgage Loan of any predatory
              or
              abusive lending law.

             

            RESPA:
              The
              Real Estate Settlement Procedures Act, as amended.

             

            SAIF:
              The
              Savings Association Insurance Fund, or any successor thereto.

             

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

             

            SEC:
              As
              defined in Section 9.01(f).

             

            SEC
              Certification:
              As
              defined in Section 9.01(f).

             

            Securities
              Act of 1933 or the 1933 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
              Requirements:
              As
              defined in Section 5.02.

             

            Servicing
              Advances:
              All
              customary, reasonable and necessary “out of pocket” costs and expenses
              (including reasonable attorneys’ fees and disbursements) other than Monthly
              Advances 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
              or
              judicial proceedings, including foreclosures, (c) the management and
              liquidation
              of any REO Property and (d) 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 applicable 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 (including
              recoveries
              with respect to interest from Liquidation Proceeds, Condemnation Proceeds
              and
              Insurance Proceeds to the extent permitted by Section 4.05) of such
              Monthly
              Payment collected by the Company, or as otherwise provided under Section
              4.05.

             

            Servicing
              Fee Rate:
              With
              respect to each Mortgage Loan, the per annum rate specified for such
              Mortgage
              Loan set forth on the Mortgage Loan Schedule or if not specified thereon,
              in the
              Purchase Price and Terms Letter.

             

            Servicing
              File:
              With
              respect to each Mortgage Loan, the file retained by the Company consisting
              of
              originals or copies, which may be imaged copies, of all documents in
              the
              Mortgage File which are not delivered to the Custodian and copies of
              the
              Mortgage Loan Documents listed in the Custodial Agreement the originals
              of which
              are delivered to the Custodian pursuant to Section 2.03.

             

            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.

             

            Servicing
              Systems:
              As
              defined in Section 5.02.

             

             

            Servicing
              Transfer Event:
              With
              respect to any Mortgage Loan, the occurrence of any of the following
              events:

             

            
              	(i)  	
                      a
                        payment default shall have occurred on such Mortgage Loan
                        at its original
                        maturity date, or if the original maturity date of such Mortgage
                        Loan has
                        been extended, a payment default occurs on such Mortgage
                        Loan at its
                        extended maturity date; or

                    

            

             

            
              	(ii)  	
                      any
                        Monthly Payment is 90 days or more delinquent;
                        or

                    

            

             

            
              	(iii)  	
                      the
                        date upon which the Company determines that a payment default
                        is imminent
                        and is not likely to be cured by the related Mortgagor within
                        90 days;
                        or

                    

            

             

            
              	(iv)  	
                      the
                        date upon which a decree or order of a court or agency or
                        supervisory
                        authority having jurisdiction in the premises in an involuntary
                        case under
                        any present or future federal or state bankruptcy, insolvency
                        or similar
                        law, or the appointment of a conservator, receiver or liquidator
                        in any
                        insolvency, readjustment of debt, marshaling of assets and
                        liabilities or
                        similar proceedings, or for the winding-up or liquidation
                        of its affairs,
                        and being entered against the related Mortgagor; and such
                        decree or order
                        shall have remained in force undischarged or unstayed for
                        a period of 60
                        days; or

                    

            

             

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

                    

            

             

            
              	(vi)  	
                      the
                        related Mortgagor 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

                    

            

             

            
              	(vii)  	
                      a
                        default of which the Company has notice (other than a failure
                        by such
                        Mortgagor to pay principal or interest) and which in the
                        opinion of the
                        Company materially and adversely affects the interests of
                        the Purchaser
                        has occurred and remained unremedied for the applicable grace
                        period
                        specified in such Mortgage Loan (or if no grace period is
                        specified for
                        those defaults which are capable of cure, 30 days);
                        or

                    

            

             

            
              	(viii)  	
                      the
                        Company has received notice of the foreclosure or proposed
                        foreclosure of
                        any lien on the related Mortgaged
                        Property.

                    

            

            

            Special
              Servicer:
              A
              special servicer appointed by the Purchaser to service Mortgage Loans
              after the
              occurrence of a Servicing Transfer Event.

            

            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.

            

            Subservicer:
              Any
              Person with which the Company has entered into a Subservicing Agreement,
              provided that such Person is a Fannie Mae or 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.

             

            Subservicing
              Agreement:
              Any
              subservicing agreement (which, in the event the Subservicer is an affiliate
              of
              the Company, need not be in writing) between the Company and any Subservicer
              relating to servicing and/or administration of certain Mortgage Loans
              as
              provided in Section 3.01(b).

             

            Substitution
              Adjustment Amount:
              As
              defined in Section 3.03.

             

            Underwriting
              Guidelines:
              The
              underwriting guidelines of the Company with respect to jumbo and alternate
‘A’
Mortgage Loans, attached as Exhibit
              E
              hereto,
              as the same shall be updated from time to time; provided,
              that no
              updated underwriting guidelines of the Company shall constitute “Underwriting
              Guidelines” hereunder until such updates have been received by the Purchasers.
              The exception policies of the Company shall be incorporated into and
              considered
              a part of the Underwriting Guidelines.

             

            Whole
              Loan Transfer:
              Any
              sale or transfer of some or all of the Mortgage Loans, other than a
              Securitization Transaction.

             

            ARTICLE
              II

             

            AGREEMENT
              TO PURCHASE; PURCHASE PRICE; POSSESSION OF MORTGAGE FILES; MAINTENANCE
              OF
              SERVICING FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF
              DOCUMENTS;
              CLOSING CONDITIONS

             

            
              	Section
                      2.01  	
                      Agreement
                        to Purchase; Purchase Price;
                        Mortgage and Servicing Files.

                    

            

             

            
              	(a)  	
                      Agreement
                        to Purchase.

                    

            

             

            In
              exchange for the payment of the Purchase Price to the Company on the
              related
              Closing Date, the Company agrees to sell and the Purchaser agrees to
              purchase,
              without recourse but subject to the terms of this Agreement, on a servicing
              retained basis, all the right, title and interest of the Company in
              and to the
              Mortgage Loans included in a Mortgage Loan Package, which have an aggregate
              Stated Principal Balance on the related Cut-off Date in an amount as
              set forth
              in the related Purchase Price and Terms Letter, or in such other amount
              as
              agreed by the Purchaser and the Company as evidenced by the aggregate
              Stated
              Principal Balance of the Mortgage Loan Package accepted by the Purchaser
              on the
              related Closing Date. The Company shall deliver the Mortgage Loan Schedule
              for
              the Mortgage Loan Package to be purchased on the related Closing Date
              to the
              Purchaser at least five (5) Business Days prior to such Closing
              Date.

             

            
              	(b)  	
                      Purchase
                        Price.

                    

            

             

            The
              Purchase Price for each Mortgage Loan Package shall be the percentage
              of par as
              stated in or as otherwise calculated pursuant to the related Purchase
              Price and
              Terms Letter (subject to adjustment as provided therein), 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 prior to the related Closing Date, inclusive. The initial
              principal amount of the Mortgage Loans shall be the aggregate Stated
              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 payments
              shall be
              made to the account designated by the Company by wire transfer to immediately
              available funds by 3:00 p.m., Charlotte, North Carolina time, on the
              related
              Closing Date.

             

            The
              Purchaser shall be entitled to (1) all scheduled principal due (except
              with
              respect to Option ARM Mortgage Loans, in which case, to the extent
              received)
              after the related Cut-off Date, (2) all other recoveries of principal
              collected
              on or after the related Cut-off Date (provided,
              however,
              that,
              except with respect to Option ARM Mortgage Loans, 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 at
              the Mortgage
              Loan Remittance Rate (minus that portion of any such payment that 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
              Cut-off Date
              shall not be applied to the principal balance as of the Cut-off Date.
              Such
              prepaid amounts (minus interest at the Servicing Fee Rate) shall be
              the property
              of the Purchaser. The Company shall deposit any such prepaid amounts
              into the
              Custodial Account for the benefit of the Purchaser.

             

            
              	(c)  	
                      Possession
                        of Mortgage Files; Maintenance of Servicing Files.

                    

            

             

            The
              contents of each Servicing File are and shall be held in trust by the
              Company
              for the benefit of the Purchaser as the owner thereof. 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. Upon the
              sale of the
              Mortgage Loans the ownership of each Mortgage Note, the related Mortgage
              and the
              related Mortgage File and Servicing File shall vest immediately 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
              Company shall vest immediately in the Purchaser and shall be retained
              and
              maintained by the Company, in trust, at the will of the Purchaser and
              only in
              such custodial capacity. The Company shall release its custody of the
              contents
              of any Servicing File only in accordance with written instructions
              from the
              Purchaser, unless 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 pursuant to Section 3.03 or 6.02.

             

            
              	Section
                      2.02  	
                      Books
                        and Records; Transfers of Mortgage Loans.

                    

            

             

            From
              and
              after the sale of the Mortgage Loans to 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, except Prepayment Premiums, shall
              be
              received and held by the Company in trust for the benefit of the Purchaser
              as
              owner of the Mortgage Loans, and the Company, if applicable, shall
              retain record
              title to the related Mortgages for the sole purpose of facilitating
              the
              servicing and the supervision of the servicing of the Mortgage
              Loans.

             

            The
              sale
              of each Mortgage Loan shall be reflected on the Company’s balance sheet and
              other financial statements, tax returns and business records 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 each Mortgage Loan,
              which
              shall be marked clearly to reflect the ownership of each 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
              Freddie
              Mac, 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 and eligibility of any condominium project for approval
              by
              Fannie Mae or Freddie Mac 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 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 Fannie Mae or Freddie Mac.

             

            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.

             

            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 the Mortgage Loans unless the books and
              records
              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. The Purchaser shall advise the Company of any such 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 shall
              release
              the previous Purchaser from its obligations hereunder with respect
              to the
              Mortgage Loans sold or transferred. If the Company receives notification
              of a
              transfer less than five (5) Business Days before the last calendar
              day of the
              month, the Company’s duties to remit and report as required by Article V shall
              begin with the next Due Period.

             

            
              	Section
                      2.03  	
                      Custodial
                        Agreement; Delivery of Documents.

                    

            

             

            Pursuant
              to the related Custodial Agreement, the Company will, with respect
              to each
              Mortgage Loan, deliver and release the Mortgage Loan Documents to the
              Custodian
              at least five (5) Business Days prior to the related Closing Date.
              In addition,
              in connection with the assignment of any MERS Designated Mortgage Loan,
              the
              Company agrees that on or prior to each Closing Date it will cause,
              at its own
              expense, the MERS System to indicate that the related Mortgage Loans
              have been
              assigned by the Company to the Purchaser in accordance with this Agreement
              by
              entering in the MERS System the information required by the MERS System
              to
              identify the Purchaser as owner 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.

             

            The
              Custodian shall be required to certify its receipt of the Mortgage
              Loan
              Documents required to be delivered pursuant to the Custodial Agreement
              prior to
              the related Closing Date, as evidenced by the initial certification
              of the
              Custodian in the form annexed to the Custodial Agreement. The Company
              shall be
              responsible for recording the Assignments of Mortgage, if necessary,
              in
              accordance with Accepted Servicing Practices and this Agreement. The
              Purchaser
              shall be responsible for the initial and on-going fees and expenses
              of the
              Custodian.

             

            All
              recording fees and other costs associated with the recording of Assignments
              of
              Mortgage and other relevant documents to the Purchaser or its designee
              will be
              borne by the Company. For Mortgage Loans not registered under the MERS
              System,
              if the Purchaser requests that the related Assignments of Mortgage
              be recorded,
              the Company shall cause such Assignments of Mortgage which were delivered
              in
              blank to be completed and to be recorded. The Company shall be required
              to
              deliver such Assignments of Mortgage for recording within thirty (30)
              days after
              the date on which the Company is notified that recording will be required
              pursuant to this Section 2.03. The Company shall furnish the Custodian
              with a
              copy of each Assignment of Mortgage submitted for recording. In the
              event that
              any such Assignment is lost or returned unrecorded because of a defect
              therein,
              the Company shall promptly have a substitute Assignment of Mortgage
              prepared or
              have such defect cured, as the case may be, and thereafter cause such
              Assignment
              of Mortgage to be duly recorded.

             

            Except
              as
              otherwise provided in this Section 2.03, upon discovery or receipt
              of notice of
              any materially defective Mortgage Loan Document, or that a Mortgage
              Loan
              Document is missing, the Company shall have ninety (90) days to cure
              such defect
              or deliver such missing document to the Custodian. Any Mortgage that
              is not
              executed as required or does not strictly comply with all legal requirements
              shall be deemed to be materially defective. If the Company does not
              cure such
              defect or deliver such missing document within such time period, the
              Company
              shall either repurchase or substitute for such Mortgage Loan in accordance
              with
              Section 3.03.

             

            The
              Company shall forward to the Custodian 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 Custodian with a certified true copy
              of any such
              document submitted for recordation within ten (10) days after 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 after
              its
              submission for recordation.

             

            If
              the
              original or a copy certified by the appropriate recording office of
              any document
              submitted for recordation to the appropriate public recording office
              is not so
              delivered to the Custodian within 180 days following the related Closing
              Date,
              and if the Company does not cure such failure within thirty (30) 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
              Company at a price and in the manner specified in Section 3.03.

             

            In
              the
              event the public recording office is delayed in returning any original
              document,
              the Company shall deliver to the Custodian within 180 days after its
              submission
              for recordation, a copy of such document and an Officer’s Certificate, which
              shall (i) identify the recorded document, (ii) state that the recorded
              document
              has not been delivered to the Custodian due solely to a delay by the
              public
              recording office, (iii) state the amount of time generally required
              by the
              applicable recording office to record and return a document submitted
              for
              recordation and (iv) specify the date the applicable recorded document
              will be
              delivered to the Custodian. The Company will be required to deliver
              the document
              to the Custodian by the date specified in (iv) above. An extension
              of the date
              specified in (iv) above may be requested from the Purchaser, which
              consent shall
              not be unreasonably withheld. However, if the Company cannot 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 thirty (30) days after receipt of written notification
              of such
              failure from the Purchaser, the Company shall repurchase the related
              Mortgage
              Loan at the price and in the manner specified in Section 3.03.

             

            In
              addition to any rights granted to the Purchaser hereunder to underwrite
              the
              Mortgage Loans and review the Mortgage Loan Documents prior to the
              Closing Date,
              the Purchaser shall be entitled to conduct a due diligence review of
              the
              Mortgage Files in accordance with the timetable and any additional
              terms and
              conditions set forth in the Purchase Price and Terms Letter. 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
                      2.04  	
                      Quality
                        Control Procedures.

                    

            

             

            The
              Company shall 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
              shall
              include evaluating and monitoring the overall quality of the Company’s loan
              production and the servicing activities of the Company in accordance
              with
              industry standards. The Company shall make available upon request of
              any
              Purchaser information regarding its quality control program.

             

            
              	Section
                      2.05  	
                      Closing
                        Conditions.

                    

            

             

            The
              closing for the purchase and sale of each Mortgage Loan Package shall
              take place
              on the respective 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 may agree. 

             

            The
              closing for each Mortgage Loan Package shall be subject to the satisfaction
              of
              each of the following conditions precedent: 

             

            (a) with
              respect to the Purchaser’s obligations to close: 

             

            (i) the
              Company shall have delivered to the Purchaser and the Custodian the
              related
              Mortgage Loan Schedule and an electronic data file containing information
              on a
              loan-level basis;

             

            (ii) all
              of
              the representations and warranties of the Company under this Agreement
              shall be
              true and correct as of the related Closing Date (or, with respect to
              Section
              3.02, 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;

             

            (iii) the
              Purchaser and its counsel shall have received an opinion from the Company’s
              counsel, substantially in the form of Exhibit
              G
              attached
              hereto (with respect to the initial closing only);

             

            (iv)
               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; 

             

            (v)
               the
              Purchaser shall have received originals of the related Memorandum of
              Sale, the
              related Purchase Price and Terms Letter and a funding memorandum setting
              forth
              the Purchase Price(s), and the accrued interest thereon, for the Mortgage
              Loan
              Package, in each case executed on behalf of the Company; 

             

            (vi) no
              Material Adverse Change or Market Change Event shall have occurred
              since the
              date of the Purchase Price and Terms Letter; 

             

            (vii) all
              other
              terms and conditions of this Agreement, the related Memorandum of Sale
              and the
              related Purchase Price and Terms Letter to be satisfied by the Company
              shall
              have been complied with in all material respects; and 

             

            (b) with
              respect to the Company’s obligations to close:

             

            (i) the
              Company shall have received a copy of the initial certification of
              the Custodian
              with respect to its receipt of the Mortgage Loan Documents for the
              related
              Mortgage Loans; 

             

            (ii) the
              Company has received originals of the related Memorandum of Sale, the
              related
              Purchase Price and Terms Letter and a funding memorandum setting forth
              the
              Purchase Price(s), and accrued interest thereon, for the Mortgage Loan
              Package,
              in each case executed on behalf of the Purchaser; and 

             

            (iii) all
              terms
              and conditions of this Agreement, the related Memorandum of Sale and
              the related
              Purchase Price and Terms Letter to be satisfied by the Purchaser shall
              have been
              materially complied with. 

             

            Upon
              satisfaction of the foregoing conditions, the Purchaser shall pay to
              the Company
              on such Closing Date the Purchase Price for the related Mortgage Loan
              Package,
              including accrued interest pursuant to Section 2.01 of this Agreement.
              

             

            ARTICLE
              III

             

            REPRESENTATIONS
              AND WARRANTIES REMEDIES AND BREACH

             

            
              	Section
                      3.01  	
                      Company
                        Representations and Warranties.

                    

            

             

            The
              Company hereby represents and warrants to the Purchaser that, as of
              the related
              Closing Date:

             

            
              	(a)  	
                      Due
                        Organization and Authority.

                    

            

             

            The
              Company is a limited liability company duly organized, validly existing
              and in
              good standing under the laws of the State of Delaware and has all licenses
              necessary to carry on its business as now being conducted and is licensed,
              qualified and in good standing in each state where a Mortgaged Property
              is
              located if the laws of such state require licensing or qualification
              in order to
              conduct business of the type conducted by the Company, and in any event
              the
              Company is in compliance with the laws of any such state to the extent
              necessary
              to ensure the enforceability of the related Mortgage Loan and the servicing
              of
              such Mortgage Loan in accordance with the terms of this Agreement;
              the Company
              has the full 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 the Company and the consummation of
              the
              transactions contemplated hereby have been duly and validly authorized;
              this
              Agreement evidences the valid, binding and enforceable obligation of
              the
              Company; and all requisite corporate action has been taken by the Company
              to
              make this Agreement valid and binding upon the Company in accordance
              with its
              terms.

             

            
              	(b)  	
                      Ordinary
                        Course of Business.

                    

            

             

            The
              consummation of the transactions contemplated by this Agreement are
              in the
              ordinary course of business of the Company, who is in the business
              of selling
              and servicing loans, and the transfer, assignment and conveyance of
              the Mortgage
              Notes and the Mortgages by the Company pursuant to this Agreement are
              not
              subject to the bulk transfer or any similar statutory provisions in
              effect in
              any applicable jurisdiction.

             

            
              	(c)  	
                      No
                        Conflicts.

                    

            

             

            Neither
              the execution and delivery of this Agreement, the acquisition of the
              Mortgage
              Loans by the Company, the sale of the Mortgage Loans to the Purchaser
              or the
              transactions contemplated hereby, nor the fulfillment of or compliance
              with the
              terms and conditions of this Agreement will conflict with or result
              in a breach
              of any of the terms, articles of incorporation or by-laws or 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 the violation
              of
              any law, rule, regulation, order, judgment or decree to which the Company
              or its
              property is subject, or impair the ability of the Purchaser to realize
              on the
              Mortgage Loans, or impair the value of the Mortgage Loans.

             

            
              	(d)  	
                      Ability
                        to Service.

                    

            

             

            The
              Company is an approved seller/servicer of conventional residential
              mortgage
              loans for Fannie Mae or Freddie Mac, with the facilities, procedures,
              and
              experienced personnel necessary for the sound servicing of mortgage
              loans of the
              same type as the Mortgage Loans. The Company is a HUD approved mortgagee
              pursuant to Section 203 of the National Housing Act and is in good
              standing to
              sell mortgage loans to and service mortgage loans for Fannie Mae or
              Freddie Mac,
              and no event has occurred, including but not limited to a change in
              insurance
              coverage, which would make the Company unable to comply with Fannie
              Mae or
              Freddie Mac eligibility requirements or which would require notification
              to
              either Fannie Mae or Freddie Mac.

             

            
              	(e)  	
                      Reasonable
                        Servicing Fee; Fair Consideration.

                    

            

             

            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. The consideration received by the Company upon the
              sale of
              the Mortgage Loans under this Agreement shall constitute fair consideration
              and
              reasonably equivalent value for the Mortgage Loans.

             

            
              	(f)  	
                      Ability
                        to Perform; Solvency.

                    

            

             

            The
              Company 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.
              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
              to hinder,
              delay or defraud any of the Company’s creditors.

             

            
              	(g)  	
                      No
                        Litigation Pending.

                    

            

             

            There
              is
              no action, suit, proceeding or investigation pending or to its knowledge
              threatened against the Company which, either in any one instance or
              in the
              aggregate, may result in any material adverse change in the business,
              operations, financial condition, properties or assets of the Company,
              or in any
              material impairment of the right or ability of the Company to carry
              on its
              business substantially as now conducted, or in any material liability
              on the
              part of the Company, or which would draw into question the validity
              of this
              Agreement or the Mortgage Loans or of any action taken or to be contemplated
              herein, or which would be likely to impair materially the ability of
              the Company
              to perform under the terms of this Agreement.

             

            
              	(h)  	
                      No
                        Consent Required.

                    

            

             

            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 sale of the
              Mortgage
              Loans as evidenced by the consummation of the transactions contemplated
              by this
              Agreement, or if required, such consent, approval, authorization or
              order has
              been obtained prior to the related Closing Date.

             

            
              	(i)  	
                      Selection
                        Process.

                    

            

             

            The
              Mortgage Loans will be selected on such Closing Date from among the
              outstanding
              fixed and adjustable rate one- to four-family mortgage loans in the
              Company’s
              portfolio at such Closing Date as to which the representations and
              warranties
              set forth in Section 3.02 could be made and such selection will not
              be made in a
              manner so as to affect adversely the interests of the Purchaser.

             

            
              	(j)  	
                      No
                        Untrue Information.

                    

            

             

            Neither
              this Agreement nor any statement, report or other document furnished
              by or on
              behalf of the Company or to be furnished pursuant to this Agreement
              or in
              connection with the transactions contemplated hereby contains any untrue
              statement of material fact or omits to state a material fact necessary
              to make
              the statements contained therein not misleading.

             

            
              	(k)  	
                      Sale
                        Treatment.

                    

            

             

            The
              Company has determined that the disposition of the Mortgage Loans pursuant
              to
              this Agreement will be afforded sale treatment for accounting and tax
              purposes.

             

            
              	(l)  	
                      No
                        Material Change.

                    

            

             

            There
              has
              been no material adverse change in the business, operations, financial
              condition
              or assets of the Company since the date of the Company’s most recent financial
              statements. 

             

            
              	(m)  	
                      No
                        Brokers’ Fees.

                    

            

             

            The
              Company has not dealt with any broker, investment banker, agent or
              other Person
              that may be entitled to any commission or compensation in the connection
              with
              the sale of the Mortgage Loans.

             

            
              	(n)  	
                      Anti-Money
                        Laundering Law Compliance.

                    

            

             

            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, has conducted the requisite due
              diligence in
              connection with the origination of each Mortgage Loan for purposes
              of the
              Anti-Money Laundering Laws, including with respect to the legitimacy
              of the
              applicable Mortgagor and the origin of the assets used by the said
              Mortgagor to
              purchase the property in question, and maintains, and will maintain,
              sufficient
              information to identify the applicable Mortgagor for purposes of the
              Anti-Money
              Laundering Laws. 

             

            
              	(o)  	
                      Securities
                        Law Compliance.

                    

            

             

            Neither
              the Company nor anyone acting on its behalf has offered, transferred,
              pledged,
              sold or otherwise disposed of any Mortgage Loans, any interest in any
              Mortgage
              Loans or any other similar security to, or solicited any offer to buy
              or accept
              a transfer, pledge or other disposition of any Mortgage Loans, any
              interest in
              any Mortgage Loans or any other similar security from, or otherwise
              approached
              or negotiated with respect to any Mortgage Loans, any interest in any
              Mortgage
              Loans or any other similar security 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 or which would render the disposition
              of
              any Mortgage Loans a violation of Section 5 of the 1933 Act or require
              registration pursuant thereto, nor will it act, nor has it authorized
              or will it
              authorize any person to act, in such manner with respect to the Mortgage
              Loans.

             

            
              	(p)  	
                      MERS.

                    

            

             

            The
              Company is 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
              Designated Mortgage Loans. On or within two (2) Business Days following
              the
              related Closing Date, the Company shall provide the Custodian and the
              Purchaser
              with a MERS Report reflecting the Purchaser as the Investor on the
              MERS System
              with respect to each MERS Designated Mortgage Loan and no Person as
              Interim
              Funder for each MERS Designated Mortgage Loan.

             

            
              	(q)  	
                      Financial
                        Statements.

                    

            

             

            The
              Company has delivered to the Purchaser financial statements as requested
              by the
              Purchaser. All such financial statements fairly present the pertinent
              results of
              operations and changes in financial position for each of such periods
              and the
              financial position at the end of each such period of the Company and
              its
              subsidiaries and have been prepared in accordance with generally accepted
              accounting principles consistently applied throughout the periods involved.
              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
              statements that would have a material adverse effect on its ability
              to perform
              its obligations under this Agreement.

             

            
              	(r)  	
                      Compliance
                        with the FACT Act.
                        

                    

            

             

            As
              of the
              Closing Date, the sale or transfer of each Mortgage Loan by the Company
              complies
              with all applicable federal, state and local laws, rules and regulations
              governing such sale or transfer, including without limitation, the
              Fair and
              Accurate Transactions Act (the “FACT
              Act”)
              and
              the Fair Credit Reporting Act, each as may be amended from time to
              time, and the
              Company has not received any actual or constructive notice of any identity
              theft, fraud, or other misrepresentation in connection with such Mortgage
              Loan
              or any party thereto.

             

            
              	Section
                      3.02  	
                      Representations
                        and Warranties Regarding Individual Mortgage Loans.

                    

            

             

            As
              to
              each Mortgage Loan, the Company hereby represents and warrants to the
              Purchaser
              that as of the related Closing Date all of the representations and
              warranties
              set forth on Exhibit
              F
              are
              true, complete and correct.

             

            
              	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
              to the
              Purchaser and the delivery of the Mortgage Loan Documents to the Custodian
              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 failure to examine any Mortgage File. Upon discovery
              by either
              the Company or the Purchaser of any materially defective or missing
              Mortgage
              Loan Document (“Defective
              Document”)
              or a
              breach of any of the foregoing representations and warranties that
              materially
              and adversely affects the value of a Mortgage Loan or the interest
              of the
              Purchaser (or that materially and adversely affects the interests of
              the
              Purchaser in the related Mortgage Loan in the case of a representation
              and
              warranty relating to a particular Mortgage Loan), the party discovering
              such
              Defective Document or a breach shall give prompt written notice to
              the other.
              Any such breach or Defective Document that causes a Mortgage Loan not
              to be a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code shall
              be deemed to materially and adversely affect the interests of the
              Purchaser.

             

            Within
              sixty (60) days after the earlier of either discovery by or notice
              to the
              Company of any Defective Document or a breach of a representation or
              warranty
              which materially and adversely affects the value of a Mortgage Loan
              or the
              interest of the Purchaser therein, the Company shall use its best efforts
              promptly to cure such breach in all material respects and, if such
              Defective
              Document or breach cannot be cured, the Company shall, at the Purchaser’s
              option, repurchase such Mortgage Loan at the Repurchase Price. In the
              event that
              a breach shall involve any representation or warranty set forth in
              Section 3.01,
              and such breach cannot be cured within sixty (60) days of the earlier
              of either
              discovery by or notice to the Company of such breach, all of the Mortgage
              Loans
              shall, at the Purchaser’s option, be repurchased by the Company at the
              Repurchase Price. However, if the breach or Defective Document shall
              involve a
              representation or warranty set forth in Section 3.02 and the Company
              discovers
              or receives notice of any such breach within ninety (90) days of the
              related
              Closing Date, the Company shall, if the breach or Defective Document
              cannot be
              cured, at the Purchaser’s option and provided that the Company has a Qualified
              Substitute Mortgage Loan, rather than repurchase the Mortgage Loan
              as provided
              above, remove such Mortgage Loan (a “Deleted
              Mortgage Loan”)
              and
              substitute in its place a Qualified Substitute Mortgage Loan or Loans,
              provided
              that any such substitution shall be effected not later than one hundred
              twenty
              (120) days after the related Closing Date. Notwithstanding any of the
              foregoing,
              if a breach or Defective Document would cause the Mortgage Loan to
              be other than
              a “qualified mortgage,” as defined in Section 860G(a)(3) of the Code, any such
              repurchase or substitution must occur within forty-five (45) days from
              the date
              the breach or Defective Document was discovered unless such breach
              is cured
              during such period.

             

            If
              the
              Company has no Qualified Substitute Mortgage Loan, it shall repurchase
              the
              deficient Mortgage Loan within sixty (60) days after the written notice
              of the
              breach or Defective Document. Notwithstanding the above sentence, within
              sixty
              (60) days after the earlier of either discovery by, or notice to, the
              Company of
              any breach of the representations or warranties set forth in Section
              3.02
              related to a predatory or abusive lending law, the Company shall repurchase
              such
              Mortgage Loan at the Repurchase Price. Any repurchase of a Mortgage
              Loan or
              Loans pursuant to the foregoing provisions of this Section 3.03 shall
              occur on a
              date designated by the Purchaser and shall be accomplished by deposit
              in the
              Custodial Account of the amount of the Repurchase Price for distribution
              to the
              Purchaser on the next scheduled Remittance Date, after deducting therefrom
              any
              amount received in respect of such repurchased Mortgage Loan or Loans
              and being
              held in the Custodial Account for future distribution.

             

            At
              the
              time of repurchase or substitution, the Purchaser and the Company shall
              arrange
              for the reassignment of the Deleted Mortgage Loan to the Company and
              the
              delivery to the Company of any documents held by the Custodian relating
              to the
              Deleted Mortgage Loan. In the event of a repurchase or substitution,
              the Company
              shall, simultaneously with such reassignment, give written notice to
              the
              Purchaser that such repurchase or substitution has taken place, amend
              the
              related Mortgage Loan Schedule to reflect the withdrawal of the Deleted
              Mortgage
              Loan from this Agreement, and, in the case of substitution, identify
              a Qualified
              Substitute Mortgage Loan and amend the related Mortgage Loan Schedule
              to reflect
              the addition of such Qualified Substitute Mortgage Loan to this Agreement.
              In
              connection with any such substitution, the Company shall be deemed
              to have made
              as to such Qualified Substitute Mortgage Loan the representations and
              warranties
              set forth in Sections 3.01 and 3.02 except that all such representations
              and
              warranties set forth in this Agreement shall be deemed made as of the
              date of
              such substitution. The Company shall effect such substitution by delivering
              to
              the Custodian for such Qualified Substitute Mortgage Loan the documents
              required
              by Section 2.03, with the Mortgage Note endorsed as required by Section
              2.03. No
              substitution will be made in any calendar month after the Determination
              Date for
              such month. The Company shall deposit in the Custodial Account the
              Monthly
              Payment less the Servicing Fee due on such Qualified Substitute Mortgage
              Loan or
              Loans in the month following the date of such substitution. Monthly
              Payments due
              with respect to Qualified Substitute Mortgage Loans in the month of
              substitution
              shall be retained by the Company. With respect to any Deleted Mortgage
              Loan,
              distributions to the Purchaser shall include the Monthly Payment due
              on any
              Deleted Mortgage Loan in the month of substitution, and the Company
              shall
              thereafter be entitled to retain all amounts subsequently received
              by the
              Company in respect of such Deleted Mortgage Loan.

             

            For
              any
              month in which the Company substitutes one or more Qualified Substitute
              Mortgage
              Loans for one or more Deleted Mortgage Loans, the amount (if any) by
              which the
              aggregate principal balance of all such Qualified 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 the principal
              portion
              of the Monthly Payments due in the month of substitution) (the “Substitution
              Adjustment Amount”)
              shall
              be deposited into the Custodial Account by the Company on or before
              the
              Remittance Date in the month succeeding the calendar month during which
              the
              related Mortgage Loan is required to be purchased or replaced
              hereunder.

             

            In
              addition to such repurchase or substitution obligation, the Company
              shall
              indemnify the Purchaser and hold it harmless against any losses, damages,
              penalties, fines, forfeitures, reasonable and necessary legal fees
              and related
              costs, judgments, and other costs and expenses resulting from any claim,
              demand,
              defense or assertion based on or grounded upon, or resulting from,
              a material
              breach of the representations and warranties of the Company contained
              in this
              Agreement; provided, however, that such indemnification shall not include
              punitive, consequential, exemplary or special damages (other than punitive,
              consequential, exemplary and special damages required to be paid by
              the
              indemnified party under this Agreement to any Person (other than a
              party to this
              Agreement or any of its affiliates) arising out of an action or proceeding
              by
              such Person, which damages shall be deemed to be direct damages to
              the party
              required to pay such punitive, consequential, exemplary or incidental
              damages).
              It is understood and agreed that the obligations of the Company set
              forth in
              this Section 3.03 to cure, substitute for or repurchase a defective
              Mortgage
              Loan and to indemnify the Purchaser as provided in this Section 3.03
              constitute
              the sole remedies of the Purchaser respecting a breach of the foregoing
              representations and warranties.

             

            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) discovery of such breach by the Purchaser
              or notice
              thereof by the Company to the Purchaser, (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, the Purchaser may, in
              connection
              with any repurchase or substitution of a Mortgage Loan pursuant to
              this Section
              3.03, require that the Company deliver, at the Company’s expense, an Opinion of
              Counsel to the effect that such repurchase or 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  	
                      Repurchase
                        of Mortgage Loans With First Payment Defaults.

                    

            

             

            If
              the
              related Mortgagor is thirty (30) days or more delinquent with respect
              to a
              Monthly Payment under a Mortgage Loan at any time prior to the expiration
              of the
              Holding Period for such Mortgage Loan, the Company shall, at the Purchaser’s
              option, repurchase such Loan from the Purchaser in accordance with
              Section 3.03
              hereof; provided,
              that
              the Company shall not be required to repurchase such Mortgage Loan
              if it can
              demonstrate to the Purchaser’s reasonable satisfaction within thirty (30) days
              of such reported delinquency that the related Mortgagor timely made
              all payments
              required of the Mortgagor but such payment was otherwise misapplied.
              In the
              event a Mortgagor exercises any right of recession it may have with
              respect to
              the related Mortgage Loan that arises as a result of an act or omission
              prior to
              the related Closing Date, the Company shall repurchase such Mortgage
              Loan at the
              related Repurchase Price within thirty (30) days of receiving notice
              of such
              Mortgagor’s intention to rescind the Mortgage Loan.

             

            
              	Section
                      3.05  	
                      Purchase
                        Price Protection.

                    

            

             

            With
              respect to any Mortgage Loan that prepays in full at any time prior
              to the date
              that is sixty (60 days after the Closing Date for such Mortgage Loan,
              the
              Company shall reimburse the Purchaser, within 30 days following the
              prepayment
              in full of such Mortgage Loan, the amount (if any) by which the portion
              of the
              Purchase Price paid by the Purchaser to the Company for such Mortgage
              Loan
              exceeded 100% of the outstanding scheduled principal balance of the
              Mortgage
              Loan as of the related Cut-off Date.

             

            
              	Section
                      3.06  	
                      Review
                        of Mortgage Loans.

                    

            

             

            From
              the
              related Closing Date until the date thirty (30) days after the related
              Closing
              Date, the Purchaser shall have the right to review the Mortgage Files
              and obtain
              BPOs on the Mortgaged Properties relating to the Mortgage Loans purchased
              on the
              related Closing Date, with the results of such BPO reviews to be communicated
              to
              the Company for a period up to thirty (30) days after the related Closing
              Date.
              In addition, the Purchaser shall have the right to reject any Mortgage
              Loan
              which in the Purchaser’s sole determination (i) fails to conform to the
              Underwriting Guidelines, (ii) is underwritten without verification
              of the
              Mortgagor’s assets and there is no credit report or FICO Score, (iii) is not
              an
              acceptable credit risk, or (iv) the value of the Mortgaged Property
              pursuant to
              any BPO varies by more than plus or minus 15% from the lesser of (A)
              the
              original appraised value of the Mortgaged Property or (B) the purchase
              price of
              the Mortgaged Property as of the date of origination of the related
              Mortgage
              Loan. In the event that the Purchaser so rejects any Mortgage Loan,
              the Company
              shall repurchase the rejected Mortgage Loan at the Repurchase Price
              in the
              manner prescribed in Section 3.03 upon receipt of notice from the Purchaser
              of
              the rejection of such Mortgage Loan. Any rejected Mortgage Loan shall
              be removed
              from the terms of this Agreement. The Company shall make available
              all files
              required by the Purchaser in order to complete its review, including
              all
              CRA/HMDA required data fields. To the extent that during the course
              of the
              Purchaser’s initial review, the Purchaser discovers that the Mortgage Loans do
              not otherwise meet the Company’s Underwriting Guidelines or the terms of this
              Agreement, the Purchaser shall have the right to carry out additional
              due
              diligence reviews, which additional due diligence shall be at the expense
              of the
              Purchaser. The Purchaser’s decision to increase its due diligence review or
              obtain additional BPO’s or other property evaluations is at its sole discretion.
              The additional review may be for any reason including but not limited
              to credit
              quality, property valuations, and data integrity. Any review performed
              by the
              Purchaser prior to the related Closing Date shall not limit the Purchaser’s
              rights or the Company’s obligations under this section.

             

            ARTICLE
              IV

             

            ADMINISTRATION
              AND SERVICING OF MORTGAGE LOANS

             

            
              	Section
                      4.01  	
                      Company
                        to Act as Servicer.

                    

            

             

            (a) The
              Company, as an independent contractor, shall service and administer
              the Mortgage
              Loans, all in accordance with the terms of this Agreement (including,
              without
              limitation, the provisions set forth in the Regulation AB Compliance
              Addendum
              attached as Exhibit
              K
              hereto),
              Accepted Servicing Practices, applicable law and the terms of the Mortgage
              Notes
              and Mortgages. In connection with such servicing and administration,
              the Company
              shall have full power and authority, acting alone or through Subservicers,
              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, including,
              without limitation, the power and authority (1) to execute and deliver,
              on
              behalf of the Purchaser, customary consents or waivers and other instruments
              and
              documents, (2) to consent, with respect to the Mortgage Loans it services,
              to
              transfers of any Mortgaged Property and assumptions of the Mortgage
              Notes and
              related Mortgages (but only in the manner provided in this Agreement),
              (3) to
              collect any Insurance Proceeds and other Liquidation Proceeds relating
              to the
              Mortgage Loans it services, and (4) to effectuate foreclosure or other
              conversion of the ownership of the Mortgaged Property securing any
              Mortgage Loan
              it services. The Servicer shall represent and protect the interests
              of the
              Purchaser in the same manner as it protects its own interests in mortgage
              loans
              in its own portfolio in any claim, proceeding or litigation regarding
              a Mortgage
              Loan and shall not make or permit any modification, waiver or amendment
              of any
              term of any Mortgage Loan, except as provided pursuant to Section 4.22.
              Without
              limiting the generality of the foregoing, the Company shall continue,
              and is
              hereby authorized and empowered, 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 with respect to the Mortgaged Properties. If
              reasonably
              required by the Company, the Purchaser shall furnish the Company with
              any powers
              of attorney and other documents necessary or appropriate to enable
              the Company
              to carry out its servicing and administrative duties under this
              Agreement.

             

            (b) The
              Company may arrange for the subservicing of any Mortgage Loan it services
              by a
              Subservicer pursuant to a Subservicing Agreement; provided,
              however,
              that
              such subservicing arrangement and the terms of the related Subservicing
              Agreement must provide for the servicing of such Mortgage Loan in a
              manner
              consistent with the servicing arrangements contemplated hereunder.
              The Company
              shall be solely liable for all fees owed to the Subservicer under the
              Subservicing Agreement, regardless whether the Company’s compensation hereunder
              is adequate to pay such fees. Notwithstanding the provisions of any
              Subservicing
              Agreement, any of the provisions of this Agreement relating to agreements
              or
              arrangements between the Company and a Subservicer or reference to
              actions taken
              through a Subservicer or otherwise, the Company shall remain obligated
              and
              liable to the Purchaser for the servicing and administration of the
              Mortgage
              Loans it services in accordance with the provisions of this Agreement
              without
              diminution of such obligation or liability by virtue of such Subservicing
              Agreements or arrangements or by virtue of indemnification from the
              Subservicer
              and to the same extent and under the same terms and conditions as if
              the Company
              alone were servicing and administering those Mortgage Loans. All actions
              of each
              Subservicer performed pursuant to the related Subservicing Agreement
              shall be
              performed as agent of the Company with the same force and effect as
              if performed
              directly by the Company. For purposes of this Agreement, the Company
              shall be
              deemed to have received any collections, recoveries or payments with
              respect to
              the Mortgage Loans it services that are received by a Subservicer regardless
              of
              whether such payments are remitted by the Subservicer to the Company.
              Any
              Subservicing Agreement entered into by the Company shall provide that
              it may be
              assumed or terminated by the Purchaser at any time, if the Purchaser
              has assumed
              the duties of the Company, or by any successor servicer, at the Purchaser’s or
              successor servicer’s option, as applicable, without cost or obligation to the
              assuming or terminating party or its assigns. Any Subservicing Agreement,
              and
              any other transactions or services relating to the Mortgage Loans involving
              a
              Subservicer, shall be deemed to be between the Company and such Subservicer
              alone, and the Purchaser shall not be deemed parties thereto and shall
              have no
              claims or rights of action against, rights, obligations, duties or
              liabilities
              to or with respect to the Subservicer or its officers, directors or
              employees,
              except as set forth in Section 4.01(a).

             

            
              	Section
                      4.02  	
                      Liquidation
                        of Mortgage Loans.

                    

            

             

            In
              the
              event that any payment due under any Mortgage Loan and not postponed
              pursuant to
              Section 4.01 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 shall take such action as (1) the Company would take under
              similar
              circumstances with respect to a similar mortgage loan held for its
              own account
              for investment, (2) shall be consistent with Accepted Servicing Practices,
              (3)
              the Company shall determine prudently to be in the best interest of
              the
              Purchaser, and (4) is consistent with any related PMI Policy. The Company,
              on
              behalf of the Purchaser, may also, in its sole and exclusive discretion,
              as an
              alternative to foreclosure, sell defaulted Mortgage Loans at fair market
              value
              to third-parties, if the Company believes, in its sole and exclusive
              discretion,
              that such sale would maximize proceeds to the Purchaser (on a present
              value
              basis) with respect to each such Mortgage Loan. Notwithstanding any
              other
              provision in this Agreement or otherwise, the Company shall have no
              liability to
              the Purchaser or any other party for the Company’s determination hereunder.
              Foreclosure or comparable proceedings shall be initiated within one
              hundred
              twenty (120) days after default with respect to Mortgaged Properties
              for which
              no satisfactory arrangements can be made for collection of delinquent
              payments
              unless prevented by statutory limitations or states whose bankruptcy
              laws
              prohibit such actions within such timeframe. 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. In such
              connection,
              the Company shall from its own funds make all necessary and proper
              Servicing
              Advances, provided, however, that the Company shall not be required
              to expend
              its own funds in connection with any foreclosure or towards the restoration
              or
              preservation of any Mortgaged Property, unless it shall determine (a)
              that such
              preservation, restoration and/or foreclosure will increase the proceeds
              of
              liquidation of the Mortgage Loan to Purchaser after reimbursement to
              itself for
              such expenses and (b) that such expenses will be recoverable by it
              either
              through Liquidation Proceeds (respecting which it shall have priority
              for
              purposes of withdrawals from the Custodial Account pursuant to Section
              4.05) or
              through Insurance Proceeds (respecting which it shall have similar
              priority).

             

            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. The
              cost for
              such inspection or review shall be borne by the Purchaser. Upon completion
              of
              the inspection or review, 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. In
              the event
              (a) the environmental inspection report indicates that the Mortgaged
              Property is
              contaminated by hazardous or toxic substances or wastes and (b) the
              Purchaser
              directs the Company to proceed with foreclosure or acceptance of a
              deed in lieu
              of foreclosure, the Company shall be reimbursed for all reasonable
              costs
              associated with such foreclosure or acceptance of a deed in lieu of
              foreclosure
              and any related environmental clean up costs, as applicable, from the
              related
              Liquidation Proceeds, and/or Insurance Proceeds, or if the Liquidation
              Proceeds
              and/or Insurance Proceeds are insufficient to fully reimburse the Company,
              the
              Company shall be entitled to be reimbursed from amounts in the Custodial
              Account
              pursuant to Section 4.05 hereof. In the event the Purchaser directs
              the Company
              not to proceed with foreclosure or acceptance of a deed in lieu of
              foreclosure,
              the Company shall be reimbursed for all Servicing Advances made with
              respect to
              the related Mortgaged Property from the Custodial Account pursuant
              to Section
              4.05 hereof.

             

            
              	Section
                      4.03  	
                      Collection
                        of Mortgage Loan Payments.

                    

            

             

            Continuously
              from the date hereof until the principal and interest on all Mortgage
              Loans are
              paid in full, in accordance with this Agreement and Accepted Servicing
              Standards, the Company shall proceed diligently to collect all payments
              due
              under each of the Mortgage Loans when the same shall become due and
              payable and
              shall take special care in ascertaining and estimating Escrow Payments
              and all
              other charges that will become due and payable with respect to the
              Mortgage Loan
              and the Mortgaged Property, 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.

             

            Consistent
              with the foregoing, the Company may in its discretion (i) waive any
              late payment
              charge with respect to a Mortgage Loan it services and (ii) extend
              the due dates
              for payments due on a Mortgage Note for a period not greater than 120
              days;
provided,
              however,
              that
              the Company cannot extend the maturity of any such Mortgage Loan past
              the date
              on which the final payment is due on the latest maturing Mortgage Loan
              as of the
              related Cut-off Date. In the event of any such arrangement, the Company
              shall
              make Monthly Advances on the related Mortgage Loan in accordance with
              the
              provisions of Section 5.03 during the scheduled period in accordance
              with the
              amortization schedule of such Mortgage Loan without modification thereof
              by
              reason of such arrangements. 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.

             

            
              	Section
                      4.04  	
                      Establishment
                        of and Deposits to Custodial Account.

                    

            

             

            The
              Company shall segregate and hold all funds collected and received pursuant
              to a
              Mortgage Loan separate and apart from any of its own funds and general
              assets
              and shall establish and maintain one or more Custodial Accounts, in
              the form of
              time deposit or demand accounts, titled “Paul Financial, LLC, in trust for [Name
              of the Purchaser] and/or subsequent purchasers of Mortgage Loans, and
              various
              Mortgagors - P&I.” The Custodial Account shall be established with a
              Qualified Depository. Upon request of the Purchaser and within ten
              (10) days
              thereof, the Company shall provide the Purchaser with written confirmation
              of
              the existence of such Custodial Account. Any funds deposited in the
              Custodial
              Account shall at all times be insured to the fullest extent allowed
              by
              applicable law. Funds deposited in the Custodial Account may be drawn
              on by the
              Company in accordance with Section 4.05.

             

            The
              Company shall deposit in the Custodial Account within one Business
              Day of
              Company’s receipt, and retain therein, the following collections received by
              the
              Company and payments made by the Company after the related Cut-off
              Date, other
              than payments of principal and interest due on or before the related
              Cut-off
              Date, or received by the Company prior to the related Cut-off Date
              but allocable
              to a period subsequent thereto:

             

            
              	(i)  	
                      all
                        payments on account of principal on the Mortgage Loans, including
                        all
                        Principal Prepayments (including Prepayment Premiums paid
                        by the Mortgagor
                        or by the Company pursuant to Section 4.22 of this
                        Agreement);

                    

            

             

            
              	(ii)  	
                      all
                        payments on account of interest on the Mortgage Loans adjusted
                        to the
                        Mortgage Loan Remittance Rate;

                    

            

             

            
              	(iii)  	
                      all
                        Liquidation Proceeds;

                    

            

             

            
              	(iv)  	
                      all
                        Insurance Proceeds, including amounts required to be deposited
                        pursuant to
                        Section 4.10 (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 Section 4.14), Section
                        4.11 and
                        Section 4.15;

                    

            

             

            
              	(v)  	
                      all
                        Condemnation Proceeds which are not applied to the restoration
                        or repair
                        of the Mortgaged Property or released to the Mortgagor in
                        accordance with
                        Section 4.14;

                    

            

             

            
              	(vi)  	
                      any
                        amounts required to be deposited in the Custodial Account
                        pursuant to
                        Section 4.01, 5.01, 5.03, 6.01 or
                        6.02;

                    

            

             

            
              	(vii)  	
                      any
                        amounts payable in connection with the repurchase of or substitution
                        for
                        any Mortgage Loan pursuant to Section
                        3.03;

                    

            

             

            
              	(viii)  	
                      with
                        respect to each Principal Prepayment an amount (to be paid
                        by the Company
                        out of its funds) which, when added to all amounts allocable
                        to interest
                        received in connection with the Principal Prepayment, equals
                        one month’s
                        interest on the amount of principal so prepaid at the Mortgage
                        Loan
                        Remittance Rate;

                    

            

             

            
              	(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; and

                    

            

             

            
              	(x)  	
                      any
                        amounts received with respect to or related to any REO Property
                        and all
                        REO Disposition Proceeds pursuant to Section
                        4.16.

                    

            

             

            The
              foregoing requirements for deposit into 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 and other ancillary income (other than Prepayment Premiums), to
              the extent
              permitted by Section 6.01, need not be deposited by the Company into
              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. The Company shall maintain
              adequate
              records with respect to all deposits and withdrawals made pursuant
              to this
              Section 4.04 and Section 4.05. All funds required to be deposited in
              the
              Custodial Account shall be held in trust for the Purchaser until withdrawn
              in
              accordance with Section 4.05.

             

            
              	Section
                      4.05  	
                      Permitted
                        Withdrawals From Custodial Account.

                    

            

             

            The
              Company shall, from time to time, withdraw funds 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 of the Company’s funds made pursuant
                        to Section 5.03, 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 payments of principal and/or interest
                        respecting
                        which any such advance was made, it being understood that,
                        in the case of
                        any 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 or 6.02,
                        the Company’s
                        right to such reimbursement shall be subsequent to the payment
                        to the
                        Purchaser of the Repurchase Price pursuant to such sections
                        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
                        for any unpaid
                        Servicing Fees, the Company’s right to reimburse itself pursuant to this
                        subclause (iii) 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 Company from the
                        Mortgagor or
                        otherwise relating to the Mortgage Loan, it being understood
                        that, in the
                        case of any 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, 3.04
                        or 6.02, in
                        which case the Company’s right to such reimbursement shall be subsequent
                        to the payment to the Purchaser of the Repurchase Price pursuant
                        to such
                        sections and all other amounts required to be paid to the
                        Purchaser with
                        respect to such Mortgage Loan;

                    

            

             

            
              	(iv)  	
                      to
                        pay itself as part of its servicing compensation interest
                        on funds
                        deposited in the Custodial Account;

                    

            

             

            
              	(v)  	
                      to
                        reimburse itself for expenses incurred and reimbursable to
                        it pursuant to
                        Section 8.01;

                    

            

             

            
              	(vi)  	
                      to
                        pay any amount required to be paid pursuant to Section 4.16
                        related to any
                        REO Property, it being understood that, in the case of any
                        such
                        expenditure or withdrawal related to a particular REO Property,
                        the amount
                        of such expenditure or withdrawal from the Custodial Account
                        shall be
                        limited to amounts on deposit in the Custodial Account with
                        respect to the
                        related REO Property;

                    

            

             

            
              	(vii)  	
                      to
                        remove funds inadvertently placed in the Custodial Account
                        by the Company;
                        

                    

            

             

            
              	(viii)  	
                      to
                        transfer funds to another Qualified Depository;
                        and

                    

            

             

            
              	(ix)  	
                      to
                        clear and terminate the Custodial Account upon the termination
                        of this
                        Agreement.

                    

            

             

            In
              the
              event that the Custodial Account is interest bearing, on each Remittance
              Date,
              the Company shall withdraw all funds from the Custodial Account except
              for those
              amounts which, pursuant to Section 5.01, the Company is not obligated
              to remit
              on such Remittance Date. The Company may use such withdrawn funds only
              for the
              purposes described in this Section 4.05.

             

            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
              Custodial Account.

             

            
              	Section
                      4.06  	
                      Establishment
                        of and Deposits to Escrow Account.

                    

            

             

            The
              Company shall segregate and hold all funds collected and received pursuant
              to a
              Mortgage Loan constituting Escrow Payments separate and apart from
              any of its
              own funds and general assets and shall establish and maintain one or
              more Escrow
              Accounts, in the form of time deposit or demand accounts, titled, “Paul
              Financial, LLC, in trust for [Name of the Purchaser] and/or subsequent
              purchasers of Residential Mortgage Loans, and various Mortgagors -
              T & I.”
The Escrow Accounts shall be established with a Qualified Depository,
              in a
              manner which shall provide maximum available insurance thereunder.
              Upon request
              of the Purchaser and within ten (10) days thereof, the Company shall
              provide the
              Purchaser with written confirmation of the existence of such Escrow
              Account.
              Funds deposited in the Escrow Account may be drawn on by the Company
              in
              accordance with Section 4.07.

             

            The
              Company shall deposit in the Escrow Account or Accounts, within two
              (2) Business
              Days after the Company’s receipt, 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
                        amounts representing Insurance Proceeds or Condemnation Proceeds
                        which are
                        to be applied to the restoration or repair of any Mortgaged
                        Property;
                        and

                    

            

             

            
              	(iii)  	
                      all
                        payments on account of Buydown
                        Funds.

                    

            

             

            The
              Company shall make withdrawals from the Escrow Account only to effect
              such
              payments as are required under this Agreement, as set forth in 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. To the extent required
              by
              law, the Company shall pay interest on escrowed funds to the Mortgagor
              notwithstanding that the Escrow Account may be non-interest bearing
              or that
              interest paid thereon is insufficient for such purposes.

             

            
              	Section
                      4.07  	
                      Permitted
                        Withdrawals From Escrow Account.

                    

            

             

            Withdrawals
              from the Escrow Account or Accounts may be made by the Company
              only:

             

            
              	(i)  	
                      to
                        effect timely payments of ground rents, taxes, assessments,
                        water rates,
                        mortgage insurance premiums, condominium charges, fire and
                        hazard
                        insurance premiums or other items constituting Escrow Payments
                        for the
                        related Mortgage;

                    

            

             

            
              	(ii)  	
                      to
                        reimburse the Company for any Servicing Advances made by
                        the Company
                        pursuant to Section 4.08 with respect to a related Mortgage
                        Loan, but only
                        from amounts received on the related Mortgage Loan which
                        represent late
                        collections of Escrow Payments
                        thereunder;

                    

            

             

            
              	(iii)  	
                      to
                        refund to any Mortgagor any funds found to be in excess of
                        the amounts
                        required under the terms of the related Mortgage
                        Loan;

                    

            

             

            
              	(iv)  	
                      for
                        transfer to the Custodial Account for application to reduce
                        the principal
                        balance of the Mortgage Loan in accordance with the terms
                        of the related
                        Mortgage and Mortgage Note;

                    

            

             

            
              	(v)  	
                      for
                        application to the restoration or repair of the Mortgaged
                        Property in
                        accordance with the procedures outlined in Section
                        4.14;

                    

            

             

            
              	(vi)  	
                      to
                        pay to the Company, or any Mortgagor to the extent required
                        by law, any
                        interest paid on the funds deposited in the Escrow
                        Account;

                    

            

             

            
              	(vii)  	
                      to
                        remove funds inadvertently placed in the Escrow Account by
                        the
                        Company;

                    

            

             

            
              	(viii)  	
                      to
                        remit to the Purchaser payments on account of Buydown Funds
                        as applicable;
                        and

                    

            

             

            
              	(ix)  	
                      to
                        clear and terminate the Escrow Account on the termination
                        of this
                        Agreement.

                    

            

             

            
              	Section
                      4.08  	
                      Payment
                        of Taxes, Insurance and Other Charges.

                    

            

             

            With
              respect to each Mortgage Loan, the Company shall maintain accurate
              records
              reflecting the status of ground rents, taxes, assessments, water rates,
              sewer
              rents, and other charges which are or may become a lien upon the Mortgaged
              Property and the status of PMI Policy 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, 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. The Company assumes full responsibility
              for the
              timely payment of all such bills and shall effect timely payment of
              all such
              charges irrespective of each Mortgagor’s faithful performance in the payment of
              same of the making of the Escrow Payments, and the Company shall make
              advances
              from its own funds to effect such payments, which advances shall constitute
              Servicing Advances hereunder; provided that the Company shall be required
              to so
              advance only to the extent that the Company, in its good faith judgment,
              believes the Servicing Advance to be recoverable from Insurance Proceeds
              or
              Liquidation Proceeds or otherwise. The costs incurred by the Company,
              if any, in
              effecting the timely payments of taxes and assessments on the Mortgaged
              Properties and related insurance premiums shall not be added to the
              Stated
              Principal Balances of the related Mortgage Loans, notwithstanding that
              the terms
              of such Mortgage Loans so permit.

             

            
              	Section
                      4.09  	
                      Transfer
                        of Accounts.

                    

            

             

            The
              Company may transfer the Custodial Account or the Escrow Account to
              a different
              Qualified Depository from time to time; provided that the Company shall
              give
              written notice to the Purchaser of any proposed change of the location
              of either
              Account not later than ten (10) Business Days prior to any change
              thereof.

             

            
              	Section
                      4.10  	
                      Maintenance
                        of Hazard Insurance.

                    

            

             

            The
              Company shall cause to be maintained for each Mortgage Loan hazard
              insurance
              such that all buildings upon the Mortgaged Property are insured by
              an insurer
              acceptable to Fannie Mae or Freddie Mac against loss by fire, hazards
              of
              extended coverage and such other hazards as are customary or required
              by law in
              the area where the Mortgaged Property is located, in an amount which
              is at least
              equal to the lesser of (i) the maximum insurable value of the improvements
              securing such Mortgage Loan and (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 or the loss payee
              from
              becoming a co-insurer. In the event a hazard insurance policy shall
              be in danger
              of being terminated, or in the event the insurer shall cease to be
              acceptable to
              Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and
              the
              related Mortgagor, and shall use its best efforts, as permitted by
              applicable
              law, to obtain from another qualified insurer a replacement hazard
              insurance
              policy substantially and materially similar in all respects to the
              original
              policy. In no event, however, shall a Mortgage Loan be without a hazard
              insurance policy at any time, subject only to Section 4.11 hereof.

             

            If
              the
              related Mortgaged Property is located in an area identified by the
              Flood
              Emergency Management Agency as having special flood hazards (and such
              flood
              insurance has been made available), the Company will cause to be maintained
              a
              flood insurance policy meeting the requirements of the current guidelines
              of the
              Federal Insurance Administration is in effect with a generally acceptable
              insurance carrier acceptable to Fannie Mae or Freddie Mac in an amount
              representing coverage equal to the lesser of (i) the minimum amount
              required,
              under the terms of coverage, to compensate for any damage or loss on
              a
              replacement cost basis (or the unpaid balance of the mortgage if replacement
              cost coverage is not available for the type of building insured) and
              (ii) 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 FEMA 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 to
              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. Any out-of-pocket expenses or advance made by the Company
              on
              such force placed flood insurance coverage shall be deemed a Servicing
              Advance.

             

            If
              a
              Mortgage is secured by a unit in a condominium project, the Company
              shall verify
              that the coverage required of the owner’s association, including hazard, flood,
              liability, and fidelity coverage, is being maintained in accordance
              with then
              current Fannie Mae or Freddie Mac requirements, and secure from the
              owner’s
              association its agreement to notify the Company promptly of any change
              in the
              insurance coverage or of any condemnation or casualty loss that may
              have a
              material effect on the value of the Mortgaged Property as security.

             

            In
              the
              event that the Purchaser or the Company shall determine that the Mortgaged
              Property should be insured against loss or damage by hazards and risks
              not
              covered by the insurance required to be maintained by the Mortgagor
              pursuant to
              the terms of the Mortgage, the Company shall communicate and consult
              with the
              Mortgagor with respect to the need for such insurance and bring to
              the
              Mortgagor’s attention the desirability of protection of the Mortgaged
              Property.

             

            All
              policies required hereunder shall name the Company as loss payee and
              shall be
              endorsed with standard mortgagee clauses, without contribution, which
              shall
              provide for at least thirty (30) days prior written notice of any cancellation,
              reduction in amount or material change in coverage.

             

            The
              Company shall not interfere with the Mortgagor’s freedom of choice in selecting
              either an insurance carrier or agent, provided, however, that the Company
              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 jurisdiction in which the Mortgaged Property is located.
              The
              Company shall determine that such policies provide sufficient risk
              coverage and
              amounts, that they insure the property owner, and that they properly
              describe
              the property address. The Company shall furnish to the Mortgagor a
              formal notice
              of expiration of any such insurance in sufficient time for the Mortgagor
              to
              arrange for renewal coverage by the expiration date.

             

            Pursuant
              to Section 4.04, 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 related Mortgaged Property, or property
              acquired in
              liquidation of the Mortgage Loan, or to be released to the Mortgagor,
              in
              accordance with the Company’s normal servicing procedures as specified in
              Section 4.14) shall be deposited in the Custodial Account subject to
              withdrawal
              pursuant to Section 4.05.

             

            
              	Section
                      4.11  	
                      Maintenance
                        of Mortgage Impairment Insurance.

                    

            

             

            In
              the
              event that the Company shall obtain and maintain a blanket policy insuring
              against losses arising from fire and hazards covered under extended
              coverage on
              all of the Mortgage Loans, then, to the extent such policy (1) names
              the Company
              as loss payee, (2) provides coverage in an amount equal to the amount
              required
              pursuant to Section 4.10 without coinsurance, and (3) otherwise complies
              with
              Accepted Servicing Practices and all other requirements of Section
              4.10, it
              shall conclusively be deemed to have satisfied its obligations as set
              forth in
              Section 4.10. The Company shall prepare and make any claims on the
              blanket
              policy as deemed necessary by the Company in accordance with prudent
              servicing
              practices. Any amounts collected by the Company under any such policy
              relating
              to a Mortgage Loan shall be deposited in the Custodial Account subject
              to
              withdrawal pursuant to Section 4.05. Such policy may contain a deductible
              clause, in which case, in the event that there shall not have been
              maintained on
              the related Mortgaged Property a policy complying with Section 4.10,
              and there
              shall have been a loss which would have been covered by such policy,
              the Company
              shall deposit in the Custodial Account at the time of such loss the
              amount not
              otherwise payable under the blanket policy because of such deductible
              clause,
              such amount to be deposited from the Company’s funds, without reimbursement
              therefor. Upon request of the Purchaser, the Company shall cause to
              be delivered
              to the Purchaser a certified true copy of such policy and 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  	
                      Maintenance
                        of Fidelity Bond and Errors and Omissions Insurance.

                    

            

             

            The
              Company shall maintain with responsible companies, 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 (“Company
              Employees”).
              Any
              such Fidelity Bond and Errors and Omissions Insurance Policy 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 Company Employees. Such Fidelity
              Bond
              and Errors and Omissions Insurance Policy also shall protect and insure
              the
              Company 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 Section 4.12 requiring such Fidelity
              Bond
              and Errors and Omissions Insurance Policy shall diminish or relieve
              the Company
              from its duties and obligations as set forth in this Agreement. The
              minimum
              coverage under any such Fidelity Bond and Errors and Omissions Insurance
              Policy
              shall be at least equal to the amounts acceptable to Fannie Mae or
              Freddie Mac.
              Upon the request of the Purchaser, the Company shall cause to be delivered
              to
              the Purchaser a certificate of insurance for such Fidelity Bond and
              Errors and
              Omissions Insurance Policy and a statement from the surety and the
              insurer that
              such Fidelity Bond and Errors and Omissions Insurance Policy shall
              in no event
              be terminated or materially modified without 30 days’ prior written notice to
              the Purchaser.

             

            
              	Section
                      4.13  	
                      Inspections.

                    

            

             

            If
              any
              Mortgage Loan is more than sixty (60) days delinquent, the Company
              immediately
              shall inspect the Mortgaged Property and shall conduct subsequent inspections
              in
              accordance with Accepted Servicing Practices or as may be required
              by the
              primary mortgage guaranty insurer. The Company shall keep a written
              report of
              each such inspection.

             

            
              	Section
                      4.14  	
                      Restoration
                        of Mortgaged Property.

                    

            

             

            The
              Company 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 Accepted Servicing Practices. For claims greater than
              $15,000,
              at a minimum the Company shall comply with the following conditions
              in
              connection with any such release of Insurance Proceeds or Condemnation
              Proceeds:

             

            
              	(i)  	
                      the
                        Company shall receive satisfactory independent verification
                        of completion
                        of repairs and issuance of any required approvals with respect
                        thereto;

                    

            

             

            
              	(ii)  	
                      the
                        Company 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;

                    

            

             

            
              	(iii)  	
                      the
                        Company shall verify that the Mortgage Loan is not in default;
                        and

                    

            

             

            
              	(iv)  	
                      pending
                        repairs or restoration, the Company shall place the Insurance
                        Proceeds or
                        Condemnation Proceeds in the Escrow
                        Account.

                    

            

             

            If
              the
              Purchaser is named as an additional loss payee, the Company is hereby
              empowered
              to endorse any loss draft issued in respect of such a claim in the
              name of the
              Purchaser.

             

            
              	Section
                      4.15  	
                      Maintenance
                        of PMI Policy; Claims.

                    

            

             

            If
              a
              Mortgage Loan has original LTV of 80% or greater, the Company shall,
              without any
              cost to the Purchaser maintain or cause the Mortgagor to maintain in
              full force
              and effect a PMI Policy insuring the portion over 75% until terminated
              pursuant
              to the Homeowners Protection Act of 1998, 12 UCS §4901, et seq. In the event
              that such PMI Policy shall be terminated other than as required by
              law, the
              Company shall obtain from another Qualified Insurer a comparable replacement
              policy, with a total coverage equal to the remaining coverage of such
              terminated
              PMI Policy. If the insurer shall cease to be a Qualified Insurer, the
              Company
              shall determine whether recoveries under the PMI Policy are jeopardized
              for
              reasons related to the financial condition of such insurer, it being
              understood
              that the Company shall in no event have any responsibility or liability
              for any
              failure to recover under the PMI Policy for such reason. If the Company
              determines that recoveries are so jeopardized, it shall notify the
              Purchaser and
              the Mortgagor, if required, and obtain from another Qualified Insurer
              a
              replacement insurance policy. The Company shall not take any action
              which would
              result in noncoverage under any applicable PMI 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 PMI Policy, if any, of such assumption or substitution
              of liability
              in accordance with the terms of such PMI Policy and shall take all
              actions which
              may be required by such insurer as a condition to the continuation
              of coverage
              under such PMI Policy. If such PMI Policy is terminated as a result
              of such
              assumption or substitution of liability, the Company shall obtain a
              replacement
              PMI 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
              PMI Policy in a timely fashion in accordance with the terms of such
              PMI Policy
              and, in this regard, to take such action as shall be necessary to permit
              recovery under any PMI Policy respecting a defaulted Mortgage Loan.
              Pursuant to
              Section 4.04, any amounts collected by the Company under any PMI Policy
              shall be
              deposited in the Custodial Account, subject to withdrawal pursuant
              to Section
              4.05.

             

            
              	Section
                      4.16  	
                      Title,
                        Management and Disposition of REO Property.

                    

            

             

            In
              the
              event that title to any Mortgaged Property is acquired in foreclosure
              or by deed
              in lieu of foreclosure, the deed or certificate of sale shall be taken
              in the
              name of the Purchaser, or in the event the Purchaser 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 any attorney duly licensed
              to
              practice law in the state where the REO Property is located. The Person
              or
              Persons holding such title other than the Purchaser shall acknowledge
              in writing
              that such title is being held as nominee for the Purchaser.

             

            The
              Company shall manage, conserve, protect and operate each REO Property
              for the
              Purchaser solely for the purpose of its prompt disposition and sale.
              However,
              the Purchaser shall have the option to manage and operate the REO Property
              provided the Purchaser gives written notice of its intention to do
              so within
              sixty (60) days after such REO Property is acquired in foreclosure
              or by deed in
              lieu of foreclosure. The election by the Purchaser to manage the REO
              Property
              shall not constitute a termination of any rights of the Company pursuant
              to
              Section 11.02.

             

            If
              the
              Purchaser does not elect to manage and operate the REO Property, the
              Company
              shall manage, conserve, protect and operate each REO Property for the
              Purchaser
              solely for the purpose of its prompt disposition and sale. The Company,
              either
              itself or through an agent selected by the Company, shall 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 Company shall attempt to sell the same (and
              may
              temporarily rent the same for a period not greater than one year, except
              as
              otherwise provided below) on such terms and conditions as the Company
              deems to
              be in the best interest of 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 (i) a REMIC election
              has not
              been made with respect to the arrangement under which the Mortgage
              Loans and the
              REO Property are held, and (ii) 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 period longer than
              one year
              is permitted under the foregoing sentence and is necessary to sell
              any REO
              Property, (i) the Company shall report monthly to the Purchaser as
              to the
              progress being made in selling such REO Property and (ii) if, with
              the written
              consent of the Purchaser, a purchase money mortgage is taken in connection
              with
              such sale, such purchase money mortgage shall name the Company as mortgagee,
              and
              such purchase money mortgage shall not be held pursuant to this Agreement,
              but
              instead a separate participation agreement among the Company and the
              Purchaser
              shall be entered into with respect to such purchase money mortgage.

             

            The
              Company shall also maintain on each REO Property fire and hazard insurance
              with
              extended coverage in 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 Flood Disaster
              Protection
              Act of 1973, as amended, flood insurance in the amount required
              above.

             

            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. Notwithstanding any other provision in
              this Section,
              no REO Property shall be marketed for less than the Appraised Value
              without the
              prior consent of the Purchaser, and no REO Property shall be sold for
              less than
              ninety percent (90%) of its Appraised Value without the prior consent
              of the
              Purchaser. The proceeds of sale of the REO Property shall be promptly
              deposited
              in the Custodial Account. As soon as practical thereafter the expenses
              of such
              sale shall be paid and the Company shall reimburse itself for any related
              unreimbursed Servicing Advances, unpaid Servicing Fees and unreimbursed
              advances
              made pursuant to Section 5.03. On the Remittance Date immediately following
              the
              Principal Prepayment Period in which such sale proceeds are received
              the net
              cash proceeds of such sale remaining in the Custodial Account shall
              be
              distributed to the Purchaser.

             

            The
              Company shall withdraw from the Custodial Account funds necessary for
              the proper
              operation management and maintenance of the REO Property, including
              the cost of
              maintaining any hazard insurance pursuant to Section 4.11. The Company
              shall
              make monthly distributions 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 in this Section 4.16 and of
              any reserves
              reasonably required from time to time to be maintained to satisfy anticipated
              liabilities for such expenses).

             

            
              	Section
                      4.17  	
                      Real
                        Estate Owned Reports.

                    

            

             

            Together
              with the statement furnished pursuant to Section 5.02, the Company
              shall furnish
              to the Purchaser on or before the Remittance Date each month a statement
              with
              respect to any REO Property covering the operation of such REO Property
              for the
              previous month and the Company’s efforts in connection with the sale of such REO
              Property and any rental of such REO Property incidental to the sale
              thereof for
              the previous month. That statement shall be accompanied by such other
              information as the Purchaser shall reasonably request.

             

            
              	Section
                      4.18  	
                      Liquidation
                        Reports.

                    

            

             

            Upon
              the
              foreclosure sale of any Mortgaged Property or the acquisition thereof
              by the
              Company pursuant to a deed in lieu of foreclosure, the Company shall
              submit to
              the Purchaser a liquidation report with respect to such Mortgaged
              Property.

             

            
              	Section
                      4.19  	
                      Reports
                        of Foreclosures and Abandonments of Mortgaged Property.

                    

            

             

            Following
              the foreclosure sale or abandonment of any Mortgaged Property, the
              Company shall
              report such foreclosure or abandonment as required pursuant to Section
              6050J of
              the Code. The Company shall file information reports with respect to
              the receipt
              of mortgage interest received in a trade or business, reports of foreclosures
              and abandonments of any Mortgaged Property and information returns
              relating to
              cancellation of indebtedness income with respect to any Mortgaged Property
              as
              required by the Code. Such reports shall be in form and substance sufficient
              to
              meet the reporting requirements imposed by the Code.

             

            
              	Section
                      4.20  	
                      Application
                        of Buydown Funds.

                    

            

             

            With
              respect to each Buydown Mortgage Loan, the Company shall have deposited
              into the
              Escrow Account, no later than the last day of the month, 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 all Due
              Dates in accordance with the terms of the Buydown Agreement, is equal
              to the
              full scheduled Monthly Payments which are required to be paid by the
              Mortgagor
              under the terms of the related Mortgage Note (without regard to the
              related
              Buydown Agreement as if the Mortgage Loan were not subject to the terms
              of the
              Buydown Agreement). With respect to each Buydown Mortgage Loan, the
              Company will
              distribute to the Purchaser on each Remittance Date an amount of Buydown
              Funds
              equal to the amount that, when added to the amount required to be paid
              on such
              date by the related Mortgagor, pursuant to and in accordance with the
              related
              Buydown Agreement, equals the full Monthly Payment that would otherwise
              be
              required to be paid on such Mortgage Loan by the related Mortgagor
              under the
              terms of the related Mortgage Note (as if the Mortgage Loan were not
              a Buydown
              Mortgage Loan and without regard to the related Buydown Agreement).

             

            If
              the
              Mortgagor on a Buydown Mortgage Loan defaults on such Mortgage Loan
              during the
              Buydown Period and the Mortgaged Property securing such Buydown Mortgage
              Loan is
              sold in the liquidation thereof (either by the Company or the insurer
              under any
              related Primary Insurance Policy) the Company shall, on the Remittance
              Date
              following the date upon which Liquidation Proceeds or REO Disposition
              proceeds
              are received with respect to any such Buydown Mortgage Loan, distribute
              to the
              Purchaser all remaining Buydown Funds for such Mortgage Loan then remaining
              in
              the Escrow Account. Pursuant to the terms of each Buydown Agreement,
              any amounts
              distributed to the Purchaser in accordance with the preceding sentence
              will be
              applied to reduce the outstanding principal balance of the related
              Buydown
              Mortgage Loan. If a Mortgagor on a Buydown Mortgage Loan prepays such
              Mortgage
              Loan in it entirety during the related Buydown Period, the Company
              shall be
              required to withdraw from the Escrow Account any Buydown Funds remaining
              in the
              Escrow Account with respect to such Buydown Mortgage Loan in accordance
              with the
              related Buydown Agreement. If a principal prepayment by a Mortgagor
              on a Buydown
              Mortgage Loan during the related Buydown Period, together with any
              Buydown Funds
              then remaining in the Escrow Account related to such Buydown Mortgage
              Loan,
              would result in a principal prepayment of the entire unpaid principal
              balance of
              the Buydown Mortgage Loan, the Company shall distribute to the Purchaser
              on the
              Remittance Date occurring in the month immediately succeeding the month
              in which
              such Principal Prepayment is received, all Buydown Funds related to
              such
              Mortgage Loan so remaining in the Escrow Account, together with any
              amounts
              required to be deposited into the Custodial Account.

             

            
              	Section
                      4.21  	
                      Notification
                        of Adjustments.

                    

            

             

            With
              respect to each Mortgage Loan, the Company shall adjust the Mortgage
              Interest
              Rate on the related Adjustment Date in compliance with the requirements
              of
              applicable law and the related Mortgage and Mortgage Note. The Company
              shall
              execute and deliver any and all necessary notices required under applicable
              law
              and the terms of the related Mortgage Note and Mortgage regarding the
              Mortgage
              Interest Rate adjustments. The Company shall promptly, upon written
              request,
              deliver to the Purchaser such notifications along with information
              regarding the
              applicable date of such adjustments and the methods used to calculate
              and
              implement such adjustments. Upon the discovery by the Company or the
              receipt of
              notice from the Purchaser that the Company has failed to adjust a Mortgage
              Interest Rate in accordance with the terms of the related Mortgage
              Note, the
              Company shall immediately deposit in the Custodial Account from its
              own funds
              the amount of any interest loss or deferral caused the Purchaser
              thereby.

             

            
              	Section
                      4.22  	
                      Modifications,
                        Waivers, Amendments and Consents.

                    

            

             

            (a) Subject
              to this Section 4.22, the Company may agree to any modification, waiver,
              forbearance, or amendment of any term of any Mortgage Loan without
              the consent
              of the Purchaser. All modifications, waivers, forbearances or amendments
              of any
              Mortgage Loan shall be in writing and shall be consistent with Accepted
              Servicing Practices.

             

            (b) The
              Company shall not agree to enter into, and shall not enter into, any
              modification, waiver, forbearance or amendment of any term of any Mortgage
              Loan
              if such modification, waiver, forbearance, or amendment would:

             

            (i) affect
              the amount or timing of any related payment of principal, interest
              or other
              amount payable thereunder;

             

            (ii) in
              the
              Company’s judgment, materially impair the security for such Mortgage Loan or
              reduce the likelihood of timely payment of amounts due thereon; or

             

            (iii) otherwise
              constitutes a “significant modification” within the meaning of Treasury
              Regulations Section 1.860G-2(b);

             

            unless,
              in each case, (A) such Mortgage Loan is 90 days or more past due or
              (B) the
              Company delivers to the Purchaser an Opinion of Counsel to the effect
              that such
              modification, waiver, forbearance or amendment would not affect the
              REMIC status
              of the Trust Estate and, in either case, such modification, waiver,
              forbearance
              or amendment is reasonably likely to produce a greater recovery with
              respect to
              such Mortgage Loan than would liquidation. Subject to Accepted Servicing
              Practices, the Company may permit a forbearance for a Mortgage Loan
              which, in
              the Company’s judgment, is subject to imminent default.

             

            (c) Any
              payment of interest, which is deferred pursuant to any modification,
              waiver,
              forbearance or amendment permitted hereunder, shall not, for purposes
              hereof, be
              added to the unpaid principal balance of the related Mortgage Loan,
              notwithstanding that the terms of such Mortgage Loan or such modification,
              waiver or amendment so permit.

             

            (d) The
              Company may, as a condition to granting any request by a Mortgagor
              for consent,
              modification, waiver, forbearance or amendment, the granting of which
              is within
              the Company’s discretion pursuant to the Mortgage Loan and is permitted by the
              terms of this Agreement, require that such Mortgagor pay to the Company,
              as
              additional servicing compensation, a reasonable or customary fee for
              the
              additional services performed in connection with such request, together
              with any
              related costs and expenses incurred by the Company, which amount shall
              be
              retained by the Company as additional servicing compensation.

             

            (e) The
              Company shall notify the Purchaser, in writing, of any modification,
              waiver,
              forbearance or amendment of any term of any Mortgage Loan and the date
              thereof,
              and shall deliver to the Purchaser (or, at the direction of the Purchaser,
              the
              Custodian) for deposit in the related Mortgage File, an original counterpart
              of
              the agreement relating to such modification, waiver, forbearance or
              amendment,
              promptly (and in any event within ten Business Days) following the
              execution
              thereof; provided,
              however,
              that if
              any such modification, waiver, forbearance or amendment is required
              by
              applicable law to be recorded, the Company (i) shall deliver to the
              Purchaser a
              copy thereof and (ii) shall deliver to the Purchaser such document,
              with
              evidence of notification upon receipt thereof from the public recording
              office.

             

            (f) To
              the
              extent consistent with the terms of this Agreement, the Company may
              waive (or
              permit a Subservicer to waive) a Prepayment Premium only under the
              following
              circumstances: (i) such
              waiver 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 Premium and the related
              Mortgage Loan, (ii)
              such
              waiver is required under state or federal law or (iii) the mortgage
              debt has
              been accelerated as a result of the Mortgagor’s default in making its Monthly
              Payments. The
              Company shall not waive any Prepayment Premium unless it is waived
              in accordance
              with this Section 4.22(f).
              The
              Company shall
              pay
              the amount of any
              Prepayment
              Premium (to the extent not collected and remitted to the Purchaser)
              to the
              Purchaser or its assignees if (1) the representation
              in
Section
              3.02(ggg)
              is breached and such breach materially and adversely affects the interests
              of
              the Purchaser or its assigns
              or (2)
              the Company waives any Prepayment Premium other than as permitted under
              this
              Section 4.22(f). The
              Company
              shall pay the amount of such
              Prepayment Premium, for the benefit of the Purchaser or any assignee
              of the
              Purchaser, by depositing such amount into the Custodial Account at
              the time that
              the amount prepaid on the related Mortgage Loan is required to be deposited
              into
              the Custodial Account.

             

            
              	Section
                      4.23  	
                      Specially
                        Serviced Mortgage Loans.

                    

            

             

            (a)  Upon
              determining that a Servicing Transfer Event has occurred with respect
              to any
              Mortgage Loan, the Company shall promptly give notice thereof to the
              Purchaser
              and the Special Servicer, and, unless otherwise directed in writing
              by the
              Purchaser, shall deliver a copy of the related Servicing File to the
              Special
              Servicer and shall use its reasonable efforts to provide the Special
              Servicer
              with all information, documents and records (including records stored
              electronically on computer tapes, magnetic discs and the like) relating
              to the
              Mortgage Loan either in the Company’s possession or otherwise available to the
              Company without undue burden or expense, and reasonably requested by
              the Special
              Servicer to enable it to assume its functions hereunder with respect
              thereto.
              The Company shall use its reasonable efforts to comply with the preceding
              sentence within five Business Days of the occurrence of each related
              Servicing
              Transfer Event and in any event shall continue to service and administrator
              of
              such Mortgage Loan until the Special Servicer has commenced the servicing
              of
              such Mortgage Loan, which will commence upon receipt by the Special
              Servicer of
              the Servicing File. The Company shall deliver to the Custodian a copy
              of the
              notice of such Servicing Transfer Event provided by the Company to
              the Purchaser
              and Special Servicer pursuant to this Section. 

             

            (b)  Upon
              determining that a Specially Serviced Mortgage Loan (other than an
              REO Loan) has become current and has remained current for three consecutive
              Monthly Payments (provided
              that (i)
              no additional Servicing Transfer Event is foreseeable in the reasonable
              judgment
              of the Special Servicer, and (ii) for such purposes taking into account
              any
              modification or amendment of such Mortgage Loan), and that no other
              Servicing
              Transfer Event is continuing with respect thereto, the Special Servicer
              shall
              immediately give notice thereof to the Company and the Purchaser, and
              shall
              return the related Servicing File to the Company (or copies thereof
              if copies
              only were delivered to the Special Servicer) and upon giving such notice,
              and
              returning such Servicing File to the Company, the Special Servicer’s obligation
              to service such Mortgage Loan shall terminate and the obligations of
              the Company
              to service and administer such Mortgage Loan shall re-commence.

             

            (c)  Notwithstanding
              the transfer of a Specially Serviced Mortgage Loan to the Special Servicer,
              the
              Company shall maintain ongoing payment records with respect to each
              of the
              Specially Serviced Mortgage Loans and REO Properties and shall provide
              the
              Special Servicer with any information in its possession required by
              the Special
              Servicer to perform its duties under this Agreement provided
              that the
              Company shall only be required to maintain in such records to the extent
              the
              Special Servicer has provided such information to the Company.

             

            
              	Section
                      4.24  	
                      Disaster
                        Recovery/Business Continuity Plan.

                    

            

             

            The
              Company shall establish contingency plans, recovery plans and proper
              risk
              controls to ensure Company’s continued performance under this Agreement. The
              plans must be in place within thirty (30) calendar days after the date
              of this
              Agreement and shall include, but not be limited to, testing, control
              functions,
              accountability and corrective actions to be immediately implemented,
              if
              necessary. The Company agrees to make copies or summaries of the plans
              available
              to the Purchaser or its regulators upon request.

             

            
              	Section
                      4.25  	
                      Fair
                        Credit Reporting Act.

                    

            

             

            (a) The
              Company shall furnish, in accordance with the Fair Credit Reporting
              Act and its
              implementing regulations, accurate and complete information (i.e.,
              favorable and
              unfavorable) on each Mortgagor’s credit files to Equifax, Experian, and Trans
              Union Credit Information Company (three of the credit repositories),
              on a
              monthly basis.

             

            (b) The
              Company agrees to transmit full-file credit reporting data for each
              Mortgage
              Loan pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage
              Loan,
              the Company shall report one of the following statuses each month:
              new
              origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed
              or
              charged-off.

             

            (c) The
              Company shall comply with Title V of the Gramm-Leach-Bliley Act of
              1999 and all
              applicable regulations promulgated thereunder, relating to the Mortgage
              Loans
              and the related Mortgagors and shall provide all required notices
              thereunder.

             

            ARTICLE
              V

             

            PAYMENTS
              TO PURCHASER

             

            
              	Section
                      5.01  	
                      Remittances.

                    

            

             

            On
              each
              Remittance Date the Company shall remit by wire transfer of immediately
              available funds to the Purchaser (a) all amounts deposited in the Custodial
              Account as of the close of business on the Determination Date (net
              of charges
              against or withdrawals from the Custodial Account pursuant to Section
              4.05),
              plus (b) all amounts, if any, which the Company is obligated to distribute
              pursuant to Section 5.03, minus (c) any amounts attributable to Principal
              Prepayments received after the applicable Principal Prepayment Period
              which
              amounts shall be remitted on the following Remittance Date, together
              with any
              additional interest required to be deposited in the Custodial Account
              in
              connection with such Principal Prepayment in accordance with Section
              4.04(viii);
              minus (d) any amounts attributable to Monthly Payments collected but
              due on a
              Due Date or Dates subsequent to the first day of the month of the Remittance
              Date, and minus (e) any amounts attributable to Buydown Funds being
              held in the
              Custodial Account, which amounts shall be remitted on the Remittance
              Date next
              succeeding the Due Period for such amounts. 

             

            With
              respect to any remittance received by the Purchaser after the Remittance
              Date on
              which such payment was due, 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 percentage points, but in no event
              greater
              than the maximum amount permitted by applicable law. Such interest
              shall be
              deposited in the Custodial Account by the Company on the date such
              late payment
              is made and shall cover the period commencing with the day following
              the
              Business Day on which such payment was due and ending with the Business
              Day on
              which such payment 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 by the
              Company.

             

            
              	Section
                      5.02  	
                      Automated
                        Servicing Systems and Statements to Purchaser.

                    

            

             

            The
              Company shall setup, format, maintain and transmit to the Purchaser
              the
              Company’s servicing date and other electronic data storage and transmission
              systems related to the Mortgage Loans (collectively, the “Servicing
              Systems”)
              in
              accordance with the guidelines and requirements set forth in Exhibit
              J
              attached
              hereto (the “Servicer
              Requirements”),
              and
              the Company shall cooperate with the Purchaser to receive data fields
              from the
              Purchaser that are to be incorporated in the Servicing Systems in accordance
              with the Servicer Requirements. 

             

            Not
              later
              than the first (1st)
              Business Day of each month, the Company shall furnish to the Purchaser,
              with
              respect to the preceding month, a monthly collection report, a monthly
              paid in
              full report that summarizes Mortgage Loans paid in full during the
              Due Period
              and a monthly trial balance report that provides a trial balance as
              of the last
              day of the month preceding such Remittance Date in electronic format
              agreed upon
              by the Company and the Purchaser. 

             

            Not
              later
              than the fifth (5th)
              Business Day of each month, the Company shall furnish to the Purchaser
              a
              delinquency report and a monthly remittance advice, including the information
              set forth in Exhibit
              J,
              in both
              a physical form and a mutually agreeable electronic format as to the
              remittance
              on such Remittance Date and as to the period ending on the last day
              of the month
              preceding such Remittance Date. 

             

            
              	Section
                      5.03  	
                      Monthly
                        Advances by Company.

                    

            

             

            No
              later
              than the close of business on the Business Day preceding each Remittance
              Date,
              the Company shall deposit in the Custodial Account from its own funds
              or from
              amounts held for future distribution an amount equal to (i) except
              in the case
              of Option Arm Mortgage Loans, 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 which were delinquent at the close of
              business on
              the related Determination Date or which were deferred pursuant to Section
              4.01
              and (ii) in the case of each Option Arm Mortgage Loan, an amount equal
              to the
              greater of (A) the Monthly Payment received from the slated Mortgagor
              and (B)
              the minimum Monthly Payment required with respect to the related Due
              Date
              pursuant to the terms of the related Mortgage Note. Any amounts held
              for future
              distribution and so used shall be replaced by the Company 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 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 earlier of: (i) the last Remittance Date prior to the Remittance
              Date for the distribution of all Liquidation Proceeds and other payments
              or
              recoveries (including Insurance Proceeds and Condemnation Proceeds)
              with respect
              to the Mortgage Loan; and (ii) the Remittance Date prior to the date
              the
              Mortgage Loan is converted to REO Property, provided however, that
              if requested
              by a Rating Agency in connection with a securitization, the Company
              shall be
              obligated to make such advances through the Remittance Date prior to
              the date on
              which cash is received in connection with the liquidation of REO Property;
              provided, however, that any such obligation under this Section 5.03
              shall cease
              if the Company determines, in its sole reasonable opinion, that advances
              with
              respect to such Mortgage Loan are non-recoverable by the Company from
              Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or
              otherwise
              with respect to a particular Mortgage Loan. In the event that the Company
              determines that any such advances are non-recoverable, the Company
              shall provide
              the Purchaser with a certificate signed by two officers of the Company
              evidencing such determination.

             

            ARTICLE
              VI

             

            GENERAL
              SERVICING PROCEDURES

             

            
              	Section
                      6.01  	
                      Due-on-Sale
                        Provision and Assumptions.

                    

            

             

            The
              Company shall use its best efforts to enforce any “due-on-sale” provision
              contained in any Mortgage or Mortgage Note and to deny assumption by
              the person
              to whom the Mortgaged Property has been or is about to be sold whether
              by
              absolute conveyance or by contract of sale, and whether or not the
              Mortgagor
              remains liable on the Mortgage and the Mortgage Note. When the Mortgaged
              Property has been conveyed by the Mortgagor, the Company shall, 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, that the Company shall 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 PMI Policy, if any.

             

            If
              the
              Company reasonably believes it is unable under applicable law to enforce
              such
“due-on-sale” clause or that either a decision not to exercise the “due-on-sale”
provision or a decision to permit an assumption of the Mortgage Loan
              is in the
              best interest of the Purchaser, the Company shall enter into (i) an
              assumption
              and modification agreement with the person to whom such property has
              been
              conveyed, pursuant to which such person becomes liable under the Mortgage
              Note
              and the original Mortgagor remains liable thereon or (ii) in the event
              the
              Company is unable under applicable law to require that the original
              Mortgagor
              remain liable under the Mortgage Note and the Company has the prior
              consent of
              the primary mortgage guaranty insurer, 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.
              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. If an
              assumption
              fee is collected by the Company for entering into an assumption agreement
              such
              fee will be retained by the Company as additional servicing compensation.
              In
              connection with any such assumption, neither the Mortgage Interest
              Rate borne by
              the related Mortgage Note, the term of the Mortgage Loan, the outstanding
              principal amount of the Mortgage Loan nor any other material terms
              shall be
              changed without the Purchaser’s consent.

             

            To
              the
              extent that any Mortgage Loan is assumable, the Company shall inquire
              diligently
              into the credit-worthiness of the proposed transferee, and shall use
              the
              underwriting criteria for approving the credit of the proposed transferee
              which
              are used by Fannie Mae with respect to underwriting mortgage loans
              of the same
              type as the Mortgage Loans. If the credit-worthiness 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.

             

            
              	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 immediately shall notify the Purchaser and
              shall
              request the release of any Mortgage Loan Documents.

             

            If
              the
              Company satisfies or releases a Mortgage without first having obtained
              payment
              in full of the indebtedness secured by the Mortgage or should the Company
              otherwise prejudice any rights the Purchaser may have under the mortgage
              instruments, upon written demand of the Purchaser, the Company shall
              repurchase
              the related Mortgage Loan at the Repurchase Price, plus any prepayment
              penalty
              or premium provided for in the terms of the Mortgage Note, if applicable,
              by
              deposit thereof in the Custodial Account within one Business Day of
              receipt of
              such demand by the Purchaser. The Company shall maintain the Fidelity
              Bond and
              Errors and Omissions Insurance Policy as provided for in Section 4.12
              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.

             

            
              	Section
                      6.03  	
                      Servicing
                        Compensation.

                    

            

             

            As
              compensation for its services hereunder, the Company shall be entitled
              to
              withdraw from the Custodial Account the amount of its Servicing Fee.
              The
              Servicing Fee shall be payable monthly and shall be computed on the
              basis of the
              same unpaid scheduled principal balance and for the 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 of such Monthly Payments. Notwithstanding the foregoing,
              with
              respect to the payment of the Servicing Fee for any month, the aggregate
              Servicing Fee shall be reduced (but not below zero) by an amount equal
              to the
              Prepayment Interest Shortfall for the related Principal Prepayment
              Period.

             

            Additional
              servicing compensation in the form of assumption fees, to the extent
              provided in
              Section 6.01, late payment charges and other ancillary income (including
              Prepayment Premiums) 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 thereof except
              as
              specifically provided for herein.

             

            
              	Section
                      6.04  	
                      [Reserved]

                    

            

             

            
              	Section
                      6.05  	
                      [Reserved] 

                    

            

             

            
              	Section
                      6.06  	
                      Right
                        to Examine Company Records.

                    

            

             

            The
              Purchaser, or its designee, shall have the right to examine and audit
              any and
              all of the related books, records, or other information of the Company,
              whether
              held by the Company or by another on its behalf, with respect to or
              concerning
              this Agreement or the Mortgage Loans, during business hours or at such
              other
              times as may be reasonable under applicable circumstances, upon reasonable
              advance notice. The Purchaser shall pay its own travel expenses associated
              with
              such examination.

             

            
              	Section
                      6.07  	
                      Compliance
                        with REMIC Provisions.

                    

            

             

            If
              a
              REMIC election has been made with respect to the arrangement under
              which the
              Mortgage Loans and REO Property are held, the Company shall not take
              any action,
              cause the REMIC to take any action or fail to take (or fail to cause
              to be
              taken) any action that, under the REMIC Provisions, if taken or not
              taken, as
              the case may be, could (i) endanger the status of the REMIC 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 860 (a) (2) of the
              Code and the tax on “contributions” to a REMIC set forth in Section 860(d) of
              the Code) unless the Company has received an Opinion of Counsel (at
              the expense
              of the party seeking to take such action) to the effect that the contemplated
              action will not endanger such REMIC status or result in the imposition
              of any
              such tax.

             

            ARTICLE
              VII

             

            COMPANY
              TO COOPERATE

             

            
              	Section
                      7.01  	
                      Provision
                        of Information.

                    

            

             

            During
              the term of this Agreement, the Company shall furnish to the Purchaser
              such
              periodic, special, or other reports or information, and copies or originals
              of
              any documents contained in the Servicing File for each Mortgage Loan
              provided
              for herein. All other special reports or information not provided for
              herein as
              shall be necessary, reasonable, or appropriate with respect to the
              Purchaser or
              any regulatory agency will be provided at the Purchaser’s expense. All such
              reports, documents or information shall be provided by and in accordance
              with
              all reasonable instructions and directions which the Purchaser may
              give. Upon
              request from the Purchaser, the Company shall deliver no later than
              sixty (60)
              days after such request any Servicing File or document therein, or
              copies
              thereof, to the Purchaser at the direction of the Purchaser. The Purchaser
              shall
              return any original Servicing File or document therein delivered pursuant
              to
              this Section no later than forty-five (45) days after receipt thereof.
              In the
              event that the Company fails to make delivery of the requested Servicing
              File or
              document therein, or copies thereof, as required under this Section,
              the Company
              shall repurchase the related Mortgage Loan in accordance with this
              Agreement
              within thirty (30) days of a request to do so by the Purchaser.

            

            In
              addition, during the term of this Agreement, the Company shall provide
              to the
              OCC and to comparable regulatory authorities supervising the Purchaser
              or any of
              the Purchaser’s assigns (including beneficial owners of securities issued in
              Securitization Transactions backed by the Mortgage Loans) and the examiners
              and
              supervisory agents of the OCC and such other authorities, access to
              the
              documentation required by applicable regulations of the OCC and other
              authorities supervising the Purchaser or any of its assigns with respect
              to the
              Mortgage Loans. Such access shall be afforded without charge, but only
              upon
              reasonable and prior written request and during normal business hours
              at the
              offices designated by the Company.

             

            The
              Company shall execute and deliver all such instruments and take all
              such action
              as any Purchaser may reasonably request from time to time, in order
              to
              effectuate the purposes and to carry out the terms of this
              Agreement.

             

            
              	Section
                      7.02  	
                      Financial
                        Statements; Servicing Facility.

                    

            

             

            In
              connection with marketing the Mortgage Loans, a Purchaser may make
              available to
              a prospective purchaser the audited financial statements of the Company,
              which
              shall include information relating to the Company, for the most recently
              completed two fiscal years for which such financial statements are
              available, as
              well as a Consolidated Statement of Condition at the end of the last
              two fiscal
              years covered by such Consolidated Statement of Operations. The Company
              also
              shall make available any comparable interim statements to the extent
              any such
              statements have been prepared by or on behalf of the Company (and are
              available
              upon request to members or stockholders of the Company or to the public
              at
              large).

             

            The
              Company also shall make available to a Purchaser or prospective purchaser
              a
              knowledgeable financial or accounting officer for the purpose of answering
              questions respecting recent developments affecting the Company or the
              financial
              statements of the Company, 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.

             

            
              	Section
                      7.03  	
                      Cooperation
                        with Third-party Service Providers.

                    

            

             

            The
              Company shall cooperate with the Purchaser in servicing the Mortgage
              Loans in
              accordance with the usual and customary requirements of any credit
              enhancement,
              risk management and other service providers and shall otherwise cooperate
              with
              the Purchaser in
              connection with such third-party service providers and the provision
              of
              third-party services; provided,
              however,
              that
              such requirements are reasonably acceptable to the Company and pose
              no greater
              risk, obligation or expense to the Company than otherwise set forth
              in this
              Agreement.  Any additional costs and/or expenses will be paid by the
              requesting party. 

             

            ARTICLE
              VIII

             

            THE
              COMPANY

             

            
              	Section
                      8.01  	
                      Indemnification;
                        Third Party Claims.

                    

            

             

            The
              Company shall indemnify each Purchaser and hold it harmless against
              any and all
              claims, losses, damages, penalties, fines, forfeitures, reasonable
              and necessary
              legal fees and related costs, judgments, and any other costs, fees
              and expenses
              that any Purchaser may sustain in any way related to the failure of
              the Company
              to perform its duties and service the Mortgage Loans in strict compliance
              with
              the terms of this Agreement; provided, however, that such indemnification
              shall
              not include punitive, consequential, exemplary or special damages (other
              than
              punitive, consequential, exemplary and special damages required to
              be paid by
              the indemnified party under this Agreement to any Person (other than
              a party to
              this Agreement or any of its affiliates) arising out of an action or
              proceeding
              by such Person, which damages shall be deemed to be direct damages
              to the party
              required to pay such punitive, consequential, exemplary or incidental
              damages).
              The Company immediately shall notify the Purchasers if a claim is made
              by a
              third party with respect to this Agreement or the Mortgage Loans, assume
              (with
              the prior written consent of the Purchaser) 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 Purchaser in respect of such claim. The Company shall follow
              any
              written instructions received from the Purchaser in connection with
              such claim.
              The Purchasers promptly shall reimburse the Company for all amounts
              advanced by
              it pursuant to the preceding sentence except when the claim is in any
              way
              related to the Company’s indemnification pursuant to Section 3.03, or the
              failure of the Company to service and administer the Mortgage Loans
              in strict
              compliance with the terms of this Agreement. The provisions of this
              Section
              8.01(a) shall survive termination of this Agreement.

             

            
              	Section
                      8.02  	
                      Merger
                        or Consolidation of the Company.

                    

            

             

            The
              Company shall keep in full effect its existence, rights and franchises
              as a
              corporation, and shall 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,
              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, (iii) who 
              is a
              Fannie Mae/Freddie Mac-approved company in good standing. Furthermore,
              in the
              event the Company transfers or otherwise disposes of all or substantially
              all of
              its assets to an affiliate of the Company, such affiliate shall satisfy
              the
              condition above, and shall also be fully liable to the Purchasers for
              all of the
              Company’s obligations and liabilities hereunder.

             

            
              	Section
                      8.03  	
                      Limitation
                        on Liability of Company and Others.

                    

            

             

            Neither
              the Company nor any of the directors, officers, employees or agents
              of the
              Company shall be under any liability to any 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, 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 other liability which would otherwise be imposed under this Agreement.
              The
              Company and any director, 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 any Person 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 opinion may involve
              it in any
              expense or liability, provided, however, that the Company may, with
              the consent
              of the Purchasers, 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 Company shall be entitled to reimbursement
              from the
              Purchasers of the reasonable legal expenses and costs of such action,
              unless any
              such costs result from a breach of the Company’s representations and warranties
              made herein or its failure to perform its obligations in compliance
              with this
              Agreement.

             

            
              	Section
                      8.04  	
                      Limitation
                        on Resignation and Assignment by Company.

                    

            

             

            Each
              Purchaser has entered into this Agreement with the Company and subsequent
              purchasers will purchase the Mortgage Loans in reliance upon the independent
              status of the Company, and the representations as to the adequacy of
              its
              servicing facilities, personnel, records and procedures, its integrity,
              reputation and financial standing, and the continuance thereof. Therefore,
              the
              Company shall neither assign this Agreement or the servicing hereunder
              or
              delegate its rights or duties hereunder or any portion hereof or sell
              or
              otherwise dispose of all of its property or assets without the prior
              written
              consent of each Purchaser, which consent shall not be unreasonably
              withheld.

             

            Except
              to
              the extent provided in Sections 4.01 and 8.02, the Company shall not
              resign from
              the obligations and duties hereby imposed on it except by mutual consent
              of the
              Company and each 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 Purchasers, which Opinion of Counsel shall be in form and substance
              acceptable to each 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 12.01.

             

            Without
              in any way limiting the generality of this Section 8.04, 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 or
              sell or
              otherwise dispose of all or substantially all of its property or assets,
              without
              the prior written consent of each Purchaser, then any Purchaser shall
              have the
              right to terminate this Agreement upon notice given as set forth in
              Section
              10.01, without any payment of any penalty or damages and without any
              liability
              whatsoever to the Company or any third party.

             

            ARTICLE
              IX

             

            WHOLE
              LOAN TRANSFERS AND SECURITIZATION
              TRANSACTIONS

             

            
              	Section
                      9.01  	
                      Removal
                        of Mortgage Loans from Inclusion Under this Agreement.

                    

            

             

            The
              Purchasers and the Company agree that with respect to some or all of
              the
              Mortgage Loans, the Purchaser, at its sole option, may effect one or
              more Whole
              Loan Transfers or Securitization Transactions, retaining the Company
              as the
              servicer thereof or subservicer if a master servicer is employed, or
              as
              applicable the “seller/servicer.” On the Reconstitution Date, the Mortgage Loans
              transferred shall cease to be serviced by the Company pursuant to this
              Agreement; provided,
              however,
              that,
              in the event that any Mortgage Loan transferred pursuant to this Section
              9.01 is
              rejected by the transferee, the Company shall continue to service such
              rejected
              Mortgage Loan on behalf of the Purchaser in accordance with the terms
              and
              provisions of this Agreement.

             

            The
              Company shall cooperate with the Purchaser in connection with each
              Whole Loan
              Transfer or Securitization Transaction in accordance with this Section
              9.01. In
              connection therewith the Company shall:

             

            
              	(a)  	
                      make
                        all representations and warranties made herein with respect
                        to the
                        Mortgage Loans as of the related Closing Date and with respect
                        to the
                        Company itself as of the closing date of each Whole Loan
                        Transfer or
                        Securitization Transaction and, in the event of a Whole Loan
                        Transfer or
                        Securitization Transaction occurring within twelve (12) months
                        of the
                        related Closing Date or such later period as specified in
                        the related
                        Purchase Price and Terms Letter, the representations and
                        warranties set
                        forth in Section 3.02 of this Agreement with respect to the
                        Mortgage Loans
                        subject to such Whole Loan Transfer or Securitization Transaction
                        as of
                        the date of such Whole Loan Transfer or Securitization Transaction,
                        modified to the extent necessary to accurately reflect the
                        pool statistics
                        of the Mortgage Loans as of the date of such Whole Loan Transfer
                        or
                        Securitization Transaction and any events or circumstances
                        existing
                        subsequent to the related Closing
                        Date(s);

                    

            

             

            
              	(b)  	
                      execute
                        an Assignment, Assumption and Recognition Agreement or at
                        the option of
                        the Purchaser, negotiate in good faith and execute any pooling
                        and
                        servicing agreement or similar agreements (a “Reconstitution
                        Agreement”)
                        necessary to effectuate the foregoing provided such agreements
                        create no
                        greater obligation or cost on the part of the Company than
                        otherwise set
                        forth in this Agreement or do not materially and adversely
                        alter the
                        Company’s rights hereunder; 

                    

            

             

            
              	(c)  	
                      make
                        representations and warranties (1) that the Company has serviced
                        the
                        Mortgage Loans in accordance with the terms of this Agreement,
                        provided
                        accurate statements to the Purchaser pursuant to Section
                        5.02 of this
                        Agreement, and otherwise complied with all covenants and
                        obligations
                        hereunder and (2) that the Company has taken no action nor
                        omitted to take
                        any required action the omission of which would have the
                        effect of
                        impairing any mortgage insurance or guarantee on the Mortgage
                        Loans, and
                        (3) regarding the accuracy of the information provided to
                        the Purchaser by
                        the Company on or before the closing date of the applicable
                        Whole Loan
                        Transfer or Securitization
                        Transaction;

                    

            

             

            
              	(d)  	
                      provide
                        as applicable:

                    

            

             

            
              	(i)  	
                      any
                        and all information and appropriate verification of information
                        which may
                        be reasonably available to the Company, including information
                        regarding
                        the Company’s foreclosure, delinquency and loss experience and the
                        Company’s underwriting standards, whether through letters of its
                        auditors
                        and counsel or otherwise, as the Purchaser shall request;
                        and

                    

            

             

            
              	(ii)  	
                      such
                        additional opinions of counsel, letters from auditors, and
                        certificates of
                        public officials or officers of the Company as are reasonably
                        believed
                        necessary by the trustee, any rating agency or any credit
                        enhancement
                        provider, as the case may be, in connection with Whole-Loan
                        Transfers or
                        Securitization Transactions; provided, however, that the
                        Purchaser shall
                        pay the reasonable third-party costs associated with the
                        preparation of
                        the foregoing information;

                    

            

             

            
              	(e)  	
                      indemnify
                        each Purchaser, each Affiliate designated by any Purchaser,
                        each Person
                        who controls any Purchaser or such Affiliate and the Successor
                        Servicer
                        and hold each of them harmless from and against any losses,
                        damages,
                        penalties, fines, forfeitures, reasonable and necessary legal
                        fees and
                        related costs, judgments, and any other costs, fees and expenses
                        that each
                        of them may sustain in any way related to any information
                        provided by or
                        on behalf of the Company regarding the Company, the Mortgage
                        Loans or the
                        Underwriting Guidelines which is set forth in any offering
                        document
                        prepared in connection with any Securitization Transaction.
                        For purposes
                        of the previous sentence, “Purchaser” shall mean the Person then acting as
                        the Purchaser under this Agreement and any and all Persons
                        who previously
                        were “Purchasers” under this Agreement and “Successor Servicer” shall mean
                        the Person then acting as a Successor Servicer under this
                        Agreement and
                        any and all Persons who previously were “Successor Servicers” under this
                        Agreement; and

                    

            

             

            
              	(f)  	
                      with
                        respect to any Mortgage Loans that are subject to a Securitization
                        Transaction, unless otherwise provided in the related pooling
                        and
                        servicing agreement or similar agreement, the Company shall
                        (i) cause the
                        servicing officer in charge of servicing for the Company
                        to execute and
                        deliver a certification (the “SEC
                        Certification”)
                        in the format attached hereto as Exhibit
                        H
                        (or in such other form as may be required by the SEC), which
                        at
                        Purchaser’s option shall be (A) attached to any Form 10-K’s filed with the
                        Securities and Exchange Commission (“SEC”)
                        in connection with the related securitization trust (or similar
                        transaction) or (B) provided to the Purchaser and such other Persons
                        as are specified in the pooling and servicing agreement or
                        similar
                        agreement, and (ii) indemnify the Purchaser and such other
                        Persons as are
                        specified in the pooling and servicing agreement or similar
                        agreement for
                        losses in connection with or relating to the inaccuracy of
                        the SEC
                        Certification provided by the
                        Company.

                    

            

             

            The
              Company hereby agrees to the inclusion in any Reconstitution Agreement,
              where
              applicable, a section relating to special foreclosure rights in the
              form of
Exhibit
              L
              attached
              hereto which provisions shall be applicable to the Company or any subservicer
              with respect to the applicable Mortgage Loans.

             

            In
              the
              event the Purchaser has elected to have the Company hold record title
              to the
              Mortgages, prior to the Reconstitution Date the Company shall prepare
              an
              Assignment of Mortgage in blank or to the trustee from the Company
              acceptable to
              the Purchaser or the trustee for each Mortgage Loan that is part of
              the Whole
              Loan Transfers or Securitization Transactions. The Company shall pay
              all
              preparation and recording costs associated therewith if the Assignments
              of
              Mortgage have not been previously prepared and recorded in Purchaser’s name. The
              Company shall execute each Assignment of Mortgage, track such Assignments
              of
              Mortgage to ensure they have been recorded and deliver them as required
              by the
              Purchaser or the trustee upon the Company’s receipt thereof. Additionally, the
              Company shall prepare and execute, at the direction of the Purchaser,
              any note
              endorsements in connection with any pooling and servicing
              agreements.

             

            All
              Mortgage Loans not sold or transferred pursuant to Whole Loan Transfers
              or
              Securitization Transactions shall remain subject to this Agreement
              and shall
              continue to be serviced in accordance with the terms of this Agreement
              and with
              respect thereto this Agreement shall remain in full force and effect.
              

             

            ARTICLE
              X

             

            DEFAULT

             

            
              	Section
                      10.01  	
                      Events
                        of Default.

                    

            

             

            Each
              of
              the following shall constitute an Event of Default on the part of the
              Company:

             

            
              	(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 the date upon which
                        written notice of
                        such failure, requiring the same to be remedied, shall have
                        been given to
                        the Company by the Purchaser or, the Company first becomes
                        aware of such
                        failure; or

                    

            

             

            
              	(ii)  	
                      failure
                        by 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, including but not limited to breach by
                        the Company of
                        any one or more of the representations, warranties and covenants
                        of the
                        Company as set forth in Section 3.01 of 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 by the
                        Custodian;
                        or

                    

            

             

            
              	(iii)  	
                      failure
                        by the Company to maintain its license to do business in
                        any jurisdiction
                        where the Mortgaged Property is located if such license is
                        required;
                        or

                    

            

             

            
              	(iv)  	
                      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, readjustment of debt, including
                        bankruptcy,
                        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 60 days;
                        or

                    

            

             

            
              	(v)  	
                      the
                        Company shall consent to the appointment of a conservator
                        or receiver or
                        liquidator in any insolvency, 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 assets;
                        or

                    

            

             

            
              	(vi)  	
                      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, bankruptcy or reorganization statute, make an
                        assignment for
                        the benefit of its creditors, voluntarily suspend payment
                        of its
                        obligations or cease its normal business operations for three
                        Business
                        Days; or

                    

            

             

            
              	(vii)  	
                      the
                        Company ceases to meet the servicer eligibility qualifications
                        of Fannie
                        Mae or Freddie Mac; or

                    

            

             

            
              	(viii)  	
                      the
                        Company attempts to assign its right to servicing compensation
                        hereunder
                        or to assign this Agreement or the servicing responsibilities
                        hereunder or
                        to delegate its duties hereunder or any portion thereof in
                        violation of
                        Section 8.04.

                    

            

             

            If
              the
              Company obtains knowledge of an Event of Default, the Company shall
              promptly
              notify the Purchasers. In each and every such case, so long as an Event
              of
              Default shall not have been remedied, in addition to whatever rights
              any
              Purchaser may have at law or equity to damages, including injunctive
              relief and
              specific performance, any Purchaser, by notice in writing to the Company,
              may
              terminate all the rights and obligations of the Company under this
              Agreement and
              in and to the Mortgage Loans and the proceeds thereof.

             

            Upon
              receipt by the Company of such written 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 12.01. Upon written request from the Purchaser, the Company
              shall, at
              its expense, prepare, execute and deliver to the successor entity designated
              by
              the Purchaser 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, at the Company’s sole
              expense. The Company shall 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.

             

            
              	Section
                      10.02  	
                      Waiver
                        of Defaults.

                    

            

             

            By
              a
              written notice, the Purchasers may waive any default by the Company
              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 thereon except to the extent expressly
              so
              waived.

             

            ARTICLE
              XI

             

            TERMINATION

             

            
              	Section
                      11.01  	
                      Termination.

                    

            

             

            This
              Agreement shall terminate upon either: (i) the later of the final payment
              or
              other liquidation (or any advance with respect thereto) of the last
              Mortgage
              Loan or the disposition of any REO Property with respect to the last
              Mortgage
              Loan and the remittance of all funds due hereunder; or (ii) mutual
              consent of
              the Company and the Purchaser in writing. The representations and warranties
              and
              indemnification provisions contained herein shall survive the termination
              of
              this Agreement.

             

            Upon
              written request from the Purchasers in connection with any such termination,
              the
              Company 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 Company’s sole expense. The Company agrees to cooperate with
              the Purchasers and such successor in effecting the termination of the
              Company’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 Company to the Custodial
              Account or Escrow Account or thereafter received with respect to the
              Mortgage
              Loans.

             

            
              	Section
                      11.02  	
                      Termination
                        Without Cause.

                    

            

             

            The
              Purchaser may terminate, at its sole option, any rights the Company
              may have
              hereunder with respect to any Mortgage Loan Package, without cause
              as provided
              in this Section 11.02. Any such notice of termination shall be in writing
              and
              delivered to the Company by registered mail as provided in Section
              12.05.

             

            In
              the
              event the servicing rights with respect to a Mortgage Loan Package
              are
              terminated pursuant to this Section 11.02, the Company shall be entitled
              to
              receive, as liquidated damages, upon the transfer of the servicing
              rights, an
              amount equal to the fair market value of such servicing rights based
              on the
              aggregate outstanding principal amount of the Mortgage Loans as of
              the
              termination date, plus all reasonable costs and expenses incurred by
              the Company
              in managing the transfer of the servicing. The fair market value of
              the
              servicing rights shall be determined based on the average of three
              bids made by
              experienced evaluators unaffiliated to the Purchaser and the Company
              and chosen
              as follows: one by the Purchaser, one by the Company and one by mutual
              agreement.

             

            ARTICLE
              XII

             

            MISCELLANEOUS
              PROVISIONS

             

            
              	Section
                      12.01  	
                      Successor
                        to Company.

                    

            

             

            Prior
              to
              termination of the Company’s responsibilities and duties under this Agreement
              pursuant to Sections 8.04, 10.01, 11.01(ii) or pursuant to Section
              11.02, 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 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 it 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
              12.01
              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 Section 3.03, it being understood and agreed that the
              provisions
              of such Sections 3.01, 3.02, and 3.03 shall be applicable to the Company
              notwithstanding any such sale, assignment, 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,
              wherein the successor shall make the representations and warranties
              set forth in
              Section 3.01, except for subsections (h), (i) and (k) thereof, 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
              8.04, 10.01, 11.01 or 11.02 shall not affect any claims that any Purchaser
              may
              have against the Company arising out of the Company’s actions or failure to act
              prior to any such termination or resignation.

             

            The
              Company shall deliver promptly to the successor servicer the funds
              in the
              Custodial Account and Escrow Account and all Mortgage Files and related
              documents and statements held by it hereunder and the Company 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 Company.

             

            Unless
              the Company is terminated pursuant to Section 11.02, the Purchaser
              shall be
              entitled to be reimbursed from the Company for all costs associated
              with the
              transfer of servicing, including, without limitation, any costs or
              expenses
              associated with the complete transfer of all servicing data and the
              completion,
              correction or manipulation of such servicing data as may be required
              by the
              Purchaser to correct any errors or insufficiencies in the servicing
              data or
              otherwise to enable the Purchaser to service the Mortgage Loans properly
              and
              effectively.

             

            Upon
              a
              successor’s acceptance of appointment as such, the Company shall notify by mail
              the Purchaser of such appointment in accordance with the procedures
              set forth in
              Section 12.05.

             

            
              	Section
                      12.02  	
                      Amendment.

                    

            

             

            This
              Agreement may be amended from time to time by the Company and by written
              agreement signed by the Company and the Purchaser.

             

            
              	Section
                      12.03  	
                      Governing
                        Law.

                    

            

             

            THIS
              AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
              OF NEW
              YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
              SHALL BE
              DETERMINED IN ACCORDANCE WITH SUCH LAWS.

             

            EACH
              OF
              THE COMPANY AND THE PURCHASERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
              WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
              OR ANY
              LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH,
              THIS
              AGREEMENT, OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION
              HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
              ORAL
              OR WRITTEN), OR ACTIONS OF THE COMPANY OR THE PURCHASER. THIS PROVISION
              IS A
              MATERIAL INDUCEMENT FOR THE PURCHASER TO ENTER INTO THIS AGREEMENT.

             

            
              	Section
                      12.04  	
                      Arbitration.

                    

            

             

            In
              the
              event a claim or controversy arises concerning the interpretation or
              enforcement
              of the terms of this Agreement, the parties hereto agree that such
              claim or
              controversy may be settled by final, binding arbitration if the parties
              hereto,
              as applicable, consent to such arbitration at the time such claim or
              controversy
              arises which consent may be withheld by any party hereto in its sole
              discretion.

             

            
              	Section
                      12.05  	
                      Duration
                        of Agreement.

                    

            

             

            This
              Agreement shall continue in existence and effect until terminated as
              herein
              provided. This Agreement shall continue notwithstanding transfers of
              the
              Mortgage Loans by the Purchaser.

             

            
              	Section
                      12.06  	
                      Notices.

                    

            

             

            All
              demands, notices and communications hereunder shall be in writing and
              shall be
              deemed to have been duly given if personally delivered at or mailed
              by
              registered mail, postage prepaid, addressed as follows:

             

            
              	(i)  	
                      if
                        to the Company:

                    

            

             

            Paul
              Financial, LLC

            1401
              Los
              Gamos Dr

            San
              Rafael, CA 94903

            Attention:
              Manager, Secondary Marketing

            Telephone:
              415-479-9700

            Fax:
              

            or
              such
              other address as may hereafter be furnished to the Purchasers in writing
              by the
              Company;

             

            
              	(ii)  	
                      if
                        to any Purchaser:

                    

            

             

            Luminent
              Mortgage Capital, Inc.

            One
              Commerce Square, 

            2005
              Market Street, Suite 2100

            Philadelphia,
              PA 19103

            Attention:
              Trez Moore

            Telephone:
              (215) 564-5900

            Fax:
              (215) 564-5990

            

            with
              a
              copy to:

            Luminent
              Mortgage Capital Inc.

            One
              Market Street, Spear Tower, 30th floor

            San
              Francisco, CA 94105

            Attention:
              Christopher Zyda

            Telephone:
              415-978-3000

            Fax:
              415-978-3014

            

            or
              such
              other address as may hereafter be furnished to the Company in writing
              by any
              Purchaser.

             

            
              	Section
                      12.07  	
                      Severability
                        of Provisions.

                    

            

             

            If
              any
              one or more of the covenants, agreements, provisions or terms of this
              Agreement
              shall be held invalid for any reason whatsoever, 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.

             

            
              	Section
                      12.08  	
                      Relationship
                        of Parties.

                    

            

             

            Nothing
              herein contained shall be deemed or construed to create a 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 any
              Purchaser.

             

            
              	Section
                      12.09  	
                      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 Sections 8.02 and 8.04, this Agreement
              shall
              inure to the benefit of and be binding upon the Company and each Purchaser
              and
              their respective successors and assigns.

             

            
              	Section
                      12.10  	
                      Recordation
                        of Assignments of Mortgage.

                    

            

             

            To
              the
              extent permitted by applicable law, each of the Assignments of Mortgage
              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
              at the
              Company’s expense, in the event recordation is either necessary or advisable
              in
              accordance with Acceptable Servicing Practices or under applicable
              law or is
              requested by the Purchaser at its sole option in the case of Mortgage
              Loans that
              are not registered on MERS.

             

            
              	Section
                      12.11  	
                      Assignment
                        by Purchaser.

                    

            

             

            The
              Purchaser shall have the right, without the consent of the Company
              but subject
              to the limits set forth in Section 2.02 and Section 9.01 hereof, 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, Assumption and Recognition
              Agreement and the assignee or designee shall accede to the rights and
              obligations hereunder of the Purchaser with respect to such Mortgage
              Loans. All
              references to the Purchaser in this Agreement shall be deemed to include
              its
              assignee or designee. In the event the Purchaser assigns this Agreement,
              and the
              assignee assumes any of the Purchaser’s obligations hereunder, the Company
              acknowledges and agrees to look solely to such assignee, and not the
              Purchaser,
              for performance of the obligations so assumed and the Purchaser shall
              be
              relieved from any liability to the Company with respect thereto.

             

            
              	Section
                      12.12  	
                      Solicitation
                        of Mortgagor.

                    

            

             

            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,
              or by
              any independent contractors or independent mortgage brokerage companies
              on the
              Company’s behalf, to personally, by telephone, mail or electronic mail, solicit
              the Mortgagor under any Mortgage Loan for the purpose of refinancing
              such
              Mortgage Loan. It is understood and agreed that (i) promotions undertaken
              by the
              Company or any of its affiliates which are directed to the general
              public at
              large, including, without limitation, mass mailings based on commercially
              acquired mailing lists, newspaper, radio or television advertisements
              shall not
              constitute solicitation under this Section, nor is the Company prohibited
              from
              responding to unsolicited requests or inquiries made by a Mortgagor
              or an agent
              of a Mortgagor and (ii) all rights and benefits relating to the solicitation
              of
              any Mortgagors to refinance any Mortgage Loans 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 on the Closing Date and the Company shall take no action
              to undermine
              these rights and benefits.

             

            
              	Section
                      12.13  	
                      Further
                        Agreements.

                    

            

             

            Each
              of
              the Purchasers and the Company agrees to execute and deliver to the
              other such
              additional documents, instruments or agreements as may be necessary
              or
              appropriate to effectuate the purposes of this Agreement.

             

            
              	Section
                      12.14  	
                      Confidential
                        Information.

                    

            

             

            The
              Company shall keep confidential and shall not divulge to any party,
              without the
              Purchaser’s prior written consent, the price paid by the Purchaser for the
              Mortgage Loans, except to the extent that it is reasonable and necessary
              for the
              Company to do so in working with legal counsel, auditors, taxing authorities
              or
              other governmental agencies. 

             

            Each
              of
              the Purchasers and the Company agrees that it (i) shall comply with
              all
              applicable laws and regulations regarding the privacy or security of
              Consumer
              Information, (ii) shall not collect, create, use, store, access, disclose
              or
              otherwise handle Consumer Information in any manner inconsistent with
              any
              applicable laws or regulations regarding the privacy or security of
              Consumer
              Information, (iii) shall not disclose Consumer Information to any affiliated
              or
              non-affiliated third party except to enforce or preserve its rights,
              as
              otherwise permitted or required by applicable law (or by regulatory
              authorities
              having jurisdiction in the premises) or, in the case of the Company,
              at the
              specific written direction of any Purchaser, (iv) shall maintain appropriate
              administrative, technical and physical safeguards to protect the security,
              confidentiality and integrity of Consumer Information, including maintaining
              security measures designed to meet the Interagency Guidelines Establishing
              Standards for Safeguarding Consumer Information published in final
              form on
              February 1, 2001, 66 Fed. Reg. 8616, and the rules promulgated thereunder
              and
              (v) shall promptly notify the other party in writing upon becoming
              aware of any
              actual breach and of any suspected breach of this section. The Company
              shall
              promptly provide any Purchaser’s regulators information regarding such security
              measures upon the reasonable request of such Purchaser, which information
              shall
              include, but not be limited to, any SAS 70 or similar independent audit
              reports,
              summaries of test results or equivalent measures taken by the Company
              with
              respect to its security measures, as agreed upon by the parties. Each
              party
              shall indemnify and defend the other party against, and shall hold
              the other
              party harmless from, any cost, expense, loss, claim or other liability
              that such
              other party may suffer as a result of or in connection with its failure
              to
              comply with or perform the obligations set forth in this section. The
              restrictions set forth herein shall survive the termination of this
              Agreement.

             

            
              	Section
                      12.15  	
                      Equal
                        Opportunity.

                    

            

             

            Each
              of
              the Purchasers and the Company represents that it is an equal opportunity
              employer and that it does not discriminate in employment of persons
              or awarding
              of subcontracts because of a person’s race, sex, age, religion, national origin,
              veteran or handicap status. The Company is aware of and fully informed
              of each
              Purchaser’s responsibilities and agrees to the provisions under the following:
              (a) Executive Order 11246, as amended or superseded in whole or in
              part, and as
              contained in Section 202 of said Executive Order as found at 41 C.F.R.
§
60-1.4(a)(1-7); (b) Section 503 of the Rehabilitation Act of 1973 as
              contained
              in 41 C.F.R. § 60-741.4; and (c) The Vietnam Era Veterans' Readjustment
              Assistance Act of 1974 as contained in 41 C.F.R. § 60-250.4.

             

            
              	Section
                      12.16  	
                      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
                      12.17  	
                      Exhibits.

                    

            

             

            The
              exhibits to this Agreement are hereby incorporated and made a part
              hereof and
              are an integral part of this Agreement.

             

            
              	Section
                      12.18  	
                      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 GAAP;

                    

            

             

            
              	(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)  	
                      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;

                    

            

             

            
              	(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
                      12.19  	
                      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 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
                      12.20  	
                      Purchase
                        Price and Terms Letter.

                    

            

             

            The
              terms
              and conditions set forth in the Purchase Price and Terms Letter among
              the
              Purchasers and the Company with respect to each Closing Date shall
              be
              incorporated herein. In the event of any conflict between the terms
              of this
              Agreement and the related Purchase Price and Terms Letter, the Purchase
              Price
              and Terms Letter shall control.

             

            

            [SIGNATURES
              FOLLOW]

            

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            IN
              WITNESS WHEREOF, the Company and the Purchasers have caused their names
              to be
              signed hereto by their respective officers thereunto duly authorized
              as of the
              day and year first above written.

             

             

            COMPANY

             

            PAUL
              FINANCIAL, LLC 

             

             

            By: __________________________________

            Name:
              

            Title:
              

             

            PURCHASERS

             

            LUMINENT
              MORTGAGE CAPITAL, INC.

             

             

            By: __________________________________

            Name:
              

            Title:
              

             

            MERCURY
              MORTGAGE FINANCE STATUTORY TRUST

             

             

            By: __________________________________

            Name:
              

            Title:
              

             

            MAIA
              MORTGAGE FINANCE STATUTORY TRUST

             

             

            By: __________________________________

            Name:
              

            Title:
              

            

             

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              A

             

            FORM
              OF MORTGAGE LOAN SCHEDULE

             

            

            [On
              file
              with Purchaser]

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              B

             

            CONTENTS
              OF EACH 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
              any prospective Purchaser, and which shall be retained by the Company
              in the
              Servicing File or delivered to the Custodian pursuant to Sections 2.01,
              2.02 and
              2.03 of the Flow Sale and Servicing Agreement to which this Exhibit
              is attached
              (the “Agreement”):

             

            
              	 	
                      1.

                    	
                      The
                        original Mortgage Note endorsed “Pay to the order of _____________,
                        without recourse” and signed in the name of the Company by an authorized
                        officer (provided that, in the event that the Mortgage Loan
                        was acquired
                        by the Company in a merger, the signature must be in the
                        following form:
                        “[Company], successor by merger to [name of predecessor]”; and in the
                        event that the Mortgage Loan was acquired or originated by
                        the Company
                        while doing business under another name, the signature must
                        be in the
                        following form: “[Company], formerly known as [previous name]”). The
                        Mortgage Note must contain all necessary intervening endorsements
                        showing
                        a complete chain of endorsement from the originator (each
                        such endorsement
                        being sufficient to transfer all right, title and interest
                        of the party so
                        endorsing, as noteholder or assignee thereof, in and to that
                        Mortgage
                        Note);

                    

            

             

            
              	 	
                      2.

                    	
                      The
                        original of any guarantee executed in connection with the
                        Mortgage Note
                        (if any).

                    

            

             

            
              	 	
                      3.

                    	
                      The
                        original Mortgage, with evidence of recording thereon, except
                        as follows.
                        If in connection with any Mortgage Loan, the Company cannot
                        deliver or
                        cause to be delivered the original Mortgage with evidence
                        of recording
                        thereon on or prior to the Closing Date because of a delay
                        caused by the
                        public recording office where such Mortgage has been delivered
                        for
                        recordation or because such Mortgage has been lost or because
                        such public
                        recording office retains the original recorded Mortgage,
                        the Company shall
                        deliver or cause to be delivered to the Custodian, a photocopy
                        of such
                        Mortgage, together with (i) in the case of a delay caused
                        by the public
                        recording office, an Officer’s Certificate of the Company stating that
                        such Mortgage has been dispatched to the appropriate public
                        recording
                        office for recordation and that the original recorded Mortgage
                        or a copy
                        of such Mortgage certified by such public recording office
                        to be a true
                        and complete copy of the original recorded Mortgage will
                        be promptly
                        delivered to the Custodian upon receipt thereof by the Company;
                        or (ii) in
                        the case of a Mortgage where a public recording office retains
                        the
                        original recorded Mortgage or in the case where a Mortgage
                        is lost after
                        recordation in a public recording office, a copy of such
                        Mortgage
                        certified by such public recording office or by the title
                        insurance
                        company that issued the title policy to be a true and complete
                        copy of the
                        original recorded Mortgage.

                    

            

             

            
              	 	
                      4.

                    	
                      The
                        originals or certified true copies of any document sent for
                        recordation of
                        all assumption, modification, consolidation or extension
                        agreements, with
                        evidence of recording thereon, or, if the original of any
                        such agreement
                        with evidence of recording thereon has not been returned
                        by the public
                        recording office where such agreement has been delivered
                        for recordation
                        or such agreement has been lost or such public recording
                        office retains
                        the original recorded agreement, a photocopy of such agreement,
                        certified
                        by the Company or its agent to be a true and correct copy
                        of the agreement
                        delivered to the appropriate public recording office for
                        recordation. The
                        original recorded agreement or, in the case of a agreement
                        where a public
                        recording office retains the original recorded agreement
                        or in the case
                        where an agreement is lost after recordation in a public
                        recording office,
                        a copy of such agreement certified by such public recording
                        office to be a
                        true and complete copy of the original recorded agreement,
                        will be
                        promptly delivered to the Custodian upon receipt thereof
                        by the
                        Company.

                    

            

             

            
              	 	
                      5.

                    	
                      The
                        original Assignment of Mortgage, in blank, for each Mortgage
                        Loan, in form
                        and substance acceptable for recording (except for the insertion
                        of the
                        name of the assignee and recording information). If the Mortgage
                        Loan was
                        acquired by the Company in a merger, the Assignment of Mortgage
                        must be
                        made by “[Company], successor by merger to [name of predecessor].” If the
                        Mortgage Loan was acquired or originated by the Company while
                        doing
                        business under another name, the Assignment of Mortgage must
                        be made by
                        “[Company], formerly know as [previous name].” Subject to the foregoing
                        and where permitted under the applicable laws of the jurisdiction
                        wherein
                        the Mortgaged property is located, such Assignments of Mortgage
                        may be
                        made by blanket assignments for Mortgage Loans secured by
                        the Mortgaged
                        Properties located in the same county. If the related Mortgage
                        has been
                        recorded in the name of Mortgage Electronic Registration
                        Systems, Inc.
                        (“MERS”) or its designee, no Assignment of Mortgage will be required
                        to be
                        prepared or delivered and instead, the Company shall take
                        all actions as
                        are necessary to cause the Purchaser to be shown as the owner
                        of the
                        related Mortgage Loan on the records of MERS for purposes
                        of the system of
                        recording transfers of beneficial ownership of mortgages
                        maintained by
                        MERS.

                    

            

             

            
              	 	
                      6.

                    	
                      For
                        any Mortgage Loan not recorded in the name of MERS, originals
                        or certified
                        true copies of documents sent for recordation of all intervening
                        assignments of the Mortgage with evidence of recording thereon,
                        or if any
                        such intervening assignment 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, the
                        Company shall
                        deliver or cause to be delivered to the Custodian, a photocopy
                        of such
                        intervening assignment, together with (i) in the case of
                        a delay caused by
                        the public recording office, an Officer’s Certificate of the Company
                        stating that such intervening Assignment of Mortgage has
                        been dispatched
                        to the appropriate public recording office for recordation
                        and that such
                        original recorded intervening Assignment of Mortgage or a
                        copy of such
                        intervening Assignment of Mortgage certified by the appropriate
                        public
                        recording office or by the title insurance company that issued
                        the title
                        policy to be a true and complete copy of the original recorded
                        intervening
                        Assignment of Mortgage will be promptly delivered to the
                        Custodian upon
                        receipt thereof by the Company; or (ii) in the case of an
                        intervening
                        assignment where a public recording office retains the original
                        recorded
                        intervening Assignment of Mortgage or in the case where an
                        intervening
                        Assignment of Mortgage is lost after recordation in a public
                        recording
                        office, a copy of such intervening Assignment of Mortgage
                        certified by
                        such public recording office to be a true and complete copy
                        of the
                        original recorded intervening Assignment of
                        Mortgage.

                    

            

             

            
              	 	
                      7.

                    	
                      The
                        original PMI Policy or certificate of insurance, where required
                        pursuant
                        to the Agreement.

                    

            

             

            
              	 	
                      8.

                    	
                      The
                        original mortgagee policy of title insurance or evidence
                        of
                        title.

                    

            

             

            
              	 	
                      9.

                    	
                      Any
                        security agreement, chattel mortgage or equivalent executed
                        in connection
                        with the Mortgage.

                    

            

             

            
              	 	
                      10.

                    	
                      For
                        each Mortgage Loan which is secured by a residential long-term
                        lease, if
                        any, a copy of the lease with evidence of recording indicated
                        thereon, or,
                        if the lease is in the process of being recorded, a photocopy
                        of the
                        lease, certified by an officer of the respective prior owner
                        of such
                        Mortgage Loan or by the applicable title insurance company,
                        closing/settlement/escrow agent or company or closing attorney
                        to be a
                        true and correct copy of the lease transmitted for
                        recordation.

                    

            

             

            
              	 	
                      11.

                    	
                      For
                        each Mortgage Loan secured by Co-op Shares, the originals
                        of the following
                        documents or instruments:

                    

            

             

            (A) the
              stock
              certificate;

             

            (B) the
              stock
              power executed in blank;

             

            (C) the
              executed proprietary lease;

             

            (D) the
              executed recognition agreement;

             

            (E) the
              executed assignment of recognition agreement;

             

            (F) the
              executed UCC-1 financing statement with evidence of recording thereon;
              and

             

            (G) executed
              UCC-3 financing statements or other appropriate UCC financing statements
              required by state law, evidencing a complete and unbroken line from
              the
              mortgagee to the Trustee with evidence of recording thereon (or in
              a form
              suitable for recordation).

             

            With
              respect to each Mortgage Loan, the Mortgage File shall include each
              of the
              following items to the extent in the possession of the Company or in
              the
              possession of the Company’s agent(s):

             

            
              	 	
                      12.

                    	
                      The
                        original hazard insurance policy and, if required by law,
                        flood insurance
                        policy, in accordance with Section 4.10 of the
                        Agreement.

                    

            

             

            
              	 	
                      13.

                    	
                      Residential
                        loan application.

                    

            

             

            
              	 	
                      14.

                    	
                      Mortgage
                        Loan closing statement.

                    

            

             

            
              	 	
                      15.

                    	
                      Verification
                        of employment and income.

                    

            

             

            
              	 	
                      16.

                    	
                      Verification
                        of acceptable evidence of source and amount of down
                        payment.

                    

            

             

            
              	 	
                      17.

                    	
                      Credit
                        report on the Mortgagor.

                    

            

             

            
              	 	
                      18.

                    	
                      Residential
                        appraisal report.

                    

            

             

            
              	 	
                      19.

                    	
                      Photograph
                        of the Mortgaged Property.

                    

            

             

            
              	 	
                      20.

                    	
                      Survey
                        of the Mortgaged Property, if required by the title company
                        or applicable
                        law.

                    

            

             

            
              	 	
                      21.

                    	
                      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, sewer agreements, home association
                        declarations,
                        etc.

                    

            

             

            
              	 	
                      22.

                    	
                      All
                        required disclosure statements.

                    

            

             

            
              	 	
                      23.

                    	
                      If
                        available, termite report, structural engineer’s report, water potability
                        and septic certification.

                    

            

             

            
              	 	
                      24.

                    	
                      Sales
                        contract, if applicable.

                    

            

             

            
              	 	
                      25.

                    	
                      Evidence
                        of payment of taxes and insurance premiums, insurance claim
                        files,
                        correspondence, current and historical computerized data
                        files, and all
                        other processing, underwriting and closing papers and records
                        which are
                        customarily contained in a mortgage file and which are required
                        to
                        document the Mortgage Loan or to service the Mortgage
                        Loan.

                    

            

             

            
              	 	
                      26.

                    	
                      Amortization
                        schedule, if available.

                    

            

             

            
              	 	
                      27.

                    	
                      Original
                        power of attorney, if applicable.

                    

            

             

            In
              the
              event of a delay by the public recording office in returning any recorded
              document, the Company shall deliver to the Custodian, within 180 days
              of the
              Closing Date, an Officer’s Certificate which shall (i) identify the recorded
              document, (ii) state that the recorded document has not been delivered
              to the
              Custodian due solely to a delay caused by the public recording office,
              (iii)
              state the amount of time generally required by the applicable recording
              office
              to record and return a document submitted for recordation, and (iv)
              specify the
              date the applicable recorded document will be delivered to the Custodian.
              The
              Company shall be required to deliver to the Custodian the applicable
              recorded
              document by the date specified in (iv) above. An extension of the date
              specified
              in (iv) above may be requested form the Purchaser, which consent shall
              not be
              unreasonably withheld.

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              C

             

            FORM
              OF CUSTODIAL AGREEMENT

             

            

            

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              D

             

            FORM
              OF ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

             

            [DATE
              OF
              ASSIGNMENT]

             

            ASSIGNMENT,
              ASSUMPTION AND RECOGNITION AGREEMENT dated ___________________, among
              _________________, a _________________ corporation having an office
              at
              _________________ (“Assignor”), _________________, having an office at
              _________________ (“Assignee”) and [NAME OF COMPANY] (the “Company”), having an
              office at [INSERT COMPANY ADDRESS]:

             

            For
              and
              in consideration of the sum of one dollar ($1.00) and other valuable
              consideration the receipt and sufficiency of which are hereby acknowledged,
              and
              of the mutual covenants herein contained, the parties hereto hereby
              agree as
              follows:

             

            1. With
              respect to the Mortgage Loans listed on Exhibit
              A
              hereto,
              the Assignor hereby grants, transfers and assigns to Assignee all of
              the right,
              title and interest of Assignor, as Purchaser, in, to and under that
              certain Flow
              Sale and Servicing Agreement, (the “Flow Sale and Servicing Agreement”), dated
              as of [INSERT DATE OF AGREEMENT], and the Memorandum of Sale dated
              [INSERT DATE]
              (together with the Flow Sale and Servicing Agreement, the “Flow Sale
              Agreement”), each by and among Luminent Mortgage Capital, Inc., Mercury Mortgage
              Finance Statutory Trust, Maia Mortgage Finance Statutory Trust, as
              purchasers
              (collectively, the “Purchasers”, and individually, as the purchaser of any
              Mortgage Loan under the Flow Sale Agreement, the “Purchaser”), and the Company,
              and the Mortgage Loans delivered thereunder by the Company to the Assignor,
              and
              that certain Custodial Agreement, (the “Custodial Agreement”), dated as of
              [INSERT DATE OF AGREEMENT], by and among the Company, the Purchasers
              and
              _________________ (the “Custodian”).

             

            2. The
              Assignor warrants and represents to, and covenants with, the Assignee
              that:

             

            a. The
              Assignor is the lawful owner of the Mortgage Loans with the full right
              to
              transfer the Mortgage Loans free from any and all claims and encumbrances
              whatsoever;

             

            b. The
              Assignor has not received notice of, and has no knowledge of, any offsets,
              counterclaims or other defenses available to the Company with respect
              to the
              Flow Sale Agreement or the Mortgage Loans;

             

            c. The
              Assignor has not waived or agreed to any waiver under, or agreed to
              any
              amendment or other modification of, the Flow Sale Agreement, the Custodial
              Agreement or the Mortgage Loans, including without limitation the transfer
              of
              the servicing obligations under the Flow Sale Agreement. The Assignor
              has no
              knowledge of, and has not received notice of, any waivers under or
              amendments or
              other modifications of, or assignments of rights or obligations under,
              the Flow
              Sale Agreement or the Mortgage Loans; and

             

            d. Neither
              the Assignor nor anyone acting on its behalf has offered, transferred,
              pledged,
              sold or otherwise disposed of the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security to, or solicited any offer to buy
              or accept
              a transfer, pledge or other disposition of the Mortgage Loans, any
              interest in
              the Mortgage Loans or any other similar security from, or otherwise
              approached
              or negotiated with respect to the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security 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 (the “Securities Act”) or which would
              render the disposition of the Mortgage Loans a violation of Section
              5 of the
              Securities Act or require registration pursuant thereto.

             

            3. That
              Assignee warrants and represent to, and covenants with, the Assignor
              and the
              Company pursuant to Section 12.10 of the Flow Sale Agreement that:

             

            a. The
              Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
              and
              conditions of the Flow Sale Agreement, the Mortgage Loans and the Custodial
              Agreement, and from and after the date hereof, the Assignee assumes
              for the
              benefit of each of the Company and the Assignor all of the Assignor’s
              obligations as purchaser thereunder;

             

            b. The
              Assignee understands that the Mortgage Loans have not been registered
              under the
              Securities Act or the securities laws of any state;

             

            c. The
              purchase price being paid by the Assignee for the Mortgage Loans is
              in excess of
              $250,000.00 and will be paid by cash remittance of the full purchase
              price
              within 60 days of the sale;

             

            d. The
              Assignee is acquiring the Mortgage Loans for investment for its own
              account only
              and not for any other person. In this connection, neither the Assignee
              nor any
              person authorized to act therefor has offered to sell the Mortgage
              Loans by
              means of any general advertising or general solicitation within the
              meaning of
              Rule 502(c) Regulation D, promulgated under the Securities Act;

             

            e. The
              Assignee considers itself a substantial sophisticated institutional
              investor
              having such knowledge and experience in financial and business matters
              that it
              is capable of evaluating the merits and risks of investment in the
              Mortgage
              Loans;

             

            f. The
              Assignee has been furnished with all information regarding the Mortgage
              Loans
              that it has requested from the Assignor or the Company;

             

            g. Neither
              the Assignee nor anyone acting on its behalf has offered, transferred,
              pledged,
              sold or otherwise disposed of the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security to, or solicited any offer to buy
              or
              accepted a transfer, pledge or other disposition of the Mortgage Loans,
              any
              interest in the Mortgage Loans or any other similar security from,
              or otherwise
              approached or negotiated with respect to the Mortgage Loans, any interest
              in the
              Mortgage Loans or any other similar security with, any person in any
              manner
              which would constitute a distribution of the Mortgage Loans under the
              Securities
              Act or which would render the disposition of the Mortgage Loans a violation
              of
              Section 5 of the Securities Act or require registration pursuant thereto,
              nor
              will it act, nor has it authorized or will it authorize any person
              to act, in
              such manner with respect to the Mortgage Loans; and

             

            h. Either
              (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of
              section 3(3) of the Employee Retirement Income Security Act of 1974,
              as amended
              (“ERISA”) or a plan (“Plan”) within the meaning of section 4975(e)(1) of the
              Internal Revenue Code of 1986 (“Code”), and the Assignee is not directly or
              indirectly purchasing the Mortgage Loans on behalf of, investment manager
              of, as
              named fiduciary of, as trustee of, or with assets of, a Plan; or (2)
              the
              Assignee’s purchase of the Mortgage Loans will not result in a prohibited
              transaction under section 406 of ERISA or section 4975 of the Code.

             

            i. The
              Assignee’s address for purposes of all notices and correspondence related to
              the
              Mortgage Loans and the Flow Sale Agreement is:

             

            [NAME
              AND
              ADDRESS OF ASSIGNEE]

            Attention:
              _____________________ 

            Telephone:
              _________________________ 

            Fax:
              _________________________  

             

            The
              Assignee’s wire transfer instructions for purposes of all remittances and
              payments related to the Mortgage Loans and the Flow Sale Agreement
              is:

             

            For
              the
              account of [NAME OF ASSIGNEE]

            A/C#:
              _________________________ 

            ABA#:
              _________________________ 

            Attention:
              _________________________ 

            Taxpayer
              ID#: _______________________ 

             

            4. Accuracy
              of the Servicing Agreement.

             

            The
              Company and the Assignor represent and warrant to the Assignee that
              (i) attached
              hereto as Exhibit
              B
              are
              true, accurate and complete copies of the Flow Sale Agreement, the
              Custodial
              Agreement and all amendments and modifications, if any, thereto, (ii)
              neither
              the Flow Sale Agreement nor the Custodial Agreement has been amended
              or modified
              in any respect, except as set forth in this Agreement, and (iii) no
              notice of
              termination has been given to the Company under the Flow Sale Agreement.
              The
              Company represents and warrants that through the date hereof the Company
              has
              serviced the Mortgage Loans in accordance with the terms of the Flow
              Sale
              Agreement.

             

            5. Recognition
              of Assignee.

             

            From
              and
              after the date hereof, the Company shall note the transfer of the Mortgage
              Loans
              to the Assignee in its books and records, the Company shall recognize
              the
              Assignee as the owner of the Mortgage Loans and the Company shall service
              the
              Mortgage Loans for the benefit of the Assignee pursuant to the Flow
              Sale
              Agreement, the terms of which are incorporated herein by reference.
              It is the
              intention of the Assignor, the Company and the Assignee that the Flow
              Sale
              Agreement and the Custodial Agreement shall be binding upon and inure
              to the
              benefit of the Company and the Assignee and their respective successors
              and
              assigns.

             

            [Signatures
              Follow]

             

            
              
                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the parties have caused this Assignment, Assumption
              and
              Recognition Agreement be executed by their duly authorized officers
              as of the
              date first above written.

             

             

            
              	[NAME
                      OF ASSIGNOR]	 	 	[NAME OF ASSIGNEE]
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	
                      

                    	 	Name:	
                      

                    
	Its:	
                      

                    	 	Its:	
                      
 
	
                    	
                      

                    	 	 	
                      

                    

            

             

            
               

              
                	
                        [NAME
                          OF COMPANY]

                        Company

                      	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	
                        

                      	 	 	
                      
	Its:	
                        
                          
 

                      	 	 	 
	
                      	
                        

                      	 	 	 

              

               

            

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              A

             

            to
              the
              Assignment, Assumption and Recognition Agreement

             

            MORTGAGE
              LOAN SCHEDULE

             

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              B

             

            to
              the
              Assignment, Assumption and Recognition Agreement

             

            EXECUTION
              COPIES OF FLOW SALE AND SERVICING AGREEMENT

            AND
              MEMORANDUM OF SALE

             

            

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              E

             

            UNDERWRITING
              GUIDELINES

             

            

            [On
              file
              with Purchaser]

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              F

             

            REPRESENTATIONS
              AND WARRANTIES

            REGARDING
              INDIVIDUAL MORTGAGE LOANS

             

            
              	(a)  	
                      Mortgage
                        Loans as Described.

                    

            

             

            The
              information set forth in the Mortgage Loan Schedule annexed to the
              related
              Memorandum of Sale and the information contained on the related electronic
              data
              file delivered to the Purchaser is complete, true and correct;

             

            
              	(b)  	
                      Payments
                        Current.

                    

            

             

            All
              payments required to be made prior to the related Cut-off Date for
              the Mortgage
              Loan under the terms of the Mortgage Note have been made and credited.
              No
              payment under any Mortgage Loan has ever been 30 days or more delinquent.
              The
              first two (2) Monthly Payments after the related Cut-off Date shall
              be made with
              respect to the Mortgage Loan within the respective month in which it
              is due, all
              in accordance with the terms of the Mortgage Note;

             

            
              	(c)  	
                      [Reserved].

                    

            

             

            
              	(d)  	
                      No
                        Outstanding Charges.

                    

            

             

            There
              are
              no defaults in complying with the terms of the Mortgages, and there
              are no
              delinquent taxes, governmental assessments, insurance premiums, leasehold
              payments, ground rents, water, sewer and municipal charges, including
              assessments payable in future installments or any other charge affecting
              the
              lien priority of the related Mortgaged Property. The Company has not
              advanced
              funds, or induced, or solicited directly or indirectly, the payment
              of any
              amount required under the Mortgage Loan, except for interest accruing
              from the
              date of the Mortgage Note or date of disbursement of the Mortgage Loan
              proceeds,
              whichever is later, to the day which precedes by one month the Due
              Date of the
              first installment of principal and interest;

             

            
              	(e)  	
                      Original
                        Terms Unmodified.

                    

            

             

            The
              terms
              of the Mortgage Note and Mortgage have not been impaired, waived, altered
              or
              modified in any respect, except by a written instrument which has been
              recorded,
              if necessary, to protect the interests of the Purchaser and maintain
              the lien
              priority of the Mortgage and which has been delivered to the Custodian.
              The
              substance of any such waiver, alteration or modification has been approved
              by
              the issuer of any related PMI Policy and the title insurer, to the
              extent
              required by the policy, and its terms are reflected on the Mortgage
              Loan
              Schedule. No 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 issuer of any related
              PMI Policy
              and the title insurer, to the extent required by the policy, and which
              assumption agreement is part of the Mortgage File delivered to the
              Custodian and
              the terms of which are reflected on the related Mortgage Loan
              Schedule;

             

            
              	(f)  	
                      No
                        Defenses.

                    

            

             

            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 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 no Mortgagor was
              a debtor in
              any state or federal bankruptcy or insolvency proceeding at the time
              the
              Mortgage Loan was originated;

             

            
              	(g)  	
                      No
                        Satisfaction of Mortgage.

                    

            

             

            The
              Mortgage has not been satisfied, canceled, subordinated or rescinded,
              in whole
              or in part, 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, release, cancellation, subordination
              or
              rescission;

             

            
              	(h)  	
                      Validity
                        of Mortgage Documents.

                    

            

             

            The
              Mortgage Note and the Mortgage and related documents are genuine, and
              each is
              the legal, valid and binding obligation of the maker thereof enforceable
              in
              accordance with its terms. All parties to the Mortgage Note and the
              Mortgage had
              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;

             

            
              	(i)  	
                      No
                        Fraud.

                    

            

             

            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 to the
              best of the Company’s knowledge after reasonable inquiry, the Mortgagor, the
              appraiser, any builder, or any developer, or any other party involved
              in the
              solicitation or origination of the Mortgage Loan or in the application
              of any
              insurance in relation to such Mortgage Loan or in connection with the
              sale of
              such Mortgage Loan to the Purchaser, and there are no circumstances
              existing
              with respect to the Mortgage Loan which would permit the primary mortgage
              guaranty insurer to deny coverage under any insurance policy;

             

            
              	(j)  	
                      Compliance
                        with Applicable Laws.

                    

            

             

            All
              requirements of federal, state and local law including, without limitation,
              usury, truth-in-lending, real estate settlement procedures, consumer
              credit
              protection, predatory and abusive lending, equal credit opportunity
              or
              disclosure laws applicable to the solicitation, origination and servicing
              of the
              Mortgage Loan have been complied with, the Mortgagor 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, if the Mortgage Loan
              is a
              refinanced Mortgage Loan, rescission materials required by applicable
              laws, and
              the Company shall maintain in its possession, available for the Purchaser’s
              inspection, and shall deliver to the Purchaser upon demand, evidence
              of
              compliance with all such requirements. 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;

             

            
              	(k)  	
                      Fair
                        Credit Reporting Act.

                    

            

             

            The
              Company 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 the related Mortgagor’s credit files to Equifax,
              Experian, and Trans Union Credit Information Company (three of the
              credit
              repositories), on a monthly basis.

             

            
              	(l)  	
                      Location
                        and Type of Mortgaged Property.

                    

            

             

            The
              Mortgaged Property is located in the state identified in the Mortgage
              Loan
              Schedule and consists of a contiguous parcel of real property with
              a detached
              single family residence erected thereon, 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, in the case of a Mortgage Loan secured
              by a
              Co-op Share, leases or occupancy agreements. None of the Mortgaged
              Properties
              are Manufactured Homes, log homes, mobile homes, geodesic domes or
              other unique
              property types. As of the respective appraisal date for each Mortgaged
              Property,
              no portion of the Mortgaged Property was being used for commercial
              or mixed-use
              purposes and, to the Company’s knowledge, since the date of such Appraisal, no
              portion of the Mortgaged Property has been used for commercial purposes.
              No
              Mortgage Loan finances builder inventory. If the Mortgaged Property
              is next to
              another Mortgaged Property, such “row houses” do not, in the aggregate for all
              the Mortgage Loans in the Mortgage Loan Package, represent more than
              1.0% of the
              aggregate principal balance of such Mortgage Loans;

             

            
              	(m)  	
                      Valid
                        First Lien.

                    

            

             

            The
              Mortgage is a valid, subsisting and enforceable 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 located in or annexed to such buildings, and all additions,
              alterations
              and replacements made at any time with respect to the foregoing. The
              lien of the
              Mortgage is subject only to:

             

            
              	(1)  	
                      the
                        lien of 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 acceptable
                        to mortgage
                        lending institutions generally and specifically referred
                        to in the
                        lender’s title insurance policy delivered to the originator of the
                        Mortgage Loan and (i) referred to or otherwise considered
                        in the Appraisal
                        made for the originator of the Mortgage Loan and (ii) which
                        do not
                        adversely affect the Appraised Value of the Mortgaged Property
                        set forth
                        in such Appraisal;

                    

            

             

            
              	(3)  	
                      if
                        the Mortgaged Property consists of Co-op Shares, any lien
                        for amounts due
                        to the cooperative housing corporation for unpaid assessments
                        or charges
                        or any lien of any assignment of rents or maintenance expenses
                        secured by
                        the real property owned by the cooperative housing corporation;
                        and

                    

            

             

            
              	(4)  	
                      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 and enforceable first lien and first priority security interest
              on
              the property described therein and the Company has full right to sell
              and assign
              the same to the Purchaser;

             

            
              	(n)  	
                      Full
                        Disbursement of Proceeds.

                    

            

             

            The
              proceeds of the Mortgage Loan have been fully disbursed to or for the
              account of
              the Mortgagor, and there is no requirement for future advances thereunder.
              Any
              and all requirements as to completion of any on-site or off-site improvements
              and any and all requirements as to disbursements of escrow funds for
              such
              improvements 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;

             

            
              	(o)  	
                      Consolidation
                        of Future Advances.

                    

            

             

            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 reflected on the Mortgage Loan Schedule. 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 or Freddie Mac; the consolidated principal amount does not
              exceed the
              original principal amount of the Mortgage Loan; the Company shall not
              make
              future advances after the related Cut-off Date;

             

            
              	(p)  	
                      Ownership.

                    

            

             

            The
              Company is the sole owner of record and holder of the Mortgage Loan,
              and the
              related Mortgage Note and the Mortgage are not assigned or pledged,
              and the
              Company has good and marketable title thereto and has full right and
              authority
              to transfer and sell the Mortgage Loan to the Purchaser. The Company
              is
              transferring the Mortgage Loan free and clear of any and all encumbrances,
              liens, pledges, equities, participation interests, claims, agreements
              with other
              parties to sell or otherwise transfer the Mortgage Loan, charges or
              security
              interests of any nature encumbering such Mortgage Loan;

             

            
              	(q)  	
                      Origination/Doing
                        Business.

                    

            

             

            The
              Mortgage Loan was originated by a savings and loan association, a savings
              bank,
              a commercial bank, a credit union, an insurance company, or similar
              institution
              that is supervised and examined by a federal or state authority or
              by a
              mortgagee approved by the Secretary of Housing and Urban Development
              pursuant to
              Sections 203 and 211 of the National Housing Act. All 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) (1) in compliance with any and all applicable licensing
              requirements of the laws of the state wherein the Mortgaged Property
              is located,
              and (2) either (A) organized under the laws of such state, (B) qualified
              to do
              business in such state, (C) federal savings and loan associations or
              national
              banks having principal offices in such state, or (D) not doing business
              in such
              state;

             

            
              	(r)  	
                      LTV,
                        PMI Policy.

                    

            

             

            No
              Mortgage Loan has a LTV greater than 95%. If a Mortgage Loan had an
              original LTV
              of 80% or greater, the excess over 75% is and will be insured as to
              payment
              defaults by a PMI Policy until terminated pursuant to the Homeowners
              Protection
              Act of 1998, 12 USC §4901, et seq. All provisions of such PMI Policy have been
              and are being complied with, such policy is in full force and effect,
              and all
              premiums due thereunder have been paid. The insurer under such PMI
              Policy is a
              Qualified Insurer that has a claims paying ability acceptable to Fannie
              Mae or
              Freddie Mac. Any Mortgage Loan subject to a PMI Policy obligates the
              Mortgagor
              thereunder to maintain the PMI Policy and to pay all premiums and charges
              in
              connection therewith. The Mortgage Interest Rate for the Mortgage Loan
              as set
              forth on the Mortgage Loan Schedule is net of any such insurance
              premium;

             

            
              	(s)  	
                      Title
                        Insurance.

                    

            

             

            The
              Mortgage Loan is covered by an ALTA lender’s title insurance policy, acceptable
              to Fannie Mae or Freddie Mac, or other generally acceptable form of
              policy of
              insurance 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 the
              Company, its
              successors and assigns, as to the first priority lien of the Mortgage
              in the
              original principal amount of the Mortgage Loan, subject only to the
              exceptions
              contained in clauses (1), (2), (3) and (4) of Paragraph (m) of this
              Section
              3.02. For each Adjustable Rate Mortgage Loan, such policy shall include
              an
              adjustable rate mortgage endorsement and shall insure the Company,
              its
              successors and assigns, against any loss by reason of the invalidity
              or
              unenforceability of the lien resulting from the provisions of the Mortgage
              providing for adjustment to the Mortgage Interest Rate or Monthly Payment.
              Additionally, such lender’s title insurance policy affirmatively insures ingress
              and egress, and against encroachments by or upon the Mortgaged Property
              or any
              interest therein. Where required by state law or regulation, the Mortgagor
              has
              been given the opportunity to choose the carrier of such lender’s title
              insurance policy. The Company, its successors and assigns, are the
              sole insureds
              of such lender’s title insurance policy for each Mortgage Loan, and such
              lender’s title insurance policy is valid and remains in full force and effect
              and will be in full force and effect upon the sale of the Mortgage
              Loan to the
              Purchaser. No claims have been made under such lender’s title insurance policy,
              and no prior holder of the Mortgage, including the Company, has done,
              by act or
              omission, anything which would impair the coverage of such lender’s title
              insurance policy. In connection with the issuance of such lender’s title
              insurance policy, no unlawful fee, commission, kickback or other unlawful
              compensation or value of any kind has been or will be received, retained
              or
              realized by any attorney, firm or other person or entity, and no such
              unlawful
              items have been received, retained or realized by the Company;

             

            
              	(t)  	
                      No
                        Defaults.

                    

            

             

            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 of acceleration, and neither the
              Company nor
              its predecessors have waived any default, breach, violation or event
              of
              acceleration;

             

            
              	(u)  	
                      No
                        Mechanics’ Liens.

                    

            

             

            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 the law could
              give rise to
              such liens) affecting the related Mortgaged Property which are or may
              be liens
              prior to, or equal or coordinate with, the lien of the related
              Mortgage;

             

            
              	(v)  	
                      Location
                        of Improvements; No Encroachments.

                    

            

             

            All
              improvements which were considered in determining the Appraised Value
              of the
              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. No improvement located on or
              being part of
              the Mortgaged Property is in violation of any applicable zoning law
              or
              regulation;

             

            
              	(w)  	
                      Payment
                        Terms.

                    

            

             

            Payments
              on the Mortgage Loan commenced no more than 60 days after the proceeds
              of such
              Mortgage Loan were disbursed to the related Mortgagor. The Mortgage
              Loans have
              an original term to maturity of not more than 40 years, with interest
              payable,
              to the extent required, in arrears on the Due Date set forth on the
              related
              Mortgage Loan Schedule. As to each Adjustable Rate Mortgage Loan on
              each
              applicable Adjustment Date, the Mortgage Interest Rate has been or
              will be
              adjusted to equal the sum of the Index plus the applicable Gross Margin,
              rounded
              up or down to the nearest multiple of 0.125% indicated by the Mortgage
              Note;
provided
              that the
              Mortgage Interest Rate has not increased or decreased and will not
              increase or
              decrease by more than the Periodic Interest Rate Cap on any Adjustment
              Date, and
              has not, nor will it in any event, exceed the maximum Mortgage Interest
              Rate or
              be lower than the minimum Mortgage Interest Rate listed on the Mortgage
              Loan
              Schedule for such Mortgage Loan. The related Mortgage Note requires
              a monthly
              payment which is sufficient, during the period prior to the first adjustment
              to
              the Mortgage Interest Rate, 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. Except
              with
              respect to Option ARM Mortgage Loans, no Mortgage Loan contains terms
              or
              provisions which would result in Negative Amortization;

             

            
              	(x)  	
                      Customary
                        Provisions.

                    

            

             

            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. There
              is no homestead or other exemption available to a Mortgagor which would
              interfere with the right to sell the Mortgaged Property at a trustee’s sale or
              the right to foreclose the Mortgage;

             

            
              	(y)  	
                      Occupancy
                        of the Mortgaged Property.

                    

            

             

            As
              of the
              date of origination, the Mortgaged Property was lawfully occupied under
              applicable law and to the best of the Company’s knowledge, the Mortgaged
              Property is lawfully occupied as of the Closing Date;

             

            
              	(z)  	
                      No
                        Additional Collateral.

                    

            

             

            The
              Mortgage Note is not and has not been secured by any collateral, pledged
              account
              or other security except the lien of the corresponding Mortgage and
              the security
              interest of any applicable security agreement or chattel mortgage referred
              to in
              Paragraph (m) above;

             

            
              	(aa)  	
                      Deeds
                        of Trust.

                    

            

             

            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 Mortgagee to the trustee under the deed of trust, except
              in
              connection with a trustee’s sale after default by the Mortgagor;

             

            
              	(bb)  	
                      Acceptable
                        Investment.

                    

            

             

            The
              Company has no knowledge of any circumstances or conditions with respect
              to the
              Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
              standing that can reasonably be expected to cause private institutional
              investors to regard the Mortgage Loan as an unacceptable investment,
              cause the
              Mortgage Loan to become delinquent, or adversely affect the value or
              marketability of the Mortgage Loan;

             

            
              	(cc)  	
                      Transfer
                        of Mortgage Loans.

                    

            

             

            With
              respect to each Mortgage that is not recorded in the name of MERS or
              its
              designee, the Assignment of Mortgage, upon the insertion of the name
              of the
              assignee and recording information, is in recordable form (other than
              the name
              of the assignee if in blank) and is acceptable for recording under
              the laws of
              the jurisdiction in which the related Mortgaged Property is
              located;

             

            
              	(dd)  	
                      Mortgaged
                        Property Undamaged.

                    

            

             

            The
              Mortgaged Property is in good repair and undamaged by waste, fire,
              earthquake or
              earth movement, windstorm, flood, tornado or other casualty so as to
              affect
              adversely the value of the Mortgaged Property as security for the Mortgage
              Loan
              or the use for which the premises were intended;

             

            
              	(ee)  	
                      Servicing
                        and Collection Practices; Escrow Deposits.

                    

            

             

            The
              origination, servicing and collection practices used with respect to
              the
              Mortgage Loan have been in accordance with Accepted Servicing Practices
              and the
              terms of the Mortgage Note and have been in all material respects legal
              and
              proper. All escrow deposits and Escrow Payments, if any, are in the
              possession
              of, or under the control of, Seller and have been collected and handled
              in full
              compliance with the Real Estate Settlement Procedures Act (“RESPA”)
              and
              other state and federal laws. No escrow deposits or Escrow Payments
              or other
              charges or payments due the Company have been capitalized under the
              Mortgage
              Note;

             

            
              	(ff)  	
                      No
                        Condemnation.

                    

            

             

            There
              is
              no proceeding pending or to the best of the Company’s knowledge threatened for
              the total or partial condemnation of the related Mortgaged
              Property;

             

            
              	(gg)  	
                      The
                        Appraisal.

                    

            

             

            The
              Mortgage File contains an Appraisal of the related Mortgaged Property
              in a form
              acceptable to Fannie Mae or Freddie Mac. The appraisal was made and
              signed,
              prior to the approval of the Mortgage Loan application, by a Qualified
              Appraiser
              (1) who had no interest, direct or indirect, in the Mortgaged Property
              or in any
              loan made on the security thereof, (2) whose compensation is not affected
              by the
              approval or disapproval of the Mortgage Loan, and (3) who met the minimum
              qualifications of Fannie Mae or Freddie Mac and Title XI of the Financial
              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;

             

            
              	(hh)  	
                      Insurance.

                    

            

             

            All
              buildings on the Mortgaged Property are insured by an insurer generally
              acceptable to prudent mortgage lending institutions (and to Fannie
              Mae or
              Freddie Mac) against loss by fire and such hazards as are covered under
              a
              standard extended coverage endorsement and such other hazards as are
              customary
              in the area where the Mortgaged Property is located pursuant to insurance
              policies conforming to Accepted Servicing Practices and the requirements
              of
              Section 4.10, in an amount which is not less than the lesser of 100%
              of the
              insurable value of the Mortgaged Property and, subject to insurability,
              the
              outstanding principal balance of the Mortgage Loan, but in no event
              less than
              the minimum amount necessary to fully compensate for any damage or
              loss on a
              replacement cost basis. If the Mortgaged Property is a condominium
              unit, it is
              included under the coverage afforded by a blanket policy for the project.
              If the
              improvements on the Mortgaged Property are in an area identified in
              the Federal
              Register by the Federal Emergency Management Agency as having special
              flood
              hazards, then a flood insurance policy meeting the requirements of
              the current
              guidelines of the Federal Insurance Administration is in effect with
              a generally
              acceptable insurance carrier and such policy conforms to the requirements
              of
              Fannie Mae or Freddie Mac. Such flood insurance policy is in an amount
              representing coverage not less than the least of (A) the outstanding
              principal
              balance of the Mortgage Loan, (B) the full insurable value and (C)
              the maximum
              amount of insurance which was available under the Flood Disaster Protection
              Act
              of 1973, as amended. All individual insurance policies contain a standard
              mortgagee clause naming the Company and its successors and assigns
              as mortgagee,
              and all premiums thereon have been paid. The Mortgage obligates the
              Mortgagor
              thereunder to maintain a hazard insurance policy at the Mortgagor’s cost and
              expense, and on the Mortgagor’s failure to do so, authorizes the holder of the
              Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and
              expense, and to seek reimbursement therefor from the Mortgagor. Each
              such
              insurance policy is the valid and binding obligation of the insurer,
              is in full
              force and effect, and will be in full force and effect and inure to
              the benefit
              of the Purchaser upon the consummation of the transactions contemplated
              by this
              Agreement. The Company has not acted or failed to act so as to impair
              the
              coverage of any such insurance policy or the validity, binding effect
              and
              enforceability thereof;

             

            
              	(ii)  	
                      No
                        Impairment of Insurance Coverage.

                    

            

             

            No
              action, inaction, or event has occurred and no state of facts exists
              or has
              existed that has resulted or will result in the exclusion from, denial
              of, or
              defense to coverage under any applicable hazard insurance policy, PMI
              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 Company or any
              designee
              of the Company or any corporation which the Company or any officer,
              director, or
              employee had a financial interest at the time of placement of such
              insurance.

             

            
              	(jj)  	
                      Servicemembers
                        Civil Relief Act.

                    

            

             

            The
              Mortgagor has not notified the Company, and the Company has no knowledge
              of any
              relief requested by or provided to the Mortgagor under the Servicemembers
              Civil
              Relief Act, as amended, or any similar state law;

             

            
              	(kk)  	
                      Balloon
                        Payments, Graduated Payments or Contingent Interests.

                    

            

             

            With
              respect to any Mortgage Loan which is identified on the Mortgage Loan
              Schedule
              as a balloon mortgage loan (each, a “Balloon
              Mortgage Loan”),
              the
              Mortgage Note is payable in Monthly Payments based on a thirty (30)
              or forty
              (40) year amortization schedule with a final Monthly Payment substantially
              greater than the preceding Monthly Payment which is sufficient to amortize
              the
              remaining principal balance of the Balloon Mortgage Loan and such final
              Monthly
              Payment shall not be due prior to 180 months following the origination
              of the
              Balloon Mortgage Loan. The Mortgage Loan is not a graduated payment
              mortgage
              loan and the Mortgage Loan does not have a shared appreciation or other
              contingent interest feature;

             

            
              	(ll)  	
                      No
                        Construction Loans.

                    

            

             

            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 other than a construction-to-permanent loan which
              has
              converted to a permanent Mortgage Loan;

             

            
              	(mm)  	
                      Underwriting.

                    

            

             

            Each
              Mortgage Loan was underwritten in accordance with the Underwriting
              Guidelines;
              and the Mortgage Note, the Mortgage and all other documents contained
              in the
              Mortgage Files are on Fannie Mae or Freddie Mac uniform instruments
              or are on
              forms acceptable to Fannie Mae or Freddie Mac;

             

            
              	(nn)  	
                      Buydown
                        Mortgage Loans.

                    

            

             

            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 or Freddie
                        Mac 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 Company and if required
                        under
                        Fannie Mae or Freddie Mac guidelines, the terms of the Buydown
                        Agreement
                        were disclosed to the Qualified 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; and

                    

            

             

            
              	(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 or
                        Freddie Mac regarding buydown
                        agreements;

                    

            

             

            
              	(oo)  	
                      Delivery
                        of Mortgage Files.

                    

            

             

            The
              Mortgage Loan Documents for the related Mortgage Loans have been delivered
              to
              the Custodian in accordance with the Custodial Agreement. The Company
              is in
              possession of a complete Mortgage File for each Mortgage Loan in compliance
              with
              Exhibit B, except for such documents the originals of which have been
              delivered
              to the Custodian. All documents required to be included in the Mortgage
              File
              shall be complete, executed as required and in compliance with applicable
              law.
              With respect to each Mortgage Loan for which a lost note affidavit
              has been
              delivered to the Custodian in place of the original Mortgage Note,
              the related
              Mortgage Note is no longer in existence, and, if such Mortgage Loan
              is
              subsequently in default, the enforcement of such Mortgage Loan or of
              the related
              Mortgage by or on behalf of the Purchaser will not be affected by the
              absence of
              the original Mortgage Note.

             

            
              	(pp)  	
                      No
                        Bankruptcy.

                    

            

             

            No
              Mortgagor was a debtor in any state or federal bankruptcy or insolvency
              proceeding at the time the Mortgage Loan was originated and, to the
              best of the
              Company’s knowledge, following the date of origination of the Mortgage Loan,
              the
              Mortgagor with respect to the Mortgage Loan was not a debtor in any
              state or
              federal bankruptcy or insolvency proceeding, and the Mortgaged Property
              has not
              been subject to any bankruptcy or foreclosure proceedings;

             

            
              	(qq)  	
                      No
                        Violation of Environmental Laws.

                    

            

             

            The
              Mortgaged Property is free from any and all toxic or hazardous substances
              and
              there exists no violation of any local, state or federal environmental
              law, rule
              or regulation. There is no pending action or proceeding directly involving
              any
              Mortgaged Property of which the Company is aware in which compliance
              with any
              environmental law, rule or regulation is an issue; and to the best
              of the
              Company’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;

             

            
              	(rr)  	
                      Texas
                        Refinance Mortgage Loans.

                    

            

             

            Each
              Mortgage Loan originated in the state of Texas pursuant to Article
              XVI, Section
              50(a)(6) of the Texas Constitution has been originated in compliance
              with the
              provisions of Article XVI, Section 50(a)(6) of the Texas Constitution,
              Texas
              Civil Statutes and the Texas Finance Code. If the Mortgage Loan was
              originated
              in Texas, it is not a cash-out refinancing;

             

            
              	(ss)  	
                      Conversion
                        to Fixed Interest Rate.

                    

            

             

            No
              Adjustable Rate Mortgage Loan contains a provision permitting or requiring
              conversion to a fixed interest rate Mortgage Loan;

             

            
              	(tt)  	
                      The
                        Mortgagor.

                    

            

             

            The
              Mortgagor is one or more natural persons and/or an Illinois land trust
              or a
“living trust” and such “living trust” is in compliance with Fannie Mae or
              Freddie Mac guidelines. In the event the Mortgagor is a trust, the
              trustee of
              such trust is a natural person and is an obligor under the Mortgage
              Note in his
              or her individual capacity;

             

            
              	(uu)  	
                      Homeownership
                        and Equity Protection Act; No High Cost Loans.

                    

            

             

            No
              Mortgage Loan is (a) a “high cost” loan under the Home Ownership and Equity
              Protection Act of 1994 as amended, or (b) a “high cost,” “threshold,” “covered,”
“predatory,” “abusive,” or similarly defined loan, including refinance loans,
              under any other 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), provided that any
              Mortgage Loan
              secured by a Mortgaged Property in Illinois characterized as a “threshold” loan
              shall not be a “high cost” loan unless it is characterized as “predatory” under
              applicable local law or (c) a “High Cost Loan” or “Covered Loan” as defined in
              the S&P LEVELS Glossary; the Company has implemented and conducted
              compliance procedures to determine if each Mortgage Loan is "high-cost” home
              loan under the applicable laws and performed a review of the disclosure
              provided
              to the related Mortgagor in accordance with such laws and the related
              Mortgage
              Note in order to determine that such Mortgage Loan, if subject to any
              such law,
              does not violate any such law;

             

            
              	(vv)  	
                      Georgia
                        Mortgage Loans.

                    

            

             

            No
              Mortgage Loan secured by property located in Georgia and originated
              on or after
              October 1, 2002 and prior to March 7, 2003 meets the definition of
              a “home loan”
under the Georgia Fair Lending Act;

             

            
              	(ww)  	
                      Kentucky
                        Mortgage Loans.

                    

            

             

            No
              Mortgage Loan secured by property located in the Commonwealth of Kentucky
              and
              originated on or after June 24, 2003 had an original principal amount
              of
              $200,000 or less;

             

            
              	(xx)  	
                      [Reserved]

                    

            

             

            
              	(yy)  	
                      New
                        Jersey Mortgage Loans.

                    

            

             

            Each
              Mortgage Loan secured by property located within the State of New Jersey
              and
              subject to the provisions of the New Jersey Home Ownership Security
              Act of 2002
              (the “NJ
              Act”)
              (i) is
              either a purchase money mortgage loan or a rate-term refinancing and
              (ii) does
              not meet definition of a (A) “Covered Home Loan,” except for a Mortgage Loan
              that is (x) a purchase money mortgage loan and (y) neither a “High-Cost Home
              Loan” nor a “Manufactured Home Loan” under the NJ Act, (B) “High-Cost Home
              Loan,” (C) “Home Improvement Loan” or (D) “Manufactured Housing Loan” under the
              NJ Act; 

             

            
              	(zz)  	
                      New
                        York Loans.
                        

                    

            

             

            No
              Mortgage Loan is secured by property located in the State of New York,
              had an
              original principal balance of $300,000 or less, and has a mortgage
              application
              date on or after April 1, 2003, the terms of which loan equal or exceed
              either
              the annual percentage rate or the points and fees threshold for “high-cost home
              loans,” as defined in Section 6-L of the New York State Banking
              Law;

             

            
              	(aaa)  	
                      New
                        Mexico Loans.

                    

            

             

            No
              Mortgage Loan secured by property located in the State of New Mexico
              and
              originated on or after January 1, 2004 meets the definition of a “home loan”
under The Home Loan Protection Act;

             

            
              	(bbb)  	
                      Qualified
                        Mortgages.

                    

            

             

            Each
              Mortgage Loan is a “qualified mortgage” within Section 860G(a)(3) of the
              Code;

             

            
              	(ccc)  	
                      Pledged
                        Asset Loans.

                    

            

             

            The
              Mortgage Loan is not a “pledged asset” mortgage loan; 

             

            
              	(ddd)  	
                      Leaseholds.

                    

            

             

            If
              the
              Mortgage Loan is secured by a long-term residential lease, (i) the
              lessor under
              the lease holds a fee simple interest in the land; (ii) the terms of
              such lease
              expressly permit the mortgaging of the leasehold estate, the assignment
              of the
              lease without the lessor’s consent 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
              protections; (iii) 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 the lease in the event of damage or destruction
              as
              long as the Mortgage is in existence, (C) prohibit the holder of the
              Mortgage
              from being insured (or receiving proceeds of insurance) under the hazard
              insurance policy or policies relating to the Mortgaged Property (D)
              permit any
              increase in the rent other than pre-established increases set forth
              in the
              lease, (E) the original term of such lease is not less than the term
              of the
              related Mortgage; (F) the term of such lease does not terminate earlier
              than
              five years after the maturity date of the Mortgage Note, and (G) the
              Mortgaged
              Property is located in a jurisdiction in which the use of leasehold
              estates in
              transferring ownership in residential properties is a widely accepted
              practice;

             

            
              	(eee)  	
                      Adjustments.

                    

            

             

            All
              of
              the terms of the related Mortgage Note pertaining to interest adjustments,
              payment adjustments and adjustments of the outstanding principal balance,
              if
              any, are enforceable and such adjustments on such Mortgage Loan have
              been made
              properly and in accordance with the provisions of such Mortgage Loan,
              including
              any required notices, and such adjustments do not and will not affect
              the
              priority of the Mortgage lien;

             

            
              	(fff)  	
                      FICO
                        Scores.
                        

                    

            

             

            Each
              Mortgage Loan has a non-zero FICO score and a minimum FICO score of
              620;

             

            
              	(ggg)  	
                      Prepayment
                        Penalties.

                    

            

             

            All
              information on the Mortgage Loan Schedule and electronic data file
              delivered to
              the Purchaser regarding the Prepayment Premium is complete and accurate
              in all
              material respects and each Prepayment Premium is permissible and enforceable
              in
              accordance with its terms under applicable law. Prepayment Premiums
              on the
              Mortgage Loans are applicable to prepayments resulting from both refinancings
              and sales of the related Mortgaged Properties, as disclosed in the
              related
              Mortgage Loan Schedule, and the terms of such Prepayment Premiums do
              not provide
              for a waiver or release (i.e., “holidays”) during the term of the Prepayment
              Premium. No Mortgage Loan originated on or after October 1, 2002 provides
              for
              the payment of a Prepayment Premium beyond the three year term following
              the
              origination of the Mortgage Loan. No Mortgage Loan originated prior
              to such date
              provides for the payment of a Prepayment Premium beyond the five-year
              term
              following the origination of the Mortgage Loan. With respect to any
              Mortgage
              Loan that contains a provision permitting imposition of a Prepayment
              Premium:
              (i) prior to the Mortgage Loan's origination, the Mortgagor agreed
              to such
              Prepayment Premium in exchange for a monetary benefit, including, but
              not
              limited to, a rate or fee reduction, (ii) prior to the Mortgage Loan's
              origination, the Mortgagor was offered the choice of another mortgage
              product
              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 debt is accelerated as the result of the Mortgagor's
              default
              in making the Monthly Payments;

             

            
              	(hhh)  	
                      Interest
                        Calculation.

                    

            

             

            Interest
              on each Mortgage Loan is calculated on the basis of a 360-day year
              consisting of
              twelve 30-day months;

             

            
              	(iii)  	
                      Due
                        on Sale.

                    

            

             

            The
              Mortgage contains an enforceable provision, to the extent not prohibited
              by
              federal law as of the date of such Mortgage, 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;

             

            
              	(jjj)  	
                      Flood
                        Certification Contract.
                        

                    

            

             

            The
              Company has obtained a life of loan, transferable flood certification
              contract
              with an Approved Flood Policy Insurer acceptable to Purchaser in its
              sole
              discretion for each Mortgage Loan and such contract is assignable without
              penalty, premium or cost to the Purchaser;

             

            
              	(kkk)  	
                      Single
                        Premium Credit Life Insurance.

                    

            

             

            None
              of
              the proceeds of the Mortgage Loan were used to finance single premium
              credit
              life insurance policies; 

             

            
              	(lll)  	
                      Tax
                        Service Contracts.

                    

            

             

            The
              Company has obtained a life of loan, transferable real estate Tax Service
              Contract on each Mortgage Loan with an Approved Tax Servicer Contract
              Provider
              and such contract is assignable without penalty, premium or cost to
              the
              Purchaser;

             

            
              	(mmm)  	
                      Debt
                        to Income Ratio.

                    

            

             

            Each
              Mortgage Loan has a debt to income ratio of 60% or less. Each Mortgage
              Loan with
              an original principal balance of $1 million or more has a debt to income
              ratio
              of 50% or less;

             

            
              	(nnn)  	
                      No
                        Arbitration Provisions.

                    

            

             

            With
              respect to any Mortgage Loan originated on or after August 1, 2004,
              neither the
              related Mortgage nor Mortgage Note requires the Mortgagor to submit
              to
              arbitration to resolve any dispute arising thereunder or in connection
              with the
              origination of such Mortgage Loan; and

             

            
              	(ooo)  	
                      OCC
                        Guidelines.
                        

                    

            

             

            Neither
              the origination of the Mortgage Loan nor the purchase thereof by the
              Purchaser
              will cause the Mortgage Loan or the Purchaser to fail to comply with
              the OCC
              Guidelines Establishing Standards for Residential Mortgage Lending
              Practices.

             

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              G

             

            FORM
              OF OPINION OF COUNSEL

            

            

            

            

            Luminent
              Mortgage Capital, Inc.

            [___]

            

            Re: [NAME
              OF
              COMPANY]

             

            Dear
              Sir/Madam:

             

            I
              am
              [general counsel] of [NAME OF COMPANY] (the “Company”), with respect to certain
              matters in connection with the sale by the Company of certain mortgage
              loans
              (the “Mortgage Loans”) pursuant to that certain Flow Sale and Servicing
              Agreement, dated as of [___] (the “Agreement”), by and among the Company and by
              and among Luminent Mortgage Capital, Inc., Mercury Mortgage Finance
              Statutory
              Trust, Maia Mortgage Finance Statutory Trust, as purchasers (collectively,
              the
“Purchasers”, and individually, as the purchaser of any Mortgage Loan under the
              Agreement, the “Purchaser”), which sale is in the form of whole Mortgage Loans.
              Capitalized terms not otherwise defined herein have the meanings set
              forth in
              the Agreement.

             

            I
              have
              examined the following documents:

             

            
              	
                      1.

                    	
                      the
                        Agreement;

                    

            

             

            
              	
                      2.

                    	
                      the
                        Custodial Agreement;

                    

            

             

            
              	
                      3.

                    	
                      the
                        form of endorsement of the Mortgage Notes;
                        and

                    

            

             

            
              	
                      4.

                    	
                      such
                        other documents, records and papers as I have deemed necessary
                        and
                        relevant as a basis for this
                        opinion.

                    

            

             

            To
              the
              extent I have deemed necessary and proper, I have relied upon the
              representations and warranties of the Company contained in the Agreement.
              I have
              assumed the authenticity of all documents submitted to me as originals,
              the
              genuineness of all signatures, the legal capacity of natural persons
              and the
              conformity to the originals of all documents.

             

            Based
              upon the foregoing, it is my opinion that;

             

            
              	
                      1.

                    	
                      The
                        Company is a [___] duly organized, validly existing and in
                        good standing
                        under the laws of the state of
                        [___].

                    

            

             

            
              	
                      2.

                    	
                      The
                        Company has the power to engage in the transactions contemplated
                        by the
                        Agreements, the Custodial Agreement and all requisite power,
                        authority and
                        legal right to execute and deliver the Agreement, the Custodial
                        Agreement
                        and the Mortgage Loans, and to perform and observe the terms
                        and
                        conditions of such instruments.

                    

            

             

            
              	
                      3.

                    	
                      Each
                        person who, as an officer or attorney-in-fact of the Company,
                        signed (a)
                        the Agreement and the Custodial Agreement, and (b) any other
                        document
                        delivered prior hereto or on the date hereof in connection
                        with the sale
                        and servicing of the Mortgage Loans in accordance with the
                        Agreement and
                        the person was, at the respective times of such signing and
                        delivery, and
                        is, as of the date hereof, duly elected or appointed, qualified
                        and acting
                        and as such officer or attorney-in-fact, and the signatures
                        of such
                        persons appearing on such documents are their genuine
                        signatures.

                    

            

             

            
              	
                      4.

                    	
                      Each
                        of the Agreement, the Custodial Agreement, and the Mortgage
                        Loans, has
                        been duly authorized, executed and delivered by the Company
                        and is a
                        legal, valid and binding agreement enforceable in accordance
                        with its
                        terms, subject to bankruptcy laws and other similar laws
                        of general
                        application affecting rights of creditors and subject to
                        the application
                        of the rules of equity, including those respecting the availability
                        of
                        specific performance, none of which will materially interfere
                        with the
                        realization of the benefits provided thereunder or with the
                        Purchaser’s
                        ownership of the Mortgage Loans.

                    

            

             

            
              	
                      5.

                    	
                      The
                        Company has been duly authorized to allow any of its officers
                        to execute
                        any and all documents by original signature in order to complete
                        the
                        transactions contemplated by the Agreement and the Custodial
                        Agreement,
                        and by original or facsimile signature in order to execute
                        the
                        endorsements to the Mortgage Notes and the assignments of
                        the Mortgages,
                        and the original or facsimile signature of the officer at
                        the Company
                        executing the endorsements to the Mortgage Notes and the
                        assignments of
                        the Mortgages represents the legal and valid signature of
                        said officer of
                        the Company.

                    

            

             

            
              	
                      6.

                    	
                      Either
                        (i) 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 the
                        Agreement, the Custodial Agreement or the sale and delivery
                        of the
                        Mortgage Loans or the consummation of the transactions contemplated
                        by the
                        Agreement, and the Custodial Agreement; or (ii) any required
                        consent,
                        approval, authorization or order has been obtained by the
                        Company.

                    

            

             

            
              	
                      7.

                    	
                      Neither
                        the consummation of the transactions contemplated by, nor
                        the fulfillment
                        of the terms of the Agreement and the Custodial Agreement,
                        will conflict
                        with or results in or will result in a breach of or constitutes
                        or will
                        constitute a default under the charter or by-laws of the
                        Company, the
                        terms of any indenture or other agreement or instrument to
                        which the
                        Company is a party or by which it is bound or to which it
                        is subject, or
                        violates any statute or order, rule, regulations, writ, injunction
                        or
                        decree of any court, governmental authority or regulatory
                        body to which
                        the Company is subject or by which it is
                        bound.

                    

            

             

            
              	
                      8.

                    	
                      There
                        is no action, suit, proceeding or investigation pending or,
                        to the best of
                        my knowledge, threatened against the Company which, in my
                        opinion, either
                        in any one instance or in the aggregate, may result in any
                        material
                        adverse change in the business, operations, financial condition,
                        properties or assets of the Company or in any material impairment
                        of the
                        right or ability of the Company to carry on its business
                        substantially as
                        now conducted or in any material liability on the part of
                        the Company or
                        which would draw into question the validity of the Agreement
                        or the
                        Custodial Agreement, or of any action taken or to be taken
                        in connection
                        with the transactions contemplated thereby, or which would
                        be likely to
                        impair materially the ability of the Company to perform under
                        the terms of
                        the Agreement and the Custodial
                        Agreement.

                    

            

             

            
              	
                      9.

                    	
                      The
                        sale of each Mortgage Note and Mortgage as and in the manner
                        contemplated
                        by the Agreement is sufficient fully to transfer all right,
                        title and
                        interest of the Company thereto as noteholder and mortgagee,
                        apart from
                        the rights to service the Mortgage Loans pursuant to the
                        Agreement.

                    

            

             

            
              	
                      10.

                    	
                      The
                        form of endorsement that is to be used with respect to the
                        Mortgage Loans
                        is legally valid and sufficient to duly endorse the Mortgage
                        Notes to the
                        Purchaser. Upon the completion of the endorsement of the
                        Mortgage Notes
                        and the completion of the assignments of the Mortgages, and
                        the recording
                        thereof, the endorsement of the Mortgage Notes, the delivery
                        to the
                        Custodian of the completed assignments of the Mortgages,
                        and the delivery
                        of the original endorsed Mortgage Notes to the Custodian
                        would be
                        sufficient to permit the entity to which such Mortgage Note
                        is initially
                        endorsed at the Purchaser’s direction, and to whom such assignment of
                        Mortgages is initially assigned at the Purchaser’s direction, to avail
                        itself of all protection available under applicable law against
                        the claims
                        of any present or future creditors of the Company, and would
                        be sufficient
                        to prevent any other sale, transfer, assignment, pledge or
                        hypothecation
                        of the Mortgages and the Mortgage Notes by the Company from
                        being
                        enforceable.

                    

            

             

            This
              opinion is given to you for your sole benefit, and no other person
              or entity is
              entitled to rely hereon except that the purchaser or purchasers to
              which you
              initially and directly resell the Mortgage Loans may rely on this opinion
              as if
              it were addressed to them as of its date.

             

            Sincerely,

            
              
                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              H

            

            SEC
              CERTIFICATION

            

            I,
              ___________________________, certify to ___________________________
              (the
“Depositor”), and its officers, directors and affiliates, and with the knowledge
              and intent that they will rely upon this certification, that:

             

            
              	(a)  	
                      I
                        have reviewed the information required to be delivered to
                        the trustee by
                        the servicer pursuant to the pooling and servicing agreement
                        (the
                        “Servicing Information”); 

                    

            

             

            
              	(b)  	
                      Based
                        on my knowledge, the Servicing Information, taken as a whole,
                        does not
                        contain erroneous or incomplete information required to be
                        provided to the
                        trustee by the servicer under the pooling and servicing
                        agreement;

                    

            

             

            
              	(c)  	
                      Based
                        on my knowledge, the Servicing Information required to be
                        provided to the
                        trustee by the servicer under the pooling and servicing agreement
                        has been
                        provided to the trustee;

                    

            

             

            
              	(d)  	
                      I
                        am responsible for reviewing the activities performed by
                        the servicer
                        under the pooling and servicing agreement and based upon
                        the review
                        required under the pooling and servicing agreement, and except
                        as
                        disclosed in the report, the servicer has fulfilled its obligations
                        under
                        the pooling and servicing agreement;
                        and

                    

            

             

            
              	(e)  	
                      I
                        have disclosed to ___________________________ 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 or similar
                        standard as set
                        forth in the pooling and servicing
                        agreement.

                    

            

             

            
              
                 

                
                  	
                           

                        	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Date:	 	 	 	 
	 	
                          

                        	 	 	
                        
	
                          
                            

                          

                          [Signature]

                           

                        	 	 	 
	
                          
[Title]	 	 	 

                

                 

              

            

             

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              I

            

            FORM
              OF MEMORANDUM OF SALE

            

            

            CLOSING
              DATE:

            

            This
              Memorandum of Sale (this “Memorandum”), dated as of _______ (the “Closing
              Date”), confirms the sale by PAUL FINANCIAL, LLC (the “Company”), to
              [LUMINENT
              MORTGAGE CAPITAL, INC. /
              MERCURY
              MORTGAGE FINANCE STATUTORY TRUST / MAIA MORTGAGE FINANCE STATUTORY
              TRUST]
              (the
“Purchaser”), and the purchase by the Purchaser from the Company, of the first
              lien [fixed rate] [adjustable rate] residential mortgage loans on a
              servicing
              retained basis described on the Mortgage Loan Schedule attached hereto
              as
              Schedule I (the “Mortgage Loans”), pursuant to the terms of the Flow Sale and
              Servicing Agreement (the “Flow Sale and Servicing Agreement”), dated as of
              _________ , and is by and between the Purchaser and the Company. 

            

            For
              good
              and valuable consideration, the receipt and sufficiency of which is
              hereby
              acknowledged, the Company 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 Company 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 Company under the Flow Sale and Servicing Agreement. 

            

            The
              Company has delivered to the Custodian prior to the date hereof the
              documents
              with respect to each Mortgage Loan required to be delivered under the
              Flow Sale
              and Servicing Agreement. 

            

            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. 

            

            
              
                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the parties hereto, by the hands of their duly authorized
              officers, execute this Memorandum as of the Closing Date referred to
              above.

            
              
                 

                
                  	
                          
                            [LUMINENT
                              MORTGAGE CAPITAL, INC.

                            MERCURY
                              MORTGAGE FINANCE STATUTORY TRUST

                            MAIA
                              MORTGAGE FINANCE STATUTORY TRUST], 

                            as
                              Purchaser 

                          

                        	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	
                          

                        	 	 	
                        
	Its:	
                          
                            
 

                        	 	 	 
	
                        	
                          

                        	 	 	 

                

                 

              

            

             

            
              
                
                  	
                          
                            PAUL
                              FINANCIAL, LLC,

                            as
                              Company

                          

                        	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	
                          

                        	 	 	
                        
	Its:	
                          
                            
 

                        	 	 	 
	
                        	
                          

                        	 	 	 

                

                 

              

            

            
              
                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            SCHEDULE
              I

            

            MORTGAGE
              LOAN SCHEDULE

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              J

            

            SERVICER
              REQUIREMENTS

            

             

            [On
              file
              with Purchaser]

            

            

            

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

             

            

              EXHIBIT
                K

              

              REGULATION
                AB COMPLIANCE ADDENDUM

               

               

              ARTICLE
                I

              DEFINED
                TERMS 

               

              Capitalized
                terms used but not defined in this Regulation AB Compliance Addendum
                (this
“Reg
                AB
                Addendum”)
                shall
                have the meanings assigned to such terms in the Agreement to which
                this Reg AB
                Addendum is attached and of which it forms a part. As used in this
                Reg AB
                Addendum, 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) of this Reg AB Addendum. 

               

              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 a Securitization Transaction, the “master servicer,” if any,
                identified by the Purchaser and identified in 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. 

               

              Reconstitution:
                Any
                Securitization Transaction or Whole Loan Transfer. 

               

              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 2.03(c) of this Reg AB Addendum. 

               

              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 1l05(a)(l)-(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 l122( 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.

               

              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. 

               

              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 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. 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 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. 

               

              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.

               

              Section
                2.02.  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 2.03 of this Reg AB Addendum 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 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; 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. 

               

              (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 2.03 of this Reg AB Addendum, the Company shall, within five
                (5)
                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 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
                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
                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
                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 requested for the purpose of compliance with Items 1103(a)(l),
                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) against 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 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 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 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 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 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 each
                Subservicer (each of the Company and each Subservicer, for purposes
                of this
                Section 2.03(c), a “Servicer”),
                as is
                requested for the purpose of compliance with Item 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
                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
                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 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; 

               

              (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;

               

              (I)  a
                description of any material legal or governmental procedures pending
                (or known
                to be contemplated against the Company; and

               

              (J)  a
                description of any affiliation or relationship between the Company
                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.

               

              (d)  If
                so
                requested by the Purchaser 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 Depositor,
                and any
                Master Servicer in writing of (A) any material litigation or governmental
                proceedings pending against the Company, any Subservicer or any Third-Party
                Originator and (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, and (ii) provide to the Purchaser, any Depositor, and
                any Master
                Servicer a description of such proceedings, affiliations or relationships.
                

               

              (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 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. 

               

              (f)  In
                addition to such information as the Company, as servicer, is obligated
                to
                provide pursuant to other provisions of the Agreement, if so requested
                by the
                Purchaser, any Depositor or any Master Servicer, 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. Additionally, the Company
                shall
                provide to the Purchaser or its designee any loan-level or pool information
                with
                respect to the Mortgage Loans necessary to confirm loss, prepayment
                and
                delinquency information required in connection with the provision
                of Static Pool
                Information pursuant to Item 1105 of Regulation AB. 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 (10) Business Days following such request.
                Such
                information will include, but not be limited to: (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;
                (ii) material breaches of pool asset representations or warranties
                or
                transaction covenants; and (iii) 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.

               

              (g)  The
                Company shall provide to the Purchaser, any Depositor and any Master
                Servicer
                such additional information as they may reasonably request, including
                evidence
                of the authorization of the person signing any certification or statement,
                financial information and reports, and such other information related
                to the
                Company or its performance hereunder.

               

              Section
                2.04.  Servicer
                Compliance Statement.

               

              On
                or
                before March 1 of each calendar year, commencing in 2007, the Company
                shall
                deliver to the Purchaser, any Depositor, and any Master Servicer
                a statement of
                compliance addressed to the Purchaser, such Depositor, and such Master
                Servicer
                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
                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)  On
                or
                before March 1 of each calendar year, commencing in 2007, the Company
                shall:

               

              (i)  deliver
                to the Purchaser, any Depositor, and any Master Servicer a report
                (in form and
                substance reasonably satisfactory to the Purchaser 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 applicable
                Servicing
                Criteria as specified on the form of certification attached as Annex
                II
                hereto;

               

              (ii)  deliver
                to the Purchaser, any Depositor, and any Master Servicer a report
                of a
                registered public accounting firm reasonably acceptable to the Purchaser
                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 2.06(b) of this Reg AB Addendum to be “participating in the servicing
                function” within the meaning of Item 1122 of Regulation AB, to deliver to the
                Purchaser, any Depositor, and any Master Servicer 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 Annex
                I.
                

               

              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.
                Neither
                the Purchaser nor any Depositor will request delivery of a certification
                under
                clause (a)(iv) above unless a Depositor is required under the Exchange
                Act to
                file an annual report on Form 10-K with respect to an issuing entity
                whose asset
                pool includes Mortgage Loans.

               

              (b)  Each
                assessment of compliance provided by a Subservicer pursuant to Section
                2.05(a)(iii) of this Reg AB Addendum shall address each of the Servicing
                Criteria specified on a certification substantially in the form of
Annex
                II
                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 2.05(a)(iii) of this Reg AB Addendum
                need not
                address any elements of the Servicing Criteria other than those specified
                by the
                Company pursuant to Section 2.06 of this Reg AB Addendum. 

               

              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 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 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
                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 and any Depositor
                any
                servicer compliance statement required to be delivered by such Subservicer
                under
                Section 2.04 of this Reg AB Addendum, any assessment of compliance
                and
                attestation required to be delivered by such Subservicer under Section
                2.05 of
                this Reg AB Addendum and any certification required to be delivered
                to the
                Person that will be responsible for signing the Sarbanes Certification
                under
                Section 2.05 of this Reg AB Addendum as and when required to be delivered.
                

               

              (b)  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 a master servicer or administrator) a written
                description (in
                form and substance satisfactory to the Purchaser 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 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 and any Depositor any assessment of compliance
                and
                attestation required to be delivered by such Subcontractor under
                Section 2.05 of
                this Reg AB Addendum, 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 and issuing entity; 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; 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 and agents of each of the foregoing
                and of the
                Depositor, 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’ 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
                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)
                of this 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 this Reg AB Addendum or in a writing furnished pursuant
                to Section
                2.02(b) of this Reg AB Addendum 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) of this
                Reg AB
                Addendum 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 hereunder.

               

              This
                indemnification shall survive the termination of this Reg AB Addendum,
                or any
                party to this Reg AB Addendum. 

               

              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) of this Reg AB Addendum or in a writing furnished pursuant
                to Section
                2.02(b) of this Reg AB Addendum 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) of this
                Reg AB
                Addendum 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 of this Reg AB Addendum, including (except
                as
                provided below) any failure by the Company to identify pursuant to
                Section
                2.06(b) of this Reg AB Addendum any Subcontractor “participating in the
                servicing function” within the meaning of Item 1122 of Regulation AB, which
                continues unremedied for ten (10) 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. 

               

              Neither
                the Purchaser nor any Depositor shall be entitled to terminate the
                rights and
                obligations of the Company pursuant to this subparagraph (b)(ii)
                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

               

              (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. 

               

              Section
                2.08.  Third
                Party Beneficiary.

               

              For
                purposes of Sections 2.03, 2.04, and 2.05 related to the requirements
                of
                delivery of Reports on Assessment of Compliance, attestation reports,
                statements
                of compliance, Sarbanes Certifications and additional monthly reporting
                requirements, the Master Servicer shall be considered a third-party
                beneficiary
                of this Reg AB Addendum, entitled to all the rights and benefits
                hereof as if it
                were a direct party to this Reg AB Addendum.

               

              
                
                  
                     

                  

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                  
                  

                

              

              ANNEX
                I

               

              FORM
                OF ANNUAL CERTIFICATION 

               

              Re:       
                 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]
                [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 and identified as the responsibility
                of
                the Company on Annex II to the Regulation AB Compliance Addendum
                to the
                Agreement (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 performance of the Company under the terms of the Agreement and
                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 this
                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:

              

              

                

              
                
                  
                     

                  

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                  
                  

                

              

              ANNEX
                II

               

              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. 

                      	
                        X

                      
	
                        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 (2) 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 (2) 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 (2) 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 (2)
                          business days to
                          the obligor’s records maintained by the servicer, or such other number
                          of
                          days specified in the transaction agreements. 

                      	
                        X

                      
	
                        1122(d)(4)(xiv)
                          

                      	
                        Delinquencies,
                          charge-offs and uncollectible accounts are recognized and
                          recorded in
                          accordance with the transaction agreements. 

                      	
                        X

                      
	
                        1122(d)(4)(xv)
                          

                      	
                        Any
                          external enhancement or other support, identified in Item
                          1114(a)(1)
                          through (3) or Item 1115 of Regulation AB, is maintained
                          as set forth in
                          the transaction agreements. 

                      	
                        X

                      

              

              

               

              
                	 	 	 
	 	[NAME
                        OF COMPANY / SUBSERVICER]
	 
 	 
 	 
 
	 	By:  	 
	 	
                        

                        Name:
                          

                        Title:
                          

                         

                      
	 	Date:

              

            

            

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              L

             

            FORM
              OF SPECIAL FORECLOSURE RIGHTS SECTION

             

             

            Notwithstanding
              anything in this Agreement to the contrary, for so long as the Master
              Servicer
              has not notified the Servicer that the majority holder of the most
              junior of the
              Subordinate Certificates is no longer entitled to the rights described
              in this
              Section [__]:

             

            (a) The
              Servicer shall not commence foreclosure proceedings with respect to
              a Mortgage
              Loan unless (i) no later than five (5) Business Days prior to its commencement
              of such foreclosure proceedings, it notifies the Master Servicer of
              its
              intention to do so, and (ii) the majority holder of the most junior
              of the
              Subordinate Certificates, either directly or through the Master Servicer,
              does
              not, within such five-Business-Day period, affirmatively object to
              such
              action.

             

            (b) In
              the
              event that the Servicer determines not to proceed with foreclosure
              proceedings
              with respect to a Mortgage Loan that becomes 60 days’ or more delinquent and the
              Servicer has determined that it is unable to collect payments due under
              such
              Mortgage Loan in accordance with Accepted Servicing Practices, the
              Servicer
              shall, prior to taking any action with respect to such Mortgage Loan,
              promptly
              provide the Master Servicer with notice of such determination and a
              description
              of such other action as it intends to take with respect to such Mortgage
              Loan;
              provided, that the Servicer shall not be permitted to proceed with
              any such
              action unless the majority holder of the most junior of the Subordinate
              Certificates, either directly or through the Master Servicer, does
              not, within
              five (5) Business Days following such notice, affirmatively object
              to the
              Servicer taking such action.

             

            (c) If
              the
              majority holder of the most junior of the Subordinate Certificates
              timely and
              affirmatively objects to an action or contemplated action of the Servicer
              pursuant to either (a) or (b) above, then the majority holder of the
              most junior
              of the Subordinate Certificates shall instruct the Master Servicer
              to hire, at
              the majority holder of the most junior of the Subordinate Certificates’ sole
              cost and expense, three appraisal firms, selected by the Master Servicer
              in its
              sole and absolute discretion from the list of appraisal firms attached
              as
              Exhibit [__], to compute the fair value of the Mortgaged Property relating
              to
              the related Mortgage Loan utilizing the Fannie Mae Form 2055 Exterior-Only
              Inspection Residential Appraisal Report (each such appraisal-firm computation,
              a
“Fair
              Value Price”),
              in
              each case (other than as set forth in (d) below) no later than 30 days
              from the
              date of such majority holder of the most junior of the Subordinate
              Certificates
              objection. If the Master Servicer shall have received three Fair Value
              Prices by
              the end of such 30-day period, then the majority holder of the most
              junior of
              the Subordinate Certificates shall, no later than 5 days after the
              expiration of
              such 30-day period, purchase such Mortgage Loan and the related Mortgaged
              Property at an amount equal to the sum of (i) accrued and unpaid interest
              on
              such Mortgage Loan as of such purchase date (“Accrued
              Interest”)
              and
              (ii) the highest of such three Fair Value Prices respectively determined
              by such
              appraisal firms, and shall promptly delivery such amount to the Servicer
              for
              deposit into the Custodial Account. All costs relating to the computation
              of the
              related Fair Value Prices shall be for the account of the majority
              holder of the
              most junior of the Subordinate Certificates and shall be paid by the
              majority
              holder of the most junior of the Subordinate Certificates at the time
              of such
              Mortgage Loan and the related Mortgaged Property are purchased by the
              majority
              holder of the most junior of the Subordinate Certificates.

             

            (d) If
              the
              Master Servicer shall not have received three Fair Value Prices at
              the end of
              the 30-day period set forth in (c) above, then:

             

            (i) The
              Master Servicer shall obtain such three Fair Value Prices no later
              than 15 days
              after the end of such 30-day period.

             

            (ii) If
              the
              Master Servicer shall have only received two Fair Value Prices at the
              end of
              such 15-day extension period, then the Master Servicer will determine,
              in its
              sole and absolute discretion, the fair value of the Mortgaged Property
              relating
              to such Mortgage Loan, related Insurance Proceeds and the current delinquency
              status of such Mortgage Loan (such fair value, the “Master
              Servicer Fair Value Price”),
              and
              the majority holder of the most junior of the Subordinate Certificates
              shall, no
              later than 5 days after the expiration of such 15-day extension period,
              purchase
              (and deliver to the Servicer the purchase price for) such Mortgage
              Loan and the
              related Mortgaged Property at an amount equal to the sum of (A) Accrued
              Interest
              thereon and (B) the higher of (1) the highest of such two Fair Value
              Prices
              determined by such appraisal firms and (2) the Master Servicer Fair
              Value
              Price.

             

            (iii) If
              the
              Master Servicer shall have received only one Fair Value Price at the
              end of such
              15-day extension period, then the Master Servicer will determine, in
              its sole
              and absolute discretion, the Master Servicer Fair Value Price of the
              Mortgaged
              Property related to such Mortgage Loan, and:

             

            
              	 	
                      (A)

                    	
                      if
                        such Master Servicer Fair Value Price is equal to or greater
                        than the
                        unpaid principal balance of the related Mortgage Loan as
                        of such date (the
                        “Unpaid
                        Principal Balance”),
                        then the majority holder of the most junior of the Subordinate
                        Certificates shall, no later than 5 days after the expiration
                        of such
                        15-day extension period, purchase (and deliver to the Servicer
                        the
                        purchase price for) such Mortgage Loan and the related Mortgaged
                        Property
                        at an amount equal to the sum of (1) Accrued Interest thereon
                        and (2) such
                        Master Servicer Fair Value Price;
                        and

                    

            

             

            
              	 	
                      (B)

                    	
                      if
                        such Master Servicer Fair Value Price is less than the related
                        Unpaid
                        Principal Balance, then the majority holder of the most junior
                        of the
                        Subordinate Certificates shall, no later than 5 days after
                        the expiration
                        of such 15-day extension period, purchase (and deliver to
                        the Servicer the
                        purchase price for) such Mortgage Loan and the related Mortgaged
                        Property
                        at an amount equal to the sum of (1) Accrued Interest thereon
                        and (2) the
                        related Unpaid Principal Balance (such sum, the “Preliminary
                        Purchase Price”);
                        provided, that the provisions of clause (d)(iv) shall thereafter
                        apply.
                        

                    

            

             

            (iv) Following
              the payment by the majority holder of the most junior of the Subordinate
              Certificates of the Preliminary Purchase Price, the Master Servicer
              shall
              continue to hire appraisal firms at the majority holder of the most
              junior of
              the Subordinate Certificates’ sole cost and expense to compute the Fair Value
              Price of the Mortgaged Property related to such Mortgage Loan, and
              at such time
              as two such Fair Value Prices shall have been obtained:

             

            
              	 	
                      (A)

                    	
                      if
                        such Master Servicer Fair Value Price is equal to or greater
                        than the
                        unpaid principal balance of the related Mortgage Loan as
                        of such date (the
                        “Unpaid
                        Principal Balance”),
                        then the majority holder of the most junior of the Subordinate
                        Certificates shall, no later than 5 days after the expiration
                        of such
                        15-day extension period, purchase (and deliver to the Servicer
                        the
                        purchase price for) such Mortgage Loan and the related Mortgaged
                        Property
                        at an amount equal to the sum of (1) Accrued Interest thereon
                        and (2) such
                        Master Servicer Fair Value Price;
                        and

                    

            

             

            
              	 	
                      (B)

                    	
                      if
                        the sum of (1) Accrued Interest on the related Mortgage Loan
                        and (2) the
                        higher of (x) the highest of such two Fair Value Prices determined
                        by such
                        appraisal firms and (y) the Master Servicer’s Fair Value Price of the
                        Mortgaged Property related to such Mortgage Loan (such sum,
                        the
                        “Revised
                        Fair Value Price”)
                        is greater than such Preliminary Purchase Price, then the
                        Master Servicer
                        shall promptly notify the majority holder of the most junior
                        of the
                        Subordinate Certificates and the Servicer of such calculation,
                        and the
                        majority holder of the most junior of the Subordinate Certificates
                        shall,
                        no later than 5 days after such notice, remit to the Servicer,
                        for deposit
                        into the Custodial Account, the difference between such Revised
                        Fair Value
                        Price and such Preliminary Purchase Price;
                        and

                    

            

             

            
              	 	
                      (C)

                    	
                      if
                        such Preliminary Purchase Price is greater than such Revised
                        Fair Value
                        Price, then the Master Servicer shall promptly notify the
                        majority holder
                        of the most junior of the Subordinate Certificates and the
                        Servicer of
                        such calculation, and the Servicer shall, no later than 5
                        days after such
                        notice, remit to the majority holder of the most junior of
                        the Subordinate
                        Certificates, from funds then on deposit in the Custodial
                        Account, the
                        difference between such Preliminary Purchase Price and such
                        Revised Fair
                        Value Price.

                    

            

             

            (e) Notwithstanding
              anything herein to the contrary, the majority holder of the most junior
              of the
              Subordinate Certificates shall not be entitled to any of its rights
              set forth
              herein with respect to a Mortgage Loan following its failure to purchase
              such
              Mortgage Loan and the related Mortgaged Property, at the related purchase
              price
              set forth in this Section [__] within the timeframe set forth in this
              Section
              [__] following the majority holder of the most junior of the Subordinate
              Certificates’ objection to an action of the Servicer, and the Servicer shall
              provide the Master Servicer written notice of such failure. [Moreover,
              the
              majority holder of the most junior of the Subordinate Certificates
              shall not be
              entitled to the foregoing rights if any of the [Subordinate Certificates]
              are
              held by entities that are unaffiliated with such majority holder of
              the most
              junior of the Subordinate Certificates.] 

             

            (f) Any
              notice, confirmation, instruction or objection pursuant to paragraphs
              (a), (b),
              (c) and (d) above may be delivered via facsimile or other written or
              electronic
              communication as the parties hereto and the majority holder of the
              most junior
              of the Subordinate Certificates may agree to from time to time.

             

            (g) For
              the
              avoidance of doubt, the majority holder of the most junior of the Subordinate
              Certificates’ rights set forth in this Section [__] are intended to provide the
              majority holder of the most junior of the Subordinate Certificates,
              for so long
              as it has not forfeited its right under this Section [__] as set forth
              in clause
              (e) above, with the unilateral right to control foreclosure decisions
              in respect
              of delinquent and defaulted Mortgage Loans, and certain exclusive purchase
              rights so as to maximize the recovery value on delinquent and defaulted
              Mortgage
              Loans.

             

            (h) To
              the
              extent that the majority holder of the most junior of the Subordinate
              Certificates purchases any Mortgage Loan pursuant to this Section [__],
              the
              Servicer will continue to service such Mortgage Loan in accordance
              with this
              Agreement. The parties acknowledge that, in such event, the Master
              Servicer will
              have no duty or responsibility to master service any such Mortgage
              Loan.
               

            

          

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-3

         

        

        AMENDMENT
          NUMBER ONE

        to
          the

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        
           

        

        
          
             

            FLOW
              SALE AND SERVICING AGREEMENT

            (Residential
              Mortgage Loans)

             

            Dated
              as
              of April 21, 2006

             

            by
              and
              between

             

            LUMINENT
              MORTGAGE CAPITAL, INC.,

            

            MERCURY
              MORTGAGE FINANCE STATUTORY TRUST

            

            and

            

            MAIA
              MORTGAGE FINANCE STATUTORY TRUST,

            as
              Purchasers

             

             

            and

             

            INDMAC
              BANK, F.S.B.,

            as
              Company

            

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            TABLE
              OF CONTENTS

             

             

            ARTICLE
              I
              DEFINITIONS

             

             

            ARTICLE
              II AGREEMENT TO PURCHASE; PURCHASE PRICE; POSSESSION OF MORTGAGE FILES;
              MAINTENANCE OF SERVICING FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT;
              DELIVERY
              OF DOCUMENTS; CLOSING CONDITIONS

             

            
              	 	
                      Section
                        2.01

                    	
                      Agreement
                        to Purchase; Purchase Price; Mortgage and Servicing Files.

                    	 

            

            
              	 	
                      Section
                        2.02

                    	
                      Books
                        and Records; Transfers of Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        2.03

                    	
                      Custodial
                        Agreement; Delivery of Documents.

                    	 

            

            
              	 	
                      Section
                        2.04

                    	
                      Quality
                        Control Procedures.

                    	 

            

            
              	 	
                      Section
                        2.05

                    	
                      Closing
                        Conditions.

                    	 

            

             

            ARTICLE
              III REPRESENTATIONS AND WARRANTIES REMEDIES AND BREACH

             

            
              	 	
                      Section
                        3.01

                    	
                      Company
                        Representations and Warranties.

                    	 

            

            
              	 	
                      Section
                        3.02

                    	
                      Representations
                        and Warranties Regarding Individual Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        3.03

                    	
                      Repurchase.

                    	 

            

            
              	 	
                      Section
                        3.04

                    	
                      Repurchase
                        of Mortgage Loans With First Payment Defaults.

                    	 

            

            
              	 	
                      Section
                        3.05

                    	
                      Purchase
                        Price Protection.

                    	 

            

            
              	 	
                      Section
                        3.06

                    	
                      Review
                        of Mortgage Loans.

                    	 

            

             

            ARTICLE
              IV ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

             

            
              	 	
                      Section
                        4.01

                    	
                      Company
                        to Act as Servicer.

                    	 

            

            
              	 	
                      Section
                        4.02

                    	
                      Liquidation
                        of Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        4.03

                    	
                      Collection
                        of Mortgage Loan Payments.

                    	 

            

            
              	 	
                      Section
                        4.04

                    	
                      Establishment
                        of and Deposits to Custodial Account.

                    	 

            

            
              	 	
                      Section
                        4.05

                    	
                      Permitted
                        Withdrawals From Custodial Account.

                    	 

            

            
              	 	
                      Section
                        4.06

                    	
                      Establishment
                        of and Deposits to Escrow Account.

                    	 

            

            
              	 	
                      Section
                        4.07

                    	
                      Permitted
                        Withdrawals From Escrow Account.

                    	 

            

            
              	 	
                      Section
                        4.08

                    	
                      Payment
                        of Taxes, Insurance and Other Charges.

                    	 

            

            
              	 	
                      Section
                        4.09

                    	
                      Transfer
                        of Accounts.

                    	 

            

            
              	 	
                      Section
                        4.10

                    	
                      Maintenance
                        of Hazard Insurance.

                    	 

            

            
              	 	
                      Section
                        4.11

                    	
                      Maintenance
                        of Mortgage Impairment Insurance.

                    	 

            

            
              	 	
                      Section
                        4.12

                    	
                      Maintenance
                        of Fidelity Bond and Errors and Omissions Insurance.

                    	 

            

            
              	 	
                      Section
                        4.13

                    	
                      Inspections.

                    	 

            

            
              	 	
                      Section
                        4.14

                    	
                      Restoration
                        of Mortgaged Property.

                    	 

            

            
              	 	
                      Section
                        4.15

                    	
                      Maintenance
                        of PMI Policy; Claims.

                    	 

            

            
              	 	
                      Section
                        4.16

                    	
                      Title,
                        Management and Disposition of REO Property.

                    	 

            

            
              	 	
                      Section
                        4.17

                    	
                      Real
                        Estate Owned Reports.

                    	 

            

            
              	 	
                      Section
                        4.18

                    	
                      Liquidation
                        Reports.

                    	 

            

            
              	 	
                      Section
                        4.19

                    	
                      Reports
                        of Foreclosures and Abandonments of Mortgaged Property.

                    	 

            

            
              	 	
                      Section
                        4.20

                    	
                      Application
                        of Buydown Funds.

                    	 

            

            
              	 	
                      Section
                        4.21

                    	
                      Notification
                        of Adjustments.

                    	 

            

            
              	 	
                      Section
                        4.22

                    	
                      Modifications,
                        Waivers, Amendments and Consents.

                    	 

            

            
              	 	
                      Section
                        4.23

                    	
                      Specially
                        Serviced Mortgage Loans.

                    	 

            

            
              	 	
                      Section
                        4.24

                    	
                      Disaster
                        Recovery/Business Continuity Plan.

                    	 

            

            
              	 	
                      Section
                        4.25

                    	
                      Fair
                        Credit Reporting Act.

                    	 

            

             

            ARTICLE
              V
              PAYMENTS TO PURCHASER

             

            
              	 	
                      Section
                        5.01

                    	
                      Remittances.

                    	 

            

            
              	 	
                      Section
                        5.02

                    	
                      Automated
                        Servicing Systems and Statements to Purchaser.

                    	 

            

            
              	 	
                      Section
                        5.03

                    	
                      Monthly
                        Advances by Company.

                    	 

            

             

            ARTICLE
              VI GENERAL SERVICING PROCEDURES

             

            
              	 	
                      Section
                        6.01

                    	
                      Due-on-Sale
                        Provision and Assumptions.

                    	 

            

            
              	 	
                      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

                    	
                      Right
                        to Examine Company Records.

                    	 

            

            
              	 	
                      Section
                        6.07

                    	
                      Compliance
                        with REMIC Provisions.

                    	 

            

             

            ARTICLE
              VII COMPANY TO COOPERATE

             

            
              	 	
                      Section
                        7.01

                    	
                      Monthly
                        Servicing Calls; Provision of Information.

                    	 

            

            
              	 	
                      Section
                        7.02

                    	
                      Financial
                        Statements; Servicing Facility.

                    	 

            

            
              	 	
                      Section
                        7.03

                    	
                      Cooperation
                        with Third-party Service Providers.

                    	 

            

             

            ARTICLE
              VIII THE COMPANY

            
            

            
              
                Section
                  8.01

              

            

            
              	 	
                      Section
                        8.02

                    	
                      Merger
                        or Consolidation of the Company.

                    	 

            

            
              	 	
                      Section
                        8.03

                    	
                      Limitation
                        on Liability of Company and Others.

                    	 

            

            
              	 	
                      Section
                        8.04

                    	
                      Limitation
                        on Resignation and Assignment by Company.

                    	 

            

             

            ARTICLE
              IX WHOLE LOAN TRANSFERS AND Securitization Transactions

             

            
              	 	
                      Section
                        9.01

                    	
                      Removal
                        of Mortgage Loans from Inclusion Under this Agreement.

                    	 

            

             

            ARTICLE
              X
              DEFAULT

            
               

              
                
                  	 	
                          Section
                            10.01

                        	
                          Events
                            of Default.

                        	 

                

                
                  	 	
                          Section
                            10.02

                        	
                          Waiver
                            of Defaults.

                        	 

                

                 

              

              ARTICLE
                XI TERMINATION

               

              
                
                  	 	
                          Section
                            11.01

                        	
                          Termination.

                        	 

                

                 

                 

              

              ARTICLE
                XII MISCELLANEOUS PROVISIONS

               

              
                
                  	 	
                          Section
                            12.01

                        	
                          Successor
                            to Company.

                        	 

                

                
                  	 	
                          Section
                            12.02

                        	
                          Amendment.

                        	 

                

                
                  	 	
                          Section
                            12.03

                        	
                          Governing
                            Law.

                        	 

                

                
                  	 	
                          Section
                            12.04

                        	
                          Arbitration.

                        	 

                

                
                  	 	
                          Section
                            12.05

                        	
                          Duration
                            of Agreement.

                        	 

                

                
                  	 	
                          Section
                            12.06

                        	
                          Notices.

                        	 

                

                
                  	 	
                          Section
                            12.07

                        	
                          Severability
                            of Provisions.

                        	 

                

                
                  
                    	 	
                            Section
                              12.08

                          	
                            Relationship
                              of Parties.

                          	 

                  

                  
                    	 	
                            Section
                              12.09

                          	
                            Execution;
                              Successors and Assigns; Counterparts

                          	 

                  

                  
                    	 	
                            Section
                              12.10

                          	
                            Recordation
                              of Assignments of Mortgage.

                          	 

                  

                  
                    	 	
                            Section
                              12.11

                          	
                            Assignment
                              by Purchaser.

                          	 

                  

                  
                    	 	
                            Section
                              12.12

                          	
                            Solicitation
                              of Mortgagor.

                          	 

                  

                  
                    	 	
                            Section
                              12.13

                          	
                            Further
                              Agreements.

                          	 

                  

                  
                    	 	
                            Section
                              12.14

                          	
                            Confidential
                              Information.

                          	 

                  

                

              

              
                
                  
                    	 	
                            Section
                              12.15

                          	
                            Equal
                              Opportunity.

                          	 

                  

                  
                    	 	
                            Section
                              12.16

                          	
                            
                              Exhibits.

                            

                          	 

                  

                  
                    	 	
                            Section
                              12.17

                          	
                            
                              General
                                Interpretive Principles.

                            

                          	 

                  

                  
                    	 	
                            Section
                              12.18

                          	
                            
                              Reproduction
                                of Documents.

                            

                          	 

                  

                  
                    	 	
                            Section
                              12.19

                          	
                            
                              Purchase
                                Price and Terms Letter.

                            

                          	 

                  

                  
                    	 	
                            Section
                              12.20

                          	
                            Clean-up
                              Call

                          	 

                  

                   

                

              

              EXHIBITS

              
                 

                
                  	 	
                          Exhibit
                            A

                        	
                          Form
                            of Mortgage Loan Schedule

                        	 

                

                
                  	 	
                          Exhibit
                            B

                        	
                          Contents
                            of Each Mortgage File

                        	 

                

                
                  	 	
                          Exhibit
                            C

                        	
                          Form
                            of Custodial Agreement

                        	 

                

                
                  	 	
                          Exhibit
                            D

                        	
                          Form
                            of Assignment, Assumption and Recognition Agreement

                        	 

                

                
                  
                    	 	
                            Exhibit
                              E 

                          	
                            Underwriting
                              Guidelines

                          	 

                  

                  
                    	 	
                            Exhibit
                              F 

                          	
                            Representations
                              and Warranties Regarding Individual Mortgage Loans

                          	 

                  

                  
                    	 	
                            Exhibit
                              G

                          	
                            Form
                              of Opinion of Counsel

                          	 

                  

                  
                    	 	
                            Exhibit
                              H 

                          	
                            Form
                              of SEC Certification

                          	 

                

              

              
                
                  
                    	 	
                            Exhibit
                              I

                          	
                            Form
                              of Memorandum of Sale

                          	 

                  

                  
                    	 	
                            Exhibit
                              J 

                          	
                            Servicer
                              Requirements 

                          	 

                  

                  
                    	 	
                            Exhibit
                              K

                          	
                            Regulation
                              AB Compliance Addendum

                          	 

                  

                  
                    	 	
                            Exhibit
                              L

                          	
                            Form
                              of Special Foreclosure Rights Section

                          	 

                  

                   

                

              

            

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            FLOW
              SALE
              AND SERVICING AGREEMENT,
              dated
              as of April 21, 2006 (as amended, restated, supplemented or otherwise
              modified
              and in effect from time to time, this “Agreement”),
              is
              made by and between LUMINENT
              MORTGAGE CAPITAL, INC.,
              MERCURY
              MORTGAGE FINANCE STATUTORY TRUST, MAIA MORTGAGE FINANCE STATUTORY
              TRUST,
              as
              purchasers (collectively, the “Purchasers”,
              and
              individually, as the purchaser of any Mortgage Loan (defined below)
              hereunder,
              the “Purchaser”),
              and
INDYMAC
              BANK, F.S.B.,
              as
              seller and servicer (the “Company”).

             

            W
              I T
              N E S S E T H

             

            WHEREAS,
              each Purchaser has agreed to purchase from time to time from the Company
              and the
              Company has agreed to sell from time to time to any Purchaser first
              lien jumbo,
              alternate ‘A’ and conforming fixed and adjustable rate mortgage loans;
              and

             

            WHEREAS,
              the Mortgage Loans will be sold by the Company 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 for
              the related
              Mortgage Loan Package, which will be annexed to a Memorandum of Sale
              (as defined
              herein) on the related Closing Date; and

             

            WHEREAS,
              each of the Purchasers and the Company wish to prescribe the manner
              of purchase
              of the Mortgage Loans and the conveyance, servicing and control of
              the Mortgage
              Loans; and

             

            WHEREAS,
              following any purchase of the Mortgage Loans from the Company, the
              Purchaser may
              desire to sell some or all of the Mortgage Loans to one or more purchasers
              as a
              whole loan transfer, agency transfer or a public or private, rated
              or unrated
              mortgage securitization transaction.

             

            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, each of the Purchasers and the Company agree as
              follows:

             

            ARTICLE
              I

             

            DEFINITIONS

             

            Whenever
              used herein, the following words and phrases, unless the content otherwise
              requires, shall have the following meanings:

             

            Accepted
              Servicing Practices:
              With
              respect to any Mortgage Loan, procedures (including collection procedures)
              that
              comply with applicable federal, state and local law and that the Company
              customarily employs and exercises in servicing and administering mortgage
              loans
              for its own account and that are in accordance with the Fannie Mae
              Single Family
              Servicing Guide in all material respects and the accepted mortgage
              servicing
              practices of prudent mortgage lending institutions which service mortgage
              loans
              of the same type as the Mortgage Loans in the jurisdiction where the
              related
              Mortgaged Property is located.

             

            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:
              As
              defined in the introductory paragraph hereof.

             

            ALTA:
              The
              American Land Title Association or any successor thereto.

             

            Anti-Money
              Laundering Laws:
              As
              defined in Section 3.01(n).

             

            Appraisal:
              A
              written appraisal of a Mortgaged Property made by a Qualified Appraiser,
              which
              appraisal must be written, in form and substance, to Fannie Mae and
              Freddie Mac
              standards, and satisfy the requirements of Title XI of the Financial
              Institution, Reform, Recovery and Enforcement Act of 1989 and the regulations
              promulgated thereunder, in effect as of the date of the appraisal.

             

            Appraised
              Value:
              With
              respect to any Mortgage Loan, the lesser of (i) the value set forth
              on the
              Appraisal made in connection with the origination of the related Mortgage
              Loan
              as the value of the related Mortgaged Property, or (ii) the purchase
              price paid
              for the Mortgaged Property, provided,
              however,
              that in
              the case of a refinanced Mortgage Loan, such value shall be based solely
              on the
              Appraisal made in connection with the origination of such Mortgage
              Loan.

             

            Approved
              Flood Policy Insurer:
              An
              insurer that meets the guidelines of the Federal Insurance
              Administration.

             

            Assignment,
              Assumption and Recognition Agreement:
              The
              agreement substantially in the form of Exhibit
              D
              attached
              hereto.

             

            Assignment
              of Mortgage:
              An
              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 the sale of the Mortgage
              to the
              Purchaser.

             

            BIF:
              The
              Bank Insurance Fund, or any successor thereto.

             

            BPO:
              A
              broker’s price opinion with respect to a Mortgaged Property.

             

            Business
              Day:
              Any day
              other than (i) a Saturday or Sunday, or (ii) a day on which banking
              and savings
              and loan institutions in the State of New York or the state in which
              the
              Company’s servicing operations are located are authorized or obligated by law
              or
              executive order to be closed.

             

            Buydown
              Agreement:
              An
              agreement between the Company 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 the
              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 funds 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 a Mortgage Loan Package, the date or dates, set forth in
              the related
              Memorandum of Sale, on which the Purchaser will purchase and the Company
              will
              sell the Mortgage Loans identified therein. 

             

            Code:
              The
              Internal Revenue Code of 1986, as it may be amended from time to time
              or any
              successor statute thereto, and applicable U.S. Department of the Treasury
              regulations issued pursuant thereto.

             

            Company:
              As
              defined in the introductory paragraph hereof.

             

            Company
              Employees:
              As
              defined in Section 4.12.

             

            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.

             

            Consumer
              Information:
              Any
              personally identifiable information in any form (written electronic
              or
              otherwise) relating to a Mortgagor, including, but not limited to:
              a Mortgagor’s
              name, address, telephone number, Mortgage Loan number, Mortgage Loan
              payment
              history, delinquency status, insurance carrier or payment information,
              tax
              amount or payment information; the fact that the Mortgagor has a relationship
              with the Company or the originator of the related Mortgage Loan; and
              any other
              non-public personally identifiable information.

             

            Co-op
              Shares:
              Shares
              issued by private non-profit housing corporations.

             

            Custodial
              Account:
              The
              separate account or accounts created and maintained pursuant to Section
              4.04.

             

            Custodial
              Agreement:
              The
              agreement governing the retention of the originals of each Mortgage
              Note,
              Mortgage, Assignment of Mortgage and other Mortgage Loan Documents,
              a form of
              which is annexed hereto as Exhibit
              C.

             

            Custodian:
              The
              custodian under the Custodial Agreement, or its successor in interest
              or
              assigns, or any successor to the Custodian under the Custodial Agreement
              as
              provided therein.

             

            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 Purchase Price and Terms Letter.

             

            Defective
              Document:
              As
              defined in Section 3.03.

             

            Deleted
              Mortgage Loan:
              A
              Mortgage Loan which is repurchased by the Company in accordance with
              the terms
              of this Agreement and which is, in the case of a substitution pursuant
              to
              Section 3.03, replaced or to be replaced with a Qualified Substitute
              Mortgage
              Loan.

             

            Determination
              Date:
              The
              fifteenth calendar day of each month (or if such fifteenth day is not
              a Business
              Day, the next immediately preceding Business Day).

             

            Due
              Date:
              The
              first day of the month 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 commencing 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.

             

            Errors
              and Omissions Insurance Policy:
              An
              errors and omissions insurance policy to be maintained by the Company
              pursuant
              to Section 4.12.

             

            Escrow
              Account:
              The
              separate account or accounts created and maintained pursuant to Section
              4.06.

             

            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 10.01.

             

            FACT
              Act:
              As
              defined in Section 3.01.

             

            Fannie
              Mae:
              The
              entity formerly known as Federal National Mortgage Association (FNMA),
              or any
              successor thereto.

             

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

             

            Fidelity
              Bond:
              A
              fidelity bond to be maintained by the Company pursuant to
              Section 4.12.

             

            First
              Remittance Date:
              May 18,
              2006.

             

            Freddie
              Mac:
              The
              entity formerly known as the Federal Home Loan Mortgage Corporation
              (FHLMC), or
              any successor thereto.

             

            GAAP:
              Generally accepted accounting procedures, consistently applied.

             

            Gross
              Margin:
              With
              respect to each Adjustable Rate Mortgage Loan, the fixed percentage
              amount set
              forth in the related Mortgage Note which is added to the Index in order
              to
              determine the related Mortgage Interest Rate.

             

            Holding
              Period:
              As to
              each Mortgage Loan, the period beginning on the Closing Date and ending
              on the
              last day of the second full calendar month thereafter.

             

            Index:
              With
              respect to any Adjustable Rate Mortgage Loan, the index set forth in
              the related
              Mortgage Note for the purpose of calculating interest therein.

             

            Insurance
              Proceeds:
              With
              respect to each Mortgage Loan, proceeds of insurance policies insuring
              the
              Mortgage Loan or the related Mortgaged Property.

             

            Interim
              Funder:
              With
              respect to each MERS Designated Mortgage Loan, the Person named on
              the MERS
              System as the interim funder pursuant to the MERS Procedures
              Manual.

             

            Investor:
              With
              respect to each MERS Designated Mortgage Loan, the Person named on
              the MERS
              System as the investor pursuant to the MERS Procedures Manual.

             

            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, or the sale of the related Mortgaged
              Property if
              the Mortgaged Property is acquired in satisfaction of the Mortgage
              Loan.

             

            Loan-to-Value
              Ratio or LTV:
              With
              respect to any Mortgage Loan, the ratio of the original loan amount
              of the
              Mortgage Loan at its origination (unless otherwise indicated) to the
              Appraised
              Value of the Mortgaged Property.

             

            Manufactured
              Home:
              A
              single family residential unit that is constructed in a factory in
              sections in
              accordance with the Federal Manufactured Home Construction and Safety
              Standards
              adopted on July 15, 1976, by the Department of Housing and Urban Development
              (“HUD
              Code”),
              as
              amended in 2000, which preempts state and local building codes. Each
              unit is
              identified by the presence of a HUD Plate/Compliance Certificate label.
              The
              sections are then transported to the site and joined together and affixed
              to a
              pre-built permanent foundation (which satisfies the manufacturer’s requirements
              and all state, county, and local building codes and regulations). The
              manufactured home is built on a non-removable, permanent frame chassis
              that
              supports the complete unit of walls, floors, and roof. The underneath
              part of
              the home may have running gear (wheels, axles, and brakes) that enable
              it to be
              transported to the permanent site. The wheels and hitch are removed
              prior to
              anchoring the unit to the permanent foundation. The manufactured home
              must be
              classified as real estate and taxed accordingly. The permanent foundation
              may be
              on land owned by the mortgager or may be on leased land.

             

            Market
              Change Event:
              (a) a
              suspension or material limitation in trading in securities generally
              on the New
              York Stock Exchange or on NASDAQ; (b) a general moratorium on commercial
              banking
              activities declared by either Federal or New York State authorities
              or a
              material disruption in commercial banking or securities settlement
              or clearance
              services in the United States; or (c) the outbreak or escalation of
              hostilities
              involving the United States or the declaration by the United States
              of a
              national emergency or war, if the effect of any such event specified
              in clause
              (c) in the judgment of any Purchaser makes it impracticable or inadvisable
              to
              proceed with the transactions as contemplated in this Agreement on
              the terms and
              in the manner contemplated in this Agreement.

             

            Material
              Adverse Change:
              (a) a
              material adverse change in, or a material adverse effect upon, the
              operations,
              business, properties, condition (financial or otherwise) or prospects
              of the
              Company; (b) a material impairment of the ability of the Company to
              perform
              under this Agreement or any related agreements; or (c) a material adverse
              effect
              upon the legality, validity, binding effect or enforceability of this
              Agreement
              against the Company (unless such material adverse effect is directly
              caused by
              an action of any Purchaser which can be remedied by such
              Purchaser).

             

            Memorandum
              of Sale:
              With
              respect to each Mortgage Loan and the Mortgage Loan Package, the memorandum
              of
              sale, substantially in the form of Exhibit
              I
              attached
              hereto, confirming the sale by Company and the purchase by Purchaser
              of the
              Mortgage Loan Package on the related Closing Date.

             

            MERS:
              MERSCORP, Inc., its successors and assigns.

             

            MERS
              Designated Mortgage Loan:
              A
              Mortgage Loan for which (a) the Company has designated or will designate
              MERS
              as, and has taken or will take such action as is necessary to cause
              MERS to be,
              the mortgagee of record, as nominee for the Company, in accordance
              with MERS
              Procedures Manual and (b) the Company has designated or will designate
              the
              Custodian as the Investor on the MERS System.

             

            MERS
              Procedures Manual:
              The
              MERS Procedures Manual, as it may be amended, supplemented or otherwise
              modified
              from time to time.

             

            MERS
              Report:
              The
              report from the MERS System listing MERS Designated Mortgage Loans
              and other
              information.

             

            MERS
              System:
              MERS
              mortgage electronic registry system, as more particularly described
              in the MERS
              Procedures Manual.

             

            Monthly
              Advance:
              The
              portion of each Monthly Payment that is delinquent with respect to
              each Mortgage
              Loan at the close of business on the Determination Date required to
              be advanced
              by the Company pursuant to Section 5.03 on the Business Day immediately
              preceding the Remittance Date of the related month.

             

            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.

             

            Moody’s:
              Moody’s
              Investors Service, Inc.

             

            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 or leasehold
              estate in real property securing the Mortgage Note.

             

            Mortgage
              File:
              The
              items pertaining to a particular Mortgage Loan referred to in Exhibit
              B
              annexed
              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 of interest borne on a Mortgage Note in accordance with
              the
              provisions of the Mortgage Note net of any Relief Act Reduction.

             

            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 annexed to the related Memorandum of Sale, 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.

             

            Mortgage
              Loan Documents:
              The
              documents referred to in Exhibit
              B
              as items
              1 through  9.

             

            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 Memorandum of Sale. 

             

            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 related Mortgage Interest Rate
              minus the
              Servicing Fee Rate.

             

            Mortgage
              Loan Schedule:
              With
              respect to each Mortgage Loan Package, the schedule of Mortgage Loans
              substantially in the form attached as Exhibit
              A
              hereto
              and annexed to the related Memorandum of Sale (and delivered in electronic
              format to the Purchaser), 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 number;

                    

            

             

            
              	(2)  	
                      Mortgagor’s
                        name (including any co-mortgagors);

                    

            

             

            
              	(3)  	
                      the
                        full street address, city, state and zip code of the Mortgaged
                        Property;

                    

            

             

            
              	(4)  	
                      the
                        Mortgagor’s and co-mortgagor’s FICO score;

                    

            

             

            
              	(5)  	
                      a
                        code indicating whether the loan was originated through a
                        correspondent,
                        retail, or wholesale channel;

                    

            

             

            
              	(6)  	
                      the
                        number of units for all Mortgaged Properties;

                    

            

             

            
              	(7)  	
                      the
                        number of bedrooms and eligible rents;

                    

            

             

            
              	(8)  	
                      a
                        code indicating whether the Mortgaged Property is a single
                        family
                        residence, two-family residence, three-family residence,
                        four-family
                        residence, PUD, townhouse or condominium or secured by Co-op
                        Shares;

                    

            

             

            
              	(9)  	
                      the
                        Mortgage Interest Rate as of the Cut-off
                        Date;

                    

            

             

            
              	(10)  	
                      the
                        Mortgage Interest Rate as of the date of
                        origination;

                    

            

             

            
              	(11)  	
                      the
                        current Mortgage Loan Remittance
                        Rate;

                    

            

             

            
              	(12)  	
                      the
                        Monthly Payment as of the date of
                        origination;

                    

            

             

            
              	(13)  	
                      the
                        Monthly Payment as of the Cut-off
                        Date;

                    

            

             

            
              	(14)  	
                      the
                        date of the Mortgage Note;

                    

            

             

            
              	(15)  	
                      the
                        principal balance of the Mortgage Loan as of the Cut-off
                        Date after
                        deduction of payments of principal due on or before the Cut-off
                        Date
                        whether or not collected;

                    

            

             

            
              	(16)  	
                      the
                        date on which the first Monthly Payment was
                        due;

                    

            

             

            
              	(17)  	
                      the
                        last payment date on which a payment was
                        applied;

                    

            

             

            
              	(18)  	
                      the
                        original term to maturity or the remaining months to maturity
                        from the
                        related Cut-off Date, in any case based on the original amortization
                        schedule, and if different, the maturity expressed in the
                        same manner but
                        based on the actual amortization
                        schedule;

                    

            

             

            
              	(19)  	
                      the
                        scheduled maturity date;

                    

            

             

            
              	(20)  	
                      the
                        Loan-to-Value Ratio;

                    

            

             

            
              	(21)  	
                      a
                        code indicating the type of Adjustable Rate Mortgage Loan
                        (i.e. 3/1, 5/1,
                        7/1, etc.);

                    

            

             

            
              	(22)  	
                      the
                        Gross Margin;

                    

            

             

            
              	(23)  	
                      the
                        Index;

                    

            

             

            
              	(24)  	
                      Adjustment
                        Dates and the next Adjustment Date;

                    

            

             

            
              	(25)  	
                      the
                        lifetime Mortgage Interest Rate cap and Periodic
                        Caps;

                    

            

             

            
              	(26)  	
                      a
                        code indicating whether the Mortgage Loan is convertible
                        or
                        not;

                    

            

             

            
              	(27)  	
                      a
                        code indicating the name of the issuer of the PMI Policy,
                        if
                        any;

                    

            

             

            
              	(28)  	
                      a
                        code indicating the lien status of the Mortgage Loan;
                        

                    

            

             

            
              	(29)  	
                      a
                        code indicating whether the Mortgage Loan is a Buydown Mortgage
                        Loan;

                    

            

             

            
              	(30)  	
                      a
                        code indicating whether such Mortgage Loan provides for a
                        Prepayment
                        Penalty and, if applicable, the Prepayment Penalty period
                        for such loan;
                        

                    

            

             

            
              	(31)  	
                      a
                        code indicating whether the Mortgaged Property is owner-occupied
                        or
                        investor property; 

                    

            

             

            
              	(32)  	
                      the
                        documentation level (full, alternative,
                        limited);

                    

            

             

            
              	(33)  	
                      loan
                        purpose;

                    

            

             

            
              	(34)  	
                      the
                        Appraised Value; 

                    

            

             

            
              	(35)  	
                      the
                        applicable Servicing Fee Rate; 

                    

            

             

            
              	(36)  	
                      a
                        code indicating whether the Mortgage Loan is a “high cost” (or similarly
                        classified) loan under applicable federal, state and local
                        laws;
                        and

                    

            

             

            
              	(37)  	
                      a
                        code indicating whether the Mortgage Loan is an Option ARM
                        Mortgage
                        Loan.

                    

            

             

            With
              respect to the Mortgage Loans in the aggregate in the related Mortgage
              Loan
              Package, the respective Mortgage Loan Schedule shall set forth the
              following
              information, as of the Cut-Off Date:

             

            
              	(i)  	
                      the
                        number of Mortgage Loans;

                    

            

             

            
              	(ii)  	
                      the
                        current aggregate outstanding principal balance of the Mortgage
                        Loans;

                    

            

             

            
              	(iii)  	
                      the
                        weighted average Mortgage Interest Rate of the Mortgage Loans;
                        

                    

            

             

            
              	(iv)  	
                      the
                        weighted average months to maturity of the Mortgage
                        Loans.

                    

            

             

            Mortgage
              Note:
              The
              note or other evidence of the indebtedness of a Mortgagor secured by
              a
              Mortgage.

             

            Mortgaged
              Property:
              The
              real property, including any improvements, securing repayment of the
              debt
              evidenced by a Mortgage Note.

             

            Mortgagor:
              The
              obligor on a Mortgage Note.

             

            Negative
              Amortization:
              An
              increase in the mortgage debt that occurs when the Monthly Payment
              is not
              sufficient for full application to both principal and interest. The
              interest
              shortage is added to the unpaid principal balance to create “negative”
amortization.

             

            Nonrecoverable
              Advance:
              Any
              Monthly Advance or Servicing Advance previously made or proposed to
              be made in
              respect of a Mortgage Loan or REO Property that, in the good faith
              business
              judgment of the Company, will not or, in the case of a proposed Monthly
              Advance
              or Servicing Advance, would not ultimately be recoverable from collections
              on
              such Mortgage Loan, Monthly Payments, Insurance Proceeds, Condemnation
              Proceeds
              or Liquidation Proceeds or other amounts received with respect to such
              Mortgage
              Loan or REO Property as provided herein; provided,
              however,
              to the
              extent that the Company determines that any such amount is not recoverable
              from
              collections or other recoveries in respect of such Mortgage Loan, such
              determination shall be evidenced by an Officer’s Certificate setting forth such
              determination and the procedures and considerations of the Company
              forming the
              basis of such determination. 

             

            OCC:
              The
              Office of the Comptroller of the Currency.

             

            Officer’s
              Certificate:
              A
              certificate signed by the Chairman of the Board or the Vice Chairman
              of the
              Board or the President, a Senior Vice President, a First Vice President,
              a Vice
              President or an Assistant Vice President and 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 Company,
              reasonably
              acceptable to the Purchaser.

             

            Option
              ARM Mortgage Loan:
              An
              Adjustable Rate Mortgage Loan with an original term to maturity of
              not more than
              forty (40) 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.

             

            Payment
              Adjustment Date:
              With
              respect to each Adjustable Rate Mortgage Loan or interest-only Mortgage
              Loan,
              the date on which Monthly Payments shall be adjusted. With respect
              to each
              Adjustable Rate Mortgage Loan, the Payment Adjustment Date shall occur
              on the
              date which is eleven months from the first payment date for the Mortgage
              Loan,
              unless otherwise specified in the Mortgage Note, and on each anniversary
              of such
              first Payment Adjustment Date.

             

            Periodic
              Interest Rate Cap:
              As to
              each Adjustable Rate Mortgage Loan, the maximum increase or decrease
              in the
              Mortgage Interest Rate on any Adjustment Date pursuant to the terms
              of the
              Mortgage Note.

             

            Permitted
              Investments:
              Any one
              or more of the following obligations or securities acquired at a purchase
              price
              of not greater than par, regardless of whether issued or managed by
              the Company
              or any of its affiliates or for which an affiliate of the Company serves
              as an
              advisor:

             

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

             

            (ii) (A) demand
              and time deposits in, certificates of deposit of, bankers’ acceptances issued by
              or federal funds sold 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
              authorities,
              so long as, at the time of such investment or contractual commitment
              providing
              for such investment, such depository institution or trust company or
              its
              ultimate parent has a short-term uninsured debt rating in the highest
              available
              rating category of each Rating Agency and provided that each such investment
              has
              an original maturity of no more than 365 days; and provided further
              that, if the
              only Rating Agency is S&P and if the depository or trust company is a
              principal subsidiary of a bank holding company and the debt obligations
              of such
              subsidiary are not separately rated, the applicable rating shall be
              that of the
              bank holding company; and, provided further that, if the original maturity
              of
              such short-term obligations of a domestic branch of a foreign depository
              institution or trust company shall exceed 30 days, the short-term rating
              of such
              institution shall be A-1+ in the case of S&P if S&P is the Rating
              Agency; and (B) any other demand or time deposit or deposit which is fully
              insured by the FDIC;

             

            (iii) repurchase
              obligations with a term not to exceed 30 days with respect to any security
              described in clause (i) above and entered into with a depository
              institution or trust company (acting as principal) rated F-1+ or higher
              by
              Fitch, rated A-1+ by S&P and rated A2 or higher by Moody’s;

             

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

             

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

             

            (vi) units
              of
              taxable money market funds (which may be 12b-1 funds, as contemplated
              under the
              rules promulgated by the Securities and Exchange Commission under the
              Investment
              Company Act of 1940), which funds have the highest rating available
              for such
              securities from the Rating Agencies or which have been designated in
              writing by
              the Rating Agencies as Permitted Investments;

             

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

             

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

             

            PMI
              Policy:
              A
              policy of primary mortgage guaranty insurance issued by a Qualified
              Insurer at
              levels and in amounts which are in accordance with the requirements
              of Fannie
              Mae, as required by this Agreement with respect to certain Mortgage
              Loans.

             

            Prepayment
              Interest Shortfall:
              As to
              any Remittance Date and each Mortgage Loan subject to a Principal Prepayment
              received during the calendar month preceding such Remittance Date,
              the amount,
              if any, by which one month’s interest at the related Mortgage Loan Remittance
              Rate on such Principal Prepayment exceeds the amount of interest paid
              in
              connection with such Principal Prepayment.

             

            Prepayment
              Premium:
              Payments received on a Mortgage Loan as a result of a Principal Prepayment
              hereon, not otherwise due thereon in respect of principal or interest,
              which are
              intended to be a disincentive to prepayment.

             

            Prepayment
              Premium Loan:
              A
              Mortgage Loan with respect to which the Mortgagor must pay a Prepayment
              Premium
              in connection with a Principal Prepayment.

             

            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.

             

            Principal
              Prepayment:
              Any
              payment or other recovery of principal on a Mortgage Loan which is
              received in
              advance of its scheduled Due Date, including any Prepayment 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:
              The
              price paid on the Closing Date by the Purchaser to the Company for
              the Mortgage
              Loans, as calculated as set forth in the related Purchase Price and
              Terms
              Letter.

             

            Purchase
              Price and Terms Letter:
              The
              letter agreement between the Company and the Purchaser entered into
              prior to the
              related Closing Date relating to the sale of one or more Mortgage Loan
              Packages.

             

            Purchaser(s):
              As
              defined in the introductory paragraph hereof.

             

            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 was not affected by the approval or disapproval
              of the
              Mortgage Loan, and such appraiser and the appraisal made by such appraiser
              both
              satisfied the requirements of Title XI of the Financial Institution
              Reform,
              Recovery, and Enforcement Act and the regulations promulgated thereunder,
              all as
              in effect on the date the Mortgage Loan was originated.

             

            Qualified
              Depository:
              Either
              (i) an account or accounts maintained with a federal or state chartered
              depository institution or trust company the 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) have the highest short-term ratings
              of each
              Rating Agency at the time any amounts are held on deposit therein,
              or (ii) a
              trust account or accounts maintained with the trust department of a
              federal or
              state chartered depository institution or trust company, acting in
              its fiduciary
              capacity.

             

            Qualified
              Insurer:
              A
              mortgage guaranty insurance company duly authorized and licensed where
              required
              by law to transact mortgage guaranty insurance business and approved
              as an
              insurer by Fannie Mae or Freddie Mac.

             

            Qualified
              Substitute Mortgage Loan:
              A
              mortgage loan eligible to be substituted by the Company for a Deleted
              Mortgage
              Loan which must, on the date of such substitution be approved by the
              Purchaser
              and (i) have an outstanding principal balance, after deduction of all
              scheduled
              payments due in the month of substitution (or in the case of a substitution
              of
              more than one mortgage loan for a Deleted Mortgage Loan, an aggregate
              principal
              balance), not in excess of the Stated Principal Balance of the Deleted
              Mortgage
              Loan; (ii) have a Mortgage Loan Remittance Rate not less than, and
              not more than
              2% greater than, the Mortgage Loan Remittance Rate of the Deleted Mortgage
              Loan;
              (iii) have a remaining term to maturity not greater than and not more
              than one
              year less than that of the Deleted Mortgage Loan; (iv) comply with
              each
              representation and warranty set forth in Sections 3.01 and 3.02; (v)
              be of the
              same type as the Deleted Mortgage Loan; (vi) have a Gross Margin not
              less than
              that of the Deleted Mortgage Loan; (vii) have the same Index as the
              Deleted
              Mortgage Loan; (viii) will have a FICO score not less than that of
              the Deleted
              Mortgage Loan; (ix) have an LTV not greater than that of the Deleted
              Mortgage
              Loan; (x) have a Prepayment Premium with a term and an amount at least
              equal to
              the Prepayment Premium of the Deleted Mortgage Loan; and (xi) have
              a Company
              credit grade not lower in quality than that of the Deleted Mortgage
              Loan.

             

            Rating
              Agency:
              Each of
              Fitch, Inc., Moody’s and S&P, or any successor thereto.

             

            Reconstitution
              Agreement:
              As
              defined in Section 9.01.

             

            Reconstitution
              Date:
              The
              date on which any or all of the Mortgage Loans serviced under this
              Agreement
              shall be removed from this Agreement and reconstituted as part of a
              Securitization Transaction or Whole Loan Transfer pursuant to Section
              9.01
              hereof. The Reconstitution Date shall be such date which the Purchaser
              and the
              subsequent purchaser or transferee of the related Mortgage Loans shall
              designate. On such date, except as provided in this Agreement, the
              Mortgage
              Loans transferred shall cease to be covered by this Agreement and the
              Company’s
              servicing responsibilities shall cease under this Agreement with respect
              to the
              related transferred Mortgage Loans.

             

            Record
              Date:
              The
              close of business of the last Business Day of the month preceding the
              month of
              the related Remittance Date.

             

            Relief
              Act Reduction:
              With
              respect to any Mortgage Loan as to which there has been a reduction
              in the
              amount of interest collectible thereon as a result of the application
              of the
              Servicemembers Civil Relief Act, as amended, or any similar state law,
              any
              amount by which interest collectible on such Mortgage Loan for the
              Due Date in
              the related Due Period is less than the interest accrued thereon for
              the
              applicable one-month period at the Mortgage Interest Rate without giving
              effect
              to such reduction.

             

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

             

            REMIC
              Provisions:
              Provisions of the federal income tax law relating to a REMIC, which
              appear at
              Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A
              of the Code,
              and related provisions, and regulations, rulings or pronouncements
              promulgated
              thereunder, as the foregoing may be in effect from time to time.

             

            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.

             

            REO
              Disposition:
              The
              final sale by the Company of any REO Property.

             

            REO
              Disposition Proceeds:
              All
              amounts received with respect to an REO Disposition pursuant to Section
              4.16.

             

            REO
              Property:
              A
              Mortgaged Property acquired by the Company on behalf of the Purchaser
              through
              foreclosure or by deed in lieu of foreclosure, as described in Section
              4.16.

             

            Repurchase
              Price:
              With
              respect to any Mortgage Loan, a price equal to (i) (A) prior to the
              date which
              is twelve (12) months following the Closing Date, the product of the
              Stated
              Principal Balance of such Mortgage Loan times the greater of (x) the
              Purchase
              Price Percentage, or (y) 100%, and (B) thereafter, the Stated Principal
              Balance
              of the Mortgage Loan plus (ii) interest on such Stated Principal Balance
              at the
              Mortgage Loan Interest Rate from the date on which interest has last
              been paid
              and distributed to the Purchaser to the last day of the month in which
              such
              repurchase occurs, 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 plus the amount of any advances
              owed to
              any servicer, plus all costs and expenses incurred by the Purchaser
              or any
              servicer arising out of or based upon such breach, including without
              limitation,
              costs and expenses incurred in the enforcement of the Company’s repurchase
              obligation hereunder plus (iii) with respect to any Mortgage Loan subject
              to a
              Securitization Transaction, any costs and damages incurred by the related
              trust
              in connection with any violation by such Mortgage Loan of any predatory
              or
              abusive lending law.

             

            RESPA:
              The
              Real Estate Settlement Procedures Act, as amended.

             

            SAIF:
              The
              Savings Association Insurance Fund, or any successor thereto.

             

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

             

            SEC:
              As
              defined in Section 9.01(f).

             

            SEC
              Certification:
              As
              defined in Section 9.01(f).

             

            Securities
              Act of 1933 or the 1933 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
              Requirements:
              As
              defined in Section 5.02.

             

            Servicing
              Advances:
              All
              customary, reasonable and necessary “out of pocket” costs and expenses
              (including reasonable attorneys’ fees and disbursements) other than Monthly
              Advances 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
              or
              judicial proceedings, including foreclosures, (c) the management and
              liquidation
              of any REO Property and (d) 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 applicable 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 (including
              recoveries
              with respect to interest from Liquidation Proceeds, Condemnation Proceeds
              and
              Insurance Proceeds to the extent permitted by Section 4.05) of such
              Monthly
              Payment collected by the Company, or as otherwise provided under Section
              4.05.

             

            Servicing
              Fee Rate:
              With
              respect to each Mortgage Loan, the per annum rate specified for such
              Mortgage
              Loan set forth on the Mortgage Loan Schedule or if not specified thereon,
              in the
              Purchase Price and Terms Letter.

             

            Servicing
              File:
              With
              respect to each Mortgage Loan, the file retained by the Company consisting
              of
              originals or copies, which may be imaged copies, of all documents in
              the
              Mortgage File which are not delivered to the Custodian and copies of
              the
              Mortgage Loan Documents listed in the Custodial Agreement the originals
              of which
              are delivered to the Custodian pursuant to Section 2.03.

             

            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.

             

            Servicing
              Systems:
              As
              defined in Section 5.02.

             

             

            Servicing
              Transfer Event:
              With
              respect to any Mortgage Loan, the occurrence of any of the following
              events:

             

            
              	(i)  	
                      a
                        payment default shall have occurred on such Mortgage Loan
                        at its original
                        maturity date, or if the original maturity date of such Mortgage
                        Loan has
                        been extended, a payment default occurs on such Mortgage
                        Loan at its
                        extended maturity date; or

                    

            

             

            
              	(ii)  	
                      any
                        Monthly Payment is 90 days or more delinquent;
                        or

                    

            

             

            
              	(iii)  	
                      the
                        date upon which the Company determines that a payment default
                        is imminent
                        and is not likely to be cured by the related Mortgagor within
                        90 days;
                        or

                    

            

             

            
              	(iv)  	
                      the
                        date upon which a decree or order of a court or agency or
                        supervisory
                        authority having jurisdiction in the premises in an involuntary
                        case under
                        any present or future federal or state bankruptcy, insolvency
                        or similar
                        law, or the appointment of a conservator, receiver or liquidator
                        in any
                        insolvency, readjustment of debt, marshaling of assets and
                        liabilities or
                        similar proceedings, or for the winding-up or liquidation
                        of its affairs,
                        and being entered against the related Mortgagor; and such
                        decree or order
                        shall have remained in force undischarged or unstayed for
                        a period of 60
                        days; or

                    

            

             

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

                    

            

             

            
              	(vi)  	
                      the
                        related Mortgagor 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

                    

            

             

            
              	(vii)  	
                      a
                        default of which the Company has notice (other than a failure
                        by such
                        Mortgagor to pay principal or interest) and which in the
                        opinion of the
                        Company materially and adversely affects the interests of
                        the Purchaser
                        has occurred and remained unremedied for the applicable grace
                        period
                        specified in such Mortgage Loan (or if no grace period is
                        specified for
                        those defaults which are capable of cure, 30 days);
                        or

                    

            

             

            
              	(viii)  	
                      the
                        Company has received notice of the foreclosure or proposed
                        foreclosure of
                        any lien on the related Mortgaged
                        Property.

                    

            

            

            Special
              Servicer:
              A
              special servicer appointed by the Purchaser to service Mortgage Loans
              after the
              occurrence of a Servicing Transfer Event.

            

            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.

            

            Subservicer:
              Any
              Person with which the Company has entered into a Subservicing Agreement,
              provided that such Person is a Fannie Mae or 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.

             

            Subservicing
              Agreement:
              Any
              subservicing agreement (which, in the event the Subservicer is an affiliate
              of
              the Company, need not be in writing) between the Company and any Subservicer
              relating to servicing and/or administration of certain Mortgage Loans
              as
              provided in Section 3.01(b).

             

            Substitution
              Adjustment Amount:
              As
              defined in Section 3.03.

             

            Underwriting
              Guidelines:
              The
              underwriting guidelines of the Company with respect to jumbo and alternate
‘A’
Mortgage Loans, attached as Exhibit
              E
              hereto,
              as the same shall be updated from time to time; provided,
              that no
              updated underwriting guidelines of the Company shall constitute “Underwriting
              Guidelines” hereunder until such updates have been received by the Purchasers.
              The exception policies of the Company shall be incorporated into and
              considered
              a part of the Underwriting Guidelines.

             

            Whole
              Loan Transfer:
              Any
              sale or transfer of some or all of the Mortgage Loans, other than a
              Securitization Transaction.

             

            ARTICLE
              II

             

            AGREEMENT
              TO PURCHASE; PURCHASE PRICE; POSSESSION OF MORTGAGE FILES; MAINTENANCE
              OF
              SERVICING FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF
              DOCUMENTS;
              CLOSING CONDITIONS

             

            
              	Section
                      2.01  	
                      Agreement
                        to Purchase; Purchase Price;
                        Mortgage and Servicing Files.

                    

            

             

            
              	(a)  	
                      Agreement
                        to Purchase.

                    

            

             

            In
              exchange for the payment of the Purchase Price to the Company on the
              related
              Closing Date, the Company agrees to sell and the Purchaser agrees to
              purchase,
              without recourse but subject to the terms of this Agreement, on a servicing
              retained basis, all the right, title and interest of the Company in
              and to the
              Mortgage Loans included in a Mortgage Loan Package, which have an aggregate
              Stated Principal Balance on the related Cut-off Date in an amount as
              set forth
              in the related Purchase Price and Terms Letter, or in such other amount
              as
              agreed by the Purchaser and the Company as evidenced by the aggregate
              Stated
              Principal Balance of the Mortgage Loan Package accepted by the Purchaser
              on the
              related Closing Date. The Company shall deliver the Mortgage Loan Schedule
              for
              the Mortgage Loan Package to be purchased on the related Closing Date
              to the
              Purchaser at least two (2) Business Days prior to such Closing
              Date.

             

            
              	(b)  	
                      Purchase
                        Price.

                    

            

             

            The
              Purchase Price for each Mortgage Loan Package shall be the percentage
              of par as
              stated in or as otherwise calculated pursuant to the related Purchase
              Price and
              Terms Letter (subject to adjustment as provided therein), 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 prior to the related Closing Date, inclusive. The initial
              principal amount of the Mortgage Loans shall be the aggregate Stated
              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 payments
              shall be
              made to the account designated by the Company by wire transfer to immediately
              available funds by 3:00 p.m., Charlotte, North Carolina time, on the
              related
              Closing Date.

             

            The
              Purchaser shall be entitled to (1) all scheduled principal due (except
              with
              respect to Option ARM Mortgage Loans, in which case, to the extent
              received)
              after the related Cut-off Date, (2) all other recoveries of principal
              collected
              on or after the related Cut-off Date (provided,
              however,
              that,
              except with respect to Option ARM Mortgage Loans, 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 at
              the Mortgage
              Loan Remittance Rate (minus that portion of any such payment that 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
              Cut-off Date
              shall not be applied to the principal balance as of the Cut-off Date.
              Such
              prepaid amounts (minus interest at the Servicing Fee Rate) shall be
              the property
              of the Purchaser. The Company shall deposit any such prepaid amounts
              into the
              Custodial Account for the benefit of the Purchaser.

             

            
              	(c)  	
                      Possession
                        of Mortgage Files; Maintenance of Servicing Files.

                    

            

             

            The
              contents of each Servicing File are and shall be held in trust by the
              Company
              for the benefit of the Purchaser as the owner thereof. 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. Upon the
              sale of the
              Mortgage Loans the ownership of each Mortgage Note, the related Mortgage
              and the
              related Mortgage File and Servicing File shall vest immediately 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
              Company shall vest immediately in the Purchaser and shall be retained
              and
              maintained by the Company, in trust, at the will of the Purchaser and
              only in
              such custodial capacity. The Company shall release its custody of the
              contents
              of any Servicing File only in accordance with written instructions
              from the
              Purchaser, unless 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 pursuant to Section 3.03 or 6.02.

             

            
              	Section
                      2.02  	
                      Books
                        and Records; Transfers of Mortgage Loans.

                    

            

             

            From
              and
              after the sale of the Mortgage Loans to 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, except Prepayment Premiums, shall
              be
              received and held by the Company in trust for the benefit of the Purchaser
              as
              owner of the Mortgage Loans, and the Company, if applicable, shall
              retain record
              title to the related Mortgages for the sole purpose of facilitating
              the
              servicing and the supervision of the servicing of the Mortgage
              Loans.

             

            The
              sale
              of each Mortgage Loan shall be reflected on the Company’s balance sheet and
              other financial statements, tax returns and business records 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 each Mortgage Loan,
              which
              shall be marked clearly to reflect the ownership of each 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
              Freddie
              Mac, 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 and eligibility of any condominium project for approval
              by
              Fannie Mae or Freddie Mac 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 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 Fannie Mae or Freddie Mac.

             

            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.

             

            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 the Mortgage Loans unless the books and
              records
              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. The Purchaser shall advise the Company of any such 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 shall
              release
              the previous Purchaser from its obligations hereunder with respect
              to the
              Mortgage Loans sold or transferred. If the Company receives notification
              of a
              transfer less than five (5) Business Days before the last calendar
              day of the
              month, the Company’s duties to remit and report as required by Article V shall
              begin with the next Due Period.

             

            
              	Section
                      2.03  	
                      Custodial
                        Agreement; Delivery of Documents.

                    

            

             

            Pursuant
              to the related Custodial Agreement, the Company will, with respect
              to each
              Mortgage Loan, deliver and release the Mortgage Loan Documents to the
              Custodian
              at least five (5) Business Days prior to the related Closing Date.
              In addition,
              in connection with the assignment of any MERS Designated Mortgage Loan,
              the
              Company agrees that on or prior to each Closing Date it will cause,
              at its own
              expense, the MERS System to indicate that the related Mortgage Loans
              have been
              assigned by the Company to the Purchaser in accordance with this Agreement
              by
              entering in the MERS System the information required by the MERS System
              to
              identify the Purchaser as owner 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.

             

            If
              pursuant to the foregoing provisions the Company repurchases a Mortgage
              Loan
              that is a MERS Designated Mortgage Loan, the Company shall either (i)
              cause MERS
              to execute and deliver an Assignment of 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 (ii) cause MERS to designate on the MERS System the
              Company or
              its designee as the beneficial holder of such Mortgage Loan.

             

            The
              Custodian shall be required to certify its receipt of the Mortgage
              Loan
              Documents required to be delivered pursuant to the Custodial Agreement
              prior to
              the related Closing Date, as evidenced by the initial certification
              of the
              Custodian in the form annexed to the Custodial Agreement. The Company
              shall be
              responsible for recording the Assignments of Mortgage, if necessary,
              in
              accordance with Accepted Servicing Practices and this Agreement. The
              Purchaser
              shall be responsible for the initial and on-going fees and expenses
              of the
              Custodian.

             

            All
              recording fees and other costs associated with the recording of Assignments
              of
              Mortgage and other relevant documents to the Purchaser or its designee
              will be
              borne by the Company. For Mortgage Loans not registered under the MERS
              System,
              if the Purchaser requests that the related Assignments of Mortgage
              be recorded,
              the Company shall cause such Assignments of Mortgage which were delivered
              in
              blank to be completed and to be recorded. The Company shall be required
              to
              deliver such Assignments of Mortgage for recording within thirty (30)
              days after
              the date on which the Company is notified that recording will be required
              pursuant to this Section 2.03. The Company shall furnish the Custodian
              with a
              copy of each Assignment of Mortgage submitted for recording. In the
              event that
              any such Assignment is lost or returned unrecorded because of a defect
              therein,
              the Company shall promptly have a substitute Assignment of Mortgage
              prepared or
              have such defect cured, as the case may be, and thereafter cause such
              Assignment
              of Mortgage to be duly recorded.

             

            Except
              as
              otherwise provided in this Section 2.03, upon discovery or receipt
              of notice of
              any materially defective Mortgage Loan Document, or that a Mortgage
              Loan
              Document is missing, the Company shall have ninety (90) days to cure
              such defect
              or deliver such missing document to the Custodian. Any Mortgage that
              is not
              executed as required or does not strictly comply with all legal requirements
              shall be deemed to be materially defective. If the Company does not
              cure such
              defect or deliver such missing document within such time period, the
              Company
              shall either repurchase or substitute for such Mortgage Loan in accordance
              with
              Section 3.03.

             

            The
              Company shall forward to the Custodian 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 Custodian with a certified true copy
              of any such
              document submitted for recordation within ten (10) days after 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 after
              its
              submission for recordation.

             

            If
              the
              original or a copy certified by the appropriate recording office of
              any document
              submitted for recordation to the appropriate public recording office
              is not so
              delivered to the Custodian within 180 days following the related Closing
              Date,
              and if the Company does not cure such failure within thirty (30) 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
              Company at a price and in the manner specified in Section 3.03.

             

            In
              the
              event the public recording office is delayed in returning any original
              document,
              the Company shall deliver to the Custodian within 180 days after its
              submission
              for recordation, a copy of such document and an Officer’s Certificate, which
              shall (i) identify the recorded document, (ii) state that the recorded
              document
              has not been delivered to the Custodian due solely to a delay by the
              public
              recording office, (iii) state the amount of time generally required
              by the
              applicable recording office to record and return a document submitted
              for
              recordation and (iv) specify the date the applicable recorded document
              will be
              delivered to the Custodian. The Company will be required to deliver
              the document
              to the Custodian by the date specified in (iv) above. An extension
              of the date
              specified in (iv) above may be requested from the Purchaser, which
              consent shall
              not be unreasonably withheld. However, if the Company cannot 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 thirty (30) days after receipt of written notification
              of such
              failure from the Purchaser, the Company shall repurchase the related
              Mortgage
              Loan at the price and in the manner specified in Section 3.03.

             

            In
              addition to any rights granted to the Purchaser hereunder to underwrite
              the
              Mortgage Loans and review the Mortgage Loan Documents prior to the
              Closing Date,
              the Purchaser shall be entitled to conduct a due diligence review of
              the
              Mortgage Files in accordance with the timetable and any additional
              terms and
              conditions set forth in the Purchase Price and Terms Letter. 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
                      2.04  	
                      Quality
                        Control Procedures.

                    

            

             

            The
              Company shall 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
              shall
              include evaluating and monitoring the overall quality of the Company’s loan
              production and the servicing activities of the Company in accordance
              with
              industry standards. The Company shall make available upon request of
              any
              Purchaser information regarding its quality control program.

             

            
              	Section
                      2.05  	
                      Closing
                        Conditions.

                    

            

             

            The
              closing for the purchase and sale of each Mortgage Loan Package shall
              take place
              on the respective 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 may agree. 

             

            The
              closing for each Mortgage Loan Package shall be subject to the satisfaction
              of
              each of the following conditions precedent: 

             

            (a) with
              respect to the Purchaser’s obligations to close: 

             

            (i) the
              Company shall have delivered to the Purchaser and the Custodian the
              related
              Mortgage Loan Schedule and an electronic data file containing information
              on a
              loan-level basis;

             

            (ii) all
              of
              the representations and warranties of the Company under this Agreement
              shall be
              true and correct as of the related Closing Date (or, with respect to
              Section
              3.02, 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;

             

            (iii) the
              Purchaser and its counsel shall have received an opinion from the Company’s
              counsel, substantially in the form of Exhibit
              G
              attached
              hereto (with respect to the initial closing only);

             

            (iv)
               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; 

             

            (v)
               the
              Purchaser shall have received originals of the related Memorandum of
              Sale, the
              related Purchase Price and Terms Letter and a funding memorandum setting
              forth
              the Purchase Price(s), and the accrued interest thereon, for the Mortgage
              Loan
              Package, in each case executed on behalf of the Company; 

             

            (vi) no
              Material Adverse Change or Market Change Event shall have occurred
              since the
              date of the Purchase Price and Terms Letter; 

             

            (vii) all
              other
              terms and conditions of this Agreement, the related Memorandum of Sale
              and the
              related Purchase Price and Terms Letter to be satisfied by the Company
              shall
              have been complied with in all material respects; and 

             

            (b) with
              respect to the Company’s obligations to close:

             

            (i) the
              Company shall have received a copy of the initial certification of
              the Custodian
              with respect to its receipt of the Mortgage Loan Documents for the
              related
              Mortgage Loans; 

             

            (ii) the
              Company has received originals of the related Memorandum of Sale, the
              related
              Purchase Price and Terms Letter and a funding memorandum setting forth
              the
              Purchase Price(s), and accrued interest thereon, for the Mortgage Loan
              Package,
              in each case executed on behalf of the Purchaser; and 

             

            (iii) all
              terms
              and conditions of this Agreement, the related Memorandum of Sale and
              the related
              Purchase Price and Terms Letter to be satisfied by the Purchaser shall
              have been
              materially complied with. 

             

            Upon
              satisfaction of the foregoing conditions, the Purchaser shall pay to
              the Company
              on such Closing Date the Purchase Price for the related Mortgage Loan
              Package,
              including accrued interest pursuant to Section 2.01 of this Agreement.
              

             

            ARTICLE
              III

             

            REPRESENTATIONS
              AND WARRANTIES REMEDIES AND BREACH

             

            
              	Section
                      3.01  	
                      Company
                        Representations and Warranties.

                    

            

             

            The
              Company hereby represents and warrants to the Purchaser that, as of
              the related
              Closing Date:

             

            
              	(a)  	
                      Due
                        Organization and Authority.

                    

            

             

            The
              Company is a federally chartered savings bank company 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 each state where a Mortgaged
              Property is located if the laws of such state require licensing or
              qualification
              in order to conduct business of the type conducted by the Company,
              and in any
              event the Company is in compliance with the laws of any such state
              to the extent
              necessary to ensure the enforceability of the related Mortgage Loan
              and the
              servicing of such Mortgage Loan in accordance with the terms of this
              Agreement;
              the Company has the full 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 the Company and the consummation
              of the
              transactions contemplated hereby have been duly and validly authorized;
              this
              Agreement evidences the valid, binding and enforceable obligation of
              the
              Company; and all requisite corporate action has been taken by the Company
              to
              make this Agreement valid and binding upon the Company in accordance
              with its
              terms.

             

            
              	(b)  	
                      Ordinary
                        Course of Business.

                    

            

             

            The
              consummation of the transactions contemplated by this Agreement are
              in the
              ordinary course of business of the Company, who is in the business
              of selling
              and servicing loans, and the transfer, assignment and conveyance of
              the Mortgage
              Notes and the Mortgages by the Company pursuant to this Agreement are
              not
              subject to the bulk transfer or any similar statutory provisions in
              effect in
              any applicable jurisdiction.

             

            
              	(c)  	
                      No
                        Conflicts.

                    

            

             

            Neither
              the execution and delivery of this Agreement, the acquisition of the
              Mortgage
              Loans by the Company, the sale of the Mortgage Loans to the Purchaser
              or the
              transactions contemplated hereby, nor the fulfillment of or compliance
              with the
              terms and conditions of this Agreement will conflict with or result
              in a breach
              of any of the terms, articles of incorporation or by-laws or 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 the violation
              of
              any law, rule, regulation, order, judgment or decree to which the Company
              or its
              property is subject, or impair the ability of the Purchaser to realize
              on the
              Mortgage Loans, or impair the value of the Mortgage Loans.

             

            
              	(d)  	
                      Ability
                        to Service.

                    

            

             

            The
              Company is an approved seller/servicer of conventional residential
              mortgage
              loans for Fannie Mae or Freddie Mac, with the facilities, procedures,
              and
              experienced personnel necessary for the sound servicing of mortgage
              loans of the
              same type as the Mortgage Loans. The Company is a HUD approved mortgagee
              pursuant to Section 203 of the National Housing Act and is in good
              standing to
              sell mortgage loans to and service mortgage loans for Fannie Mae or
              Freddie Mac,
              and no event has occurred, including but not limited to a change in
              insurance
              coverage, which would make the Company unable to comply with Fannie
              Mae or
              Freddie Mac eligibility requirements or which would require notification
              to
              either Fannie Mae or Freddie Mac.

             

            
              	(e)  	
                      Reasonable
                        Servicing Fee; Fair Consideration.

                    

            

             

            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. The consideration received by the Company upon the
              sale of
              the Mortgage Loans under this Agreement shall constitute fair consideration
              and
              reasonably equivalent value for the Mortgage Loans.

             

            
              	(f)  	
                      Ability
                        to Perform; Solvency.

                    

            

             

            The
              Company 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.
              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
              to hinder,
              delay or defraud any of the Company’s creditors.

             

            
              	(g)  	
                      No
                        Litigation Pending.

                    

            

             

            There
              is
              no action, suit, proceeding or investigation pending or to its knowledge
              threatened against the Company which, either in any one instance or
              in the
              aggregate, may result in any material adverse change in the business,
              operations, financial condition, properties or assets of the Company,
              or in any
              material impairment of the right or ability of the Company to carry
              on its
              business substantially as now conducted, or in any material liability
              on the
              part of the Company, or which would draw into question the validity
              of this
              Agreement or the Mortgage Loans or of any action taken or to be contemplated
              herein, or which would be likely to impair materially the ability of
              the Company
              to perform under the terms of this Agreement.

             

            
              	(h)  	
                      No
                        Consent Required.

                    

            

             

            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 sale of the
              Mortgage
              Loans as evidenced by the consummation of the transactions contemplated
              by this
              Agreement, or if required, such consent, approval, authorization or
              order has
              been obtained prior to the related Closing Date.

             

            
              	(i)  	
                      Selection
                        Process.

                    

            

             

            The
              Mortgage Loans will be selected on such Closing Date from among the
              outstanding
              fixed and adjustable rate one- to four-family mortgage loans in the
              Company’s
              portfolio at such Closing Date as to which the representations and
              warranties
              set forth in Section 3.02 could be made and such selection will not
              be made in a
              manner so as to affect adversely the interests of the Purchaser.

             

            
              	(j)  	
                      No
                        Untrue Information.

                    

            

             

            Neither
              this Agreement nor any statement, report or other document furnished
              by or on
              behalf of the Company or to be furnished pursuant to this Agreement
              or in
              connection with the transactions contemplated hereby contains any untrue
              statement of material fact or omits to state a material fact necessary
              to make
              the statements contained therein not misleading.

             

            
              	(k)  	
                      Sale
                        Treatment.

                    

            

             

            The
              Company has determined that the disposition of the Mortgage Loans pursuant
              to
              this Agreement will be afforded sale treatment for accounting and tax
              purposes.

             

            
              	(l)  	
                      No
                        Material Change.

                    

            

             

            There
              has
              been no material adverse change in the business, operations, financial
              condition
              or assets of the Company since the date of the Company’s most recent financial
              statements. 

             

            
              	(m)  	
                      No
                        Brokers’ Fees.

                    

            

             

            The
              Company has not dealt with any broker, investment banker, agent or
              other Person
              that may be entitled to any commission or compensation in the connection
              with
              the sale of the Mortgage Loans.

             

            
              	(n)  	
                      Anti-Money
                        Laundering Law Compliance.

                    

            

             

            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, has conducted the requisite due
              diligence in
              connection with the origination of each Mortgage Loan for purposes
              of the
              Anti-Money Laundering Laws, including with respect to the legitimacy
              of the
              applicable Mortgagor and the origin of the assets used by the said
              Mortgagor to
              purchase the property in question, and maintains, and will maintain,
              sufficient
              information to identify the applicable Mortgagor for purposes of the
              Anti-Money
              Laundering Laws.

             

            
              	(o)  	
                      MERS.

                    

            

             

            The
              Company is 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
              Designated Mortgage Loans. On or within two (2) Business Days following
              the
              related Closing Date, the Company shall provide the Custodian and the
              Purchaser
              with a MERS Report reflecting the Purchaser as the Investor on the
              MERS System
              with respect to each MERS Designated Mortgage Loan and no Person as
              Interim
              Funder for each MERS Designated Mortgage Loan.

             

            
              	(p)  	
                      Financial
                        Statements.

                    

            

             

            The
              Company has delivered to the Purchaser financial statements as requested
              by the
              Purchaser. All such financial statements fairly present the pertinent
              results of
              operations and changes in financial position for each of such periods
              and the
              financial position at the end of each such period of the Company and
              its
              subsidiaries and have been prepared in accordance with generally accepted
              accounting principles consistently applied throughout the periods involved.
              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
              statements that would have a material adverse effect on its ability
              to perform
              its obligations under this Agreement.

             

            
              	(q)  	
                      Compliance
                        with the FACT Act.
                        

                    

            

             

            As
              of the
              Closing Date, the sale or transfer of each Mortgage Loan by the Company
              complies
              with all applicable federal, state and local laws, rules and regulations
              governing such sale or transfer, including without limitation, the
              Fair and
              Accurate Transactions Act (the “FACT
              Act”)
              and
              the Fair Credit Reporting Act, each as may be amended from time to
              time, and the
              Company has not received any actual or constructive notice of any identity
              theft, fraud, or other misrepresentation in connection with such Mortgage
              Loan
              or any party thereto.

             

            
              	Section
                      3.02  	
                      Representations
                        and Warranties Regarding Individual Mortgage Loans.

                    

            

             

            As
              to
              each Mortgage Loan, the Company hereby represents and warrants to the
              Purchaser
              that as of the related Closing Date all of the representations and
              warranties
              set forth on Exhibit
              F
              are
              true, complete and correct.

             

            
              	Section
                      3.03  	
                      Repurchase.

                    

            

             

            It
              is
              understood and agreed that the representations and warranties set forth
              or
              referred to in Sections 3.01 and 3.02 shall survive the sale of the
              Mortgage
              Loans to the Purchaser and the delivery of the Mortgage Loan Documents
              to the
              Custodian 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 failure to examine any Mortgage File.
              Upon
              discovery by either the Company or the Purchaser of any materially
              defective or
              missing Mortgage Loan Document (“Defective
              Document”)
              or a
              breach of any of the foregoing representations and warranties that
              materially
              and adversely affects the value of a Mortgage Loan or the interest
              of the
              Purchaser (or that materially and adversely affects the interests of
              the
              Purchaser in the related Mortgage Loan in the case of a representation
              and
              warranty relating to a particular Mortgage Loan), the party discovering
              such
              Defective Document or a breach shall give prompt written notice to
              the other.
              Any such breach or Defective Document that causes a Mortgage Loan not
              to be a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code shall
              be deemed to materially and adversely affect the interests of the
              Purchaser.

             

            Within
              sixty (60) days after the earlier of either discovery by or notice
              to the
              Company of any Defective Document or a breach of a representation or
              warranty
              which materially and adversely affects the value of a Mortgage Loan
              or the
              interest of the Purchaser therein, the Company shall use its best efforts
              promptly to cure such breach in all material respects and, if such
              Defective
              Document or breach cannot be cured, the Company shall, at the Purchaser’s
              option, repurchase such Mortgage Loan at the Repurchase Price. In the
              event that
              a breach shall involve any representation or warranty set forth in
              Section 3.01,
              and such breach cannot be cured within sixty (60) days of the earlier
              of either
              discovery by or notice to the Company of such breach, such of the Mortgage
              Loans
              as shall be necessary to cure such breach shall, at the Purchaser’s option, be
              repurchased by the Company at the Repurchase Price. However, if the
              breach or
              Defective Document shall involve a representation or warranty set forth
              or
              referred to in Section 3.02 and the Company discovers or receives notice
              of any
              such breach within ninety (90) days of the related Closing Date, the
              Company
              may, if the breach or Defective Document cannot be cured, with the
              Purchaser’s
              consent and provided that the Company has a Qualified Substitute Mortgage
              Loan,
              rather than repurchase the Mortgage Loan as provided above, remove
              such Mortgage
              Loan (a “Deleted
              Mortgage Loan”)
              and
              substitute in its place a Qualified Substitute Mortgage Loan or Loans,
              provided
              that any such substitution shall be effected not later than one hundred
              twenty
              (120) days after the related Closing Date. Notwithstanding any of the
              foregoing,
              if a breach or Defective Document would cause the Mortgage Loan to
              be other than
              a “qualified mortgage,” as defined in Section 860G(a)(3) of the Code, any such
              repurchase or substitution must occur within forty-five (45) days from
              the date
              the breach or Defective Document was discovered unless such breach
              is cured
              during such period.

             

            If
              the
              Company has no Qualified Substitute Mortgage Loan, it shall repurchase
              the
              deficient Mortgage Loan within sixty (60) days after the written notice
              of the
              breach or Defective Document. Notwithstanding the above sentence, within
              sixty
              (60) days after the earlier of either discovery by, or notice to, the
              Company of
              any breach of the representations or warranties set forth or referred
              to in
              Section 3.02 related to a predatory or abusive lending law, the Company
              shall
              repurchase such Mortgage Loan at the Repurchase Price. Any repurchase
              of a
              Mortgage Loan or Loans pursuant to the foregoing provisions of this
              Section 3.03
              shall occur on a date mutually acceptable to the Purchaser and the
              Company and
              within the timeframes set forth in this Agreement and shall be accomplished
              by
              deposit in the Custodial Account of the amount of the Repurchase Price
              for
              distribution to the Purchaser on the next scheduled Remittance Date,
              after
              deducting therefrom any amount received in respect of such repurchased
              Mortgage
              Loan or Loans and being held in the Custodial Account for future
              distribution.

             

            At
              the
              time of repurchase or substitution, the Purchaser and the Company shall
              arrange
              for the reassignment of the Deleted Mortgage Loan to the Company and
              the
              delivery to the Company of any documents held by the Custodian relating
              to the
              Deleted Mortgage Loan. In the event of a repurchase or substitution,
              the Company
              shall, simultaneously with such reassignment, give written notice to
              the
              Purchaser that such repurchase or substitution has taken place, amend
              the
              related Mortgage Loan Schedule to reflect the withdrawal of the Deleted
              Mortgage
              Loan from this Agreement, and, in the case of substitution, identify
              a Qualified
              Substitute Mortgage Loan and amend the related Mortgage Loan Schedule
              to reflect
              the addition of such Qualified Substitute Mortgage Loan to this Agreement.
              In
              connection with any such substitution, the Company shall be deemed
              to have made
              as to such Qualified Substitute Mortgage Loan the representations and
              warranties
              set forth or referred to in Sections 3.01 and 3.02 except that all
              such
              representations and warranties set forth in this Agreement shall be
              deemed made
              as of the date of such substitution. The Company shall effect such
              substitution
              by delivering to the Custodian for such Qualified Substitute Mortgage
              Loan the
              documents required by Section 2.03, with the Mortgage Note endorsed
              as required
              by Section 2.03. No substitution will be made in any calendar month
              after the
              Determination Date for such month. The Company shall deposit in the
              Custodial
              Account the Monthly Payment less the Servicing Fee due on such Qualified
              Substitute Mortgage Loan or Loans in the month following the date of
              such
              substitution. Monthly Payments due with respect to Qualified Substitute
              Mortgage
              Loans in the month of substitution shall be retained by the Company.
              With
              respect to any Deleted Mortgage Loan, distributions to the Purchaser
              shall
              include the Monthly Payment due on any Deleted Mortgage Loan in the
              month of
              substitution, and the Company shall thereafter be entitled to retain
              all amounts
              subsequently received by the Company in respect of such Deleted Mortgage
              Loan.

             

            For
              any
              month in which the Company substitutes one or more Qualified Substitute
              Mortgage
              Loans for one or more Deleted Mortgage Loans, the amount (if any) by
              which the
              aggregate principal balance of all such Qualified 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 the principal
              portion
              of the Monthly Payments due in the month of substitution) (the “Substitution
              Adjustment Amount”)
              shall
              be deposited into the Custodial Account by the Company on or before
              the
              Remittance Date in the month succeeding the calendar month during which
              the
              related Mortgage Loan is required to be purchased or replaced
              hereunder.

             

            In
              addition to such repurchase or substitution obligation, the Company
              shall
              indemnify (from its own funds and not from the Custodial Account or
              Escrow
              Account) the Purchaser and hold it harmless against any losses, damages,
              penalties, fines, forfeitures, reasonable and necessary legal fees
              and related
              costs, judgments, and other costs and expenses resulting from any claim,
              demand,
              defense or assertion based on or grounded upon, or resulting from,
              a material
              breach of the representations and warranties of the Company contained
              in this
              Agreement; provided, however, that such indemnification shall not include
              punitive, consequential, exemplary or special damages (other than punitive,
              consequential, exemplary and special damages required to be paid by
              the
              indemnified party under this Agreement to any Person (other than a
              party to this
              Agreement or any of its affiliates) arising out of an action or proceeding
              by
              such Person, which damages shall be deemed to be direct damages to
              the party
              required to pay such punitive, consequential, exemplary or incidental
              damages).
              It is understood and agreed that the obligations of the Company set
              forth in
              this Section 3.03 to cure, substitute for or repurchase a defective
              Mortgage
              Loan and to indemnify the Purchaser as provided in this Section 3.03
              constitute
              the sole remedies of the Purchaser respecting a breach of the foregoing
              representations and warranties.

             

            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) discovery of such breach by the Purchaser
              or notice
              thereof by the Company to the Purchaser, (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  	
                      Repurchase
                        of Mortgage Loans With First Payment Defaults.

                    

            

             

            If
              the
              related Mortgagor is thirty (30) days or more delinquent with respect
              to a
              Monthly Payment under a Mortgage Loan at any time prior to the expiration
              of the
              Holding Period for such Mortgage Loan, the Company shall, at the Purchaser’s
              option exercised no later then ninety (90) days after the end of the
              related
              Holding Period, repurchase such Loan from the Purchaser in accordance
              with
              Section 3.03 hereof; provided,
              that
              the Company shall not be required to repurchase such Mortgage Loan
              if it can
              demonstrate to the Purchaser’s reasonable satisfaction within thirty (30) days
              of such reported delinquency that the related Mortgagor timely made
              all payments
              required of the Mortgagor but such payment was otherwise misapplied.
              In the
              event a Mortgagor exercises any right of rescission it may have with
              respect to
              the related Mortgage Loan that arises as a result of an act or omission
              prior to
              the related Closing Date, the Company shall repurchase such Mortgage
              Loan at the
              related Repurchase Price within thirty (30) days of receiving notice
              of such
              Mortgagor’s intention to rescind the Mortgage Loan.

             

            
              	Section
                      3.05  	
                      Purchase
                        Price Protection.

                    

            

             

            With
              respect to any Mortgage Loan that prepays in full at any time prior
              to the date
              that is sixty (60) days after the Closing Date for such Mortgage Loan,
              the
              Company shall reimburse the Purchaser, within 30 days following the
              prepayment
              in full of such Mortgage Loan, the amount (if any) by which the portion
              of the
              Purchase Price paid by the Purchaser to the Company for such Mortgage
              Loan
              exceeded 100% of the outstanding scheduled principal balance of the
              Mortgage
              Loan as of the related Cut-off Date.

             

            
              	Section
                      3.06  	
                      Review
                        of Mortgage Loans.

                    

            

             

            (a)  Prior
              to
              the related Closing Date, the Purchaser shall have the right at its
              own expense
              to review the Mortgage Files and obtain BPOs on the Mortgaged Properties
              relating to the Mortgage Loans purchased on the related Closing Date,
              with the
              results of such BPO reviews to be communicated to the Company for a
              period up to
              two (2) Business Days prior to the related Closing Date. In addition,
              the
              Purchaser shall have the right to reject any Mortgage Loan which in
              the
              Purchaser’s sole determination (i) fails to conform to the Underwriting
              Guidelines, (ii) is underwritten without verification of the Mortgagor’s assets
              and there is no credit report or FICO Score, (iii) is not an acceptable
              credit
              risk, or (iv) the value of the Mortgaged Property pursuant to any BPO
              varies by
              more than plus or minus 15% from the lesser of (A) the original appraised
              value
              of the Mortgaged Property or (B) the purchase price of the Mortgaged
              Property as
              of the date of origination of the related Mortgage Loan. The Company
              shall make
              available all files required by the Purchaser in order to complete
              its review,
              including all CRA/HMDA required data fields. To the extent that during
              the
              course of the Purchaser’s initial review, the Purchaser discovers that the
              Mortgage Loans do not otherwise meet the Company’s Underwriting Guidelines or
              the terms of this Agreement, the Purchaser shall have the right to
              carry out
              additional due diligence reviews, which additional due diligence shall
              be at the
              expense of the Purchaser. The Purchaser’s decision to increase its due diligence
              review or obtain additional BPO’s or other property evaluations is at its sole
              discretion. The additional review may be for any reason including but
              not
              limited to credit quality, property valuations, and data integrity.
              Any review
              performed by the Purchaser prior to the related Closing Date shall
              not limit the
              Purchaser’s rights or the Company’s obligations under this section.

             

            (b)  If
              post-closing due diligence review is permitted under the related Purchase
              Price
              and terms Letter, from the related Closing Date until the date thirty
              (30) days
              after the related Closing Date, the Purchaser shall have the right
              to review the
              Mortgage Files and obtain BPOs on the Mortgaged Properties relating
              to the
              Mortgage Loans purchased on the related Closing Date, with the results
              of such
              BPO reviews to be communicated to the Company for a period up to thirty
              (30)
              days after the related Closing Date. In addition, the Purchaser shall
              have the
              right to reject any Mortgage Loan which in the Purchaser’s sole determination
              (i) fails to conform to the Underwriting Guidelines, (ii) is underwritten
              without verification of the Mortgagor’s assets and there is no credit report or
              FICO Score, (iii) is not an acceptable credit risk, or (iv) the value
              of the
              Mortgaged Property pursuant to any BPO varies by more than plus or
              minus 15%
              from the lesser of (A) the original appraised value of the Mortgaged
              Property or
              (B) the purchase price of the Mortgaged Property as of the date of
              origination
              of the related Mortgage Loan. In the event that the Purchaser so rejects
              any
              Mortgage Loan, the Company shall repurchase the rejected Mortgage Loan
              at the
              Repurchase Price in the manner prescribed in Section 3.03 upon receipt
              of notice
              from the Purchaser of the rejection of such Mortgage Loan. Any rejected
              Mortgage
              Loan shall be removed from the terms of this Agreement. The Company
              shall make
              available all files required by the Purchaser in order to complete
              its review,
              including all CRA/HMDA required data fields. To the extent that during
              the
              course of the Purchaser’s initial review, the Purchaser discovers that the
              Mortgage Loans do not otherwise meet the Company’s Underwriting Guidelines or
              the terms of this Agreement, the Purchaser shall have the right to
              carry out
              additional due diligence reviews, which additional due diligence shall
              be at the
              expense of the Purchaser. The Purchaser’s decision to increase its due diligence
              review or obtain additional BPO’s or other property evaluations is at its sole
              discretion. The additional review may be for any reason including but
              not
              limited to credit quality, property valuations, and data integrity.
              Any review
              performed by the Purchaser prior to the related Closing Date shall
              not limit the
              Purchaser’s rights or the Company’s obligations under this section.

             

            ARTICLE
              IV

             

            ADMINISTRATION
              AND SERVICING OF MORTGAGE LOANS

             

            
              	Section
                      4.01  	
                      Company
                        to Act as Servicer.

                    

            

             

            (a) The
              Company, as an independent contractor, shall service and administer
              the Mortgage
              Loans, all in accordance with the terms of this Agreement (including,
              without
              limitation, the provisions set forth in the Regulation AB Compliance
              Addendum
              attached as Exhibit
              K
              hereto),
              Accepted Servicing Practices, applicable law and the terms of the Mortgage
              Notes
              and Mortgages. In connection with such servicing and administration,
              the Company
              shall have full power and authority, acting alone or through Subservicers,
              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, including,
              without limitation, the power and authority (1) to execute and deliver,
              on
              behalf of the Purchaser, customary consents or waivers and other instruments
              and
              documents, (2) to consent, with respect to the Mortgage Loans it services,
              to
              transfers of any Mortgaged Property and assumptions of the Mortgage
              Notes and
              related Mortgages (but only in the manner provided in this Agreement),
              (3) to
              collect any Insurance Proceeds and other Liquidation Proceeds relating
              to the
              Mortgage Loans it services, and (4) to effectuate foreclosure or other
              conversion of the ownership of the Mortgaged Property securing any
              Mortgage Loan
              it services. The Servicer shall represent and protect the interests
              of the
              Purchaser in the same manner as it protects its own interests in mortgage
              loans
              in its own portfolio in any claim, proceeding or litigation regarding
              a Mortgage
              Loan and shall not make or permit any modification, waiver or amendment
              of any
              term of any Mortgage Loan, except as provided pursuant to Section 4.22.
              Without
              limiting the generality of the foregoing, the Company shall continue,
              and is
              hereby authorized and empowered, 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 with respect to the Mortgaged Properties. If
              reasonably
              required by the Company, the Purchaser shall furnish the Company with
              any powers
              of attorney and other documents necessary or appropriate to enable
              the Company
              to carry out its servicing and administrative duties under this
              Agreement.

             

            (b) The
              Company may arrange for the subservicing of any Mortgage Loan it services
              by a
              Subservicer pursuant to a Subservicing Agreement; provided,
              however,
              that
              such subservicing arrangement and the terms of the related Subservicing
              Agreement must provide for the servicing of such Mortgage Loan in a
              manner
              consistent with the servicing arrangements contemplated hereunder.
              The Company
              shall be solely liable for all fees owed to the Subservicer under the
              Subservicing Agreement, regardless whether the Company’s compensation hereunder
              is adequate to pay such fees. Notwithstanding the provisions of any
              Subservicing
              Agreement, any of the provisions of this Agreement relating to agreements
              or
              arrangements between the Company and a Subservicer or reference to
              actions taken
              through a Subservicer or otherwise, the Company shall remain obligated
              and
              liable to the Purchaser for the servicing and administration of the
              Mortgage
              Loans it services in accordance with the provisions of this Agreement
              without
              diminution of such obligation or liability by virtue of such Subservicing
              Agreements or arrangements or by virtue of indemnification from the
              Subservicer
              and to the same extent and under the same terms and conditions as if
              the Company
              alone were servicing and administering those Mortgage Loans. All actions
              of each
              Subservicer performed pursuant to the related Subservicing Agreement
              shall be
              performed as agent of the Company with the same force and effect as
              if performed
              directly by the Company. For purposes of this Agreement, the Company
              shall be
              deemed to have received any collections, recoveries or payments with
              respect to
              the Mortgage Loans it services that are received by a Subservicer regardless
              of
              whether such payments are remitted by the Subservicer to the Company.
              Any
              Subservicing Agreement entered into by the Company shall provide that
              it may be
              assumed or terminated by the Purchaser at any time, if the Purchaser
              has assumed
              the duties of the Company, or by any successor servicer, at the Purchaser’s or
              successor servicer’s option, as applicable, without cost or obligation to the
              assuming or terminating party or its assigns. Any Subservicing Agreement,
              and
              any other transactions or services relating to the Mortgage Loans involving
              a
              Subservicer, shall be deemed to be between the Company and such Subservicer
              alone, and the Purchaser shall not be deemed parties thereto and shall
              have no
              claims or rights of action against, rights, obligations, duties or
              liabilities
              to or with respect to the Subservicer or its officers, directors or
              employees,
              except as set forth in Section 4.01(a).

             

            
              	Section
                      4.02  	
                      Liquidation
                        of Mortgage Loans.

                    

            

             

            In
              the
              event that any payment due under any Mortgage Loan and not postponed
              pursuant to
              Section 4.01 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 shall take such action as (1) the Company would take under
              similar
              circumstances with respect to a similar mortgage loan held for its
              own account
              for investment, (2) shall be consistent with Accepted Servicing Practices,
              (3)
              the Company shall determine prudently to be in the best interest of
              the
              Purchaser, and (4) is consistent with any related PMI Policy. The Company,
              on
              behalf of the Purchaser, may also, in its sole and exclusive discretion,
              as an
              alternative to foreclosure, sell defaulted Mortgage Loans at fair market
              value
              to third-parties, if the Company believes, in its sole and exclusive
              discretion,
              that such sale would maximize proceeds to the Purchaser (on a present
              value
              basis) with respect to each such Mortgage Loan. Notwithstanding any
              other
              provision in this Agreement or otherwise, the Company shall have no
              liability to
              the Purchaser or any other party for the Company’s determination hereunder.
              Foreclosure or comparable proceedings shall be initiated within one
              hundred
              twenty (120) days after default with respect to Mortgaged Properties
              for which
              no satisfactory arrangements can be made for collection of delinquent
              payments
              unless prevented by statutory limitations or states whose bankruptcy
              laws
              prohibit such actions within such timeframe. 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. In such
              connection,
              the Company shall from its own funds make all necessary and proper
              Servicing
              Advances, provided, however, that the Company shall not be required
              to expend
              its own funds in connection with any foreclosure or towards the restoration
              or
              preservation of any Mortgaged Property, unless it shall determine (a)
              that such
              preservation, restoration and/or foreclosure will increase the proceeds
              of
              liquidation of the Mortgage Loan to Purchaser after reimbursement to
              itself for
              such expenses and (b) that such expenses will be recoverable by it
              either
              through Liquidation Proceeds (respecting which it shall have priority
              for
              purposes of withdrawals from the Custodial Account pursuant to Section
              4.05) or
              through Insurance Proceeds (respecting which it shall have similar
              priority).

             

            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. The
              cost for
              such inspection or review shall be borne by the Purchaser. Upon completion
              of
              the inspection or review, 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. In
              the event
              (a) the environmental inspection report indicates that the Mortgaged
              Property is
              contaminated by hazardous or toxic substances or wastes and (b) the
              Purchaser
              directs the Company to proceed with foreclosure or acceptance of a
              deed in lieu
              of foreclosure, the Company shall be reimbursed for all reasonable
              costs
              associated with such foreclosure or acceptance of a deed in lieu of
              foreclosure
              and any related environmental clean up costs, as applicable, from the
              related
              Liquidation Proceeds, and/or Insurance Proceeds, or if the Liquidation
              Proceeds
              and/or Insurance Proceeds are insufficient to fully reimburse the Company,
              the
              Company shall be entitled to be reimbursed from amounts in the Custodial
              Account
              pursuant to Section 4.05 hereof. In the event the Purchaser directs
              the Company
              not to proceed with foreclosure or acceptance of a deed in lieu of
              foreclosure,
              the Company shall be reimbursed for all Servicing Advances made with
              respect to
              the related Mortgaged Property from the Custodial Account pursuant
              to Section
              4.05 hereof.

             

            
              	Section
                      4.03  	
                      Collection
                        of Mortgage Loan Payments.

                    

            

             

            Continuously
              from the date hereof until the principal and interest on all Mortgage
              Loans are
              paid in full, in accordance with this Agreement and Accepted Servicing
              Standards, the Company shall proceed diligently to collect all payments
              due
              under each of the Mortgage Loans when the same shall become due and
              payable and
              shall take special care in ascertaining and estimating Escrow Payments
              and all
              other charges that will become due and payable with respect to the
              Mortgage Loan
              and the Mortgaged Property, 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.

             

            Consistent
              with the foregoing, the Company may in its discretion (i) waive any
              late payment
              charge with respect to a Mortgage Loan it services and (ii) extend
              the due dates
              for payments due on a Mortgage Note for a period not greater than 120
              days;
provided,
              however,
              that
              the Company cannot extend the maturity of any such Mortgage Loan past
              the date
              on which the final payment is due on the latest maturing Mortgage Loan
              as of the
              related Cut-off Date. In the event of any such arrangement, the Company
              shall
              make Monthly Advances on the related Mortgage Loan in accordance with
              the
              provisions of Section 5.03 during the scheduled period in accordance
              with the
              amortization schedule of such Mortgage Loan without modification thereof
              by
              reason of such arrangements. 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.

             

            
              	Section
                      4.04  	
                      Establishment
                        of and Deposits to Custodial Account.

                    

            

             

            The
              Company shall segregate and hold all funds collected and received pursuant
              to a
              Mortgage Loan separate and apart from any of its own funds and general
              assets
              and shall establish and maintain one or more Custodial Accounts titled
“IndyMac
              Bank, F.S.B., in trust for [Name of the Purchaser] and/or subsequent
              purchasers
              of Mortgage Loans, and various Mortgagors - P&I.” The Custodial Account
              shall be established with a Qualified Depository. Upon request of the
              Purchaser
              and within ten (10) days thereof, the Company shall provide the Purchaser
              with
              written confirmation of the existence of such Custodial Account. Any
              funds
              deposited in the Custodial Account shall at all times be insured to
              the fullest
              extent allowed by applicable law. Funds deposited in the Custodial
              Account may
              be drawn on by the Company in accordance with Section 4.05.

             

            The
              Company shall deposit in the Custodial Account within two Business
              Days of
              Company’s receipt, and retain therein, the following collections received by
              the
              Company and payments made by the Company after the related Cut-off
              Date (other
              than payments of principal and interest due on or before the related
              Cut-off
              Date) or received by the Company prior to the related Cut-off Date
              but allocable
              to a period subsequent thereto:

             

            
              	(i)  	
                      all
                        payments on account of principal on the Mortgage Loans, including
                        all
                        Principal Prepayments (including Prepayment Premiums paid
                        by the Mortgagor
                        or by the Company pursuant to Section 4.22(f) of this
                        Agreement);

                    

            

             

            
              	(ii)  	
                      all
                        payments on account of interest on the Mortgage Loans adjusted
                        to the
                        Mortgage Loan Remittance Rate;

                    

            

             

            
              	(iii)  	
                      all
                        Liquidation Proceeds;

                    

            

             

            
              	(iv)  	
                      all
                        Insurance Proceeds, including amounts required to be deposited
                        pursuant to
                        Section 4.10 (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 Section 4.14), Section
                        4.11 and
                        Section 4.15;

                    

            

             

            
              	(v)  	
                      all
                        Condemnation Proceeds which are not applied to the restoration
                        or repair
                        of the Mortgaged Property or released to the Mortgagor in
                        accordance with
                        Section 4.14;

                    

            

             

            
              	(vi)  	
                      any
                        amounts required to be deposited in the Custodial Account
                        pursuant to
                        Section 4.01, 5.01, 5.03, 6.01 or
                        6.02;

                    

            

             

            
              	(vii)  	
                      any
                        amounts payable in connection with the repurchase of or substitution
                        for
                        any Mortgage Loan pursuant to Section
                        3.03;

                    

            

             

            
              	(viii)  	
                      with
                        respect to each Principal Prepayment an amount (to be paid
                        by the Company
                        out of its funds but not to exceed the Servicing Fee payable
                        in that
                        month) which, when added to all amounts allocable to interest
                        received in
                        connection with the Principal Prepayment, equals one month’s interest on
                        the amount of principal so prepaid at the Mortgage Loan Remittance
                        Rate;

                    

            

             

            
              	(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; and

                    

            

             

            
              	(x)  	
                      any
                        amounts received with respect to or related to any REO Property
                        and all
                        REO Disposition Proceeds pursuant to Section
                        4.16.

                    

            

             

            The
              foregoing requirements for deposit into 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 and other ancillary income (other than Prepayment Premiums), to
              the extent
              permitted by Section 6.01, need not be deposited by the Company into
              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. The Company shall maintain
              adequate
              records with respect to all deposits and withdrawals made pursuant
              to this
              Section 4.04 and Section 4.05. All funds required to be deposited in
              the
              Custodial Account shall be held in trust for the Purchaser until withdrawn
              in
              accordance with Section 4.05.

             

            The
              Company may direct any depository institution which holds the Custodial
              Account
              to invest the funds in the Custodial Account in one or more Permitted
              Investments bearing interest. All Permitted Investments shall mature
              or be
              subject to redemption or withdrawal no later than one Business Day
              prior to the
              next succeeding Remittance Date (except that if such Permitted Investment
              is an
              obligation of the Company, then such Permitted Investment shall mature
              not later
              than such applicable Remittance Date). All such Permitted Investments
              shall be
              held to maturity, unless payable on demand. In the event amounts on
              deposit in
              the Custodial Account are at any time invested in a Permitted Investment
              payable
              on demand, the Company shall:

             

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

                    

            

             

            
              	(b)  	
                      demand
                        payment of all amounts due thereunder promptly upon determination
                        by the
                        Company or notice from the Purchaser that such Permitted
                        Investment would
                        not constitute a Permitted Investment in respect of funds
                        thereafter on
                        deposit in the Custodial Account.

                    

            

             

            All
              income and gain realized from investment of funds deposited in the
              Custodial
              Account shall be for the benefit of the Company and shall be subject
              to its
              withdrawal in accordance with Section 4.05. The Company shall deposit
              in the
              Custodial Account the amount of any loss incurred in respect of any
              Permitted
              Investment immediately upon realization of such loss.

             

            Except
              as
              otherwise expressly provided in this Agreement, if any default occurs
              in the
              making of a payment due under any Permitted Investment, or if a default
              occurs
              in any other performance required under any Permitted Investment, the
              Purchaser
              may elect to take such action, or instruct the Company to take such
              action, as
              may be appropriate to enforce such payment or performance, including
              the
              institution and prosecution of appropriate proceedings, at the expense
              of the
              Company.

             

            
              	Section
                      4.05  	
                      Permitted
                        Withdrawals From Custodial Account.

                    

            

             

            The
              Company shall, from time to time, withdraw funds 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 of the Company’s funds made pursuant
                        to Section 5.03, 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 payments of principal and/or interest
                        respecting
                        which any such advance was made, it being understood that,
                        in the case of
                        any 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 or 6.02,
                        the Company’s
                        right to such reimbursement shall be subsequent to the payment
                        to the
                        Purchaser of the Repurchase Price pursuant to such sections
                        and all other
                        amounts required to be paid to the Purchaser with respect
                        to such Mortgage
                        Loan;

                    

            

             

            
              	(iii)  	
                      to
                        reimburse itself for unreimbursed Monthly Advances and Servicing
                        Advances,
                        and for any unpaid Servicing Fees, the Company’s right to reimburse itself
                        pursuant to this subclause (iii) 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
                        Company from
                        the Mortgagor or otherwise relating to the Mortgage Loan,
                        it being
                        understood that, in the case of any 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, 3.04 or 6.02, in which case the Company’s right to such
                        reimbursement shall be subsequent to the payment to the Purchaser
                        of the
                        Repurchase Price pursuant to such sections and all other
                        amounts required
                        to be paid to the Purchaser with respect to such Mortgage
                        Loan;

                    

            

             

            
              	(iv)  	
                      to
                        pay itself as part of its servicing compensation interest
                        on funds
                        deposited in the Custodial Account;

                    

            

             

            
              	(v)  	
                      to
                        reimburse itself for expenses incurred and reimbursable to
                        it pursuant to
                        Section 8.01;

                    

            

             

            
              	(vi)  	
                      to
                        reimburse itself for any Nonrecoverable Advances made by
                        the
                        Company;

                    

            

             

            
              	(vii)  	
                      to
                        pay any amount required to be paid pursuant to Section 4.16
                        related to any
                        REO Property, it being understood that, in the case of any
                        such
                        expenditure or withdrawal related to a particular REO Property,
                        the amount
                        of such expenditure or withdrawal from the Custodial Account
                        shall be
                        limited to amounts on deposit in the Custodial Account with
                        respect to the
                        related REO Property;

                    

            

             

            
              	(viii)  	
                      to
                        remove funds inadvertently placed in the Custodial Account
                        by the Company;
                        

                    

            

             

            
              	(ix)  	
                      to
                        transfer funds to another Qualified Depository;
                        and

                    

            

             

            
              	(x)  	
                      to
                        clear and terminate the Custodial Account upon the termination
                        of this
                        Agreement.

                    

            

             

            In
              the
              event that the Custodial Account is interest bearing, on each Remittance
              Date,
              the Company shall withdraw all funds from the Custodial Account except
              for those
              amounts which, pursuant to Section 5.01, the Company is not obligated
              to remit
              on such Remittance Date. The Company may use such withdrawn funds only
              for the
              purposes described in this Section 4.05.

             

            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
              Custodial Account.

             

            
              	Section
                      4.06  	
                      Establishment
                        of and Deposits to Escrow Account.

                    

            

             

            The
              Company shall segregate and hold all funds collected and received pursuant
              to a
              Mortgage Loan constituting Escrow Payments separate and apart from
              any of its
              own funds and general assets and shall establish and maintain one or
              more Escrow
              Accounts, titled, “IndyMac Bank, F.S.B., in trust for [Name of the Purchaser]
              and/or subsequent purchasers of Residential Mortgage Loans, and various
              Mortgagors - T & I.” The Escrow Accounts shall be established with a
              Qualified Depository, in a manner which shall provide maximum available
              insurance thereunder. Upon request of the Purchaser and within ten
              (10) days
              thereof, the Company shall provide the Purchaser with written confirmation
              of
              the existence of such Escrow Account. Funds deposited in the Escrow
              Account may
              be drawn on by the Company in accordance with Section 4.07.

             

            The
              Company shall deposit in the Escrow Account or Accounts, within two
              (2) Business
              Days after the Company’s receipt, 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
                        amounts representing Insurance Proceeds or Condemnation Proceeds
                        which are
                        to be applied to the restoration or repair of any Mortgaged
                        Property;
                        and

                    

            

             

            
              	(iii)  	
                      all
                        payments on account of Buydown
                        Funds.

                    

            

             

            The
              Company shall make withdrawals from the Escrow Account only to effect
              such
              payments as are required under this Agreement, as set forth in Section
              4.07. The
              Company may direct any depository institution which holds the Escrow
              Account to
              invest the funds in the Escrow Account in one or more Permitted Investments
              bearing interest. 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.
              To the
              extent required by law, the Company shall pay interest on escrowed
              funds to the
              Mortgagor notwithstanding that the Escrow Account may be non-interest
              bearing or
              that interest paid thereon is insufficient for such purposes.

             

            
              	Section
                      4.07  	
                      Permitted
                        Withdrawals From Escrow Account.

                    

            

             

            Withdrawals
              from the Escrow Account or Accounts may be made by the Company
              only:

             

            
              	(i)  	
                      to
                        effect timely payments of ground rents, taxes, assessments,
                        water rates,
                        mortgage insurance premiums, condominium charges, fire and
                        hazard
                        insurance premiums or other items constituting Escrow Payments
                        for the
                        related Mortgage;

                    

            

             

            
              	(ii)  	
                      to
                        reimburse the Company for any Servicing Advances made by
                        the Company
                        pursuant to Section 4.08 with respect to a related Mortgage
                        Loan, but only
                        from amounts received on the related Mortgage Loan which
                        represent late
                        collections of Escrow Payments
                        thereunder;

                    

            

             

            
              	(iii)  	
                      to
                        refund to any Mortgagor any funds found to be in excess of
                        the amounts
                        required under the terms of the related Mortgage
                        Loan;

                    

            

             

            
              	(iv)  	
                      for
                        transfer to the Custodial Account for application to reduce
                        the principal
                        balance of the Mortgage Loan in accordance with the terms
                        of the related
                        Mortgage and Mortgage Note;

                    

            

             

            
              	(v)  	
                      for
                        application to the restoration or repair of the Mortgaged
                        Property in
                        accordance with the procedures outlined in Section
                        4.14;

                    

            

             

            
              	(vi)  	
                      to
                        pay to the Company, or any Mortgagor to the extent required
                        by law, any
                        interest paid on the funds deposited in the Escrow
                        Account;

                    

            

             

            
              	(vii)  	
                      to
                        remove funds inadvertently placed in the Escrow Account by
                        the
                        Company;

                    

            

             

            
              	(viii)  	
                      to
                        remit to the Purchaser payments on account of Buydown Funds
                        as applicable;
                        and

                    

            

             

            
              	(ix)  	
                      to
                        clear and terminate the Escrow Account on the termination
                        of this
                        Agreement.

                    

            

             

            
              	Section
                      4.08  	
                      Payment
                        of Taxes, Insurance and Other Charges.

                    

            

             

            With
              respect to each Mortgage Loan, the Company shall maintain accurate
              records
              reflecting the status of ground rents, taxes, assessments, water rates,
              sewer
              rents, and other charges which are or may become a lien upon the Mortgaged
              Property and the status of PMI Policy 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, 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. The Company assumes full responsibility
              for the
              timely payment of all such bills and shall effect timely payment of
              all such
              charges irrespective of each Mortgagor’s faithful performance in the payment of
              same of the making of the Escrow Payments, and the Company shall make
              advances
              from its own funds to effect such payments, which advances shall constitute
              Servicing Advances hereunder; provided that the Company shall be required
              to so
              advance only to the extent that the Company, in its good faith judgment,
              believes the Servicing Advance to be recoverable from Insurance Proceeds
              or
              Liquidation Proceeds or otherwise. The costs incurred by the Company,
              if any, in
              effecting the timely payments of taxes and assessments on the Mortgaged
              Properties and related insurance premiums shall not be added to the
              Stated
              Principal Balances of the related Mortgage Loans, notwithstanding that
              the terms
              of such Mortgage Loans so permit.

             

            
              	Section
                      4.09  	
                      Transfer
                        of Accounts.

                    

            

             

            The
              Company may transfer the Custodial Account or the Escrow Account to
              a different
              Qualified Depository from time to time; provided that the Company shall
              give
              written notice to the Purchaser of any proposed change of the location
              of either
              Account not later than ten (10) Business Days prior to any change
              thereof.

             

            
              	Section
                      4.10  	
                      Maintenance
                        of Hazard Insurance.

                    

            

             

            The
              Company shall cause to be maintained for each Mortgage Loan hazard
              insurance
              such that all buildings upon the Mortgaged Property are insured by
              an insurer
              acceptable to Fannie Mae or Freddie Mac against loss by fire, hazards
              of
              extended coverage and such other hazards as are customary or required
              by law in
              the area where the Mortgaged Property is located, in an amount which
              is at least
              equal to the lesser of (i) the maximum insurable value of the improvements
              securing such Mortgage Loan and (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 or the loss payee
              from
              becoming a co-insurer. In the event a hazard insurance policy shall
              be in danger
              of being terminated, or in the event the insurer shall cease to be
              acceptable to
              Fannie Mae or Freddie Mac, the Company shall notify the Purchaser and
              the
              related Mortgagor, and shall use its best efforts, as permitted by
              applicable
              law, to obtain from another qualified insurer a replacement hazard
              insurance
              policy substantially and materially similar in all respects to the
              original
              policy. In no event, however, shall a Mortgage Loan be without a hazard
              insurance policy at any time, subject only to Section 4.11 hereof.

             

            If
              the
              related Mortgaged Property is located in an area identified by the
              Flood
              Emergency Management Agency as having special flood hazards (and such
              flood
              insurance has been made available), the Company will cause to be maintained
              a
              flood insurance policy meeting the requirements of the current guidelines
              of the
              Federal Insurance Administration is in effect with a generally acceptable
              insurance carrier acceptable to Fannie Mae or Freddie Mac in an amount
              representing coverage equal to the lesser of (i) the minimum amount
              required,
              under the terms of coverage, to compensate for any damage or loss on
              a
              replacement cost basis (or the unpaid balance of the mortgage if replacement
              cost coverage is not available for the type of building insured) and
              (ii) 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 FEMA 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 to
              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. Any out-of-pocket expenses or advance made by the Company
              on
              such force placed flood insurance coverage shall be deemed a Servicing
              Advance.

             

            If
              a
              Mortgage is secured by a unit in a condominium project, the Company
              shall verify
              that the coverage required of the owner’s association, including hazard, flood,
              liability, and fidelity coverage, is being maintained in accordance
              with then
              current Fannie Mae or Freddie Mac requirements, and secure from the
              owner’s
              association its agreement to notify the Company promptly of any change
              in the
              insurance coverage or of any condemnation or casualty loss that may
              have a
              material effect on the value of the Mortgaged Property as security.

             

            In
              the
              event that the Purchaser or the Company shall determine that the Mortgaged
              Property should be insured against loss or damage by hazards and risks
              not
              covered by the insurance required to be maintained by the Mortgagor
              pursuant to
              the terms of the Mortgage, the Company shall communicate and consult
              with the
              Mortgagor with respect to the need for such insurance and bring to
              the
              Mortgagor’s attention the desirability of protection of the Mortgaged
              Property.

             

            All
              policies required hereunder shall name the Company as loss payee and
              shall be
              endorsed with standard mortgagee clauses, without contribution, which
              shall
              provide for at least thirty (30) days prior written notice of any cancellation,
              reduction in amount or material change in coverage.

             

            The
              Company shall not interfere with the Mortgagor’s freedom of choice in selecting
              either an insurance carrier or agent, provided, however, that the Company
              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 jurisdiction in which the Mortgaged Property is located.
              The
              Company shall determine that such policies provide sufficient risk
              coverage and
              amounts, that they insure the property owner, and that they properly
              describe
              the property address.

             

            Pursuant
              to Section 4.04, 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 related Mortgaged Property, or property
              acquired in
              liquidation of the Mortgage Loan, or to be released to the Mortgagor,
              in
              accordance with the Company’s normal servicing procedures as specified in
              Section 4.14) shall be deposited in the Custodial Account subject to
              withdrawal
              pursuant to Section 4.05.

             

            
              	Section
                      4.11  	
                      Maintenance
                        of Mortgage Impairment Insurance.

                    

            

             

            In
              the
              event that the Company shall obtain and maintain a blanket policy insuring
              against losses arising from fire and hazards covered under extended
              coverage on
              all of the Mortgage Loans, then, to the extent such policy (1) names
              the Company
              as loss payee, (2) provides coverage in an amount equal to the amount
              required
              pursuant to Section 4.10 without coinsurance, and (3) otherwise complies
              with
              Accepted Servicing Practices and all other requirements of Section
              4.10, it
              shall conclusively be deemed to have satisfied its obligations as set
              forth in
              Section 4.10. The Company shall prepare and make any claims on the
              blanket
              policy as deemed necessary by the Company in accordance with prudent
              servicing
              practices. Any amounts collected by the Company under any such policy
              relating
              to a Mortgage Loan shall be deposited in the Custodial Account subject
              to
              withdrawal pursuant to Section 4.05. Such policy may contain a deductible
              clause, in which case, in the event that there shall not have been
              maintained on
              the related Mortgaged Property a policy complying with Section 4.10,
              and there
              shall have been a loss which would have been covered by such policy,
              the Company
              shall deposit in the Custodial Account at the time of such loss the
              amount not
              otherwise payable under the blanket policy because of such deductible
              clause,
              such amount to be deposited from the Company’s funds, without reimbursement
              therefor. Upon request of the Purchaser, the Company shall cause to
              be delivered
              to the Purchaser a certificate of insurance evidencing the existence
              of such
              policy.

             

            
              	Section
                      4.12  	
                      Maintenance
                        of Fidelity Bond and Errors and Omissions Insurance.

                    

            

             

            The
              Company shall maintain with responsible companies, 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 (“Company
              Employees”).
              Any
              such Fidelity Bond and Errors and Omissions Insurance Policy 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 Company Employees. Such Fidelity
              Bond
              and Errors and Omissions Insurance Policy also shall protect and insure
              the
              Company 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 Section 4.12 requiring such Fidelity
              Bond
              and Errors and Omissions Insurance Policy shall diminish or relieve
              the Company
              from its duties and obligations as set forth in this Agreement. The
              minimum
              coverage under any such Fidelity Bond and Errors and Omissions Insurance
              Policy
              shall be at least equal to the amounts acceptable to Fannie Mae or
              Freddie Mac.
              Upon the request of the Purchaser, the Company shall cause to be delivered
              to
              the Purchaser a certificate of insurance evidencing the existence of
              such
              Fidelity Bond and Errors and Omissions Insurance Policy.

             

            
              	Section
                      4.13  	
                      Inspections.

                    

            

             

            If
              any
              Mortgage Loan is more than sixty-five (65) days delinquent, the Company
              immediately shall order an inspection of the Mortgaged Property and
              shall
              conduct subsequent inspections in accordance with Accepted Servicing
              Practices
              or as may be required by the primary mortgage guaranty insurer. The
              Company
              shall be able to produce a written report of each such inspection.

             

            
              	Section
                      4.14  	
                      Restoration
                        of Mortgaged Property.

                    

            

             

            The
              Company 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 Accepted Servicing Practices. For claims greater than
              $15,000,
              at a minimum the Company shall comply with the following conditions
              in
              connection with any such release of Insurance Proceeds or Condemnation
              Proceeds:

             

            
              	(i)  	
                      the
                        Company shall receive satisfactory independent verification
                        of completion
                        of repairs and issuance of any required approvals with respect
                        thereto;

                    

            

             

            
              	(ii)  	
                      the
                        Company 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;

                    

            

             

            
              	(iii)  	
                      the
                        Company shall verify that the Mortgage Loan is not in default;
                        and

                    

            

             

            
              	(iv)  	
                      pending
                        repairs or restoration, the Company shall place the Insurance
                        Proceeds or
                        Condemnation Proceeds in the Escrow
                        Account.

                    

            

             

            If
              the
              Purchaser is named as an additional loss payee, the Company is hereby
              empowered
              to endorse any loss draft issued in respect of such a claim in the
              name of the
              Purchaser.

             

            
              	Section
                      4.15  	
                      Maintenance
                        of PMI Policy; Claims.

                    

            

             

            The
              Company shall maintain in full force and effect any PMI Policy until
              terminated
              pursuant to the Homeowners Protection Act of 1998, 12 UCS §4901, et seq. In the
              event that such PMI Policy shall be terminated other than as required
              by law,
              the Company shall obtain from another Qualified Insurer a comparable
              replacement
              policy, with a total coverage equal to the remaining coverage of such
              terminated
              PMI Policy. If the insurer shall cease to be a Qualified Insurer, the
              Company
              shall determine whether recoveries under the PMI Policy are jeopardized
              for
              reasons related to the financial condition of such insurer, it being
              understood
              that the Company shall in no event have any responsibility or liability
              for any
              failure to recover under the PMI Policy for such reason. If the Company
              determines that recoveries are so jeopardized, it shall notify the
              Purchaser and
              the Mortgagor, if required, and obtain from another Qualified Insurer
              a
              replacement insurance policy. The Company shall not take any action
              which would
              result in noncoverage under any applicable PMI 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 PMI Policy, if any, of such assumption or substitution
              of liability
              in accordance with the terms of such PMI Policy and shall take all
              actions which
              may be required by such insurer as a condition to the continuation
              of coverage
              under such PMI Policy. If such PMI Policy is terminated as a result
              of such
              assumption or substitution of liability, the Company shall obtain a
              replacement
              PMI 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
              PMI Policy in a timely fashion in accordance with the terms of such
              PMI Policy
              and, in this regard, to take such action as shall be necessary to permit
              recovery under any PMI Policy respecting a defaulted Mortgage Loan.
              Pursuant to
              Section 4.04, any amounts collected by the Company under any PMI Policy
              shall be
              deposited in the Custodial Account, subject to withdrawal pursuant
              to Section
              4.05.

             

            
              	Section
                      4.16  	
                      Title,
                        Management and Disposition of REO Property.

                    

            

             

            In
              the
              event that title to any Mortgaged Property is acquired in foreclosure
              or by deed
              in lieu of foreclosure, the deed or certificate of sale shall be taken
              in the
              name of the Purchaser, or in the event the Purchaser 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 any attorney duly licensed
              to
              practice law in the state where the REO Property is located. The Person
              or
              Persons holding such title other than the Purchaser shall acknowledge
              in writing
              that such title is being held as nominee for the Purchaser.

             

            The
              Company shall manage, conserve, protect and operate each REO Property
              for the
              Purchaser solely for the purpose of its prompt disposition and sale.
              However,
              the Purchaser shall have the option to manage and operate the REO Property
              provided the Purchaser gives written notice of its intention to do
              so within
              sixty (60) days after such REO Property is acquired in foreclosure
              or by deed in
              lieu of foreclosure.

             

            If
              the
              Purchaser does not elect to manage and operate the REO Property, the
              Company
              shall manage, conserve, protect and operate each REO Property for the
              Purchaser
              solely for the purpose of its prompt disposition and sale. The Company,
              either
              itself or through an agent selected by the Company, shall 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 Company shall attempt to sell the same (and
              may
              temporarily rent the same for a period not greater than one year, except
              as
              otherwise provided below) on such terms and conditions as the Company
              deems to
              be in the best interest of 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
              years after
              title has been taken to such REO Property, unless (i) a REMIC election
              has not
              been made with respect to the arrangement under which the Mortgage
              Loans and the
              REO Property are held, and (ii) 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 period longer than
              three
              years is permitted under the foregoing sentence and is necessary to
              sell any REO
              Property, (i) the Company shall report monthly to the Purchaser as
              to the
              progress being made in selling such REO Property and (ii) if, with
              the written
              consent of the Purchaser, a purchase money mortgage is taken in connection
              with
              such sale, such purchase money mortgage shall name the Company as mortgagee,
              and
              such purchase money mortgage shall not be held pursuant to this Agreement,
              but
              instead a separate participation agreement among the Company and the
              Purchaser
              shall be entered into with respect to such purchase money mortgage.

             

            The
              Company shall also maintain on each REO Property fire and hazard insurance
              with
              extended coverage in 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 Flood Disaster
              Protection
              Act of 1973, as amended, flood insurance in the amount required
              above.

             

            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. Notwithstanding any other provision in
              this Section,
              no REO Property shall be marketed for less than the Appraised Value
              without the
              prior consent of the Purchaser, and no REO Property shall be sold for
              less than
              ninety percent (90%) of its Appraised Value without the prior consent
              of the
              Purchaser. The proceeds of sale of the REO Property shall be promptly
              deposited
              in the Custodial Account. As soon as practical thereafter the expenses
              of such
              sale shall be paid and the Company shall reimburse itself for any related
              unreimbursed Servicing Advances, unpaid Servicing Fees and unreimbursed
              Monthly
              Advances made pursuant to Section 5.03. On the Remittance Date immediately
              following the Due Period in which such sale proceeds are received the
              net cash
              proceeds of such sale remaining in the Custodial Account shall be distributed
              to
              the Purchaser.

             

            The
              Company shall withdraw from the Custodial Account funds necessary for
              the proper
              operation management and maintenance of the REO Property, including
              the cost of
              maintaining any hazard insurance pursuant to Section 4.11. The Company
              shall
              make monthly distributions 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 in this Section 4.16 and of
              any reserves
              reasonably required from time to time to be maintained to satisfy anticipated
              liabilities for such expenses).

             

            
              	Section
                      4.17  	
                      Real
                        Estate Owned Reports.

                    

            

             

            Together
              with the statement furnished pursuant to Section 5.02, the Company
              shall furnish
              to the Purchaser on or before the Remittance Date each month a statement
              with
              respect to any REO Property covering the operation of such REO Property
              for the
              previous month and the Company’s efforts in connection with the sale of such REO
              Property and any rental of such REO Property incidental to the sale
              thereof for
              the previous month. That statement shall be accompanied by such other
              information as the Purchaser shall reasonably request.

             

            
              	Section
                      4.18  	
                      Liquidation
                        Reports.

                    

            

             

            Upon
              the
              foreclosure sale of any Mortgaged Property or the acquisition thereof
              by the
              Company pursuant to a deed in lieu of foreclosure, the Company shall
              submit to
              the Purchaser a liquidation report with respect to such Mortgaged
              Property.

             

            
              	Section
                      4.19  	
                      Reports
                        of Foreclosures and Abandonments of Mortgaged Property.

                    

            

             

            Following
              the foreclosure sale or abandonment of any Mortgaged Property, the
              Company shall
              report such foreclosure or abandonment as required pursuant to Section
              6050J of
              the Code. The Company shall file information reports with respect to
              the receipt
              of mortgage interest received in a trade or business, reports of foreclosures
              and abandonments of any Mortgaged Property and information returns
              relating to
              cancellation of indebtedness income with respect to any Mortgaged Property
              as
              required by the Code. Such reports shall be in form and substance sufficient
              to
              meet the reporting requirements imposed by the Code.

             

            
              	Section
                      4.20  	
                      Application
                        of Buydown Funds.

                    

            

             

            With
              respect to each Buydown Mortgage Loan, the Company shall have deposited
              into the
              Escrow Account, no later than the last day of the month, 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 all Due
              Dates in accordance with the terms of the Buydown Agreement, is equal
              to the
              full scheduled Monthly Payments which are required to be paid by the
              Mortgagor
              under the terms of the related Mortgage Note (without regard to the
              related
              Buydown Agreement as if the Mortgage Loan were not subject to the terms
              of the
              Buydown Agreement). With respect to each Buydown Mortgage Loan, the
              Company will
              distribute to the Purchaser on each Remittance Date an amount of Buydown
              Funds
              equal to the amount that, when added to the amount required to be paid
              on such
              date by the related Mortgagor, pursuant to and in accordance with the
              related
              Buydown Agreement, equals the full Monthly Payment that would otherwise
              be
              required to be paid on such Mortgage Loan by the related Mortgagor
              under the
              terms of the related Mortgage Note (as if the Mortgage Loan were not
              a Buydown
              Mortgage Loan and without regard to the related Buydown Agreement).

             

            If
              the
              Mortgagor on a Buydown Mortgage Loan defaults on such Mortgage Loan
              during the
              Buydown Period and the Mortgaged Property securing such Buydown Mortgage
              Loan is
              sold in the liquidation thereof (either by the Company or the insurer
              under any
              related Primary Insurance Policy) the Company shall, on the Remittance
              Date
              following the date upon which Liquidation Proceeds or REO Disposition
              proceeds
              are received with respect to any such Buydown Mortgage Loan, distribute
              to the
              Purchaser all remaining Buydown Funds for such Mortgage Loan then remaining
              in
              the Escrow Account. Pursuant to the terms of each Buydown Agreement,
              any amounts
              distributed to the Purchaser in accordance with the preceding sentence
              will be
              applied to reduce the outstanding principal balance of the related
              Buydown
              Mortgage Loan. If a Mortgagor on a Buydown Mortgage Loan prepays such
              Mortgage
              Loan in it entirety during the related Buydown Period, the Company
              shall be
              required to withdraw from the Escrow Account any Buydown Funds remaining
              in the
              Escrow Account with respect to such Buydown Mortgage Loan in accordance
              with the
              related Buydown Agreement. If a principal prepayment by a Mortgagor
              on a Buydown
              Mortgage Loan during the related Buydown Period, together with any
              Buydown Funds
              then remaining in the Escrow Account related to such Buydown Mortgage
              Loan,
              would result in a principal prepayment of the entire unpaid principal
              balance of
              the Buydown Mortgage Loan, the Company shall distribute to the Purchaser
              on the
              Remittance Date occurring in the month immediately succeeding the month
              in which
              such Principal Prepayment is received, all Buydown Funds related to
              such
              Mortgage Loan so remaining in the Escrow Account, together with any
              amounts
              required to be deposited into the Custodial Account.

             

            
              	Section
                      4.21  	
                      Notification
                        of Adjustments.

                    

            

             

            With
              respect to each Mortgage Loan, the Company shall adjust the Mortgage
              Interest
              Rate on the related Adjustment Date in compliance with the requirements
              of
              applicable law and the related Mortgage and Mortgage Note. The Company
              shall
              execute and deliver any and all necessary notices required under applicable
              law
              and the terms of the related Mortgage Note and Mortgage regarding the
              Mortgage
              Interest Rate adjustments. The Company shall promptly, upon written
              request,
              deliver to the Purchaser such notifications along with information
              regarding the
              applicable date of such adjustments and the methods used to calculate
              and
              implement such adjustments. Upon the discovery by the Company or the
              receipt of
              notice from the Purchaser that the Company has failed to adjust a Mortgage
              Interest Rate in accordance with the terms of the related Mortgage
              Note, the
              Company shall immediately deposit in the Custodial Account from its
              own funds
              the amount of any interest loss or deferral caused the Purchaser
              thereby.

             

            
              	Section
                      4.22  	
                      Modifications,
                        Waivers, Amendments and Consents.

                    

            

             

            (a) Subject
              to this Section 4.22, the Company may agree to any modification, waiver,
              forbearance, or amendment of any term of any Mortgage Loan without
              the consent
              of the Purchaser. All modifications, waivers, forbearances or amendments
              of any
              Mortgage Loan shall be in writing and shall be consistent with Accepted
              Servicing Practices.

             

            (b) The
              Company shall not agree to enter into, and shall not enter into, any
              modification, waiver, forbearance or amendment of any term of any Mortgage
              Loan
              if such modification, waiver, forbearance, or amendment would:

             

            (i) affect
              the amount or timing of any related payment of principal, interest
              or other
              amount payable thereunder;

             

            (ii) in
              the
              Company’s judgment, materially impair the security for such Mortgage Loan or
              reduce the likelihood of timely payment of amounts due thereon; or

             

            (iii) otherwise
              constitutes a “significant modification” within the meaning of Treasury
              Regulations Section 1.860G-2(b);

             

            unless,
              in each case, (A) such Mortgage Loan is in default or such default
              is reasonably
              foreseeable or (B) the Company delivers to the Purchaser an Opinion
              of Counsel
              to the effect that such modification, waiver, forbearance or amendment
              would not
              affect the REMIC status of the Trust Estate and, in either case, such
              modification, waiver, forbearance or amendment is reasonably likely
              to produce a
              greater recovery with respect to such Mortgage Loan than would liquidation.
              Subject to Accepted Servicing Practices, the Company may permit a forbearance
              for a Mortgage Loan which, in the Company’s judgment, is subject to imminent
              default.

             

            (c) Any
              payment of interest, which is deferred pursuant to any modification,
              waiver,
              forbearance or amendment permitted hereunder, shall not, for purposes
              hereof, be
              added to the unpaid principal balance of the related Mortgage Loan,
              notwithstanding that the terms of such Mortgage Loan or such modification,
              waiver or amendment so permit.

             

            (d) The
              Company may, as a condition to granting any request by a Mortgagor
              for consent,
              modification, waiver, forbearance or amendment, the granting of which
              is within
              the Company’s discretion pursuant to the Mortgage Loan and is permitted by the
              terms of this Agreement, require that such Mortgagor pay to the Company,
              as
              additional servicing compensation, a reasonable or customary fee for
              the
              additional services performed in connection with such request, together
              with any
              related costs and expenses incurred by the Company, which amount shall
              be
              retained by the Company as additional servicing compensation.

             

            (e) The
              Company shall deliver to the Custodian for deposit in the related Mortgage
              File,
              an original counterpart of the agreement relating to such modification,
              waiver,
              forbearance or amendment, promptly (and in any event within ten Business
              Days)
              following the execution thereof; provided,
              however,
              that if
              any such modification, waiver, forbearance or amendment is required
              by
              applicable law to be recorded, the Company (i) shall deliver to the
              Custodian a
              copy thereof and (ii) shall deliver to the Custodian such document,
              with
              evidence of notification upon receipt thereof from the public recording
              office.

             

            (f) To
              the
              extent consistent with the terms of this Agreement, the Company may
              waive (or
              permit a Subservicer to waive) a Prepayment Premium only under the
              following
              circumstances: (i) such
              waiver 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 Premium and the related
              Mortgage Loan, (ii)
              such
              waiver is required under state or federal law or (iii) the mortgage
              debt has
              been accelerated as a result of the Mortgagor’s default in making its Monthly
              Payments. The
              Company shall not waive any Prepayment Premium unless it is waived
              in accordance
              with this Section 4.22(f).
              The
              Company shall
              pay
              the amount of any
              Prepayment
              Premium (to the extent not collected and remitted to the Purchaser)
              to the
              Purchaser or its assignees if (1) the representation
              in
paragraph
              (fff) of Exhibit F is breached and such breach materially and adversely
              affects
              the interests of the Purchaser or its assigns
              or (2)
              the Company waives any Prepayment Premium other than as permitted under
              this
              Section 4.22(f). The
              Company
              shall pay the amount of such
              Prepayment Premium, for the benefit of the Purchaser or any assignee
              of the
              Purchaser, by depositing such amount into the Custodial Account at
              the time that
              the amount prepaid on the related Mortgage Loan is required to be deposited
              into
              the Custodial Account.

             

            
              	Section
                      4.23  	
                      Specially
                        Serviced Mortgage Loans.

                    

            

             

            (a)  Upon
              determining that a Servicing Transfer Event has occurred with respect
              to any
              Mortgage Loan, the Company shall promptly give notice thereof to the
              Purchaser
              and the Special Servicer, and, unless otherwise directed in writing
              by the
              Purchaser, shall deliver a copy of the related Servicing File to the
              Special
              Servicer and shall use its reasonable efforts to provide the Special
              Servicer
              with all information, documents and records (including records stored
              electronically on computer tapes, magnetic discs and the like) relating
              to the
              Mortgage Loan either in the Company’s possession or otherwise available to the
              Company without undue burden or expense, and reasonably requested by
              the Special
              Servicer to enable it to assume its functions hereunder with respect
              thereto.
              The Company shall use its reasonable efforts to comply with the preceding
              sentence within five Business Days of the occurrence of each related
              Servicing
              Transfer Event and in any event shall continue to service and administrator
              of
              such Mortgage Loan until the Special Servicer has commenced the servicing
              of
              such Mortgage Loan, which will commence upon receipt by the Special
              Servicer of
              the Servicing File. The Company shall deliver to the Custodian a copy
              of the
              notice of such Servicing Transfer Event provided by the Company to
              the Purchaser
              and Special Servicer pursuant to this Section. 

             

            (b)  Upon
              determining that a Specially Serviced Mortgage Loan (other than an
              REO Loan) has become current and has remained current for three consecutive
              Monthly Payments (provided
              that (i)
              no additional Servicing Transfer Event is foreseeable in the reasonable
              judgment
              of the Special Servicer, and (ii) for such purposes taking into account
              any
              modification or amendment of such Mortgage Loan), and that no other
              Servicing
              Transfer Event is continuing with respect thereto, the Special Servicer
              shall
              immediately give notice thereof to the Company and the Purchaser, and
              shall
              return the related Servicing File to the Company (or copies thereof
              if copies
              only were delivered to the Special Servicer) and upon giving such notice,
              and
              returning such Servicing File to the Company, the Special Servicer’s obligation
              to service such Mortgage Loan shall terminate and the obligations of
              the Company
              to service and administer such Mortgage Loan shall re-commence.

             

            (c)  Notwithstanding
              the transfer of a Specially Serviced Mortgage Loan to the Special Servicer,
              the
              Company shall maintain ongoing payment records with respect to each
              of the
              Specially Serviced Mortgage Loans and REO Properties and shall provide
              the
              Special Servicer with any information in its possession required by
              the Special
              Servicer to perform its duties under this Agreement provided
              that the
              Company shall only be required to maintain in such records to the extent
              the
              Special Servicer has provided such information to the Company.

             

            
              	Section
                      4.24  	
                      Disaster
                        Recovery/Business Continuity Plan.

                    

            

             

            The
              Company shall establish contingency plans, recovery plans and proper
              risk
              controls to ensure Company’s continued performance under this Agreement. The
              plans must be in place within thirty (30) calendar days after the date
              of this
              Agreement and shall include, but not be limited to, testing, control
              functions,
              accountability and corrective actions to be immediately implemented,
              if
              necessary. The Company agrees to make copies or summaries of the plans
              available
              to the Purchaser or its regulators upon request.

             

            
              	Section
                      4.25  	
                      Fair
                        Credit Reporting Act.

                    

            

             

            (a) The
              Company shall furnish, in accordance with the Fair Credit Reporting
              Act and its
              implementing regulations, accurate and complete information (i.e.,
              favorable and
              unfavorable) on each Mortgagor’s credit files to Equifax, Experian, and Trans
              Union Credit Information Company (three of the credit repositories),
              on a
              monthly basis.

             

            (b) The
              Company agrees to transmit full-file credit reporting data for each
              Mortgage
              Loan pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage
              Loan,
              the Company shall report one of the following statuses each month:
              new
              origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed
              or
              charged-off.

             

            (c) The
              Company shall comply with Title V of the Gramm-Leach-Bliley Act of
              1999 and all
              applicable regulations promulgated thereunder, relating to the Mortgage
              Loans
              and the related Mortgagors and shall provide all required notices
              thereunder.

             

            ARTICLE
              V

             

            PAYMENTS
              TO PURCHASER

             

            
              	Section
                      5.01  	
                      Remittances.

                    

            

             

            On
              each
              Remittance Date the Company shall remit by wire transfer of immediately
              available funds to the Purchaser (a) all amounts deposited in the Custodial
              Account as of the close of business on the Determination Date (net
              of charges
              against or withdrawals from the Custodial Account pursuant to Section
              4.05),
              plus (b) all amounts, if any, which the Company is obligated to distribute
              pursuant to Section 5.03, minus (c) any amounts attributable to Principal
              Prepayments received after the applicable Due Period which amounts
              shall be
              remitted on the following Remittance Date, together with any additional
              interest
              required to be deposited in the Custodial Account in connection with
              such
              Principal Prepayment in accordance with Section 4.04(viii); minus (d)
              any
              amounts attributable to Monthly Payments collected but due on a Due
              Date or
              Dates subsequent to the first day of the month of the Remittance Date,
              and minus
              (e) any amounts attributable to Buydown Funds being held in the Custodial
              Account, which amounts shall be remitted on the Remittance Date next
              succeeding
              the Due Period for such amounts. 

             

            With
              respect to any remittance received by the Purchaser after the Remittance
              Date on
              which such payment was due, 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 percentage points, but in no event
              greater
              than the maximum amount permitted by applicable law. Such interest
              shall be
              deposited in the Custodial Account by the Company on the date such
              late payment
              is made and shall cover the period commencing with the day following
              the
              Business Day on which such payment was due and ending with the Business
              Day on
              which such payment 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 by the
              Company.

             

            
              	Section
                      5.02  	
                      Automated
                        Servicing Systems and Statements to Purchaser.

                    

            

             

            The
              Company shall setup, format, maintain and transmit to the Purchaser
              the
              Company’s servicing date and other electronic data storage and transmission
              systems related to the Mortgage Loans (collectively, the “Servicing
              Systems”)
              in
              accordance with the guidelines and requirements set forth in Exhibit
              J
              attached
              hereto (the “Servicer
              Requirements”),
              and
              the Company shall cooperate with the Purchaser to receive data fields
              from the
              Purchaser that are to be incorporated in the Servicing Systems in accordance
              with the Servicer Requirements. 

             

            Not
              later
              than the tenth (10th)
              day of
              each month, the Company shall furnish to the Purchaser, with respect
              to the
              preceding month, a monthly collection report, a monthly paid in full
              report that
              summarizes Mortgage Loans paid in full during the Due Period and a
              monthly trial
              balance report that provides a trial balance as of the last day of
              the month
              preceding such Remittance Date in electronic format agreed upon by
              the Company
              and the Purchaser. 

             

            Not
              later
              than the tenth (10th)
              day of
              each month, the Company shall furnish to the Purchaser a delinquency
              report and
              a monthly remittance advice, including the information set forth in
Exhibit
              J,
              in both
              a physical form and a mutually agreeable electronic format as to the
              remittance
              on such Remittance Date and as to the period ending on the last day
              of the month
              preceding such Remittance Date. 

             

            
              	Section
                      5.03  	
                      Monthly
                        Advances by Company.

                    

            

             

            No
              later
              than the close of business on the Business Day preceding each Remittance
              Date,
              the Company shall deposit in the Custodial Account from its own funds
              or from
              amounts held for future distribution an amount equal to (i) except
              in the case
              of Option Arm Mortgage Loans, 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 which were delinquent at the close of
              business on
              the related Determination Date or which were deferred pursuant to Section
              4.01
              and (ii) in the case of each Option Arm Mortgage Loan, an amount equal
              to the
              greater of (A) the Monthly Payment received from the slated Mortgagor
              and (B)
              the minimum Monthly Payment required with respect to the related Due
              Date
              pursuant to the terms of the related Mortgage Note. Any amounts held
              for future
              distribution and so used shall be replaced by the Company 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 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 earlier of: (i) the last Remittance Date prior to the Remittance
              Date for the distribution of all Liquidation Proceeds and other payments
              or
              recoveries (including Insurance Proceeds and Condemnation Proceeds)
              with respect
              to the Mortgage Loan; and (ii) the Remittance Date prior to the date
              the
              Mortgage Loan is converted to REO Property, provided however, that
              if requested
              by a Rating Agency in connection with a securitization, the Company
              shall be
              obligated to make such advances through the Remittance Date prior to
              the date on
              which cash is received in connection with the liquidation of REO Property;
              provided, however, that any such obligation under this Section 5.03
              shall cease
              if the Company determines, in its sole reasonable opinion, that advances
              with
              respect to such Mortgage Loan are Nonrecoverable Advances, as evidenced
              by an
              Officer’s Certificate delivered to the Purchaser by the Company.

             

            ARTICLE
              VI

             

            GENERAL
              SERVICING PROCEDURES

             

            
              	Section
                      6.01  	
                      Due-on-Sale
                        Provision and Assumptions.

                    

            

             

            The
              Company shall use its best efforts to enforce any “due-on-sale” provision
              contained in any Mortgage or Mortgage Note and to deny assumption by
              the person
              to whom the Mortgaged Property has been or is about to be sold whether
              by
              absolute conveyance or by contract of sale, and whether or not the
              Mortgagor
              remains liable on the Mortgage and the Mortgage Note. When the Mortgaged
              Property has been conveyed by the Mortgagor, the Company shall, 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, that the Company shall 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 PMI Policy, if any.

             

            If
              the
              Company reasonably believes it is unable under applicable law to enforce
              such
“due-on-sale” clause or that either a decision not to exercise the “due-on-sale”
provision or a decision to permit an assumption of the Mortgage Loan
              is in the
              best interest of the Purchaser, the Company shall enter into (i) an
              assumption
              and modification agreement with the person to whom such property has
              been
              conveyed, pursuant to which such person becomes liable under the Mortgage
              Note
              and the original Mortgagor remains liable thereon or (ii) in the event
              the
              Company is unable under applicable law to require that the original
              Mortgagor
              remain liable under the Mortgage Note and the Company has the prior
              consent of
              the primary mortgage guaranty insurer, 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.
              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. If an
              assumption
              fee is collected by the Company for entering into an assumption agreement
              such
              fee will be retained by the Company as additional servicing compensation.
              In
              connection with any such assumption, neither the Mortgage Interest
              Rate borne by
              the related Mortgage Note, the term of the Mortgage Loan, the outstanding
              principal amount of the Mortgage Loan nor any other material terms
              shall be
              changed without the Purchaser’s consent.

             

            To
              the
              extent that any Mortgage Loan is assumable, the Company shall inquire
              diligently
              into the credit-worthiness of the proposed transferee, and shall use
              the
              underwriting criteria for approving the credit of the proposed transferee
              which
              are used by the Company with respect to underwriting mortgage loans
              of the same
              type as the Mortgage Loans. If the credit-worthiness 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.

             

            
              	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 immediately shall notify the Purchaser and
              shall
              request the release of any Mortgage Loan Documents.

             

            If
              the
              Company satisfies or releases a Mortgage without first having obtained
              payment
              in full of the indebtedness secured by the Mortgage or should the Company
              otherwise prejudice any rights the Purchaser may have under the mortgage
              instruments, upon written demand of the Purchaser, the Company shall
              repurchase
              the related Mortgage Loan at the Repurchase Price, plus any prepayment
              penalty
              or premium provided for in the terms of the Mortgage Note, if applicable,
              by
              deposit thereof in the Custodial Account within one Business Day of
              receipt of
              such demand by the Purchaser. The Company shall maintain the Fidelity
              Bond and
              Errors and Omissions Insurance Policy as provided for in Section 4.12
              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.

             

            
              	Section
                      6.03  	
                      Servicing
                        Compensation.

                    

            

             

            As
              compensation for its services hereunder, the Company shall be entitled
              to
              withdraw from the Custodial Account the amount of its Servicing Fee.
              The
              Servicing Fee shall be payable monthly and shall be computed on the
              basis of the
              same unpaid scheduled principal balance and for the 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 of such Monthly Payments or as otherwise provided
              in Section
              4.05. Notwithstanding the foregoing, with respect to the payment of
              the
              Servicing Fee for any month, the aggregate Servicing Fee shall be reduced
              (but
              not below zero) by an amount equal to the Prepayment Interest Shortfall
              for the
              related Due Period.

             

            Additional
              servicing compensation in the form of assumption fees, to the extent
              provided in
              Section 6.01, late payment charges and other ancillary income (excluding
              Prepayment Premiums except to the extent otherwise provided in the
              related
              Purchase Price and Terms Letter) 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 thereof
              except
              as specifically provided for herein.

             

            
              	Section
                      6.04  	
                      [Reserved]

                    

            

             

            
              	Section
                      6.05  	
                      [Reserved] 

                    

            

             

            
              	Section
                      6.06  	
                      Right
                        to Examine Company Records.

                    

            

             

            The
              Purchaser, or its designee, shall have the right to examine and audit
              any and
              all of the related books, records, or other information of the Company,
              whether
              held by the Company or by another on its behalf, with respect to or
              concerning
              this Agreement or the Mortgage Loans, during business hours or at such
              other
              times as may be reasonable under applicable circumstances, upon reasonable
              advance notice. The Purchaser shall pay its own travel expenses associated
              with
              such examination.

             

            
              	Section
                      6.07  	
                      Compliance
                        with REMIC Provisions.

                    

            

             

            If
              a
              REMIC election has been made with respect to the arrangement under
              which the
              Mortgage Loans and REO Property are held, the Company shall not take
              any action,
              cause the REMIC to take any action or fail to take (or fail to cause
              to be
              taken) any action that, under the REMIC Provisions, if taken or not
              taken, as
              the case may be, could (i) endanger the status of the REMIC 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 860 (a) (2) of the
              Code and the tax on “contributions” to a REMIC set forth in Section 860(d) of
              the Code) unless the Company has received an Opinion of Counsel (at
              the expense
              of the party seeking to take such action) to the effect that the contemplated
              action will not endanger such REMIC status or result in the imposition
              of any
              such tax.

             

            ARTICLE
              VII

             

            COMPANY
              TO COOPERATE

             

            
              	Section
                      7.01  	
                      Monthly
                        Servicing Calls; Provision of Information.

                    

            

             

            During
              the term of this Agreement, the Company shall make itself available
              for monthly
              calls during which it will discuss the servicing of any defaulted Mortgage
              Loans.

            

            During
              the term of this Agreement, the Company shall furnish to the Purchaser
              such
              reports or information that it routinely provides other whole loan
              investors,
              and copies or originals of any documents contained in the Servicing
              File for
              each Mortgage Loan provided for herein. All other special reports or
              information
              not provided for herein as shall be necessary, reasonable, or appropriate
              with
              respect to the Purchaser or any regulatory agency will be provided
              at the
              Purchaser’s expense. All such reports, documents or information shall be
              provided by and in accordance with all reasonable instructions and
              directions
              which the Purchaser may give. Upon request from the Purchaser, the
              Company shall
              deliver no later than sixty (60) days after such request any Servicing
              File or
              document therein, or copies thereof, to the Purchaser at the direction
              of the
              Purchaser. The Purchaser shall return any original Servicing File or
              document
              therein delivered pursuant to this Section no later than forty-five
              (45) days
              after receipt thereof. In the event that the Company fails to make
              delivery of
              the requested Servicing File or document therein, or copies thereof,
              as required
              under this Section, and the related Mortgage Loan is in default the
              Company
              shall repurchase such Mortgage Loan in accordance with this Agreement
              within
              thirty (30) days of a request to do so by the Purchaser.

            

            In
              addition, during the term of this Agreement, the Company shall provide
              to the
              OCC and to comparable regulatory authorities supervising the Purchaser
              or any of
              the Purchaser’s assigns (including beneficial owners of securities issued in
              Securitization Transactions backed by the Mortgage Loans) and the examiners
              and
              supervisory agents of the OCC and such other authorities, access to
              the
              documentation required by applicable regulations of the OCC and other
              authorities supervising the Purchaser or any of its assigns with respect
              to the
              Mortgage Loans. Such access shall be afforded without charge, but only
              upon
              reasonable and prior written request and during normal business hours
              at the
              offices designated by the Company.

             

            The
              Company shall execute and deliver all such instruments and take all
              such action
              as any Purchaser may reasonably request from time to time, in order
              to
              effectuate the purposes and to carry out the terms of this
              Agreement.

             

            
              	Section
                      7.02  	
                      Financial
                        Statements; Servicing Facility.

                    

            

             

            In
              connection with marketing the Mortgage Loans, a Purchaser may make
              available to
              a prospective purchaser the audited financial statements of the Company,
              which
              shall include information relating to the Company, for the most recently
              completed two fiscal years for which such financial statements are
              available, as
              well as a Consolidated Statement of Condition at the end of the last
              two fiscal
              years covered by such Consolidated Statement of Operations. The Company
              also
              shall make available any comparable interim statements to the extent
              any such
              statements have been prepared by or on behalf of the Company (and are
              available
              upon request to members or stockholders of the Company or to the public
              at
              large).

             

            The
              Company also shall make available to a Purchaser or prospective purchaser
              a
              knowledgeable financial or accounting officer for the purpose of answering
              questions respecting recent developments affecting the Company or the
              financial
              statements of the Company, 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.

             

            
              	Section
                      7.03  	
                      Cooperation
                        with Third-party Service Providers.

                    

            

             

            The
              Company shall cooperate with the Purchaser in servicing the Mortgage
              Loans in
              accordance with the usual and customary requirements of any credit
              enhancement,
              risk management and other service providers and shall otherwise cooperate
              with
              the Purchaser in
              connection with such third-party service providers and the provision
              of
              third-party services; provided,
              however,
              that
              such requirements are reasonably acceptable to the Company and pose
              no greater
              risk, obligation or expense to the Company than otherwise set forth
              in this
              Agreement.  Any additional costs and/or expenses will be paid by the
              requesting party. 

             

            ARTICLE
              VIII

             

            THE
              COMPANY

             

            
              	Section
                      8.01  	
                      Indemnification;
                        Third Party Claims.

                    

            

             

            The
              Company shall indemnify each Purchaser and hold it harmless against
              any and all
              claims, losses, damages, penalties, fines, forfeitures, reasonable
              and necessary
              legal fees and related costs, judgments, and any other costs, fees
              and expenses
              that any Purchaser may sustain in any way related to the failure of
              the Company
              to perform its duties and service the Mortgage Loans in strict compliance
              with
              the terms of this Agreement; provided, however, that such indemnification
              shall
              not include punitive, consequential, exemplary or special damages (other
              than
              punitive, consequential, exemplary and special damages required to
              be paid by
              the indemnified party under this Agreement to any Person (other than
              a party to
              this Agreement or any of its affiliates) arising out of an action or
              proceeding
              by such Person, which damages shall be deemed to be direct damages
              to the party
              required to pay such punitive, consequential, exemplary or incidental
              damages).
              The Company immediately shall notify the Purchasers if a claim is made
              by a
              third party with respect to this Agreement or the Mortgage Loans, assume
              (with
              the prior written consent of the Purchaser) 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 Purchaser in respect of such claim. The Company shall follow
              any
              written instructions received from the Purchaser in connection with
              such claim.
              The Purchasers promptly shall reimburse the Company for all amounts
              advanced by
              it pursuant to the preceding sentence except when the claim is in any
              way
              related to the Company’s indemnification pursuant to Section 3.03, or the
              failure of the Company to service and administer the Mortgage Loans
              in strict
              compliance with the terms of this Agreement. The provisions of this
              Section 8.01
              shall survive termination of this Agreement.

             

            
              	Section
                      8.02  	
                      Merger
                        or Consolidation of the Company.

                    

            

             

            The
              Company shall keep in full effect its existence, rights and franchises
              as a
              corporation, and shall 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,
              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, (iii) who 
              is a
              Fannie Mae/Freddie Mac-approved company in good standing. Furthermore,
              in the
              event the Company transfers or otherwise disposes of all or substantially
              all of
              its assets to an affiliate of the Company, such affiliate shall satisfy
              the
              condition above, and shall also be fully liable to the Purchasers for
              all of the
              Company’s obligations and liabilities hereunder.

             

            
              	Section
                      8.03  	
                      Limitation
                        on Liability of Company and Others.

                    

            

             

            Neither
              the Company nor any of the directors, officers, employees or agents
              of the
              Company shall be under any liability to any 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, 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 other liability which would otherwise be imposed under this Agreement.
              The
              Company and any director, 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 any Person 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 opinion may involve
              it in any
              expense or liability, provided, however, that the Company may, with
              the consent
              of the Purchasers, 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 Company shall be entitled to reimbursement
              from the
              Purchasers of the reasonable legal expenses and costs of such action,
              unless any
              such costs result from a breach of the Company’s representations and warranties
              made herein or its failure to perform its obligations in compliance
              with this
              Agreement.

             

            
              	Section
                      8.04  	
                      Limitation
                        on Resignation and Assignment by Company.

                    

            

             

            Each
              Purchaser has entered into this Agreement with the Company and subsequent
              purchasers will purchase the Mortgage Loans in reliance upon the independent
              status of the Company, and the representations as to the adequacy of
              its
              servicing facilities, personnel, records and procedures, its integrity,
              reputation and financial standing, and the continuance thereof. Therefore,
              the
              Company shall neither assign this Agreement or the servicing hereunder
              or
              delegate its rights or duties hereunder or any portion hereof or sell
              or
              otherwise dispose of all of its property or assets without the prior
              written
              consent of each Purchaser, which consent shall not be unreasonably
              withheld.

             

            Except
              to
              the extent provided in Sections 4.01 and 8.02, the Company shall not
              resign from
              the obligations and duties hereby imposed on it except by mutual consent
              of the
              Company and each 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 Purchasers, which Opinion of Counsel shall be in form and substance
              acceptable to each 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 12.01.

             

            Without
              in any way limiting the generality of this Section 8.04, 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 or
              sell or
              otherwise dispose of all or substantially all of its property or assets,
              without
              the prior written consent of each Purchaser, then any Purchaser shall
              have the
              right to terminate this Agreement upon notice given as set forth in
              Section
              10.01, without any payment of any penalty or damages and without any
              liability
              whatsoever to the Company or any third party.

             

            ARTICLE
              IX

             

            WHOLE
              LOAN TRANSFERS AND SECURITIZATION
              TRANSACTIONS

             

            
              	Section
                      9.01  	
                      Removal
                        of Mortgage Loans from Inclusion Under this Agreement.

                    

            

             

            The
              Purchasers and the Company agree that with respect to some or all of
              the
              Mortgage Loans, the Purchaser, at its sole option, may effect one or
              more Whole
              Loan Transfers or Securitization Transactions, retaining the Company
              as the
              servicer thereof or subservicer if a master servicer is employed, or
              as
              applicable the “seller/servicer.” On the Reconstitution Date, the Mortgage Loans
              transferred shall cease to be serviced by the Company pursuant to this
              Agreement; provided,
              however,
              that,
              in the event that any Mortgage Loan transferred pursuant to this Section
              9.01 is
              rejected by the transferee, the Company shall continue to service such
              rejected
              Mortgage Loan on behalf of the Purchaser in accordance with the terms
              and
              provisions of this Agreement.

             

            The
              Company shall cooperate with the Purchaser in connection with each
              Whole Loan
              Transfer or Securitization Transaction in accordance with this Section
              9.01. In
              connection therewith the Company shall:

             

            
              	(a)  	
                      make
                        all representations and warranties made herein with respect
                        to the
                        Mortgage Loans as of the related Closing Date and with respect
                        to the
                        Company itself as of the closing date of each Whole Loan
                        Transfer or
                        Securitization Transaction;

                    

            

             

            
              	(b)  	
                      execute
                        an Assignment, Assumption and Recognition Agreement or at
                        the option of
                        the Purchaser, negotiate in good faith and execute any pooling
                        and
                        servicing agreement or similar agreements (a “Reconstitution
                        Agreement”)
                        necessary to effectuate the foregoing provided such agreements
                        create no
                        greater obligation or cost on the part of the Company than
                        otherwise set
                        forth in this Agreement or do not materially and adversely
                        alter the
                        Company’s rights hereunder; 

                    

            

             

            
              	(c)  	
                      make
                        representations and warranties (1) that the Company has serviced
                        the
                        Mortgage Loans in accordance with the terms of this Agreement,
                        provided
                        accurate statements to the Purchaser pursuant to Section
                        5.02 of this
                        Agreement, and otherwise complied with all covenants and
                        obligations
                        hereunder and (2) that the Company has taken no action nor
                        omitted to take
                        any required action the omission of which would have the
                        effect of
                        impairing any mortgage insurance or guarantee on the Mortgage
                        Loans, and
                        (3) regarding the accuracy of the information provided to
                        the Purchaser by
                        the Company on or before the closing date of the applicable
                        Whole Loan
                        Transfer or Securitization
                        Transaction;

                    

            

             

            
              	(d)  	
                      provide
                        as applicable:

                    

            

             

            
              	(i)  	
                      any
                        and all information and appropriate verification of information
                        which may
                        be reasonably available to the Company, including information
                        regarding
                        the Company’s foreclosure, delinquency and loss experience and the
                        Company’s underwriting standards, whether through letters of its
                        auditors
                        and counsel or otherwise, as the Purchaser shall request;
                        and

                    

            

             

            
              	(ii)  	
                      such
                        additional opinions of counsel, letters from auditors, and
                        certificates of
                        public officials or officers of the Company as are reasonably
                        believed
                        necessary by the trustee, any rating agency or any credit
                        enhancement
                        provider, as the case may be, in connection with Whole-Loan
                        Transfers or
                        Securitization Transactions; provided, however, that the
                        Purchaser shall
                        pay the reasonable third-party costs associated with the
                        preparation of
                        the foregoing information;

                    

            

             

            
              	(e)  	
                      indemnify
                        each Purchaser, each Affiliate designated by any Purchaser,
                        each Person
                        who controls any Purchaser or such Affiliate and the Successor
                        Servicer
                        and hold each of them harmless from and against any losses,
                        damages,
                        penalties, fines, forfeitures, reasonable and necessary legal
                        fees and
                        related costs, judgments, and any other costs, fees and expenses
                        that each
                        of them may sustain in any way related to any information
                        provided by or
                        on behalf of the Company regarding the Company, the Mortgage
                        Loans or the
                        Underwriting Guidelines which is set forth in any offering
                        document
                        prepared in connection with any Securitization Transaction.
                        For purposes
                        of the previous sentence, “Purchaser” shall mean the Person then acting as
                        the Purchaser under this Agreement and any and all Persons
                        who previously
                        were “Purchasers” under this Agreement and “Successor Servicer” shall mean
                        the Person then acting as a Successor Servicer under this
                        Agreement and
                        any and all Persons who previously were “Successor Servicers” under this
                        Agreement; and

                    

            

             

            
              	(f)  	
                      with
                        respect to any Mortgage Loans that are subject to a Securitization
                        Transaction, unless otherwise provided in the related pooling
                        and
                        servicing agreement or similar agreement, the Company shall
                        (i) cause the
                        servicing officer in charge of servicing for the Company
                        to execute and
                        deliver a certification (the “SEC
                        Certification”)
                        in the format attached hereto as Exhibit
                        H
                        (or in such other form as may be required by the SEC), which
                        at
                        Purchaser’s option shall be (A) attached to any Form 10-K’s filed with the
                        Securities and Exchange Commission (“SEC”)
                        in connection with the related securitization trust (or similar
                        transaction) or (B) provided to the Purchaser and such other Persons
                        as are specified in the pooling and servicing agreement or
                        similar
                        agreement, and (ii) indemnify the Purchaser and such other
                        Persons as are
                        specified in the pooling and servicing agreement or similar
                        agreement for
                        losses in connection with or relating to the inaccuracy of
                        the SEC
                        Certification provided by the
                        Company.

                    

            

             

            The
              Company hereby agrees to the inclusion in any Reconstitution Agreement,
              where
              applicable, a section relating to special foreclosure rights in the
              form of
Exhibit
              L
              attached
              hereto which provisions shall be applicable to the Company or any subservicer
              with respect to the applicable Mortgage Loans.

             

            In
              the
              event the Purchaser has elected to have the Company hold record title
              to the
              Mortgages, prior to the Reconstitution Date the Company shall prepare
              an
              Assignment of Mortgage in blank or to the trustee from the Company
              acceptable to
              the Purchaser or the trustee for each Mortgage Loan that is part of
              the Whole
              Loan Transfers or Securitization Transactions. The Company shall pay
              all
              preparation and recording costs associated therewith if the Assignments
              of
              Mortgage have not been previously prepared and recorded in Purchaser’s name. The
              Company shall execute each Assignment of Mortgage, track such Assignments
              of
              Mortgage to ensure they have been recorded and deliver them as required
              by the
              Purchaser or the trustee upon the Company’s receipt thereof.

             

            All
              Mortgage Loans not sold or transferred pursuant to Whole Loan Transfers
              or
              Securitization Transactions shall remain subject to this Agreement
              and shall
              continue to be serviced in accordance with the terms of this Agreement
              and with
              respect thereto this Agreement shall remain in full force and effect.
              

             

            ARTICLE
              X

             

            DEFAULT

             

            
              	Section
                      10.01  	
                      Events
                        of Default.

                    

            

             

            Each
              of
              the following shall constitute an Event of Default on the part of the
              Company:

             

            
              	(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 the date upon which
                        written notice of
                        such failure, requiring the same to be remedied, shall have
                        been given to
                        the Company by the Purchaser or, the Company first becomes
                        aware of such
                        failure; or

                    

            

             

            
              	(ii)  	
                      failure
                        by 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, including but not limited to breach by
                        the Company of
                        any one or more of the representations, warranties and covenants
                        of the
                        Company as set forth in Section 3.01 of 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 by the
                        Custodian;
                        or

                    

            

             

            
              	(iii)  	
                      failure
                        by the Company to maintain its license to do business in
                        any jurisdiction
                        where the Mortgaged Property is located if such license is
                        required;
                        or

                    

            

             

            
              	(iv)  	
                      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, readjustment of debt, including
                        bankruptcy,
                        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 60 days;
                        or

                    

            

             

            
              	(v)  	
                      the
                        Company shall consent to the appointment of a conservator
                        or receiver or
                        liquidator in any insolvency, 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 assets;
                        or

                    

            

             

            
              	(vi)  	
                      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, bankruptcy or reorganization statute, make an
                        assignment for
                        the benefit of its creditors, voluntarily suspend payment
                        of its
                        obligations or cease its normal business operations for three
                        Business
                        Days; or

                    

            

             

            
              	(vii)  	
                      the
                        Company ceases to meet the servicer eligibility qualifications
                        of Fannie
                        Mae or Freddie Mac; or

                    

            

             

            
              	(viii)  	
                      the
                        Company attempts to assign its right to servicing compensation
                        hereunder
                        or to assign this Agreement or the servicing responsibilities
                        hereunder or
                        to delegate its duties hereunder or any portion thereof in
                        violation of
                        Section 8.04.

                    

            

             

            If
              the
              Company obtains knowledge of an Event of Default, the Company shall
              promptly
              notify the Purchasers. In each and every such case, so long as an Event
              of
              Default shall not have been remedied within the applicable cure period,
              if any
              stated above, in addition to whatever rights any Purchaser may have
              at law or
              equity to damages, including injunctive relief and specific performance,
              any
              Purchaser, by notice in writing to the Company, may terminate all the
              rights and
              obligations of the Company under this Agreement and in and to the Mortgage
              Loans
              and the proceeds thereof.

             

            Upon
              receipt by the Company of such written 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 12.01. Upon written request from the Purchaser, the Company
              shall, at
              its expense, prepare, execute and deliver to the successor entity designated
              by
              the Purchaser 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, at the Company’s sole
              expense. The Company shall 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.

             

            
              	Section
                      10.02  	
                      Waiver
                        of Defaults.

                    

            

             

            By
              a
              written notice, the Purchasers may waive any default by the Company
              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 thereon except to the extent expressly
              so
              waived.

             

            ARTICLE
              XI

             

            TERMINATION

             

            
              	Section
                      11.01  	
                      Termination.

                    

            

             

            This
              Agreement shall terminate upon either: (i) the later of the final payment
              or
              other liquidation of the last Mortgage Loan or the disposition of any
              REO
              Property with respect to the last Mortgage Loan and the remittance
              of all funds
              due hereunder; or (ii) mutual consent of the Company and the Purchaser
              in
              writing. The representations and warranties and indemnification provisions
              contained herein shall survive the termination of this Agreement.

             

            Upon
              written request from the Purchasers in connection with any such termination,
              the
              Company 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 Company’s sole expense. The Company agrees to cooperate with
              the Purchasers and such successor in effecting the termination of the
              Company’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 Company to the Custodial
              Account or Escrow Account or thereafter received with respect to the
              Mortgage
              Loans.

             

            ARTICLE
              XII

             

            MISCELLANEOUS
              PROVISIONS

             

            
              	Section
                      12.01  	
                      Successor
                        to Company.

                    

            

             

            Prior
              to
              termination of the Company’s responsibilities and duties under this Agreement
              pursuant to Sections 8.04, 10.01, or 11.01(ii), 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 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 it and such successor
              shall
              agree; provided, however, that no such compensation shall be in excess
              of that
              permitted the Company under this Agreement. 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
              12.01
              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 Section 3.03, it being understood and agreed that the
              provisions
              of such Sections 3.01, 3.02, and 3.03 shall be applicable to the Company
              notwithstanding any such sale, assignment, 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,
              wherein the successor shall make the representations and warranties
              set forth in
              Section 3.01, except for subsections (h), (i) and (k) thereof, 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
              8.04, 10.01, or 11.01 shall not affect any claims that any Purchaser
              may have
              against the Company arising out of the Company’s actions or failure to act prior
              to any such termination or resignation.

             

            The
              Company shall deliver promptly to the successor servicer the funds
              in the
              Custodial Account and Escrow Account and all Mortgage Files and related
              documents and statements held by it hereunder and the Company 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 Company.

             

            The
              Purchaser shall be entitled to be reimbursed from the Company for all
              costs
              associated with the transfer of servicing, including, without limitation,
              any
              costs or expenses associated with the complete transfer of all servicing
              data
              and the completion, correction or manipulation of such servicing data
              as may be
              required by the Purchaser to correct any errors or insufficiencies
              in the
              servicing data or otherwise to enable the Purchaser to service the
              Mortgage
              Loans properly and effectively.

             

            Upon
              a
              successor’s acceptance of appointment as such, the Company shall notify by mail
              the Purchaser of such appointment in accordance with the procedures
              set forth in
              Section 12.05.

             

            
              	Section
                      12.02  	
                      Amendment.

                    

            

             

            This
              Agreement may be amended from time to time by the Company and by written
              agreement signed by the Company and the Purchaser.

             

            
              	Section
                      12.03  	
                      Governing
                        Law.

                    

            

             

            THIS
              AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
              OF NEW
              YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
              SHALL BE
              DETERMINED IN ACCORDANCE WITH SUCH LAWS.

             

            EACH
              OF
              THE COMPANY AND THE PURCHASERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
              WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
              OR ANY
              LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH,
              THIS
              AGREEMENT, OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION
              HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
              ORAL
              OR WRITTEN), OR ACTIONS OF THE COMPANY OR THE PURCHASER. THIS PROVISION
              IS A
              MATERIAL INDUCEMENT FOR THE PURCHASER TO ENTER INTO THIS AGREEMENT.

             

            
              	Section
                      12.04  	
                      Arbitration.

                    

            

             

            In
              the
              event a claim or controversy arises concerning the interpretation or
              enforcement
              of the terms of this Agreement, the parties hereto agree that such
              claim or
              controversy may be settled by final, binding arbitration if the parties
              hereto,
              as applicable, consent to such arbitration at the time such claim or
              controversy
              arises which consent may be withheld by any party hereto in its sole
              discretion.

             

            
              	Section
                      12.05  	
                      Duration
                        of Agreement.

                    

            

             

            This
              Agreement shall continue in existence and effect until terminated as
              herein
              provided. This Agreement shall continue notwithstanding transfers of
              the
              Mortgage Loans by the Purchaser.

             

            
              	Section
                      12.06  	
                      Notices.

                    

            

             

            All
              demands, notices and communications hereunder shall be in writing and
              shall be
              deemed to have been duly given if personally delivered at or mailed
              by
              registered mail, postage prepaid, addressed as follows:

             

            
              	(i)  	
                      if
                        to the Company:

                    

            

             

            IndyMac
              Bank, F.S.B.

            3465
              E.
              Foothill Boulevard

            Pasadena,
              CA 91107

            Attention:
              Secondary Marketing - Transaction Management

            Fax:
              (626) 585-5042

            

            or
              such
              other address as may hereafter be furnished to the Purchasers in writing
              by the
              Company;

             

            
              	(ii)  	
                      if
                        to any Purchaser:

                    

            

             

            Luminent
              Mortgage Capital, Inc.

            One
              Commerce Square, 

            2005
              Market Street, Suite 2100

            Philadelphia,
              PA 19103

            Attention:
              Trez Moore

            Telephone:
              (215) 564-5900

            Fax:
              (215) 564-5990

            

            with
              a
              copy to:

            Luminent
              Mortgage Capital Inc.

            One
              Market Street, Spear Tower, 30th floor

            San
              Francisco, CA 94105

            Attention:
              Christopher Zyda

            Telephone:
              415-978-3000

            Fax:
              415-978-3014

            

            or
              such
              other address as may hereafter be furnished to the Company in writing
              by any
              Purchaser.

             

            
              	Section
                      12.07  	
                      Severability
                        of Provisions.

                    

            

             

            If
              any
              one or more of the covenants, agreements, provisions or terms of this
              Agreement
              shall be held invalid for any reason whatsoever, 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.

             

            
              	Section
                      12.08  	
                      Relationship
                        of Parties.

                    

            

             

            Nothing
              herein contained shall be deemed or construed to create a 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 any
              Purchaser.

             

            
              	Section
                      12.09  	
                      Execution;
                        Successors and Assigns; Counterparts.

                    

            

             

            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 Sections 8.02 and 8.04, this Agreement
              shall
              inure to the benefit of and be binding upon the Company and each Purchaser
              and
              their respective successors and assigns.

             

            
              	Section
                      12.10  	
                      Recordation
                        of Assignments of Mortgage.

                    

            

             

            To
              the
              extent permitted by applicable law, each of the Assignments of Mortgage
              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
              at the
              Company’s expense, in the event recordation is either necessary or advisable
              in
              accordance with Acceptable Servicing Practices or under applicable
              law or is
              requested by the Purchaser at its sole option in the case of Mortgage
              Loans that
              are not registered on MERS.

             

            
              	Section
                      12.11  	
                      Assignment
                        by Purchaser.

                    

            

             

            The
              Purchaser shall have the right, without the consent of the Company
              but subject
              to the limits set forth in Section 2.02 and Section 9.01 hereof, 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, Assumption and Recognition
              Agreement and the assignee or designee shall accede to the rights and
              obligations hereunder of the Purchaser with respect to such Mortgage
              Loans. All
              references to the Purchaser in this Agreement shall be deemed to include
              its
              assignee or designee. In the event the Purchaser assigns this Agreement,
              and the
              assignee assumes any of the Purchaser’s obligations hereunder, the Company
              acknowledges and agrees to look solely to such assignee, and not the
              Purchaser,
              for performance of the obligations so assumed and the Purchaser shall
              be
              relieved from any liability to the Company with respect thereto.

             

            
              	Section
                      12.12  	
                      Solicitation
                        of Mortgagor.

                    

            

             

            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,
              or by
              any independent contractors or independent mortgage brokerage companies
              on the
              Company’s behalf, to personally, by telephone, mail or electronic mail, solicit
              the Mortgagor under any Mortgage Loan for the purpose of refinancing
              such
              Mortgage Loan. It is understood and agreed that promotions undertaken
              by the
              Company or any of its affiliates which are directed to the general
              public at
              large, including, without limitation, mass mailings based on commercially
              acquired mailing lists, newspaper, radio or television advertisements
              shall not
              constitute solicitation under this Section, nor is the Company prohibited
              from
              responding to unsolicited requests or inquiries made by a Mortgagor
              or an agent
              of a Mortgagor.

             

            
              	Section
                      12.13  	
                      Further
                        Agreements.

                    

            

             

            Each
              of
              the Purchasers and the Company agrees to execute and deliver to the
              other such
              additional documents, instruments or agreements as may be necessary
              or
              appropriate to effectuate the purposes of this Agreement.

             

            
              	Section
                      12.14  	
                      Confidential
                        Information.

                    

            

             

            The
              Company and the Purchaser shall keep confidential and shall not divulge
              to any
              other party, without the Purchaser’s or the Company’s, as applicable, prior
              written consent, the price paid by the Purchaser for the Mortgage Loans,
              except
              to the extent that it is reasonable and necessary for the Company or
              the
              Purchaser to do so in working with legal counsel, auditors, taxing
              authorities
              or other governmental agencies. 

             

            Each
              of
              the Purchasers and the Company agrees that it (i) shall comply with
              all
              applicable laws and regulations regarding the privacy or security of
              Consumer
              Information, (ii) shall not collect, create, use, store, access, disclose
              or
              otherwise handle Consumer Information in any manner inconsistent with
              any
              applicable laws or regulations regarding the privacy or security of
              Consumer
              Information, (iii) shall not disclose Consumer Information to any affiliated
              or
              non-affiliated third party except to enforce or preserve its rights,
              as
              otherwise permitted or required by applicable law (or by regulatory
              authorities
              having jurisdiction in the premises) or, in the case of the Company,
              at the
              specific written direction of any Purchaser, (iv) shall maintain appropriate
              administrative, technical and physical safeguards to protect the security,
              confidentiality and integrity of Consumer Information, including maintaining
              security measures designed to meet the Interagency Guidelines Establishing
              Standards for Safeguarding Consumer Information published in final
              form on
              February 1, 2001, 66 Fed. Reg. 8616, and the rules promulgated thereunder
              and
              (v) shall promptly notify the other party in writing upon becoming
              aware of any
              actual breach and of any suspected breach of this section. The Company
              shall
              promptly provide any Purchaser’s regulators information regarding such security
              measures upon the reasonable request of such Purchaser, which information
              shall
              include, but not be limited to, any SAS 70 or similar independent audit
              reports,
              summaries of test results or equivalent measures taken by the Company
              with
              respect to its security measures, as agreed upon by the parties. Each
              party
              shall indemnify and defend the other party against, and shall hold
              the other
              party harmless from, any cost, expense, loss, claim or other liability
              that such
              other party may suffer as a result of or in connection with its failure
              to
              comply with or perform the obligations set forth in this section. The
              restrictions set forth herein shall survive the termination of this
              Agreement.

             

            
              	Section
                      12.15  	
                      Equal
                        Opportunity.

                    

            

             

            Each
              of
              the Purchasers and the Company represents that it is an equal opportunity
              employer and that it does not discriminate in employment of persons
              or awarding
              of subcontracts because of a person’s race, sex, age, religion, national origin,
              veteran or handicap status. The Company is aware of and fully informed
              of each
              Purchaser’s responsibilities and agrees to the provisions under the following:
              (a) Executive Order 11246, as amended or superseded in whole or in
              part, and as
              contained in Section 202 of said Executive Order as found at 41 C.F.R.
§
60-1.4(a)(1-7); (b) Section 503 of the Rehabilitation Act of 1973 as
              contained
              in 41 C.F.R. § 60-741.4; and (c) The Vietnam Era Veterans' Readjustment
              Assistance Act of 1974 as contained in 41 C.F.R. § 60-250.4.

             

            
              	Section
                      12.16  	
                      Exhibits.

                    

            

             

            The
              exhibits to this Agreement are hereby incorporated and made a part
              hereof and
              are an integral part of this Agreement.

             

            
              	Section
                      12.17  	
                      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 GAAP;

                    

            

             

            
              	(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)  	
                      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;

                    

            

             

            
              	(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
                      12.18  	
                      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 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
                      12.19  	
                      Purchase
                        Price and Terms Letter.

                    

            

             

            The
              terms
              and conditions set forth in the Purchase Price and Terms Letter among
              the
              Purchasers and the Company with respect to each Closing Date shall
              be
              incorporated herein. In the event of any conflict between the terms
              of this
              Agreement and the related Purchase Price and Terms Letter, the Purchase
              Price
              and Terms Letter shall control, provided, that, in the case of a conflict
              relating to the servicing of the Mortgage Loans, this Agreement shall
              control.

             

            
              	Section
                      12.20  	
                      Clean-up
                        Call.

                    

            

             

            Excluding
              Mortgage Loans subject to a Securitization Transaction, if, at any
              time, there
              are five or fewer Mortgage Loans subject to this Agreement held by
              any
              individual Purchaser, the Company may repurchase such Mortgage Loans
              from such
              Purchaser at the lesser of the Repurchase Price or the fair market
              value, as
              reasonably determined by the Company and such Purchaser.

            
 

            [SIGNATURES
              FOLLOW]

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            IN
              WITNESS WHEREOF, the Company and the Purchasers have caused their names
              to be
              signed hereto by their respective officers thereunto duly authorized
              as of the
              day and year first above written.

             

             

            COMPANY

             

            INDYMAC
              BANK, F.S.B. 

             

             

            By: __________________________________

            Name:
              

            Title:
              

             

            PURCHASERS

             

            LUMINENT
              MORTGAGE CAPITAL, INC.

             

             

            By: __________________________________

            Name:
              

            Title:
              

             

            MERCURY
              MORTGAGE FINANCE STATUTORY TRUST

             

             

            By: __________________________________

            Name:
              

            Title:
              

             

            MAIA
              MORTGAGE FINANCE STATUTORY TRUST

             

             

            By: __________________________________

            Name:
              

            Title:
              

             

            

              
                
                   

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            EXHIBIT
              A

             

            FORM
              OF MORTGAGE LOAN SCHEDULE

             

            

            [On
              file
              with Purchaser]

            
              
                
                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              B

             

            CONTENTS
              OF EACH 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
              any prospective Purchaser, and which shall be retained by the Company
              in the
              Servicing File or delivered to the Custodian pursuant to Sections 2.01,
              2.02 and
              2.03 of the Flow Sale and Servicing Agreement to which this Exhibit
              is attached
              (the “Agreement”):

             

            
              	 	
                      1.

                    	
                      The
                        original Mortgage Note endorsed “Pay to the order of _____________,
                        without recourse” and signed in the name of the Company by an authorized
                        officer (provided that, in the event that the Mortgage Loan
                        was acquired
                        by the Company in a merger, the signature must be in the
                        following form:
                        “[Company], successor by merger to [name of predecessor]”; and in the
                        event that the Mortgage Loan was acquired or originated by
                        the Company
                        while doing business under another name, the signature must
                        be in the
                        following form: “[Company], formerly known as [previous name]”). The
                        Mortgage Note must contain all necessary intervening endorsements
                        showing
                        a complete chain of endorsement from the originator (each
                        such endorsement
                        being sufficient to transfer all right, title and interest
                        of the party so
                        endorsing, as noteholder or assignee thereof, in and to that
                        Mortgage
                        Note);

                    

            

             

            
              	 	
                      2.

                    	
                      The
                        original of any guarantee executed in connection with the
                        Mortgage Note
                        (if any).

                    

            

             

            
              	 	
                      3.

                    	
                      The
                        original Mortgage, with evidence of recording thereon, except
                        as follows.
                        If in connection with any Mortgage Loan, the Company cannot
                        deliver or
                        cause to be delivered the original Mortgage with evidence
                        of recording
                        thereon on or prior to the Closing Date because of a delay
                        caused by the
                        public recording office where such Mortgage has been delivered
                        for
                        recordation or because such Mortgage has been lost or because
                        such public
                        recording office retains the original recorded Mortgage,
                        the Company shall
                        deliver or cause to be delivered to the Custodian, a photocopy
                        of such
                        Mortgage, together with (i) in the case of a delay caused
                        by the public
                        recording office, an Officer’s Certificate of the Company stating that
                        such Mortgage has been dispatched to the appropriate public
                        recording
                        office for recordation and that the original recorded Mortgage
                        or a copy
                        of such Mortgage certified by such public recording office
                        to be a true
                        and complete copy of the original recorded Mortgage will
                        be promptly
                        delivered to the Custodian upon receipt thereof by the Company;
                        or (ii) in
                        the case of a Mortgage where a public recording office retains
                        the
                        original recorded Mortgage or in the case where a Mortgage
                        is lost after
                        recordation in a public recording office, a copy of such
                        Mortgage
                        certified by such public recording office or by the title
                        insurance
                        company that issued the title policy to be a true and complete
                        copy of the
                        original recorded Mortgage.

                    

            

             

            
              	 	
                      4.

                    	
                      The
                        originals or certified true copies of any document sent for
                        recordation of
                        all assumption, modification, consolidation or extension
                        agreements, with
                        evidence of recording thereon, or, if the original of any
                        such agreement
                        with evidence of recording thereon has not been returned
                        by the public
                        recording office where such agreement has been delivered
                        for recordation
                        or such agreement has been lost or such public recording
                        office retains
                        the original recorded agreement, a photocopy of such agreement,
                        certified
                        by the Company or its agent to be a true and correct copy
                        of the agreement
                        delivered to the appropriate public recording office for
                        recordation. The
                        original recorded agreement or, in the case of a agreement
                        where a public
                        recording office retains the original recorded agreement
                        or in the case
                        where an agreement is lost after recordation in a public
                        recording office,
                        a copy of such agreement certified by such public recording
                        office to be a
                        true and complete copy of the original recorded agreement,
                        will be
                        promptly delivered to the Custodian upon receipt thereof
                        by the
                        Company.

                    

            

             

            
              	 	
                      5.

                    	
                      The
                        original Assignment of Mortgage, in blank, for each Mortgage
                        Loan, in form
                        and substance acceptable for recording (except for the insertion
                        of the
                        name of the assignee and recording information). If the Mortgage
                        Loan was
                        acquired by the Company in a merger, the Assignment of Mortgage
                        must be
                        made by “[Company], successor by merger to [name of predecessor].” If the
                        Mortgage Loan was acquired or originated by the Company while
                        doing
                        business under another name, the Assignment of Mortgage must
                        be made by
                        “[Company], formerly know as [previous name].” Subject to the foregoing
                        and where permitted under the applicable laws of the jurisdiction
                        wherein
                        the Mortgaged property is located, such Assignments of Mortgage
                        may be
                        made by blanket assignments for Mortgage Loans secured by
                        the Mortgaged
                        Properties located in the same county. If the related Mortgage
                        has been
                        recorded in the name of Mortgage Electronic Registration
                        Systems, Inc.
                        (“MERS”) or its designee, no Assignment of Mortgage will be required
                        to be
                        prepared or delivered and instead, the Company shall take
                        all actions as
                        are necessary to cause the Purchaser to be shown as the owner
                        of the
                        related Mortgage Loan on the records of MERS for purposes
                        of the system of
                        recording transfers of beneficial ownership of mortgages
                        maintained by
                        MERS.

                    

            

             

            
              	 	
                      6.

                    	
                      For
                        any Mortgage Loan not recorded in the name of MERS, originals
                        or certified
                        true copies of documents sent for recordation of all intervening
                        assignments of the Mortgage with evidence of recording thereon,
                        or if any
                        such intervening assignment 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, the
                        Company shall
                        deliver or cause to be delivered to the Custodian, a photocopy
                        of such
                        intervening assignment, together with (i) in the case of
                        a delay caused by
                        the public recording office, an Officer’s Certificate of the Company
                        stating that such intervening Assignment of Mortgage has
                        been dispatched
                        to the appropriate public recording office for recordation
                        and that such
                        original recorded intervening Assignment of Mortgage or a
                        copy of such
                        intervening Assignment of Mortgage certified by the appropriate
                        public
                        recording office or by the title insurance company that issued
                        the title
                        policy to be a true and complete copy of the original recorded
                        intervening
                        Assignment of Mortgage will be promptly delivered to the
                        Custodian upon
                        receipt thereof by the Company; or (ii) in the case of an
                        intervening
                        assignment where a public recording office retains the original
                        recorded
                        intervening Assignment of Mortgage or in the case where an
                        intervening
                        Assignment of Mortgage is lost after recordation in a public
                        recording
                        office, a copy of such intervening Assignment of Mortgage
                        certified by
                        such public recording office to be a true and complete copy
                        of the
                        original recorded intervening Assignment of
                        Mortgage.

                    

            

             

            
              	 	
                      7.

                    	
                      The
                        original mortgagee policy of title insurance or evidence
                        of
                        title.

                    

            

             

            
              	 	
                      8.

                    	
                      Any
                        security agreement, chattel mortgage or equivalent executed
                        in connection
                        with the Mortgage.

                    

            

             

            
              	 	
                      9.

                    	
                      For
                        each Mortgage Loan secured by Co-op Shares, the originals
                        of the following
                        documents or instruments:

                    

            

             

            (A) the
              stock
              certificate;

             

            (B) the
              stock
              power executed in blank;

             

            (C) the
              executed proprietary lease;

             

            (D) the
              executed recognition agreement;

             

            (E) the
              executed assignment of recognition agreement;

             

            (F) the
              executed UCC-1 financing statement with evidence of recording thereon;
              and

             

            (G) executed
              UCC-3 financing statements or other appropriate UCC financing statements
              required by state law, evidencing a complete and unbroken line from
              the
              mortgagee to the Trustee with evidence of recording thereon (or in
              a form
              suitable for recordation).

             

            With
              respect to each Mortgage Loan, the Mortgage File shall include each
              of the
              following items to the extent in the possession of the Company or in
              the
              possession of the Company’s agent(s):

             

            
              	 	
                      10.

                    	
                      The
                        original hazard insurance policy and, if required by law,
                        flood insurance
                        policy, in accordance with Section 4.10 of the
                        Agreement.

                    

            

             

            
              	 	
                      11.

                    	
                      Residential
                        loan application.

                    

            

             

            
              	 	
                      12.

                    	
                      Mortgage
                        Loan closing statement.

                    

            

             

            
              	 	
                      13.

                    	
                      Verification
                        of employment and income.

                    

            

             

            
              	 	
                      14.

                    	
                      Verification
                        of acceptable evidence of source and amount of down
                        payment.

                    

            

             

            
              	 	
                      15.

                    	
                      Credit
                        report on the Mortgagor.

                    

            

             

            
              	 	
                      16.

                    	
                      Residential
                        appraisal report.

                    

            

             

            
              	 	
                      17.

                    	
                      Photograph
                        of the Mortgaged Property.

                    

            

             

            
              	 	
                      18.

                    	
                      Survey
                        of the Mortgaged Property, if required by the title company
                        or applicable
                        law.

                    

            

             

            
              	 	
                      19.

                    	
                      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, sewer agreements, home association
                        declarations,
                        etc.

                    

            

             

            
              	 	
                      20.

                    	
                      All
                        required disclosure statements.

                    

            

             

            
              	 	
                      21.

                    	
                      If
                        available, termite report, structural engineer’s report, water potability
                        and septic certification.

                    

            

             

            
              	 	
                      22.

                    	
                      Sales
                        contract, if applicable.

                    

            

             

            
              	 	
                      23.

                    	
                      Evidence
                        of payment of taxes and insurance premiums, insurance claim
                        files,
                        correspondence, current and historical computerized data
                        files, and all
                        other processing, underwriting and closing papers and records
                        which are
                        customarily contained in a mortgage file and which are required
                        to
                        document the Mortgage Loan or to service the Mortgage
                        Loan.

                    

            

             

            
              	 	
                      24.

                    	
                      Amortization
                        schedule, if available.

                    

            

             

            
              	 	
                      25.

                    	
                      Original
                        power of attorney, if applicable.

                    

            

             

            
              	 	
                      26.

                    	
                      The
                        original PMI Policy or certificate of insurance, where required
                        pursuant
                        to the Agreement.

                    

            

             

            
              	 	
                      27.

                    	
                      For
                        each Mortgage Loan which is secured by a residential long-term
                        lease, if
                        any, a copy of the lease with evidence of recording indicated
                        thereon, or,
                        if the lease is in the process of being recorded, a photocopy
                        of the
                        lease, certified by an officer of the respective prior owner
                        of such
                        Mortgage Loan or by the applicable title insurance company,
                        closing/settlement/escrow agent or company or closing attorney
                        to be a
                        true and correct copy of the lease transmitted for
                        recordation.

                    

            

             

            In
              the
              event of a delay by the public recording office in returning any recorded
              document, the Company shall deliver to the Custodian, within 180 days
              of the
              Closing Date, an Officer’s Certificate which shall (i) identify the recorded
              document, (ii) state that the recorded document has not been delivered
              to the
              Custodian due solely to a delay caused by the public recording office,
              (iii)
              state the amount of time generally required by the applicable recording
              office
              to record and return a document submitted for recordation, and (iv)
              specify the
              date the applicable recorded document will be delivered to the Custodian.
              The
              Company shall be required to deliver to the Custodian the applicable
              recorded
              document by the date specified in (iv) above. An extension of the date
              specified
              in (iv) above may be requested form the Purchaser, which consent shall
              not be
              unreasonably withheld.

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              C

             

            FORM
              OF CUSTODIAL AGREEMENT

            
 

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              D

             

            FORM
              OF ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

             

            [DATE
              OF
              ASSIGNMENT]

             

            ASSIGNMENT,
              ASSUMPTION AND RECOGNITION AGREEMENT dated ___________________, among
              _________________, a _________________ corporation having an office
              at
              _________________ (“Assignor”), _________________, having an office at
              _________________ (“Assignee”) and [NAME OF COMPANY] (the “Company”), having an
              office at [INSERT COMPANY ADDRESS]:

             

            For
              and
              in consideration of the sum of one dollar ($1.00) and other valuable
              consideration the receipt and sufficiency of which are hereby acknowledged,
              and
              of the mutual covenants herein contained, the parties hereto hereby
              agree as
              follows:

             

            1. With
              respect to the Mortgage Loans listed on Exhibit
              A
              hereto,
              the Assignor hereby grants, transfers and assigns to Assignee all of
              the right,
              title and interest of Assignor, as Purchaser, in, to and under that
              certain Flow
              Sale and Servicing Agreement, (the “Flow Sale and Servicing Agreement”), dated
              as of [INSERT DATE OF AGREEMENT], and the Memorandum of Sale dated
              [INSERT DATE]
              (together with the Flow Sale and Servicing Agreement, the “Flow Sale
              Agreement”), each by and among Luminent Mortgage Capital, Inc., Mercury Mortgage
              Finance Statutory Trust, Maia Mortgage Finance Statutory Trust, as
              purchasers
              (collectively, the “Purchasers”, and individually, as the purchaser of any
              Mortgage Loan under the Flow Sale Agreement, the “Purchaser”), and the Company,
              and the Mortgage Loans delivered thereunder by the Company to the Assignor,
              and
              that certain Custodial Agreement, (the “Custodial Agreement”), dated as of
              [INSERT DATE OF AGREEMENT], by and among the Company, the Purchasers
              and
              _________________ (the “Custodian”).

             

            2. The
              Assignor warrants and represents to, and covenants with, the Assignee
              that:

             

            a. The
              Assignor is the lawful owner of the Mortgage Loans with the full right
              to
              transfer the Mortgage Loans free from any and all claims and encumbrances
              whatsoever;

             

            b. The
              Assignor has not received notice of, and has no knowledge of, any offsets,
              counterclaims or other defenses available to the Company with respect
              to the
              Flow Sale Agreement or the Mortgage Loans;

             

            c. The
              Assignor has not waived or agreed to any waiver under, or agreed to
              any
              amendment or other modification of, the Flow Sale Agreement, the Custodial
              Agreement or the Mortgage Loans, including without limitation the transfer
              of
              the servicing obligations under the Flow Sale Agreement. The Assignor
              has no
              knowledge of, and has not received notice of, any waivers under or
              amendments or
              other modifications of, or assignments of rights or obligations under,
              the Flow
              Sale Agreement or the Mortgage Loans; and

             

            d. Neither
              the Assignor nor anyone acting on its behalf has offered, transferred,
              pledged,
              sold or otherwise disposed of the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security to, or solicited any offer to buy
              or accept
              a transfer, pledge or other disposition of the Mortgage Loans, any
              interest in
              the Mortgage Loans or any other similar security from, or otherwise
              approached
              or negotiated with respect to the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security 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 (the “Securities Act”) or which would
              render the disposition of the Mortgage Loans a violation of Section
              5 of the
              Securities Act or require registration pursuant thereto.

             

            3. That
              Assignee warrants and represent to, and covenants with, the Assignor
              and the
              Company pursuant to Section 12.10 of the Flow Sale Agreement that:

             

            a. The
              Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
              and
              conditions of the Flow Sale Agreement, the Mortgage Loans and the Custodial
              Agreement, and from and after the date hereof, the Assignee assumes
              for the
              benefit of each of the Company and the Assignor all of the Assignor’s
              obligations as purchaser thereunder;

             

            b. The
              Assignee understands that the Mortgage Loans have not been registered
              under the
              Securities Act or the securities laws of any state;

             

            c. The
              purchase price being paid by the Assignee for the Mortgage Loans is
              in excess of
              $250,000.00 and will be paid by cash remittance of the full purchase
              price
              within 60 days of the sale;

             

            d. The
              Assignee is acquiring the Mortgage Loans for investment for its own
              account only
              and not for any other person. In this connection, neither the Assignee
              nor any
              person authorized to act therefor has offered to sell the Mortgage
              Loans by
              means of any general advertising or general solicitation within the
              meaning of
              Rule 502(c) Regulation D, promulgated under the Securities Act;

             

            e. The
              Assignee considers itself a substantial sophisticated institutional
              investor
              having such knowledge and experience in financial and business matters
              that it
              is capable of evaluating the merits and risks of investment in the
              Mortgage
              Loans;

             

            f. The
              Assignee has been furnished with all information regarding the Mortgage
              Loans
              that it has requested from the Assignor or the Company;

             

            g. Neither
              the Assignee nor anyone acting on its behalf has offered, transferred,
              pledged,
              sold or otherwise disposed of the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security to, or solicited any offer to buy
              or
              accepted a transfer, pledge or other disposition of the Mortgage Loans,
              any
              interest in the Mortgage Loans or any other similar security from,
              or otherwise
              approached or negotiated with respect to the Mortgage Loans, any interest
              in the
              Mortgage Loans or any other similar security with, any person in any
              manner
              which would constitute a distribution of the Mortgage Loans under the
              Securities
              Act or which would render the disposition of the Mortgage Loans a violation
              of
              Section 5 of the Securities Act or require registration pursuant thereto,
              nor
              will it act, nor has it authorized or will it authorize any person
              to act, in
              such manner with respect to the Mortgage Loans; and

             

            h. Either
              (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of
              section 3(3) of the Employee Retirement Income Security Act of 1974,
              as amended
              (“ERISA”) or a plan (“Plan”) within the meaning of section 4975(e)(1) of the
              Internal Revenue Code of 1986 (“Code”), and the Assignee is not directly or
              indirectly purchasing the Mortgage Loans on behalf of, investment manager
              of, as
              named fiduciary of, as trustee of, or with assets of, a Plan; or (2)
              the
              Assignee’s purchase of the Mortgage Loans will not result in a prohibited
              transaction under section 406 of ERISA or section 4975 of the Code.

             

            i. The
              Assignee’s address for purposes of all notices and correspondence related to
              the
              Mortgage Loans and the Flow Sale Agreement is:

             

            [NAME
              AND
              ADDRESS OF ASSIGNEE]

            Attention:
              __________________________        
 

            Telephone:
              _________________________ 

            Fax:
              _______________________________  

             

            The
              Assignee’s wire transfer instructions for purposes of all remittances and
              payments related to the Mortgage Loans and the Flow Sale Agreement
              is:

             

            For
              the
              account of [NAME OF ASSIGNEE]

            A/C#:
              _____________________________ 

            ABA#:
              ____________________________ 

            Attention:
              __________________________ 

            Taxpayer
              ID#: _______________________ 

             

            4. Accuracy
              of the Servicing Agreement.

             

            The
              Company and the Assignor represent and warrant to the Assignee that
              (i) attached
              hereto as Exhibit
              B
              are
              true, accurate and complete copies of the Flow Sale Agreement, the
              Custodial
              Agreement and all amendments and modifications, if any, thereto, (ii)
              neither
              the Flow Sale Agreement nor the Custodial Agreement has been amended
              or modified
              in any respect, except as set forth in this Agreement, and (iii) no
              notice of
              termination has been given to the Company under the Flow Sale Agreement.
              The
              Company represents and warrants that through the date hereof the Company
              has
              serviced the Mortgage Loans in accordance with the terms of the Flow
              Sale
              Agreement.

             

            5. Recognition
              of Assignee.

             

            From
              and
              after the date hereof, the Company shall note the transfer of the Mortgage
              Loans
              to the Assignee in its books and records, the Company shall recognize
              the
              Assignee as the owner of the Mortgage Loans and the Company shall service
              the
              Mortgage Loans for the benefit of the Assignee pursuant to the Flow
              Sale
              Agreement, the terms of which are incorporated herein by reference.
              It is the
              intention of the Assignor, the Company and the Assignee that the Flow
              Sale
              Agreement and the Custodial Agreement shall be binding upon and inure
              to the
              benefit of the Company and the Assignee and their respective successors
              and
              assigns.

             

            [Signatures
              Follow]

             

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the parties have caused this Assignment, Assumption
              and
              Recognition Agreement be executed by their duly authorized officers
              as of the
              date first above written.

             

            
               

              
                	[NAME
                        OF ASSIGNOR]	 	 	[NAME OF ASSIGNEE]
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	
                        

                      	 	Name:	
                        

                      
	Its:	
                        

                      	 	Its:	
                        
 
	
                      	
                        

                      	 	 	
                        

                      

              

               

              
                 

                
                  	
                          [NAME
                            OF COMPANY]

                          Company

                        	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	
                          

                        	 	 	
                        
	Its:	
                          
                            
 

                        	 	 	 
	
                        	
                          

                        	 	 	 

                

                 

              

            

            

              
                
                   

                   

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            EXHIBIT
              A

             

            to
              the
              Assignment, Assumption and Recognition Agreement

             

            MORTGAGE
              LOAN SCHEDULE

             

            
              
                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              B

             

            to
              the
              Assignment, Assumption and Recognition Agreement

             

            EXECUTION
              COPIES OF FLOW SALE AND SERVICING AGREEMENT

            AND
              MEMORANDUM OF SALE

             

            

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              E

             

            UNDERWRITING
              GUIDELINES

             

            

            [On
              file
              with Purchaser]

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              F

             

            REPRESENTATIONS
              AND WARRANTIES 

            REGARDING
              INDIVIDUAL MORTGAGE LOANS

             

            
              	(a)  	
                      Mortgage
                        Loans as Described.

                    

            

             

            The
              information set forth in the Mortgage Loan Schedule annexed to the
              related
              Memorandum of Sale and the information contained on the related electronic
              data
              file delivered to the Purchaser is complete, true and correct;

             

            
              	(b)  	
                      Payments
                        Current.

                    

            

             

            All
              payments required to be made prior to the related Cut-off Date for
              the Mortgage
              Loan under the terms of the Mortgage Note have been made and credited.
              No
              payment under any Mortgage Loan has ever been 30 days or more
              delinquent;

             

            
              	(c)  	
                      [Reserved].

                    

            

             

            
              	(d)  	
                      No
                        Outstanding Charges.

                    

            

             

            There
              are
              no defaults in complying with the terms of the Mortgages, and there
              are no
              delinquent taxes, governmental assessments, insurance premiums, leasehold
              payments, ground rents, water, sewer and municipal charges, including
              assessments payable in future installments or any other charge affecting
              the
              lien priority of the related Mortgaged Property. The Company has not
              advanced
              funds, or induced, or solicited directly or indirectly, the payment
              of any
              amount required under the Mortgage Loan, except for interest accruing
              from the
              date of the Mortgage Note or date of disbursement of the Mortgage Loan
              proceeds,
              whichever is later, to the day which precedes by one month the Due
              Date of the
              first installment of principal and interest;

             

            
              	(e)  	
                      Original
                        Terms Unmodified.

                    

            

             

            The
              terms
              of the Mortgage Note and Mortgage have not been impaired, waived, altered
              or
              modified in any respect, except by a written instrument which has been
              recorded,
              if necessary, to protect the interests of the Purchaser and maintain
              the lien
              priority of the Mortgage and which has been delivered to the Custodian.
              The
              substance of any such waiver, alteration or modification has been approved
              by
              the issuer of any related PMI Policy and the title insurer, to the
              extent
              required by the policy, and its terms are reflected on the Mortgage
              Loan
              Schedule. No 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 issuer of any related
              PMI Policy
              and the title insurer, to the extent required by the policy, and which
              assumption agreement is part of the Mortgage File delivered to the
              Custodian and
              the terms of which are reflected on the related Mortgage Loan
              Schedule;

             

            
              	(f)  	
                      No
                        Defenses.

                    

            

             

            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 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 no Mortgagor was
              a debtor in
              any state or federal bankruptcy or insolvency proceeding at the time
              the
              Mortgage Loan was originated;

             

            
              	(g)  	
                      No
                        Satisfaction of Mortgage.

                    

            

             

            The
              Mortgage has not been satisfied, canceled, subordinated or rescinded,
              in whole
              or in part, 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, release, cancellation, subordination
              or
              rescission;

             

            
              	(h)  	
                      Validity
                        of Mortgage Documents.

                    

            

             

            The
              Mortgage Note and the Mortgage and related documents are genuine, and
              each is
              the legal, valid and binding obligation of the maker thereof enforceable
              in
              accordance with its terms. All parties to the Mortgage Note and the
              Mortgage had
              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;

             

            
              	(i)  	
                      No
                        Fraud.

                    

            

             

            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 to the
              best of the Company’s knowledge after reasonable inquiry, the Mortgagor, the
              appraiser, any builder, or any developer, or any other party involved
              in the
              solicitation or origination of the Mortgage Loan or in the application
              of any
              insurance in relation to such Mortgage Loan or in connection with the
              sale of
              such Mortgage Loan to the Purchaser, and there are no circumstances
              existing
              with respect to the Mortgage Loan which would permit the primary mortgage
              guaranty insurer to deny coverage under any insurance policy;

             

            
              	(j)  	
                      Compliance
                        with Applicable Laws.

                    

            

             

            All
              requirements of federal, state and local law including, without limitation,
              usury, truth-in-lending, real estate settlement procedures, consumer
              credit
              protection, predatory and abusive lending, equal credit opportunity
              or
              disclosure laws applicable to the solicitation, origination and servicing
              of the
              Mortgage Loan have been complied with, the Mortgagor 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, if the Mortgage Loan
              is a
              refinanced Mortgage Loan, rescission materials required by applicable
              laws, and
              the Company shall maintain in its possession, available for the Purchaser’s
              inspection, and shall deliver to the Purchaser upon demand, evidence
              of
              compliance with all such requirements. 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;

             

            
              	(k)  	
                      Fair
                        Credit Reporting Act.

                    

            

             

            The
              Company 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 the related Mortgagor’s credit files to Equifax,
              Experian, and Trans Union Credit Information Company (three of the
              credit
              repositories), on a monthly basis.

             

            
              	(l)  	
                      Location
                        and Type of Mortgaged Property.

                    

            

             

            The
              Mortgaged Property is located in the state identified in the Mortgage
              Loan
              Schedule and consists of a contiguous parcel of real property with
              a detached
              single family residence erected thereon, 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, in the case of a Mortgage Loan secured
              by a
              Co-op Share, leases or occupancy agreements. None of the Mortgaged
              Properties
              are Manufactured Homes, log homes, mobile homes, geodesic domes or
              other unique
              property types. As of the respective appraisal date for each Mortgaged
              Property,
              except as permitted by the Underwriting Guidelines, no portion of the
              Mortgaged
              Property was being used for commercial or mixed-use purposes and, to
              the
              Company’s knowledge, since the date of such Appraisal, no portion of the
              Mortgaged Property has been used for commercial purposes. No Mortgage
              Loan
              finances builder inventory;

             

            
              	(m)  	
                      Valid
                        First Lien.

                    

            

             

            The
              Mortgage is a valid, subsisting and enforceable 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 located in or annexed to such buildings, and all additions,
              alterations
              and replacements made at any time with respect to the foregoing. The
              lien of the
              Mortgage is subject only to:

             

            
              	(1)  	
                      the
                        lien of 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 acceptable
                        to mortgage
                        lending institutions generally and specifically referred
                        to in the
                        lender’s title insurance policy delivered to the originator of the
                        Mortgage Loan and (i) referred to or otherwise considered
                        in the Appraisal
                        made for the originator of the Mortgage Loan and (ii) which
                        do not
                        adversely affect the Appraised Value of the Mortgaged Property
                        set forth
                        in such Appraisal;

                    

            

             

            
              	(3)  	
                      if
                        the Mortgaged Property consists of Co-op Shares, any lien
                        for amounts due
                        to the cooperative housing corporation for unpaid assessments
                        or charges
                        or any lien of any assignment of rents or maintenance expenses
                        secured by
                        the real property owned by the cooperative housing corporation;
                        and

                    

            

             

            
              	(4)  	
                      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 and enforceable first lien and first priority security interest
              on
              the property described therein and the Company has full right to sell
              and assign
              the same to the Purchaser;

             

            
              	(n)  	
                      Full
                        Disbursement of Proceeds.

                    

            

             

            The
              proceeds of the Mortgage Loan have been fully disbursed to or for the
              account of
              the Mortgagor, and there is no requirement for future advances thereunder.
              Any
              and all requirements as to completion of any on-site or off-site improvements
              and any and all requirements as to disbursements of escrow funds for
              such
              improvements 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;

             

            
              	(o)  	
                      Consolidation
                        of Future Advances.

                    

            

             

            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 reflected on the Mortgage Loan Schedule. 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 or Freddie Mac; the consolidated principal amount does not
              exceed the
              original principal amount of the Mortgage Loan; the Company shall not
              make
              future advances after the related Cut-off Date;

             

            
              	(p)  	
                      Ownership.

                    

            

             

            The
              Company is the sole owner of record and holder of the Mortgage Loan,
              and the
              related Mortgage Note and the Mortgage are not assigned or pledged,
              and the
              Company has good and marketable title thereto and has full right and
              authority
              to transfer and sell the Mortgage Loan to the Purchaser. The Company
              is
              transferring the Mortgage Loan free and clear of any and all encumbrances,
              liens, pledges, equities, participation interests, claims, agreements
              with other
              parties to sell or otherwise transfer the Mortgage Loan, charges or
              security
              interests of any nature encumbering such Mortgage Loan;

             

            
              	(q)  	
                      Origination/Doing
                        Business.

                    

            

             

            The
              Mortgage Loan was originated by a savings and loan association, a savings
              bank,
              a commercial bank, a credit union, an insurance company, or similar
              institution
              that is supervised and examined by a federal or state authority or
              by a
              mortgagee approved by the Secretary of Housing and Urban Development
              pursuant to
              Sections 203 and 211 of the National Housing Act. All 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) (1) in compliance with any and all applicable licensing
              requirements of the laws of the state wherein the Mortgaged Property
              is located,
              and (2) either (A) organized under the laws of such state, (B) qualified
              to do
              business in such state, (C) federal savings and loan associations or
              national
              banks, or (D) not doing business in such state;

             

            
              	(r)  	
                      LTV,
                        PMI Policy.

                    

            

             

            If
              a
              Mortgage Loan had an original LTV greater than 80%, it is insured as
              to payment
              defaults by a PMI Policy unless terminated pursuant to the Homeowners
              Protection
              Act of 1998, 12 USC §4901, et seq. All provisions of such PMI Policy have been
              and are being complied with, such policy is in full force and effect,
              and all
              premiums due thereunder have been paid. The insurer under such PMI
              Policy is a
              Qualified Insurer that has a claims paying ability acceptable to Fannie
              Mae or
              Freddie Mac. Any Mortgage Loan subject to a PMI Policy obligates the
              Mortgagor
              thereunder to maintain the PMI Policy and to pay all premiums and charges
              in
              connection therewith. The Mortgage Interest Rate for the Mortgage Loan
              as set
              forth on the Mortgage Loan Schedule is net of any such insurance
              premium;

             

            
              	(s)  	
                      Title
                        Insurance.

                    

            

             

            The
              Mortgage Loan is covered by an ALTA lender’s title insurance policy, acceptable
              to Fannie Mae or Freddie Mac, or other generally acceptable form of
              policy of
              insurance 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 the
              Company, its
              successors and assigns, as to the first priority lien of the Mortgage
              in the
              original principal amount of the Mortgage Loan, subject only to the
              exceptions
              contained in clauses (1), (2), (3) and (4) of Paragraph (m) of this
              Section
              3.02. For each Adjustable Rate Mortgage Loan, such policy shall include
              an
              adjustable rate mortgage endorsement and shall insure the Company,
              its
              successors and assigns, against any loss by reason of the invalidity
              or
              unenforceability of the lien resulting from the provisions of the Mortgage
              providing for adjustment to the Mortgage Interest Rate or Monthly Payment.
              Additionally, such lender’s title insurance policy affirmatively insures ingress
              and egress, and against encroachments by or upon the Mortgaged Property
              or any
              interest therein. Where required by state law or regulation, the Mortgagor
              has
              been given the opportunity to choose the carrier of such lender’s title
              insurance policy. The Company, its successors and assigns, are the
              sole insureds
              of such lender’s title insurance policy for each Mortgage Loan, and such
              lender’s title insurance policy is valid and remains in full force and effect
              and will be in full force and effect upon the sale of the Mortgage
              Loan to the
              Purchaser. No claims have been made under such lender’s title insurance policy,
              and no prior holder of the Mortgage, including the Company, has done,
              by act or
              omission, anything which would impair the coverage of such lender’s title
              insurance policy. In connection with the issuance of such lender’s title
              insurance policy, no unlawful fee, commission, kickback or other unlawful
              compensation or value of any kind has been or will be received, retained
              or
              realized by any attorney, firm or other person or entity, and no such
              unlawful
              items have been received, retained or realized by the Company;

             

            
              	(t)  	
                      No
                        Defaults.

                    

            

             

            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 of acceleration, and neither the
              Company nor
              its predecessors have waived any default, breach, violation or event
              of
              acceleration;

             

            
              	(u)  	
                      No
                        Mechanics’ Liens.

                    

            

             

            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 the law could
              give rise to
              such liens) affecting the related Mortgaged Property which are or may
              be liens
              prior to, or equal or coordinate with, the lien of the related
              Mortgage;

             

            
              	(v)  	
                      Location
                        of Improvements; No Encroachments.

                    

            

             

            All
              improvements which were considered in determining the Appraised Value
              of the
              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. No improvement located on or
              being part of
              the Mortgaged Property is in violation of any applicable zoning law
              or
              regulation;

             

            
              	(w)  	
                      Payment
                        Terms.

                    

            

             

            Payments
              on the Mortgage Loan commenced no more than 60 days after the proceeds
              of such
              Mortgage Loan were disbursed to the related Mortgagor. The Mortgage
              Loans have
              an original term to maturity of not more than 40 years, with interest
              payable,
              to the extent required, in arrears on the Due Date set forth on the
              related
              Mortgage Loan Schedule. As to each Adjustable Rate Mortgage Loan on
              each
              applicable Adjustment Date, the Mortgage Interest Rate has been or
              will be
              adjusted to equal the sum of the Index plus the applicable Gross Margin,
              rounded
              up or down to the nearest multiple of 0.125% indicated by the Mortgage
              Note;
provided
              that the
              Mortgage Interest Rate has not increased or decreased and will not
              increase or
              decrease by more than the Periodic Interest Rate Cap on any Adjustment
              Date, and
              has not, nor will it in any event, exceed the maximum Mortgage Interest
              Rate or
              be lower than the minimum Mortgage Interest Rate listed on the Mortgage
              Loan
              Schedule for such Mortgage Loan. Except for interest-only Mortgage
              Loans, the
              related Mortgage Note requires a monthly payment which is sufficient,
              during the
              period prior to the first adjustment to the Mortgage Interest Rate,
              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. As to each Mortgage Note relating to
              an Interest
              Only Mortgage Loan, each Mortgage Note requires a monthly payment,
              commencing
              with the first monthly payment after the end of the interest only period,
              which
              is sufficient to amortize the outstanding principal balance fully over
              the then
              remaining term of such Mortgage Note. Except with respect to Option
              ARM Mortgage
              Loans, no Mortgage Loan contains terms or provisions which would result
              in
              Negative Amortization. With respect to any Mortgage Loan subject to
              Negative
              Amortization the Monthly Payments are sufficient during the period
              following
              each Payment Adjustment Date to fully amortize the outstanding principal
              balance
              as of the first day of such period (including any Negative Amortization)
              over
              the original term thereof in accordance with the terms and conditions
              set forth
              in the Mortgage Note;

             

            
              	(x)  	
                      Customary
                        Provisions.

                    

            

             

            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. There
              is no homestead or other exemption available to a Mortgagor which would
              interfere with the right to sell the Mortgaged Property at a trustee’s sale or
              the right to foreclose the Mortgage;

             

            
              	(y)  	
                      Occupancy
                        of the Mortgaged Property.

                    

            

             

            As
              of the
              date of origination, the Mortgaged Property was lawfully occupied under
              applicable law and to the best of the Company’s knowledge, the Mortgaged
              Property is lawfully occupied as of the Closing Date;

             

            
              	(z)  	
                      No
                        Additional Collateral.

                    

            

             

            The
              Mortgage Note is not and has not been secured by any collateral, pledged
              account
              or other security except the lien of the corresponding Mortgage and
              the security
              interest of any applicable security agreement or chattel mortgage referred
              to in
              Paragraph (m) above;

             

            
              	(aa)  	
                      Deeds
                        of Trust.

                    

            

             

            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 Mortgagee to the trustee under the deed of trust, except
              in
              connection with a trustee’s sale after default by the Mortgagor;

             

            
              	(bb)  	
                      Acceptable
                        Investment.

                    

            

             

            The
              Company has no knowledge of any circumstances or conditions with respect
              to the
              Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
              standing that can reasonably be expected to cause private institutional
              investors to regard the Mortgage Loan as an unacceptable investment,
              cause the
              Mortgage Loan to become delinquent, or adversely affect the value or
              marketability of the Mortgage Loan;

             

            
              	(cc)  	
                      Transfer
                        of Mortgage Loans.

                    

            

             

            With
              respect to each Mortgage that is not recorded in the name of MERS or
              its
              designee, the Assignment of Mortgage, upon the insertion of the name
              of the
              assignee and recording information, is in recordable form (other than
              the name
              of the assignee if in blank) and is acceptable for recording under
              the laws of
              the jurisdiction in which the related Mortgaged Property is
              located;

             

            
              	(dd)  	
                      Mortgaged
                        Property Undamaged.

                    

            

             

            The
              Mortgaged Property is in good repair and undamaged by waste, fire,
              earthquake or
              earth movement, windstorm, flood, tornado or other casualty so as to
              affect
              adversely the value of the Mortgaged Property as security for the Mortgage
              Loan
              or the use for which the premises were intended;

             

            
              	(ee)  	
                      Servicing
                        and Collection Practices; Escrow Deposits.

                    

            

             

            The
              origination, servicing and collection practices used with respect to
              the
              Mortgage Loan have been in accordance with Accepted Servicing Practices
              and the
              terms of the Mortgage Note and have been in all material respects legal
              and
              proper. All escrow deposits and Escrow Payments, if any, are in the
              possession
              of, or under the control of, Seller and have been collected and handled
              in full
              compliance with the Real Estate Settlement Procedures Act (“RESPA”)
              and
              other state and federal laws. No escrow deposits or Escrow Payments
              or other
              charges or payments due the Company have been capitalized under the
              Mortgage
              Note;

             

            
              	(ff)  	
                      No
                        Condemnation.

                    

            

             

            There
              is
              no proceeding pending or to the best of the Company’s knowledge threatened for
              the total or partial condemnation of the related Mortgaged
              Property;

             

            
              	(gg)  	
                      The
                        Appraisal.

                    

            

             

            The
              Mortgage File contains an Appraisal of the related Mortgaged Property
              in a form
              acceptable to Fannie Mae or Freddie Mac. The appraisal was made and
              signed,
              prior to the approval of the Mortgage Loan application, by a Qualified
              Appraiser
              (1) who had no interest, direct or indirect, in the Mortgaged Property
              or in any
              loan made on the security thereof, (2) whose compensation is not affected
              by the
              approval or disapproval of the Mortgage Loan, and (3) who met the minimum
              qualifications of Fannie Mae or Freddie Mac and Title XI of the Financial
              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;

             

            
              	(hh)  	
                      Insurance.

                    

            

             

            All
              buildings on the Mortgaged Property are insured by an insurer generally
              acceptable to prudent mortgage lending institutions (and to Fannie
              Mae or
              Freddie Mac) against loss by fire and such hazards as are covered under
              a
              standard extended coverage endorsement and such other hazards as are
              customary
              in the area where the Mortgaged Property is located pursuant to insurance
              policies conforming to Accepted Servicing Practices and the requirements
              of
              Section 4.10. If the Mortgaged Property is a condominium unit, it is
              included
              under the coverage afforded by a blanket policy for the project. If
              the
              improvements on the Mortgaged Property are in an area identified in
              the Federal
              Register by the Federal Emergency Management Agency as having special
              flood
              hazards, then a flood insurance policy meeting the requirements of
              the current
              guidelines of the Federal Insurance Administration is in effect with
              a generally
              acceptable insurance carrier and such policy conforms to the requirements
              of
              Fannie Mae or Freddie Mac. Such flood insurance policy is in an amount
              representing coverage not less than the least of (A) the outstanding
              principal
              balance of the Mortgage Loan, (B) the full insurable value and (C)
              the maximum
              amount of insurance which was available under the Flood Disaster Protection
              Act
              of 1973, as amended. All individual insurance policies contain a standard
              mortgagee clause naming the Company and its successors and assigns
              as mortgagee,
              and all premiums thereon have been paid. The Mortgage obligates the
              Mortgagor
              thereunder to maintain a hazard insurance policy at the Mortgagor’s cost and
              expense, and on the Mortgagor’s failure to do so, authorizes the holder of the
              Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and
              expense, and to seek reimbursement therefor from the Mortgagor. Each
              such
              insurance policy is the valid and binding obligation of the insurer,
              is in full
              force and effect, and will be in full force and effect and inure to
              the benefit
              of the Purchaser upon the consummation of the transactions contemplated
              by this
              Agreement. The Company has not acted or failed to act so as to impair
              the
              coverage of any such insurance policy or the validity, binding effect
              and
              enforceability thereof;

             

            
              	(ii)  	
                      No
                        Impairment of Insurance Coverage.

                    

            

             

            No
              action, inaction, or event has occurred and no state of facts exists
              or has
              existed that has resulted or will result in the exclusion from, denial
              of, or
              defense to coverage under any applicable hazard insurance policy, PMI
              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 Company or any
              designee
              of the Company or any corporation which the Company or any officer,
              director, or
              employee had a financial interest at the time of placement of such
              insurance.

             

            
              	(jj)  	
                      Servicemembers
                        Civil Relief Act.

                    

            

             

            The
              Mortgagor has not notified the Company, and the Company has no knowledge
              of any
              relief requested by or provided to the Mortgagor under the Servicemembers
              Civil
              Relief Act, as amended, or any similar state law;

             

            
              	(kk)  	
                      Balloon
                        Payments, Graduated Payments or Contingent Interests.

                    

            

             

            With
              respect to any Mortgage Loan which is identified on the Mortgage Loan
              Schedule
              as a balloon mortgage loan (each, a “Balloon
              Mortgage Loan”),
              the
              Mortgage Note is payable in Monthly Payments based on a thirty (30)
              or forty
              (40) year amortization schedule with a final Monthly Payment substantially
              greater than the preceding Monthly Payment which is sufficient to amortize
              the
              remaining principal balance of the Balloon Mortgage Loan and such final
              Monthly
              Payment shall not be due prior to 180 months following the origination
              of the
              Balloon Mortgage Loan. The Mortgage Loan is not a graduated payment
              mortgage
              loan and the Mortgage Loan does not have a shared appreciation or other
              contingent interest feature;

             

            
              	(ll)  	
                      No
                        Construction Loans.

                    

            

             

            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 other than a construction-to-permanent loan which
              has
              converted to a permanent Mortgage Loan;

             

            
              	(mm)  	
                      Underwriting.

                    

            

             

            Each
              Mortgage Loan was underwritten in accordance with the Underwriting
              Guidelines;
              and the Mortgage Note, the Mortgage and all other documents contained
              in the
              Mortgage Files are on Fannie Mae or Freddie Mac uniform instruments
              or are on
              forms acceptable to Fannie Mae or Freddie Mac;

             

            
              	(nn)  	
                      Buydown
                        Mortgage Loans.

                    

            

             

            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 or Freddie
                        Mac 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 Company and if required
                        under
                        Fannie Mae or Freddie Mac guidelines, the terms of the Buydown
                        Agreement
                        were disclosed to the Qualified 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; and

                    

            

             

            
              	(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 or
                        Freddie Mac regarding buydown
                        agreements;

                    

            

             

            
              	(oo)  	
                      Delivery
                        of Mortgage Files.

                    

            

             

            The
              Mortgage Loan Documents for the related Mortgage Loans have been delivered
              to
              the Custodian in accordance with the Custodial Agreement. The Company
              is in
              possession of a complete Mortgage File for each Mortgage Loan in compliance
              with
              Exhibit B, except for such documents the originals of which have been
              delivered
              to the Custodian. All documents required to be included in the Mortgage
              File
              shall be complete, executed as required and in compliance with applicable
              law.
              With respect to each Mortgage Loan for which a lost note affidavit
              has been
              delivered to the Custodian in place of the original Mortgage Note,
              the related
              Mortgage Note is no longer in existence, and, if such Mortgage Loan
              is
              subsequently in default, the enforcement of such Mortgage Loan or of
              the related
              Mortgage by or on behalf of the Purchaser will not be affected by the
              absence of
              the original Mortgage Note.

             

            
              	(pp)  	
                      No
                        Bankruptcy.

                    

            

             

            No
              Mortgagor was a debtor in any state or federal bankruptcy or insolvency
              proceeding at the time the Mortgage Loan was originated and, to the
              best of the
              Company’s knowledge, following the date of origination of the Mortgage Loan,
              the
              Mortgagor with respect to the Mortgage Loan was not a debtor in any
              state or
              federal bankruptcy or insolvency proceeding, and the Mortgaged Property
              has not
              been subject to any bankruptcy or foreclosure proceedings;

             

            
              	(qq)  	
                      No
                        Violation of Environmental Laws.

                    

            

             

            The
              Mortgaged Property is free from any and all toxic or hazardous substances
              and
              there exists no violation of any local, state or federal environmental
              law, rule
              or regulation. There is no pending action or proceeding directly involving
              any
              Mortgaged Property of which the Company is aware in which compliance
              with any
              environmental law, rule or regulation is an issue; and to the best
              of the
              Company’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;

             

            
              	(rr)  	
                      Texas
                        Refinance Mortgage Loans.

                    

            

             

            Each
              Mortgage Loan originated in the state of Texas pursuant to Article
              XVI, Section
              50(a)(6) of the Texas Constitution has been originated in compliance
              with the
              provisions of Article XVI, Section 50(a)(6) of the Texas Constitution,
              Texas
              Civil Statutes and the Texas Finance Code. If the Mortgage Loan was
              originated
              in Texas, it is not a cash-out refinancing;

             

            
              	(ss)  	
                      Conversion
                        to Fixed Interest Rate.

                    

            

             

            No
              Adjustable Rate Mortgage Loan contains a provision permitting or requiring
              conversion to a fixed interest rate Mortgage Loan;

             

            
              	(tt)  	
                      The
                        Mortgagor.

                    

            

             

            The
              Mortgagor is one or more natural persons and/or an Illinois land trust
              or a
“living trust” and such “living trust” is in compliance with Fannie Mae or
              Freddie Mac guidelines. In the event the Mortgagor is a trust, the
              trustee of
              such trust is a natural person and is an obligor under the Mortgage
              Note in his
              or her individual capacity;

             

            
              	(uu)  	
                      Homeownership
                        and Equity Protection Act; No High Cost Loans.

                    

            

             

            No
              Mortgage Loan is (a) a “high cost” loan under the Home Ownership and Equity
              Protection Act of 1994 as amended, or (b) a “high cost,” “threshold,” “covered,”
“predatory,” “abusive,” or similarly defined loan, including refinance loans,
              under any other 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), provided that any
              Mortgage Loan
              secured by a Mortgaged Property in Illinois characterized as a “threshold” loan
              shall not be a “high cost” loan unless it is characterized as “predatory” under
              applicable local law or (c) a “High Cost Loan” or “Covered Loan” as defined in
              the S&P LEVELS Glossary; the Company has implemented and conducted
              compliance procedures to determine if each Mortgage Loan is "high-cost” home
              loan under the applicable laws and performed a review of the disclosure
              provided
              to the related Mortgagor in accordance with such laws and the related
              Mortgage
              Note in order to determine that such Mortgage Loan, if subject to any
              such law,
              does not violate any such law;

             

            
              	(vv)  	
                      Georgia
                        Mortgage Loans.

                    

            

             

            No
              Mortgage Loan secured by property located in Georgia and originated
              on or after
              October 1, 2002 and prior to March 7, 2003 meets the definition of
              a “home loan”
under the Georgia Fair Lending Act;

             

            
              	(ww)  	
                      Kentucky
                        Mortgage Loans.

                    

            

             

            No
              Mortgage Loan secured by property located in the Commonwealth of Kentucky
              and
              originated on or after June 24, 2003 had an original principal amount
              of
              $200,000 or less;

             

            
              	(xx)  	
                      [Reserved]

                    

            

             

            
              	(yy)  	
                      New
                        Jersey Mortgage Loans.

                    

            

             

            Each
              Mortgage Loan secured by property located within the State of New Jersey
              and
              subject to the provisions of the New Jersey Home Ownership Security
              Act of 2002
              (the “NJ
              Act”)
              (i) is
              either a purchase money mortgage loan or a rate-term refinancing and
              (ii) does
              not meet definition of a (A) “Covered Home Loan,” except for a Mortgage Loan
              that is (x) a purchase money mortgage loan and (y) neither a “High-Cost Home
              Loan” nor a “Manufactured Home Loan” under the NJ Act, (B) “High-Cost Home
              Loan,” (C) “Home Improvement Loan” or (D) “Manufactured Housing Loan” under the
              NJ Act; 

             

            
              	(zz)  	
                      New
                        York Loans.
                        

                    

            

             

            No
              Mortgage Loan is secured by property located in the State of New York,
              had an
              original principal balance of $300,000 or less, and has a mortgage
              application
              date on or after April 1, 2003, the terms of which loan equal or exceed
              either
              the annual percentage rate or the points and fees threshold for “high-cost home
              loans,” as defined in Section 6-L of the New York State Banking
              Law;

             

            
              	(aaa)  	
                      New
                        Mexico Loans.

                    

            

             

            No
              Mortgage Loan secured by property located in the State of New Mexico
              and
              originated on or after January 1, 2004 meets the definition of a “home loan”
under The Home Loan Protection Act;

             

            
              	(bbb)  	
                      Qualified
                        Mortgages.

                    

            

             

            Each
              Mortgage Loan is a “qualified mortgage” within Section 860G(a)(3) of the
              Code;

             

            
              	(ccc)  	
                      Pledged
                        Asset Loans.

                    

            

             

            The
              Mortgage Loan is not a “pledged asset” mortgage loan; 

             

            
              	(ddd)  	
                      Leaseholds.

                    

            

             

            If
              the
              Mortgage Loan is secured by a long-term residential lease, (i) the
              lessor under
              the lease holds a fee simple interest in the land; (ii) the terms of
              such lease
              expressly permit the mortgaging of the leasehold estate, the assignment
              of the
              lease without the lessor’s consent 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
              protections; (iii) 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 the lease in the event of damage or destruction
              as
              long as the Mortgage is in existence, (C) prohibit the holder of the
              Mortgage
              from being insured (or receiving proceeds of insurance) under the hazard
              insurance policy or policies relating to the Mortgaged Property (D)
              permit any
              increase in the rent other than pre-established increases set forth
              in the
              lease, (E) the original term of such lease is not less than the term
              of the
              related Mortgage; (F) the term of such lease does not terminate earlier
              than
              five years after the maturity date of the Mortgage Note, and (G) the
              Mortgaged
              Property is located in a jurisdiction in which the use of leasehold
              estates in
              transferring ownership in residential properties is a widely accepted
              practice;

             

            
              	(eee)  	
                      Adjustments.

                    

            

             

            All
              of
              the terms of the related Mortgage Note pertaining to interest adjustments,
              payment adjustments and adjustments of the outstanding principal balance,
              if
              any, are enforceable and such adjustments on such Mortgage Loan have
              been made
              properly and in accordance with the provisions of such Mortgage Loan,
              including
              any required notices, and such adjustments do not and will not affect
              the
              priority of the Mortgage lien;

             

            
              	(fff)  	
                      Prepayment
                        Penalties.

                    

            

             

            All
              information on the Mortgage Loan Schedule and electronic data file
              delivered to
              the Purchaser regarding the Prepayment Premium is complete and accurate
              in all
              material respects and each Prepayment Premium is permissible and enforceable
              in
              accordance with its terms under applicable law. Prepayment Premiums
              on the
              Mortgage Loans are applicable to prepayments resulting from both refinancings
              and sales of the related Mortgaged Properties, as disclosed in the
              related
              Mortgage Loan Schedule, and the terms of such Prepayment Premiums do
              not provide
              for a waiver or release (i.e., “holidays”) during the term of the Prepayment
              Premium. No Mortgage Loan originated on or after October 1, 2002 provides
              for
              the payment of a Prepayment Premium beyond the three year term following
              the
              origination of the Mortgage Loan. No Mortgage Loan originated prior
              to such date
              provides for the payment of a Prepayment Premium beyond the five-year
              term
              following the origination of the Mortgage Loan. With respect to any
              Mortgage
              Loan that contains a provision permitting imposition of a Prepayment
              Premium:
              (i) prior to the Mortgage Loan's origination, the Mortgagor agreed
              to such
              Prepayment Premium in exchange for a monetary benefit, including, but
              not
              limited to, a rate or fee reduction, (ii) prior to the Mortgage Loan's
              origination, the Mortgagor was offered the choice of another mortgage
              product
              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 debt is accelerated as the result of the Mortgagor's
              default
              in making the Monthly Payments;

             

            
              	(ggg)  	
                      Interest
                        Calculation.

                    

            

             

            Interest
              on each Mortgage Loan is calculated on the basis of a 360-day year
              consisting of
              twelve 30-day months;

             

            
              	(hhh)  	
                      Due
                        on Sale.

                    

            

             

            For
              each
              fixed-rate Mortgage Loan, the Mortgage contains an enforceable provision,
              to the
              extent not prohibited by federal law as of the date of such Mortgage,
              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;

             

            
              	(iii)  	
                      Flood
                        Certification Contract.
                        

                    

            

             

            The
              Company has obtained a life of loan, transferable flood certification
              contract
              with an Approved Flood Policy Insurer acceptable to Purchaser in its
              sole
              discretion for each Mortgage Loan and such contract is assignable without
              penalty, premium or cost to the Purchaser;

             

            
              	(jjj)  	
                      Single
                        Premium Credit Life Insurance.

                    

            

             

            None
              of
              the proceeds of the Mortgage Loan were used to finance single premium
              credit
              life insurance policies; 

             

            
              	(kkk)  	
                      Tax
                        Service Contracts.

                    

            

             

            The
              Company has obtained a life of loan, transferable real estate Tax Service
              Contract on each Mortgage Loan with an Approved Tax Servicer Contract
              Provider
              and such contract is assignable without penalty, premium or cost to
              the
              Purchaser; and

             

            
              	(lll)  	
                      No
                        Arbitration Provisions.

                    

            

             

            With
              respect to any Mortgage Loan originated on or after August 1, 2004,
              neither the
              related Mortgage nor Mortgage Note requires the Mortgagor to submit
              to
              arbitration to resolve any dispute arising thereunder or in connection
              with the
              origination of such Mortgage Loan.

             

            

              
                
                  
                     

                  

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                  
                    

                  

                

              

            EXHIBIT
              G

             

            FORM
              OF OPINION OF COUNSEL

            

            

            

            

            Luminent
              Mortgage Capital, Inc.

            [___]

            

            [Closing
              Date]

            

            

            [Purchaser]

            [Purchaser
              Address]

            

            Reference:
               [title
              of
              agreement]

             

            

            Ladies
              and Gentlemen:

            

            I
              have
              acted as special counsel to IndyMac in connection with the sale by
              the IndyMac
              of certain mortgage loans to the Purchaser pursuant to the agreement
              referenced
              above (the “Agreement”). Capitalized terms not otherwise defined herein have the
              meanings set forth in the Agreement.

            

            For
              the
              purpose of rendering this opinion, I have made such documentary, factual
              and
              legal examinations as I deemed necessary under the circumstances. As
              to factual
              matters, I have relied upon statements, certificates and other assurances
              of
              public officials and of officers and other representatives of IndyMac,
              and upon
              such other certificates as I deemed appropriate, which factual matters
              have not
              been independently established or verified by me. I have also assumed,
              among
              other things, the genuineness of all signatures, the legal capacity
              of all
              natural persons, the accuracy of representations contained in reviewed
              documents, the authenticity of all documents submitted to me as originals,
              and
              the conformity to original documents of all documents submitted to
              me as copies
              and the authenticity of the originals of such copied documents.

             

            On
              the
              basis of and subject to the foregoing examination, and in reliance
              thereon, and
              subject to the assumptions, qualifications, exceptions and limitations
              expressed
              herein, I am of the opinion that:

             

            

            1.     IndyMac
              has been duly organized and is validly existing as a federal savings
              bank in
              good standing under the federal laws of the United States of
              America.

             

            

            2.     The
              Agreement has been duly authorized, executed and delivered by
              IndyMac.

             

            

            3.     No
              consent, approval, authorization or order of any federal court or governmental
              agency or body is required for the execution, delivery or performance
              by IndyMac
              of the Agreement except for those consents, approvals, authorizations
              or orders
              which previously have been obtained.

             

            

            4.    The
              performance by IndyMac of its obligations under the Agreement does
              not conflict
              with or result in a breach or violation of any material term or provision
              of, or
              constitute a default under, (a) the Charter or Bylaws of IndyMac, or
              (b) to the best of my knowledge, (i) any indenture or other agreement
              or instrument to which IndyMac is a party or by which it is bound,
              (ii) any
              federal statute or regulation applicable to IndyMac, or (iii) any written
              order of any federal court, regulatory body, administrative agency
              or
              governmental body having jurisdiction over IndyMac, except in any such
              case
              where the breach, violation or default would not have a material adverse
              effect
              on IndyMac or its ability to perform its obligations under the
              Agreement.

             

            

            5.    There
              are
              no legal or governmental actions, investigations or proceedings pending
              or, to
              the best of my knowledge, threatened against IndyMac (a) asserting the
              invalidity of the Agreement or (b) which would be likely to impair
              materially the ability of IndyMac to perform its obligations under
              the
              Agreement. For the purpose of the foregoing, (i) I have not regarded
              any legal
              or governmental actions, investigations or proceedings to be “pending” unless
              the legal department of IndyMac has received notice of such actions,
              investigations or proceedings and (ii) I have not regarded any legal
              or
              governmental actions, investigations or proceedings to be “threatened” unless
              the potential litigant or governmental authority has manifested to
              the legal
              department of IndyMac a present intention to initiate such proceedings.
              The
              opinion expressed in this paragraph 5 does not address loan-level legal
              or
              governmental actions, investigations or proceedings.

             

            

            The
              qualification of any opinion or statement herein by the use of the
              words “to the
              best of my knowledge” or “known to me” means that, during the course of my
              employment in connection with the affairs of IndyMac and with respect
              to the
              Agreement, no information has come to my attention that gives me actual
              knowledge of the existence or absence of the matters, actions, proceedings,
              orders, items, indentures, agreements, documents or facts so qualified.
              However,
              I have not undertaken any independent investigation or inquiry to determine
              the
              existence of such matters, actions, proceedings, orders, items, indentures,
              agreements, documents or facts and no inference as to my knowledge
              thereof shall
              be drawn from the fact of my employment by any entity. As used in this
              paragraph, the term “actual knowledge” means conscious awareness.

             

            

            I
              express
              no opinion as to the effect of federal or state anti-trust laws or
              other state
              or federal laws governing restraints of trade or unfair competition,
              or the
              effect of federal or state securities, tax, labor or environmental
              laws on the
              Agreement or any transaction contemplated thereby. Although I do not
              believe
              that the provisions of the Agreement designating the governing law
              thereof
              affect the opinions rendered herein, I note that the Agreement, by
              its terms, is
              governed by the laws of the State of New York. I express no opinion
              as to the
              effect of such governing law provisions, and I assume for purposes
              of this
              opinion that the substantive provisions of New York law (if applicable)
              are
              identical to California law, without regard to its conflict of law
              principles.

             

            

            I
              am
              admitted to practice in the State of California, and, except as set
              forth below,
              I render no opinion herein as to matters involving the laws of any
              jurisdiction
              other than the State of California and the federal laws of the United
              States of
              America. This opinion is limited to such laws as they presently exist,
              to
              present judicial interpretations thereof and to the facts as they presently
              exist or are contemplated by the agreements referred to herein. In
              rendering
              this opinion, I assume no obligation to revise or supplement this opinion
              should
              the present laws of the jurisdictions mentioned herein be changed by
              legislative
              actions, judicial decisions or otherwise. This opinion is rendered
              as of the
              date hereof, and I express no opinion as to, and disclaim any undertaking
              or
              obligation to update this opinion in respect of, changes of circumstances
              or
              events that occur subsequent to this date.

             

            

            This
              opinion is furnished to you in connection with the Agreement
              and the transactions contemplated thereby and may not be relied upon
              by any
              other person or by you in any other context without my prior written
              consent.
              This opinion may not be included in any other document or quoted or
              otherwise
              referred to in whole or in part without my prior written consent.

            

            Very
              truly yours,

             

            

            Victor
              H.
              Woodworth

            Vice
              President and Senior Counsel

            
              
                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              H

            

            SEC
              CERTIFICATION

            

            I,
              ___________________________, certify to ___________________________
              (the
“Depositor”), and its officers, directors and affiliates, and with the knowledge
              and intent that they will rely upon this certification, that:

             

            
              	(a)  	
                      I
                        have reviewed the information required to be delivered to
                        the trustee by
                        the servicer pursuant to the pooling and servicing agreement
                        (the
                        “Servicing Information”); 

                    

            

             

            
              	(b)  	
                      Based
                        on my knowledge, the Servicing Information, taken as a whole,
                        does not
                        contain erroneous or incomplete information required to be
                        provided to the
                        trustee by the servicer under the pooling and servicing
                        agreement;

                    

            

             

            
              	(c)  	
                      Based
                        on my knowledge, the Servicing Information required to be
                        provided to the
                        trustee by the servicer under the pooling and servicing agreement
                        has been
                        provided to the trustee;

                    

            

             

            
              	(d)  	
                      I
                        am responsible for reviewing the activities performed by
                        the servicer
                        under the pooling and servicing agreement and based upon
                        the review
                        required under the pooling and servicing agreement, and except
                        as
                        disclosed in the report, the servicer has fulfilled its obligations
                        under
                        the pooling and servicing agreement;
                        and

                    

            

             

            
              	(e)  	
                      I
                        have disclosed to ___________________________ 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 or similar
                        standard as set
                        forth in the pooling and servicing
                        agreement.

                    

            

             

            
              
                
                   

                  
                    	
                             

                          	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Date:	 	 	 	 
	 	
                            

                          	 	 	
                          
	
                            
                              

                            

                            [Signature]

                             

                          	 	 	 
	
                            
[Title]	 	 	 

                  

                   

                

              

              

                
                  
                     

                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

            

            EXHIBIT
              I

            

            FORM
              OF MEMORANDUM OF SALE

            

            

            CLOSING
              DATE:

            

            This
              Memorandum of Sale (this “Memorandum”), dated as of _______ (the “Closing
              Date”), confirms the sale by INDYMAC BANK, F.S.B. (the “Company”), to
              [LUMINENT
              MORTGAGE CAPITAL, INC. /
              MERCURY
              MORTGAGE FINANCE STATUTORY TRUST / MAIA MORTGAGE FINANCE STATUTORY
              TRUST]
              (the
“Purchaser”), and the purchase by the Purchaser from the Company, of the first
              lien [fixed rate] [adjustable rate] residential mortgage loans on a
              servicing
              retained basis described on the Mortgage Loan Schedule attached hereto
              as
              Schedule I (the “Mortgage Loans”), pursuant to the terms of the Flow Sale and
              Servicing Agreement (the “Flow Sale and Servicing Agreement”), dated as of
              _________ , and is by and between the Purchaser and the Company. 

            

            For
              good
              and valuable consideration, the receipt and sufficiency of which is
              hereby
              acknowledged, the Company 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 Company 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 Company under the Flow Sale and Servicing Agreement. 

            

            The
              Company has delivered to the Custodian prior to the date hereof the
              documents
              with respect to each Mortgage Loan required to be delivered under the
              Flow Sale
              and Servicing Agreement. 

            

            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. 

            

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the parties hereto, by the hands of their duly authorized
              officers, execute this Memorandum as of the Closing Date referred to
              above.

            
              
                
                   

                  
                    	
                            
                              [LUMINENT
                                MORTGAGE CAPITAL, INC.

                              MERCURY
                                MORTGAGE FINANCE STATUTORY TRUST

                              MAIA
                                MORTGAGE FINANCE STATUTORY TRUST], 

                              as
                                Purchaser 

                            

                          	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	
                            

                          	 	 	
                          
	Its:	
                            
                              
 

                          	 	 	 
	
                          	
                            

                          	 	 	 

                  

                   

                

              

               

              
                
                  
                    	
                            
                              
                                INDYMAC
                                  BANK, F.S.B.,

                                as
                                  Company

                              

                            

                          	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	
                            

                          	 	 	
                          
	Its:	
                            
                              
 

                          	 	 	 
	
                          	
                            

                          	 	 	 

                  

                   

                

              

            

            

              
                
                   

                   

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            SCHEDULE
              I

            

            MORTGAGE
              LOAN SCHEDULE

            
              
                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              J

            

            SERVICER
              REQUIREMENTS

            

             

            [On
              file
              with Purchaser]

             

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            

              EXHIBIT
                K

               

              REGULATION
                AB COMPLIANCE ADDENDUM

               

               

              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:
                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.

               

              Reconstitution:
                Any
                Securitization Transaction or Whole Loan Transfer.

               

              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 2.03(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 1l05(a)(l)-(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 l122( 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.

               

              Third-Party
                Originator:
                Each
                Person, other than a Qualified Correspondent or the Company, that
                originated
                (within the Meaning of Regulation AB) 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.

               

              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.
                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
                and any Master Servicer 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, the 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 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.

               

              Section
                2.02.  Additional
                Representations and Warranties of the Company.

               

              (a)  The
                Company thereby 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 2.03
                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; 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.

               

              (b)  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 2.03, 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
                2.03.  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 and in form
                and
                substance reasonably satisfactory to the Purchaser and such Depositor,
                the
                information and materials specified in paragraphs (a), (b), (c),
                (f) and (g) 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
                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
                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 requested for the purpose of compliance with Items 1103(a)(l),
                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) against 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 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 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.

               

              (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 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
                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
                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 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;

               

              (I)  a
                description of any material legal or governmental proceedings pending
                (or known
                to be contemplated) against the Servicer; and

               

              (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.

               

              (d)  For
                the
                purpose of satisfying the reporting obligations 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) immediately
                notify 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.

               

              (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 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.

               

              (f)  In
                addition to such information as the Company, as servicer, is obligated
                to
                provide pursuant to other provisions of the 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 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).

               

              (g)  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
                Omissions 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.

               

              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 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)  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 2.06(b) to be “participating in the servicing function” within the
                meaning of Item 1122 of Regulation AB and 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 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, 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 (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.
                Neither
                the Purchaser nor any Depositor will request delivery of a certification
                under
                clause (a)(iv) above unless a Depositor is required under the Exchange
                Act to
                file an annual report on Form 10-K with respect to an issuing entity
                whose asset
                pool includes Mortgage Loans.

               

              (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 2.05(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 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 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), (e), (f) and (g),
                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
                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 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, such Depositor and such Master Servicer) 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 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 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 2.05, 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 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 or alleged to be contained
                in any
                information, report, certification, data, accountants’ letter or other material
                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 Article II, 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 Article II.

               

              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
                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 any
                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 (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 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,
                any Master Servicer or any 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.

               

              Neither
                the Purchaser, any Master Servicer nor any Depositor shall be entitled
                to
                terminate the rights and obligations of the Company pursuant to this
                subparagraph (b)(ii) 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.

               

              (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.

               

              Section
                2.08.  Third-Party
                Beneficiary.

               

              For
                purposes of this Article II 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.

               

              

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              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 and identified as the responsibility
                of the
                Company on Exhibit B to the Regulation AB Compliance Addendum to
                the Agreement
                (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 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.

               

              

              
                	
                        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

                      	 
	 	
                        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)(i)

                      
	
                        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.

                      	
                        X

                        if
                          obligated under transaction
                          documents

                      

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              
                	
                        [NAME
                          OF COMPANY]

                        [NAME
                          OF SUBSERVICER]

                      
	
                        Date:

                      	 
	 	 
	
                        By:

                      	 
	
                        Name:

                      	 
	
                        Title:

                      	 

              

              

              

               

            

            
 

            
              
                
                   

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              L

             

            FORM
              OF SPECIAL FORECLOSURE RIGHTS SECTION

             

             

            Notwithstanding
              anything in this Agreement to the contrary, for so long as the Master
              Servicer
              has not notified the Servicer that the majority holder of the most
              junior of the
              Subordinate Certificates is no longer entitled to the rights described
              in this
              Section [__]:

             

            (a) The
              Servicer shall not commence foreclosure proceedings with respect to
              a Mortgage
              Loan unless (i) no later than five (5) Business Days prior to its commencement
              of such foreclosure proceedings, it notifies the Master Servicer of
              its
              intention to do so, and (ii) the majority holder of the most junior
              of the
              Subordinate Certificates, either directly or through the Master Servicer,
              does
              not, within such five-Business-Day period, affirmatively object to
              such
              action.

             

            (b) In
              the
              event that the Servicer determines not to proceed with foreclosure
              proceedings
              with respect to a Mortgage Loan that becomes 60 days’ or more delinquent and the
              Servicer has determined that it is unable to collect payments due under
              such
              Mortgage Loan in accordance with Accepted Servicing Practices, the
              Servicer
              shall, prior to taking any action with respect to such Mortgage Loan,
              promptly
              provide the Master Servicer with notice of such determination and a
              description
              of such other action as it intends to take with respect to such Mortgage
              Loan;
              provided, that the Servicer shall not be permitted to proceed with
              any such
              action unless the majority holder of the most junior of the Subordinate
              Certificates, either directly or through the Master Servicer, does
              not, within
              five (5) Business Days following such notice, affirmatively object
              to the
              Servicer taking such action.

             

            (c) If
              the
              majority holder of the most junior of the Subordinate Certificates
              timely and
              affirmatively objects to an action or contemplated action of the Servicer
              pursuant to either (a) or (b) above, then the majority holder of the
              most junior
              of the Subordinate Certificates shall instruct the Master Servicer
              to hire, at
              the majority holder of the most junior of the Subordinate Certificates’ sole
              cost and expense, three appraisal firms, selected by the Master Servicer
              in its
              sole and absolute discretion from the list of appraisal firms attached
              as
              Exhibit [__], to compute the fair value of the Mortgaged Property relating
              to
              the related Mortgage Loan utilizing the Fannie Mae Form 2055 Exterior-Only
              Inspection Residential Appraisal Report (each such appraisal-firm computation,
              a
“Fair
              Value Price”),
              in
              each case (other than as set forth in (d) below) no later than 30 days
              from the
              date of such majority holder of the most junior of the Subordinate
              Certificates
              objection. All costs relating to the computation of the related Fair
              Value
              Prices shall be for the account of the majority holder of the most
              junior of the
              Subordinate Certificates and shall be paid by the majority holder of
              the most
              junior of the Subordinate Certificates at the time of such Mortgage
              Loan and the
              related Mortgaged Property are purchased by the majority holder of
              the most
              junior of the Subordinate Certificates.

             

            (i)  If
              the
              Master Servicer shall have received three Fair Value Prices by the
              end of such
              30-day period, then the Securityholder shall, no later than five Business
              Days
              after the expiration of such 30-day period, purchase such Mortgage
              Loan for an
              amount equal to the lesser of (i) the
              unpaid principal balance of the related Mortgage Loan (the “Unpaid
              Principal Balance”)
              and
              (ii) the average
              of such three Fair Value Prices respectively determined by such appraisal
              firms;
              and shall deliver such amount to the Servicer against the assignment
              of the
              related Mortgage Loan and the delivery of the related documents on
              the purchase
              date.

             

            (ii)  If
              the
              Master Servicer shall not have received three Fair Value Prices by
              the end of
              the 30-day period set forth in clause (1)(c) above, then:

             

            (A)  If
              the
              Master Servicer shall have received only two Fair Value Prices by the
              end of
              such 30-day period, then the Master Servicer shall determine, in its
              reasonable
              discretion, the fair value of the Mortgaged Property and other collateral
              relating to such Mortgage Loan (such fair value, the “Master
              Servicer’s Fair Value Price”)
              and
              the majority holder of the most junior of the Subordinate Certificates
              shall, no
              later than five Business Days after the expiration of such 30-day
              period,
              purchase such Mortgage Loan for an amount equal to the least of (1)
              the Unpaid
              Principal Balance thereof, (2) the average of such Fair Value Prices
              determined
              by such appraisal firms and (3) the Master Servicer’s Fair Value
              Price;
              and
              shall deliver such amount to the Servicer against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (B)  If
              the
Master
              Servicer
              shall
              have received
              only one
              Fair
              Value Price
              by the
              end of such 30-day period,
              then
              the Master
              Servicer will
              determine the Master
              Servicer Fair Value Price of the Mortgaged Property related to such
              Mortgage
              Loan
              and the
majority
              holder of the most junior of the Subordinate Certificates shall, no
              later than
              five Business Days after the expiration of such 30-day period,
              purchase such Mortgage Loan for an amount equal to the least of (1)
              the Unpaid
              Principal Balance thereof, (2) the Fair Value Price determined by such
              appraisal
              firm and (3) the Master Servicer’s Fair Value Price;
              and
              shall deliver such amount to the Servicer against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (C)  If
              the
Master
              Servicer
              shall
              not have received any such Fair Value Prices
              by
              the end of such 30-day period,
              then
              the Master
              Servicer will
              determine the Master
              Servicer Fair Value Price of the Mortgaged Property related to such
              Mortgage
              Loan and the majority
              holder of the most junior of the Subordinate Certificates shall, no
              later than
              five Business Days after the expiration of such 30-day period,
              purchase such Mortgage Loan for an amount equal to the lesser of (1)
              the Unpaid
              Principal Balance thereof and (2) the Master Servicer’s Fair Value
              Price;
              and
              shall deliver such amount to the Servicer against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (D) If
              the
              Master Servicer has not received three Fair Value Prices by the end
              of such
              30-day period, it shall continue for the next 30 days to try to obtain
              three
              Fair Value Prices. Upon the earlier of the date that it obtains the
              three Fair
              Value Prices, or the end of the 30-day extension, the Master Servicer
              shall
              recalculate the price payable pursuant to this Letter Agreement and,
              within five
              Business Days thereafter, (i) the majority
              holder of the most junior of the Subordinate Certificates
              shall
              pay the Servicer the positive difference between the recalculated purchase
              price, and the price actually paid by it, or (ii) the Servicer shall
              refund to
              the majority
              holder of the most junior of the Subordinate Certificates
              the
              positive difference between the purchase price actually paid by the
majority
              holder of the most junior of the Subordinate Certificates,
              and the
              recalculated purchase price.

             

            (d) The
              majority holder of the most junior of the Subordinate Certificates
              shall not be
              entitled to any of its rights with respect to a Mortgage Loan if it
              fails to
              purchase such Mortgage Loan as set forth herein. 

             

            (e) Any
              notice, confirmation, instruction or objection pursuant to paragraphs
              (a), (b)
              and (c) above may be delivered via facsimile or other written or electronic
              communication as the parties hereto and the majority holder of the
              most junior
              of the Subordinate Certificates may agree to from time to time.

             

            (f) For
              the
              avoidance of doubt, the majority holder of the most junior of the Subordinate
              Certificates’ rights set forth in this Section [__] are intended to provide the
              majority holder of the most junior of the Subordinate Certificates,
              for so long
              as it has not forfeited its right under this Section [__] as set forth
              in clause
              (e) above, with the unilateral right to control foreclosure decisions
              in respect
              of delinquent and defaulted Mortgage Loans, and certain exclusive purchase
              rights so as to maximize the recovery value on delinquent and defaulted
              Mortgage
              Loans.

             

            (g) To
              the
              extent that the majority holder of the most junior of the Subordinate
              Certificates purchases any Mortgage Loan pursuant to this Section [__],
              at the
              option of the majority holder of the most junior of the Subordinate
              Certificates, the Servicer will continue to service such Mortgage Loan
              in
              accordance with this Agreement. The parties acknowledge that, in such
              event, the
              Master Servicer will have no duty or responsibility to master service
              any such
              Mortgage Loan.

          

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        EXHIBIT
          Q-4

         

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        
           

          
             

          

          
            LUMINENT
              MORTGAGE CAPITAL, INC.,

            MERCURY
              MORTGAGE FINANCE STATUTORY TRUST and 

            MAIA
              MORTGAGE FINANCE STATUTORY TRUST

            

            Owners

            

            and

            

            WELLS
              FARGO BANK, N.A.

            

            Servicer

            

            

             

            ______________________________________________________________________

            

            

            SERVICING
              AGREEMENT

            

            Dated
              as of April 25, 2006

            

            ______________________________________________________________________

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            

            

            TABLE
              OF CONTENTS

            

            

            
              	
                      ARTICLE
                        I

                       

                    
	
                      DEFINITIONS

                       

                    
	
                      ARTICLE
                        II

                       

                    
	
                      POSSESSION
                        OF MORTGAGE FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT;
                        DELIVERY OF
                        DOCUMENTS

                       

                    
	
                      ARTICLE
                        III

                       

                    
	
                      REPRESENTATIONS
                        AND WARRANTIES REMEDIES AND BREACH

                       

                    
	
                      ARTICLE
                        IV

                       

                    
	
                      ADMINISTRATION
                        AND SERVICING OF MORTGAGE LOANS

                       

                    
	
                      ARTICLE
                        V

                       

                    
	
                      PAYMENTS
                        TO OWNER

                       

                    
	
                      ARTICLE
                        VI

                       

                    
	
                      GENERAL
                        SERVICING PROCEDURES

                       

                    
	
                      ARTICLE
                        VII

                       

                    
	
                      SERVICER
                        TO COOPERATE

                       

                    
	
                      ARTICLE
                        VIII

                       

                    
	
                      THE
                        SERVICER

                       

                    
	
                      ARTICLE
                        IX

                       

                    
	
                      SECURITIZATION
                        TRANSACTIONS

                       

                    
	
                      ARTICLE
                        X

                       

                    
	
                      DEFAULT

                       

                    
	
                      ARTICLE
                        XI

                       

                    
	
                      TERMINATION

                       

                    
	
                      ARTICLE
                        XII

                       

                    
	
                      MISCELLANEOUS
                        PROVISIONS

                       

                    

            

             

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBITS

            

            

              
                	
                        Exhibit
                          A

                      	
                        Form
                          of Acknowledgment Agreement

                      
	
                        Exhibit
                          B

                      	
                        Form
                          of Assignment and Assumption

                      
	
                        Exhibit
                          C

                      	
                        Reserved

                      
	
                        Exhibit
                          D

                      	
                        Reserved

                      
	
                        Exhibit
                          E

                      	
                        Form
                          of Custodial Account Certification

                      
	
                        Exhibit
                          F

                      	
                        Form
                          of Escrow Account Certification

                      
	
                        Exhibit
                          G

                      	
                        Form
                          of Power or Attorney

                      
	
                        Exhibit
                          H

                      	
                        Servicing
                          Criteria

                      
	
                        Exhibit
                          I

                      	
                        Sarbanes
                          Certification

                      
	
                        Exhibit
                          J

                      	
                        Special
                          Foreclosure Rights

                      

              

            

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            

            

            This
              is a
              Servicing Agreement for fixed-rate and adjustable-rate residential
              first lien
              mortgage loans, dated and effective as of April, 25, 2006, and is executed
              among, Luminent Mortgage Capital, Inc., Mercury Mortgage Finance Statutory
              Trust
              and Maia Mortgage Finance Statutory Trust (collectively, the “Owners” and
              individually, as the owner of any Mortgage Loan (as defined below)
              hereunder,
              the "Owner"), and Wells Fargo Bank, N.A., as servicer (the
              "Servicer").

            

            

            W I T N ES S E T H

            

            WHEREAS,
              each Owner owns the beneficial interest in certain fixed-rate and
              adjustable-rate mortgage loans (the “Mortgage Loans”), and each Owner desires to
              have the Servicer service the Mortgage Loans and the Servicer desires
              to service
              and administer the Mortgage Loans;

            

            WHEREAS,
              the parties desire to set forth the terms and conditions as to the
              servicing and
              administration 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 Owners and the Servicer agree as follows:

            

            

             

            ARTICLE
              I

             

            DEFINITIONS

            

            Whenever
              used herein, the following words and phrases, unless the content otherwise
              requires, shall have the following meanings:

            

            Accepted
              Servicing Practices:
              With
              respect to any Mortgage Loan, those customary mortgage servicing practices
              of
              prudent mortgage lending institutions which service mortgage loans
              of the same
              type as the Mortgage Loans in the jurisdiction where the related Mortgaged
              Property is located.

            

            Acknowledgment
              Agreement:
              An
              acknowledgment agreement substantially in the form of Exhibit A, agreed
              to by
              the parties hereto that makes specific reference to this Agreement
              to be
              executed on or prior to each Transfer Date with respect to servicing
              of Mortgage
              Loans by the Servicer.

            

            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.

            

            Agency/Agencies:
              Fannie
              Mae, Freddie Mac or GNMA, or any of them as applicable.

            

            Agency
              Sale:
              Any
              sale or transfer of some or all of the Mortgage Loans by the Owner
              to an Agency
              which sale or transfer is not a Pass-Through Transfer or Whole Loan
              Transfer.

            

            Agreement:
              This
              Servicing Agreement and all exhibits and amendments hereof and supplements
              hereto.

            

            Assignment
              of Mortgage:
              An
              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 the ownership of the
              Mortgage
              to the Owner, or if the related Mortgage has been recorded in the name
              of MERS
              or its designee, such actions as are necessary to cause the Owner to
              be shown as
              the owner of the related Mortgage on the records of MERS for purposes
              of the
              system of recording transfers of beneficial ownership of mortgages
              maintained by
              MERS, including assignment of the MIN Number which will appear either
              on the
              Mortgage or the Assignment of Mortgage to MERS.

            

            Assignment
              of Mortgage Note and Pledge Agreement:
              With
              respect to a Cooperative Loan, an assignment of the Mortgage Note and
              Pledge
              Agreement.

            

            Assignment
              of Proprietary Lease:
              With
              respect to a Cooperative Loan, an assignment of the Proprietary Lease
              sufficient
              under the laws of the jurisdiction wherein the related Cooperative
              Apartment is
              located to effect the assignment of such Proprietary Lease.

            

            Business
              Day:
              Any day
              other than (i) a Saturday or Sunday, or (ii) a day on which banking
              and savings
              and loan institutions in the states where the parties are located are
              authorized
              or obligated by law or executive order to be closed.

            

            Buydown
              Agreement:
              An
              agreement between the originator of a Mortgage Loan and a Mortgagor,
              or an
              agreement among the originator, 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 the
              seller of a
              Mortgaged Property subject to a Buydown Mortgage Loan, the buyer of
              such
              property, 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
              funds 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.

            

            Code:
              The
              Internal Revenue Code of 1986, as it may be amended from time to time
              or any
              successor statute thereto, and applicable U.S. Department of the Treasury
              regulations issued pursuant thereto.

            

            Commission:
              The
              United States Securities and Exchange Commission.

            

            Commitment
              Letter:
              The
              commitment by Servicer to purchase the Servicing Rights from Owner,
              pursuant to
              the Purchase 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.

            

            Cooperative:
              The
              entity that holds title (fee or an acceptable leasehold estate) to
              all of the
              real property that the Project comprises, including the land, separate
              dwelling
              units and all common areas.

             

            Cooperative
              Apartment:
              The
              specific dwelling unit relating to a Cooperative Loan.

             

            Cooperative
              Loan:
              A
              Mortgage Loan that is secured by Cooperative Shares and a Proprietary
              Lease
              granting exclusive rights to occupy the related Cooperative
              Apartment.

            

            Cooperative
              Shares:
              The
              shares of stock issued by a Cooperative, owned by the Mortgagor, and
              allocated
              to a Cooperative Apartment.

            

            Custodial
              Account:
              The
              separate account or accounts created and maintained pursuant to Section
              4.04.

            

            Custodial
              Agreement:
              The
              agreement governing the retention of the originals of each Mortgage
              Note,
              Mortgage, Assignment of Mortgage and other Mortgage Loan Documents.

            

            Custodian:
              The
              custodian under the Custodial Agreement, or its successor in interest
              or
              assigns, or any successor to the Custodian under the Custodial Agreement
              as
              provided therein.

            

            Cut-off
              Date:
              With
              respect to the transfer of servicing by the Owner to the Servicer for
              any group
              of Mortgage Loans, the date so specified in the related Acknowledgment
              Agreement.

            

            Depositor:
              The
              depositor, as such term is defined in Regulation AB, with respect to
              any
              Securitization Transaction.

            

            Determination
              Date:
              The
              Business Day immediately preceding the related Remittance Date.

            

            Due
              Date:
              The
              first day of the month 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 commencing 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.

            

            Errors
              and Omissions Insurance Policy:
              An
              errors and omissions insurance policy to be maintained by the Servicer
              pursuant
              to Section 4.12.

            

            Escrow
              Account:
              The
              separate account or accounts created and maintained pursuant to Section
              4.06.

            

            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 10.01.

            

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

            

            Fannie
              Mae:
              The
              entity formerly known as Federal National Mortgage Association (FNMA),
              or any
              successor thereto.

            

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

            

            Fidelity
              Bond:
              A
              fidelity bond to be maintained by the Servicer pursuant to Section
              4.12.

            

            First
              Remittance Date:
              With
              respect to each Mortgage Loan, the 18th day (or if such day is not
              a Business
              Day, the immediately following Business Day) of the month following
              the month in
              which the related Cut-off Date occurs, or such other day of the month
              as may be
              specified in the related Acknowledgment Agreement,

            

            Freddie
              Mac:
              The
              entity also known as the Federal Home Loan Mortgage Corporation (FHLMC),
              or any
              successor thereto.

            

            Insurance
              Proceeds:
              With
              respect to each Mortgage Loan, proceeds of insurance policies insuring
              the
              Mortgage Loan or the related Mortgaged Property.

            

            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, or the sale of the related Mortgaged
              Property if
              the Mortgaged Property is acquired in satisfaction of the Mortgage
              Loan.

            

            Loan-to-Value
              Ratio or LTV:
              With
              respect to any Mortgage Loan, the ratio of the original loan amount
              of the
              Mortgage Loan at its origination (unless otherwise indicated) to the
              Appraised
              Value of the Mortgaged Property.

            

            LPMI
              Policy: A
              policy
              of primary mortgage guaranty insurance issued by a Qualified Insurer
              pursuant to
              which the related premium is to be paid by the servicer of the related
              Mortgage
              Loan from payments of interest made by the Mortgagor.

            

            Master
              Servicer:
              With
              respect to any Securitization Transaction, the “master servicer,” if any,
              identified in the related transaction documents.

            

            MERS:
              Mortgage Electronic Registration Systems, Inc., a Delaware corporation,
              or any
              successor in interest thereto.

            

            MERS
              Mortgage Loan:
              Any
              Mortgage Loan as to which the related Mortgage or Assignment of Mortgage
              has
              been registered with MERS on the MERS System

            

            MERS
              System:
              The
              system of recording transfers of mortgages electronically maintained
              by
              MERS.

            

            MIN:
              The
              Mortgage Identification Number used to identify mortgage loans registered
              under
              MERS.

            

            Monthly
              Advance:
              The
              portion of each Monthly Payment that is delinquent with respect to
              each Mortgage
              Loan at the close of business on the Determination Date required to
              be advanced
              by the Servicer pursuant to Section 5.03 on the Business Day immediately
              preceding the Remittance Date of the related month.

            

            Monthly
              Payment:
              The
              scheduled monthly payment of principal and interest or, with respect
              to an
              interest only Mortgage Loan, payments of (i) interest, or (ii) principal
              and
              interest, if applicable, on a Mortgage Loan which payment may change
              on any
              Adjustment Date as provided in the related Mortgage Note and Mortgage
              for any
              adjustable rate Mortgage Loan.

            

            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 or the Pledge Agreement securing the Mortgage
              Note
              for a Cooperative Loan.

            

            Mortgage
              File:
              The
              Mortgage Loan Documents, 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 of interest borne on a Mortgage Note in accordance with
              the
              provisions of the Mortgage Note.

            

            Mortgage
              Loan:
              An
              individual mortgage loan or a Cooperative Loan which is the subject
              of this
              Agreement, each Mortgage Loan or a Cooperative Loan originally sold
              and subject
              to this Agreement being identified on the Mortgage Loan Schedule, which
              Mortgage
              Loan or a Cooperative Loan includes without limitation the Servicing
              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 or a Cooperative Loan.

            

            Mortgage
              Loan Documents:
              With
              respect to a Mortgage Loan, the original related Mortgage Note with
              applicable
              addenda and riders, the original related Mortgage and the originals
              of any
              required addenda and riders, the original related Assignment of Mortgage
              and any
              original intervening related Assignments of Mortgage, the original
              related title
              insurance policy and evidence of the related PMI Policy or LPMI Policy,
              if
              any.

            

            Mortgage
              Loan Remittance Rate:
              With
              respect to each Mortgage Loan, the annual rate of interest remitted
              to the
              Owner, which shall be equal to the related Mortgage Interest Rate minus
              the
              Servicing Fee Rate and minus any lender paid PMI Policy premiums, if
              applicable.

            

            Mortgage
              Loan Schedule:
              A
              schedule of Mortgage Loans subject to this Agreement, annexed to each
              Acknowledgment Agreement. 

            

            Mortgage
              Note:
              The
              note or other evidence of the indebtedness of a Mortgagor secured by
              a
              Mortgage.

            

            Mortgaged
              Property:
              The
              real property securing repayment of the debt evidenced by a Mortgage
              Note, or
              with respect to a Cooperative Loan, the Cooperative Apartment.

            

            Mortgagor:
              The
              obligor on a Mortgage Note.

            

            Officer's
              Certificate:
              A
              certificate signed by the Chairman of the Board or the Vice Chairman
              of the
              Board or the President or a Vice President or an Assistant Vice President
              and
              certified by the Treasurer or the Secretary or one of the Assistant
              Treasurers
              or Assistant Secretaries of the Servicer, and delivered to the Owner
              as required
              by this Agreement.

            

            Opinion
              of Counsel:
              A
              written opinion of counsel, who may be an employee of the Servicer,
              reasonably
              acceptable to the Owner.

            

            Owner:
              Each of
              Luminent Mortgage Capital, Inc., Mercury Mortgage Finance Statutory
              Trust or
              Maia Mortgage Finance Statutory Trust, as applicable, or any successor
              in
              interest or any successor to each Owner under this Agreement as herein
              provided.

            

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

            

            Pledge
              Agreement:
              With
              respect to a Cooperative Loan, the specific agreement creating a first
              lien on
              and pledge of the Cooperative Shares and the appurtenant Proprietary
              Lease.

             

            Pledge
              Instruments:
              With
              respect to a Cooperative Loan, the Stock Power, the Assignment of the
              Proprietary Lease and the Assignment of the Mortgage Note and Pledge
              Agreement.

             

            PMI
              Policy:
              A
              policy of primary mortgage guaranty insurance evidenced by an electronic
              form
              and certificate number issued by a Qualified Insurer, as required by
              this
              Agreement with respect to certain Mortgage Loans. 

            

            Prepayment
              Penalty:
              Payments calculated pursuant to the Mortgage Note and due pursuant
              to the terms of the
              Mortgage
              Loan Documents as the result of a Principal Prepayment
              of the
              Mortgage Loan, not otherwise due thereon in respect of principal or
              interest.

             

            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.

            

            Principal
              Prepayment:
              Any
              payment or other recovery of principal on a Mortgage Loan 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.

            

            Principal
              Prepayment Period:
              The
              calendar month preceding the month in which the related Remittance
              Date
              occurs.

            

            Project:
              With
              respect to a Cooperative Loan, all real property owned by the related
              Cooperative including the land, separate dwelling units and all common
              areas.

             

            Proprietary
              Lease:
              With
              respect to a Cooperative Loan, a lease on a Cooperative Apartment evidencing
              the
              possessory interest of the Mortgagor in such Cooperative Apartment. 

             

            Qualified
              Depository:
              A
              deposit account or accounts maintained with a federal or state chartered
              depository institution the deposits in which are insured by the FDIC
              to the
              applicable limits and the short-term unsecured debt obligations of
              which (or, in
              the case of a depository institution that is a subsidiary of a holding
              company,
              the short-term unsecured debt obligations of such holding company)
              are rated A-1
              by Standard & Poor’s Ratings Services or Prime-1 by Moody’s Investors
              Service, Inc. (or a comparable rating if another rating agency is specified
              by
              the Owner by written notice to the Servicer) at the time any deposits
              are held
              on deposit therein.

            

            Qualified
              Insurer:
              A
              mortgage guaranty insurance company duly authorized and licensed where
              required
              by law to transact mortgage guaranty insurance business and approved
              as an
              insurer by Fannie Mae or Freddie Mac.

            

            Reconstitution:
              Any
              Securitization Transaction or Whole Loan Transfer.

            

            Reconstitution
              Agreement:
              The
              agreement or agreements entered into by the Servicer and the Owner
              and/or
              certain third parties on the Reconstitution Date or Dates with respect
              to any or
              all of the Mortgage Loans serviced hereunder, in connection with a
              Whole Loan
              Transfer or Securitization Transaction.

            Reconstitution
              Date:
              The
              date on which any or all of the Mortgage Loans serviced under this
              Agreement may
              be removed from this Agreement and reconstituted as part of an Agency
              Sale,
              Securitization Transaction or Whole Loan Transfer pursuant to Section
              9.01
              hereof. The Reconstitution Date shall be such date which the Owner
              shall
              designate. On such date, the Mortgage Loans transferred may cease to
              be covered
              by this Agreement and the Servicer's servicing responsibilities may
              cease under
              this Agreement with respect to the related transferred 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.

            

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

            

            REMIC
              Provisions:
              Provisions of the federal income tax law relating to a REMIC, which
              appear at
              Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A
              of the Code,
              and related provisions, regulations, rulings or pronouncements promulgated
              thereunder, as the foregoing may be in effect from time to time.

            

            Remittance
              Date:
              The
              18th day (or if such 18th day is not a Business Day, the first Business
              Day
              immediately following) of any month, beginning with the First Remittance
              Date.

            

            REO
              Disposition:
              The
              final sale by the Servicer of any REO Property.

            

            REO
              Disposition Proceeds:
              All
              amounts received with respect to an REO Disposition pursuant to Section
              4.16.

            

            REO
              Property:
              A
              Mortgaged Property acquired by the Servicer on behalf of the Owner
              through
              foreclosure or by deed in lieu of foreclosure, as described in Section
              4.16.

            

            

            Sarbanes
              Certifying Party:
              A
              Person who files a Sarbanes-Oxley certification directly with the Securities
              and
              Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002.

            

            Securities
              Act of 1933 or the 1933 Act:
              The
              Securities Act of 1933, as amended.

            

            Servicer:
              Wells
              Fargo Bank, N.A., or its successor in interest or assigns, or any successor
              to
              the Servicer under this Agreement appointed as herein provided.

            

            Servicer
              Information:
              As
              defined in Section 9.01(h)(i)(A).

            

            Securitization
              Transaction:
              Any
              transaction involving either (a) 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 (b) 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.

            

            Seller:
              Each
              person who sold Mortgage Loans to the Owner

            

            Servicing
              Advances:
              All
              customary, reasonable and necessary "out of pocket" costs and expenses
              (including reasonable attorney's fees and disbursements) 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 any REO Property
              and (d)
              compliance with the obligations under Section 4.08 (excluding the Servicer’s
              obligation to pay the premiums on LPMI Policies).

            

            Servicing
              Criteria:
              The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
              amended from time to time.

            

            Servicing
              Fee:
              With
              respect to each Mortgage Loan, the amount of the annual fee the Owner
              shall pay
              to the Servicer, 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 received. The obligation
              of
              the Owner to pay the Servicing Fee is limited to, and the Servicing
              Fee is
              payable solely from, the interest portion (including recoveries with
              respect to
              interest from Liquidation Proceeds, to the extent permitted by Section
              4.05) of
              such Monthly Payment collected by the Servicer, or as otherwise provided
              under
              Section 4.05.

            

            Servicing
              Fee Rate:
              the
              percentage per annum with respect to each Mortgage Loan set forth in
              the
              applicable Mortgage Loan Schedule.

            

            Servicing
              File:
              With
              respect to each Mortgage Loan, the file retained by the Servicer consisting
              of
              originals of all documents in the Mortgage File which are not delivered
              to the
              Owner or the Custodian and copies of the Mortgage Loan Documents listed
              in the
              Custodial Agreement, if applicable, the originals of which are delivered
              to the
              Custodian or the Owner pursuant to Section 2.03.

            

            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 by the Servicer to the Owner upon request, as such
              list may
              from time to time be amended.

            

            Stock
              Certificate:
              With
              respect to a Cooperative Loan, a certificate evidencing ownership of
              the
              Cooperative Shares issued by the Cooperative

             

            Stock
              Power:
              With
              respect to a Cooperative Loan, an assignment of the Stock Certificate
              or an
              assignment of the Cooperative Shares issued by the Cooperative. 

             

            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 Servicer or
              a
              Subservicer.

             

            Subservicer:
              Any
              person that services Mortgage Loans on behalf of the Servicer 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 Servicer under this Agreement or any
              Reconstitution Agreement that are identified in Item 1122(d) of Regulation
              AB.

             

            Transfer
              Date:
              Each
              date on which the Servicer begins servicing Mortgage Loans on behalf
              of the
              Owner hereunder.

            

            Whole
              Loan Transfer:
              Any
              sale or transfer of some or all of the Mortgage Loans by the Owner
              to a third
              party, which sale or transfer is not a Securitization Transaction or
              Agency
              Sale.

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            ARTICLE
              II

             

            POSSESSION
              OF MORTGAGE FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY
              OF
              DOCUMENTS

            

            Section
              2.01 Possession
              of Mortgage Files; Maintenance of Servicing Files.

            

            From
              and
              after each Transfer Date, the contents of each Mortgage File not delivered
              to
              the Owner or held by the Custodian shall be held in trust by the Servicer
              for
              the benefit of the Owner as the owner thereof. The Servicer 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 Owner
              or the Custodian, as applicable. The possession of each Servicing File
              by the
              Servicer is at the will of the Owner for the sole purpose of servicing
              the
              related Mortgage Loan, and such retention and possession by the Servicer
              is in a
              custodial capacity only. The ownership of each Mortgage Note, the related
              Mortgage and the related Mortgage File are vested in the Owner, 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
              vest
              immediately in the Owner and shall be retained and maintained by the
              Servicer,
              in trust, at the will of the Owner and only in such custodial capacity.
              The
              Servicer shall release its custody of the contents of any Servicing
              File only in
              accordance with written instructions from the Owner, unless such release
              is
              required as incidental to the Servicer's servicing of the Mortgage
              Loans or is
              in connection with a repurchase of any Mortgage Loan. All such costs
              associated
              with the release, transfer and re-delivery of
              any Servicing Files to
              the
              Servicer shall be the responsibility of the Owner.

            

            In
              addition, in connection with the assignment of any MERS Mortgage Loan,
              the
              Servicer agrees that it will cause the MERS System to indicate that
              such
              Mortgage Loan has been assigned by the Servicer to the Owner in accordance
              with
              this Agreement by including (or deleting, in the case of a Mortgage
              Loan
              repurchased in accordance with this Agreement) in such computer files
              the
              information required by the MERS System to identify the Owner as the
              beneficial
              owner of such Mortgage Loan.

            

            Section
              2.02 Books
              and Records; Transfers of Mortgage Loans.

            

            All
              rights arising out of the Mortgage Loans, including, but not limited
              to, all
              funds received on or in connection with the Mortgage Loans, shall be
              received
              and held by the Servicer in trust for the benefit of the Owner as owner
              of the
              Mortgage Loans, and the Servicer shall retain record title to the related
              Mortgages for the sole purpose of facilitating the servicing and the
              supervision
              of the servicing of the Mortgage Loans.

            

            To
              the
              extent that original documents are not required for purposes of realization
              of
              Liquidation Proceeds or Insurance Proceeds, documents maintained by
              the Servicer
              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 Servicer complies with the requirements of
              the Fannie
              Mae Selling and Servicing Guide, as amended from time to time.

            

            The
              Servicer shall maintain with respect to each Mortgage Loan and shall
              make
              available for inspection by any Owner or its designee the related Servicing
              File
              during the time the Owner retains ownership of a Mortgage Loan and
              thereafter in
              accordance with applicable laws and regulations.

            

            The
              Servicer shall keep at its servicing office books and records in which,
              subject
              to such reasonable regulations as it may prescribe, the Servicer 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 Servicer shall be under no obligation to deal with any
              Person
              with respect to this Agreement or the Mortgage Loans unless the books
              and
              records show such Person as the owner of the Mortgage Loan. The Owner
              may,
              subject to the terms of this Agreement, sell and transfer one or more
              of the
              Mortgage Loans. Upon receipt of notice of the transfer, the Servicer
              shall mark
              its books and records to reflect the ownership of the Mortgage Loans
              of such
              assignee, and shall release the previous Owner from its obligations
              hereunder
              with respect to the Mortgage Loans sold or transferred. Such notification
              of a
              transfer shall include a final loan schedule which shall be received
              by the
              Servicer no fewer than five (5) Business Days before the last Business
              Day of
              the month. If such notification is not received as specified above,
              the
              Servicer’s duties to remit and report as required by Section 5 shall begin with
              the following Monthly Accounting Cut-off Date.

            

            Section
              2.03 Custodial
              Agreement; Delivery of Documents.

            

            The
              Servicer shall forward to the Owner or the Custodian, as applicable,
              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 Servicer shall
              provide
              the Owner or the Custodian, as applicable, with a certified true copy
              of any
              such document submitted for recordation within ten (10) 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 sixty days of its submission
              for
              recordation.

            

            In
              the
              event the public recording office is delayed in returning any original
              document,
              the Servicer shall deliver to the Owner or the Custodian within 240
              days of its
              submission for recordation, a copy of such document and an Officer's
              Certificate, which shall (i) identify the recorded document; (ii) state
              that the
              recorded document has not been delivered to the Custodian due solely
              to a delay
              by the public recording office, (iii) state the amount of time generally
              required by the applicable recording office to record and return a
              document
              submitted for recordation, and (iv) specify the date the applicable
              recorded
              document will be delivered to the Custodian. The Servicer will be required
              to
              deliver the document to the Owner or the Custodian by the date specified
              in (iv)
              above. An extension of the date specified in (iv) above may be requested
              from
              the Owner, which consent shall not be unreasonably withheld.

            

            In
              the
              event that new, replacement, substitute or additional Stock Certificates
              are
              issued with respect to existing Cooperative Shares, the Servicer immediately
              shall deliver to the Owner or the Custodian the new Stock Certificates,
              together
              with the related Stock Powers in blank. Such new Stock Certificates
              shall be
              subject to the related Pledge Instruments and shall be subject to all
              of the
              terms, covenants and conditions of this Agreement.

            

             

            ARTICLE
              III

             

            REPRESENTATIONS
              AND WARRANTIES REMEDIES AND BREACH

             

            

            Section
              3.01 Servicer
              Representations and Warranties.

            The
              Servicer hereby represents and warrants to the Owner that, as of each
              Transfer
              Date :

            

            
              	 	
                      (a)

                    	
                      Due
                        Organization and Authority.

                    

            

            

            
              	 	 	
                      The
                        Servicer 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 each state
                        where a
                        Mortgaged Property is located if the laws of such state require
                        licensing
                        or qualification in order to conduct business of the type
                        conducted by the
                        Servicer, and in any event the Servicer is in compliance
                        with the laws of
                        any such state to the extent necessary to ensure the enforceability
                        of the
                        related Mortgage Loan and the servicing of such Mortgage
                        Loan in
                        accordance with the terms of this Agreement; the Servicer
                        has the full
                        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 the Servicer and the consummation of
                        the
                        transactions contemplated hereby have been duly and validly
                        authorized;
                        this Agreement evidences the valid, binding and enforceable
                        obligation of
                        the Servicer; and all requisite action has been taken by
                        the Servicer to
                        make this Agreement valid and binding upon the Servicer in
                        accordance with
                        its terms;

                    

            

            

            
              	 	
                      (b)

                    	
                      Ordinary
                        Course of Business.

                    

            

            

            
              	 	 	
                      The
                        consummation of the transactions contemplated by this Agreement
                        are in the
                        ordinary course of business of the Servicer, who is in the
                        business of
                        selling and servicing loans, and are not subject to the bulk
                        transfer or
                        any similar statutory provisions in effect in any applicable
                        jurisdiction;

                    

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            
              	 	
                      (c)

                    	
                      No
                        Conflicts.

                    

            

            

            
              	 	 	
                      Neither
                        the execution and delivery of this Agreement, or the transactions
                        contemplated hereby, nor the fulfillment of or compliance
                        with the terms
                        and conditions of this Agreement will conflict with or result
                        in a breach
                        of any of the terms, articles of incorporation or by-laws
                        or any legal
                        restriction or any agreement or instrument to which the Servicer
                        is now a
                        party or by which it is bound, or constitute a default or
                        result in the
                        violation of any law, rule, regulation, order, judgment or
                        decree to which
                        the Servicer or its property is subject, or impair the ability
                        of the
                        Owner to realize on the Mortgage Loans, or impair the value
                        of the
                        Mortgage Loans;

                    

            

            

            
              	 	
                      (d)

                    	
                      Ability
                        to Service.

                    

            

            

            
              	 	 	
                      The
                        Servicer is an approved seller/servicer of conventional residential
                        mortgage loans for Fannie Mae or Freddie Mac, with the facilities,
                        procedures, and experienced personnel necessary for the sound
                        servicing of
                        mortgage loans of the same type as the Mortgage Loans. The
                        Servicer is a
                        HUD approved mortgagee pursuant to Section 203 of the National
                        Housing Act
                        and is in good standing to sell mortgage loans to and service
                        mortgage
                        loans for Fannie Mae or Freddie Mac, and no event has occurred,
                        including
                        but not limited to a change in insurance coverage, which
                        would make the
                        Servicer unable to comply with Fannie Mae or Freddie Mac
                        eligibility
                        requirements or which would require notification to either
                        Fannie Mae or
                        Freddie Mac;

                    

            

            

            
              	 	
                      (e)

                    	
                      Reasonable
                        Servicing Fee.

                    

            

            

            
              	 	 	
                      The
                        Servicer 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 Servicer, for accounting
                        and tax
                        purposes, as compensation for the servicing and administration
                        of the
                        Mortgage Loans pursuant to this
                        Agreement;

                    

            

            

            
              	 	
                      (f)

                    	
                      Ability
                        to Perform.

                    

            

            

            
              	 	 	
                      The
                        Servicer 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 and the Servicer is
                        solvent;

                    

            

            

            
              	 	
                      (g)

                    	
                      No
                        Litigation Pending.

                    

            

            

            
              	 	 	
                      There
                        is no action, suit, proceeding or investigation pending or
                        threatened
                        against the Servicer which, either in any one instance or
                        in the
                        aggregate, may result in any material adverse change in the
                        business,
                        operations, financial condition, properties or assets of
                        the Servicer, or
                        in any material impairment of the right or ability of the
                        Servicer to
                        carry on its business substantially as now conducted, or
                        in any material
                        liability on the part of the Servicer, or which would draw
                        into question
                        the validity of this Agreement or of any action taken or
                        to be
                        contemplated herein, or which would be likely to impair materially
                        the
                        ability of the Servicer to perform under the terms of this
                        Agreement;

                    

            

            

            
              	 	
                      (h)

                    	
                      No
                        Consent Required.

                    

            

            

            
              	 	 	
                      No
                        consent, approval, authorization or order of any court or
                        governmental
                        agency or body is required for the execution, delivery and
                        performance by
                        the Servicer of or compliance by the Servicer with this Agreement,
                        or if
                        required, such approval has been obtained prior to the respective
                        Transfer
                        Date and Servicer has complied with, and is not in default
                        under, any law,
                        ordinance, requirement, regulation, rule, or order applicable
                        to its
                        business or properties, the violation of which would materially
                        and
                        adversely affect the operations or financial condition of
                        Servicer or its
                        ability to perform its obligations
                        hereunder;

                    

            

            

            
              	 	
                      (i)

                    	
                      No
                        Untrue Information.

                    

            

            

            
              	 	 	
                      Neither
                        this Agreement nor any statement, report or other document
                        furnished or to
                        be furnished pursuant to this Agreement or in connection
                        with the
                        transactions contemplated hereby contains any untrue statement
                        of fact or
                        omits to state a fact necessary to make the statements contained
                        therein
                        not misleading;

                    

            

            

            
              	 	
                      (j)

                    	
                      No
                        Material Change.
                        

                    

            

            

            
              	 	 	
                      There
                        has been no material adverse change in the business, operations,
                        financial
                        condition or assets of the Servicer since the date of the
                        Servicer’s most
                        recent financial statements;

                    

            

            

            
              	 	
                      (k)

                    	
                      No
                        Brokers’ Fees.

                    

            

            

            
              	 	 	
                      The
                        Servicer has not dealt with any broker, investment banker,
                        agent or other
                        Person that may be entitled to any commission or compensation
                        in the
                        connection with the transactions contemplated
                        hereunder;

                    

            

             

            
              
                	 	
                        (l)

                      	
                        MERS.

                      

              

            The
              Servicer is a member of MERS in good standing; and

            

            
              	 	
                      (m)

                    	
                      Effective
                        Agreement.
                        

                    

            

            

            The
              execution, delivery and performance of this Agreement by Servicer and
              consummation of the transactions contemplated hereunder have been or
              will be
              duly and validly authorized by all necessary organizational or other
              action;
              this Agreement is valid and a legally binding agreement of Servicer
              enforceable
              against Servicer in accordance with its terms, subject to the effect
              of
              insolvency, liquidation, conservatorship and similar laws administered
              by the
              Federal Deposit Insurance Corporation affecting the contract obligations
              of
              insured banks and the discretion of a court to grant specific
              performance.

            

            

            Section
              3.02 Remedies.

            

            The
              Servicer shall indemnify the Owner and hold it harmless against any
              losses,
              damages, penalties, fines, forfeitures, reasonable and necessary legal
              fees and
              related costs, judgments, and other costs and expenses resulting from
              any claim,
              demand, defense or assertion based on or grounded upon, or resulting
              from a
              breach of the Servicer’s representations and warranties contained in this
              Agreement. It is understood and agreed that the obligations of the
              Servicer to
              indemnify the Owner as provided in this Section 3.02 constitute the
              sole
              remedies of the Owner respecting a breach of the foregoing representations
              and
              warranties.

            

            Any
              cause
              of action against the Servicer relating to or arising out of the breach
              of any
              representations and warranties made in Section
              3.01
              shall accrue as to any Mortgage Loan upon (i) discovery of such breach
              by the
              Owner or notice thereof by the Servicer to the Owner,
              (ii)
              failure by the Servicer to cure such breach, and (iii) demand upon
              the Servicer
              by the Owner for compliance with this Agreement.

             

            ARTICLE
              IV

             

            ADMINISTRATION
              AND SERVICING OF MORTGAGE LOANS

            

            Section
              4.01 Servicer
              to Act as Servicer.

            

            The
              Servicer, as an independent contractor, shall service and administer
              the
              Mortgage Loans and shall have full power and authority, acting alone
              or through
              the utilization of a Subservicer or a Subcontractor, to do any and
              all things in
              connection with such servicing and administration which the Servicer
              may deem
              necessary or desirable, consistent with the terms of this Agreement
              and with
              Accepted Servicing Practices
              and, in the case of any Mortgage Loan transferred to a REMIC, with
              the REMIC
              Provisions.
              The
              Servicer shall be responsible for any and all acts of a Subservicer
              and a
              Subcontractor, and the Servicer’s utilization of a Subservicer or a
              Subcontractor shall in no way relieve the liability of the Servicer
              under this
              Agreement.

            

            Consistent
              with the terms of this Agreement and subject to the REMIC Provisions
              if a
              Mortgage Loan has been transferred to a REMIC, 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 if
              in the
              Servicer's reasonable and prudent determination such waiver, modification,
              postponement or indulgence is not materially adverse to the Owner,
              provided,
              however, the Servicer shall not make any future advances, other than
              Servicing
              Advances with respect to a Mortgage Loan. The Servicer shall not permit
              any
              modification with respect to any Mortgage Loan that would change the
              Mortgage
              Interest Rate, defer or forgive the payment of principal (except for
              actual
              payments of principal) or change the final maturity date on such Mortgage
              Loan,
              unless the Mortgagor is in default with respect to the Mortgage Loan
              or such
              default is, in the judgment of the Servicer, imminent. In the event
              that no
              default exists or is imminent, the Servicer shall request written consent
              from
              the Owner to permit such a modification and the Owner shall provide
              written
              consent or notify the Servicer of its objection to such modification
              within
              three (3) Business Days of its receipt of the Servicer's request. In
              the event
              of any such modification which permits the deferral of interest or
              principal
              payments on any Mortgage Loan, the Servicer 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 5.03, 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 Servicer shall be entitled to
              reimbursement for such advances to the same extent as for all other
              advances
              made pursuant to Section 5.03. Without limiting the generality of the
              foregoing,
              the Servicer shall continue, and is hereby authorized and empowered,
              to execute
              and deliver on behalf of itself and the Owner, 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. If reasonably required by the Servicer, the
              Owner
              shall furnish the Servicer, within five (5) Business Days of Servicer’s request,
              any powers of attorney and other documents necessary or appropriate
              to enable
              the Servicer to carry out its servicing and administrative duties under
              this
              Agreement.

            

            The
              Servicer is authorized and empowered by the Owner, in its own name,
              when the
              Servicer believes it appropriate in its reasonable judgment to register
              any
              Mortgage Loan on the MERS System, or cause the removal from MERS registration
              of
              any Mortgage Loan on the MERS System, to execute and deliver, on behalf
              of the
              Owner, any and all instruments of assignment and other comparable instruments
              with respect to such assignment or re-recording of a Mortgage in the
              name of
              MERS, solely as nominee for the Owner and its successors and
              assigns.

            

            In
              servicing and administering the Mortgage Loans, the Servicer shall
              employ
              procedures (including collection procedures) and exercise the same
              care that it
              customarily employs and exercises in servicing and administering similar
              mortgage loans for similar investors, giving due consideration to Accepted
              Servicing Practices where such practices do not conflict with the requirements
              of this Agreement, and the Owner's reliance on the Servicer.

            

            The
              Servicer shall cause to be maintained for each Cooperative Loan a copy
              of the
              financing statements and shall file and such financing statements and
              continuation statements as necessary, in accordance with the Uniform
              Commercial
              Code applicable in the jurisdiction in which the related Cooperative
              Apartment
              is located, to perfect and protect the security interest and lien of
              the
              Purchaser.

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Section
              4.02 Liquidation
              of Mortgage Loans.

            

            In
              the
              event that any payment due under any Mortgage Loan and not postponed
              pursuant to
              Section 4.01 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 (1) the Servicer would take under
              similar
              circumstances with respect to a similar mortgage loan held for its
              own account
              for investment, (2) shall be consistent with Accepted Servicing Practices,
              (3)
              the Servicer shall determine prudently to be in the best interest of
              Owner, and
              (4) is consistent with any related PMI Policy or LPMI Policy or any
              other
              primary mortgage guaranty insurance policies obtained and paid for
              by the Owner.
              In the event that any payment due under any Mortgage Loan is not postponed
              pursuant to Section 4.01 and remains delinquent for a period of 90
              days or any
              other default continues for a period of 90 days beyond the expiration
              of any
              grace or cure period, the Servicer shall commence foreclosure proceedings.
              In
              the event the Owner objects to such foreclosure action, the Servicer
              shall not
              be required to make Monthly Advances with respect to such Mortgage
              Loan,
              pursuant to Section 5.03, and the Servicer's obligation to make such
              Monthly
              Advances shall terminate on the 90th day referred to above. In such
              connection,
              the Servicer shall from its own funds make all necessary and proper
              Servicing
              Advances, provided, however, that the Servicer shall not be required
              to expend
              its own funds in connection with any foreclosure or towards the restoration
              or
              preservation of any Mortgaged Property, unless it shall determine (a)
              that such
              preservation, restoration and/or foreclosure will increase the proceeds
              of
              liquidation of the Mortgage Loan to Owner after reimbursement to itself
              for such
              expenses and (b) that such expenses will be recoverable by it either
              through
              Liquidation Proceeds (respecting which it shall have priority for purposes
              of
              withdrawals from the Custodial Account pursuant to Section 4.05) or
              through
              Insurance Proceeds (respecting which it shall have similar
              priority).

            

            The
              Servicer, on behalf of the Owner, may also, in its sole and exclusive
              discretion, as an alternative to foreclosure, sell defaulted Mortgage
              Loans at
              fair market value to third-parties, if the Servicer believes, in its
              sole and
              exclusive discretion, that such sale would maximize proceeds to the
              Owner (on a
              present value basis) with respect to each such Mortgage Loan. Notwithstanding
              any other provision in this Agreement or otherwise, the Servicer shall
              have no
              liability to the Owner or any other party for the Servicer’s determination
              hereunder.

            

            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 Servicer
              has
              reasonable cause to believe that a Mortgaged Property is contaminated
              by
              hazardous or toxic substances or wastes, the Servicer shall request
              that the
              Owner authorize an environmental inspection or review of the Mortgaged
              Property,
              and if the Owner so consents, or if the Owner otherwise requests an
              environmental inspection or review of such Mortgaged Property, such
              an
              inspection or review is to be conducted by a qualified inspector. The
              cost for
              such inspection or review shall be borne by the Owner. Upon completion
              of the
              inspection or review, the Servicer shall promptly provide the Owner
              with a
              written report of the environmental inspection.

            

            After
              reviewing the environmental inspection report, the Owner shall determine
              how the
              Servicer shall proceed with respect to the Mortgaged Property. In the
              event (a)
              the environmental inspection report indicates that the Mortgaged Property
              is
              contaminated by hazardous or toxic substances or wastes and (b) the
              Owner
              directs the Servicer to proceed with foreclosure or acceptance of a
              deed in lieu
              of foreclosure, the Servicer shall be reimbursed for all reasonable
              costs
              associated with such foreclosure or acceptance of a deed in lieu of
              foreclosure
              and any related environmental clean up costs, as applicable, from the
              related
              Liquidation Proceeds, or if the Liquidation Proceeds are insufficient
              to fully
              reimburse the Servicer, the Servicer shall be entitled to be reimbursed
              from
              amounts in the Custodial Account pursuant to Section 4.05 hereof. In
              the event
              the Owner directs the Servicer not to proceed with foreclosure or acceptance
              of
              a deed in lieu of foreclosure, the Servicer shall be reimbursed for
              all
              Servicing Advances made with respect to the related Mortgaged Property
              from the
              Custodial Account pursuant to Section 4.05 hereof.

            

            Section
              4.03 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 shall proceed diligently to collect all
              payments due
              under each of the Mortgage Loans when the same shall become due and
              payable and
              shall take special care in ascertaining and estimating Escrow Payments
              and all
              other charges that will become due and payable with respect to the
              Mortgage Loan
              and the Mortgaged Property, 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.

            

            Section
              4.04 Establishment
              of and Deposits to Custodial Account.

            

            The
              Servicer shall segregate and hold all funds collected and received
in
              connection with
              a
              Mortgage Loan separate and apart from any of its own funds and general
              assets
              and shall establish and maintain one or more Custodial Accounts, in
              the form of
              time deposit or demand accounts, titled "Wells Fargo Bank, N.A., in
              trust for
              the Owner and/or subsequent Owners of Mortgage Loans, and various Mortgagors
              - P
& I." The Custodial Account shall be established with a Qualified
              Depository. Upon request of the Owner and within ten (10) days thereof,
              the
              Servicer shall provide the Owner with written confirmation of the existence
              of
              such Custodial Account
              in the
              form attached hereto as Exhibit E.
              The
              Custodial Account shall at all times be insured to the fullest extent
              allowed by
              applicable law. Funds deposited in the Custodial Account may be drawn
              on by the
              Servicer in accordance with Section 4.05.

            

            The
              Servicer shall deposit in a mortgage clearing account on a daily basis,
              and in
              the Custodial Account no later than the second Business Day after Servicer’s
              receipt of funds and retain therein, the following collections received
              by the
              Servicer and any other amounts required to be deposited by the Servicer
              pursuant
              to this Agreement after the Cut-off Date, or received by the Servicer
              prior to
              the Cut-off Date but allocable to a period subsequent thereto, other
              than
              payments of principal and interest due on or before the Cut-off Date,
              as
              follows:

            

            
              	 	
                      (i)

                    	
                      all
                        payments on account of principal on the Mortgage Loans, including
                        all
                        Principal Prepayments and Prepayment
                        Penalties;

                    

            

            

            
              	 	
                      (ii)

                    	
                      all
                        payments on account of interest on the Mortgage Loans adjusted
                        to the
                        Mortgage Loan Remittance Rate;

                    

            

            

            
              	 	
                      (iii)

                    	
                      all
                        Liquidation Proceeds;

                    

            

            

            
              	 	
                      (iv)

                    	
                      all
                        Insurance Proceeds including amounts required to be deposited
                        pursuant to
                        Section 4.10 (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 Section 4.14), Section
                        4.11 and
                        Section 4.15;

                    

            

            

            
              	 	
                      (v)

                    	
                      all
                        Condemnation Proceeds which are not applied to the restoration
                        or repair
                        of the Mortgaged Property or released to the Mortgagor in
                        accordance with
                        Section 4.14;

                    

            

            

            
              	 	
                      (vi)

                    	
                      any
                        amount required to be deposited in the Custodial Account
                        pursuant to
                        Sections 4.01, 5.03, 6.01 or 6.02;

                    

            

            

            
              	 	
                      (vii)

                    	
                      any
                        amounts payable in connection with the repurchase of any
                        Mortgage Loan
                        pursuant to Section 5.04;

                    

            

            

            
              	 	
                      (viii)

                    	
                      with
                        respect to each Principal Prepayment an amount (to be paid
                        by the Servicer
                        out of its funds) which, when added to all amounts allocable
                        to interest
                        received in connection with the Principal Prepayment, equals
                        one month's
                        interest on the amount of principal so prepaid at the Mortgage
                        Loan
                        Remittance Rate;

                    

            

            

            
              	 	
                      (ix)

                    	
                      any
                        amounts required to be deposited by the Servicer pursuant
                        to Section 4.11
                        in connection with the deductible clause in any blanket hazard
                        insurance
                        policy; and

                    

            

            

            
              	 	
                      (ix)

                    	
                      any
                        amounts received with respect to or related to any REO Property
                        and all
                        REO Disposition Proceeds pursuant to Section
                        4.16.

                    

            

            

            The
              foregoing requirements for deposit into 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
              Servicer into the Custodial Account. Any interest paid on funds deposited
              in the
              Custodial Account by the depository institution shall accrue to the
              benefit of
              the Servicer and the Servicer shall be entitled to retain and withdraw
              such
              interest from the Custodial Account pursuant to Section 4.05.

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Section
              4.05 Permitted
              Withdrawals From Custodial Account.

            

            The
              Servicer shall, from time to time, withdraw funds from the Custodial
              Account for
              the following purposes:

            

              
                	
                        (i)

                      	
                        to
                          make payments to the Owner in the amounts and in the manner
                          provided for
                          in Section 5.01;

                      
	 	 
	
                        (ii)

                      	
                        to
                          reimburse itself for Monthly Advances of the Servicer's
                          funds made
                          pursuant to Section 5.03, the Servicer's right to reimburse
                          itself
                          pursuant to this sub clause (ii) being limited to amounts
                          received on the
                          related Mortgage Loan which represent late Monthly Payments,
                          Liquidation
                          Proceeds, Condemnation Proceeds, Insurance Proceeds and
                          such other amounts
                          as may be collected by the Servicer respecting which any
                          such advance was
                          made, it being understood that, in the case of any such
                          reimbursement, the
                          Servicer's right thereto shall be prior to the rights of
                          Owner, and all
                          other amounts required to be paid to the Owner with respect
                          to such
                          Mortgage Loan;

                      
	 	 
	
                        (iii)

                      	
                        to
                          reimburse itself for unreimbursed Servicing Advances, and
                          for any unpaid
                          Servicing Fees, the Servicer's right to reimburse itself
                          pursuant to this
                          subclause (iii) 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 Owner;

                      
	 	 
	
                        (iv)

                      	
                        reserved;
                          

                      
	 	 
	
                        (v)

                      	
                        to
                          pay itself interest on funds deposited in the Custodial
                          Account;

                      
	 	 
	
                        (vi)

                      	
                        to
                          reimburse itself for expenses incurred and reimbursable
                          to it pursuant to
                          Section 8.01;

                      
	 	 
	
                        (vii)

                      	
                        to
                          pay any amount required to be paid pursuant to Section
                          4.16 related to any
                          REO Property, it being understood that, in the case of
                          any such
                          expenditure or withdrawal related to a particular REO Property,
                          the amount
                          of such expenditure or withdrawal from the Custodial Account
                          shall be
                          limited to amounts on deposit in the Custodial Account
                          with respect to the
                          related REO Property;

                      
	 	 
	
                        (viii)

                      	
                        to
                          reimburse itself for any Servicing Advances or REO expenses
                          after
                          liquidation of the Mortgaged Property not otherwise reimbursed
                          above;

                      
	 	 
	
                        (ix)

                      	
                        to
                          remove funds inadvertently placed in the Custodial Account
                          by the
                          Servicer; and

                      
	 	 
	
                        (x)

                      	
                        to
                          clear and terminate the Custodial Account upon the termination
                          of this
                          Agreement.

                      

              

            

            In
              the
              event that the Custodial Account is interest bearing, on each Remittance
              Date,
              the Servicer shall withdraw all funds from the Custodial Account except
              for
              those amounts which, pursuant to Section 5.01, the Servicer is not
              obligated to
              remit on such Remittance Date. The Servicer may use such withdrawn
              funds only
              for the purposes described in this Section 4.05.

            

            Section
              4.06 Establishment
              of and Deposits to Escrow Account.

            

            The
              Servicer shall segregate and hold all funds collected and received
              pursuant to a
              Mortgage Loan constituting Escrow Payments separate and apart from
              any of its
              own funds and general assets and shall establish and maintain one or
              more Escrow
              Accounts, in the form of time deposit or demand accounts, titled, "Wells
              Fargo
              Bank, N.A., in trust for the Owner and/or subsequent Owners of Residential
              Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall
              be established with a Qualified Depository, in a manner which shall
              provide
              maximum available insurance thereunder. Upon request of the Owner and
              within ten
              (10) days thereof, the Servicer shall provide the Owner with written
              confirmation of the existence of such Escrow Account
              in the
              form attached hereto as Exhibit F.
              Funds
              deposited in the Escrow Account may be drawn on by the Servicer in
              accordance
              with Section 4.07.

            

            The
              Servicer shall deposit in a mortgage clearing account on a daily basis
              and in
              the Escrow Account or Accounts no later than the second Business Day
              after
              Servicer’s receipt of funds, 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
                        amounts representing Insurance Proceeds or Condemnation Proceeds
                        which are
                        to be applied to the restoration or repair of any Mortgaged
                        Property;
                        and

                    

            

            

            
              	 	
                      (iii)

                    	
                      all
                        payments on account of Buydown
                        Funds.

                    

            

            

            The
              Servicer shall make withdrawals from the Escrow Account only to effect
              such
              payments as are required under this Agreement, as set forth in Section
              4.07. The
              Servicer 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. To the extent required
              by
              law, the Servicer shall pay interest on escrowed funds to the Mortgagor
              notwithstanding that the Escrow Account may be non-interest bearing
              or that
              interest paid thereon is insufficient for such purposes.

            

            Section
              4.07 Permitted
              Withdrawals From Escrow Account.

            

            Withdrawals
              from the Escrow Account or Accounts may be made by the Servicer
              only:

            

            
              	 	
                      (i)

                    	
                      to
                        effect timely payments of ground rents, taxes, assessments,
                        water rates,
                        mortgage insurance premiums, condominium charges, fire and
                        hazard
                        insurance premiums or other items constituting Escrow Payments
                        for the
                        related Mortgage;

                    

            

            

            
              	 	
                      (ii)

                    	
                      to
                        reimburse the Servicer for any Servicing Advances made by
                        the Servicer
                        pursuant to Section 4.08 with respect to a related Mortgage
                        Loan, but only
                        from amounts received on the related Mortgage Loan which
                        represent late
                        collections of Escrow Payments
                        thereunder;

                    

            

            

            
              	 	
                      (iii)

                    	
                      to
                        refund to any Mortgagor any funds found to be in excess of
                        the amounts
                        required under the terms of the related Mortgage
                        Loan;

                    

            

            

            
              	 	
                      (iv)

                    	
                      for
                        transfer to the Custodial Account for application to reduce
                        the principal
                        balance of the Mortgage Loan in accordance with the terms
                        of the related
                        Mortgage and Mortgage Note;

                    

            

            

            
              	 	
                      (v)

                    	
                      for
                        application to the restoration or repair of the Mortgaged Property
                        in
                        accordance with the procedures outlined in Section
                        4.14;

                    

            

            

            
              	 	
                      (vi)

                    	
                      to
                        pay to the Servicer, or any Mortgagor to the extent required
                        by law, any
                        interest paid on the funds deposited in the Escrow
                        Account;

                    

            

            

            
              	 	
                      (vii)

                    	
                      to
                        remove funds inadvertently placed in the Escrow Account by
                        the
                        Servicer;

                    

            

            

            
              	 	
                      (viii)

                    	
                      to
                        remit to Owner payments on account of Buydown Funds as applicable;
                        and

                    

            

            

            
              	 	
                      (ix)

                    	
                      to
                        clear and terminate the Escrow Account on the termination
                        of this
                        Agreement.

                    

            

            

            Section
              4.08 Payment
              of Taxes, Insurance and Other Charges.

            

            With
              respect to each Mortgage Loan, the Servicer shall maintain accurate
              records
              reflecting the status of ground rents, taxes, assessments, water rates,
              sewer
              rents, and other charges which are or may become a lien upon the Mortgaged
              Property and the status of PMI Policy or LPMI Policy 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, 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. The Servicer
              assumes full
              responsibility for the timely payment of all such bills and shall effect
              timely
              payment of all such charges irrespective of each Mortgagor's faithful
              performance in the payment of same or the making of the Escrow Payments,
              and the
              Servicer shall make advances from its own funds to effect such
              payments.

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Section
              4.09 Protection
              of Accounts.

            

            The
              Servicer may transfer the Custodial Account or the Escrow Account to
              a different
              Qualified Depository from time to time, provided that the Servicer
              shall give
              notice to the Owner of such transfer.

            

            Section
              4.10 Maintenance
              of Hazard Insurance.

            

            The
              Servicer shall cause to be maintained for each Mortgage Loan hazard
              insurance
              such that all buildings upon the Mortgaged Property are insured by
              an insurer
              acceptable to Fannie Mae or Freddie Mac against loss by fire, hazards
              of
              extended coverage and such other hazards as are customary in the area
              where the
              Mortgaged Property is located, in an amount which is at least equal
              to the
              lesser of: (i) 100% of the insurable value on a replacement cost basis
              of the
              improvements on the related Mortgaged Property and (ii) the greater
              of (a) the
              outstanding principal balance of the Mortgage Loan and (b) an amount
              such that
              the proceeds of such insurance shall be sufficient to prevent the application
              to
              the Mortgagor or the loss payee of any coinsurance clause under the
              policy. In
              the event a hazard insurance policy shall be in danger of being terminated,
              or
              in the event the insurer shall cease to be acceptable to Fannie Mae
              or Freddie
              Mac, the Servicer shall notify the Owner and the related Mortgagor,
              and shall
              use its best efforts, as permitted by applicable law, to obtain from
              another
              qualified insurer a replacement hazard insurance policy substantially
              and
              materially similar in all respects to the original policy. In no event,
              however,
              shall a Mortgage Loan be without a hazard insurance policy at any time,
              subject
              only to Section 4.11 hereof.

            

            If
              the
              related Mortgaged Property is located in an area identified by the
              Flood
              Emergency Management Agency as having special flood hazards (and such
              flood
              insurance has been made available) the Servicer shall cause to be maintained
              a
              flood insurance policy meeting the requirements of the current guidelines
              of the
              Federal Insurance Administration is in effect with a generally acceptable
              insurance carrier acceptable to Fannie Mae or Freddie Mac in an amount
              representing coverage equal to the lesser of: (i) the minimum amount
              required,
              under the terms of coverage, to compensate for any damage or loss on
              a
              replacement cost basis (or the unpaid balance of the mortgage if replacement
              cost coverage is not available for the type of building insured) and
              (ii) 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 Servicer 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 Servicer 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 Servicer shall immediately force place
              the required
              flood insurance on the Mortgagor’s behalf. 

            

            If
              a
              Mortgage is secured by a unit in a condominium project, the Servicer
              shall use
              reasonable efforts to verify that the coverage required of the owner's
              association, including hazard, flood, liability, and fidelity coverage,
              is being
              maintained.

            

            In
              the
              event that the Owner or the Servicer shall determine that the Mortgaged
              Property
              should be insured against loss or damage by hazards and risks not covered
              by the
              insurance required to be maintained by the Mortgagor pursuant to the
              terms of
              the Mortgage, the Servicer shall communicate and consult with the Mortgagor
              with
              respect to the need for such insurance and bring to the Mortgagor's
              attention
              the required amount of coverage for the Mortgaged Property and if the
              Mortgagor
              does not obtain such coverage, the Servicer shall immediately force
              place the
              required coverage on the Mortgagor’s behalf.

            

            All
              policies required hereunder shall name the Servicer as loss payee and
              shall be
              endorsed with standard or union mortgagee clauses, without contribution,
              which
              shall provide for at least 30 days prior written notice of any cancellation,
              reduction in amount or material change in coverage.

            

            The
              Servicer shall not interfere with the Mortgagor's freedom of choice
              in selecting
              either his 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 and Freddie Mac and are
              licensed to
              do business in the jurisdiction in which the Mortgaged Property is
              located. The
              Servicer shall determine that such policies provide sufficient risk
              coverage and
              amounts, that they insure the property owner, and that they properly
              describe
              the property address.

            

            Pursuant
              to Section 4.04, 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 related Mortgaged Property, or property
              acquired in
              liquidation of the Mortgage Loan, or to be released to the Mortgagor,
              in
              accordance with the Servicer's normal servicing procedures as specified
              in
              Section 4.14) shall be deposited in the Custodial Account subject to
              withdrawal
              pursuant to Section 4.05.

            

            Section
              4.11 Maintenance
              of Mortgage Impairment Insurance.

            

            In
              the
              event that the Servicer shall obtain and maintain a blanket policy
              insuring
              against losses arising from fire, flood and hazards covered under extended
              coverage 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. The Servicer shall prepare and make any claims on the blanket
              policy as
              deemed necessary by the Servicer in accordance with Accepted Servicing
              Practices. Any amounts collected by the Servicer under any such policy
              relating
              to a Mortgage Loan shall be deposited in the Custodial Account subject
              to
              withdrawal pursuant to Section 4.05. Such policy may contain a deductible
              clause, in which case, in the event that there shall not have been
              maintained on
              the related Mortgaged Property a policy complying with Section 4.10,
              and there
              shall have been a loss which would have been covered by such policy,
              the
              Servicer shall deposit in the Custodial Account at the time of such
              loss the
              amount not otherwise payable under the blanket policy because of such
              deductible
              clause, such amount to be deposited from the Servicer's funds, without
              reimbursement therefore. Upon request of the Owner, the Servicer shall
              cause to
              be delivered to such Owner a certificate of insurance and a statement
              from the
              insurer thereunder that such policy shall in no event be terminated
              or
              materially modified without 30 days' prior written notice to such
              Owner.

            

            Section
              4.12 Maintenance
              of Fidelity Bond and Errors and Omissions Insurance.

            

            The
              Servicer shall maintain with responsible companies, 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 ("Servicer Employees"). Any such Fidelity Bond and
              Errors and
              Omissions Insurance Policy shall be in the form of the Mortgage Banker's
              Blanket
              Bond and shall protect and insure the Servicer against losses, including
              forgery, theft, embezzlement, fraud, errors and omissions and negligent
              acts of
              such Servicer Employees. Such Fidelity Bond and Errors and Omissions
              Insurance
              Policy also shall 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
              Section 4.12 requiring such Fidelity Bond and Errors and Omissions
              Insurance
              Policy 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 Errors and Omissions Insurance Policy shall be acceptable to Fannie
              Mae or
              Freddie Mac. Upon the request of the Owner, the Servicer shall cause
              to be
              delivered to the Owner a certificate of insurance for such Fidelity
              Bond and
              Errors and Omissions Insurance Policy and a statement from the surety
              and the
              insurer that such Fidelity Bond and Errors and Omissions Insurance
              Policy shall
              in no event be terminated or materially modified without 30 days' prior
              written
              notice to the Owner.

            

            Section
              4.13 Inspections.

            

            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 Accepted Servicing Practices or as may be required
              by the
              primary mortgage guaranty insurer. The Servicer shall keep a record
              of each such
              inspection and, upon request, shall provide the Owner with an electronic
              report
              of each such inspection.

            

            Section
              4.14 Restoration
              of Mortgaged Property.

            

            The
              Servicer need not obtain the approval of the Owner 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 Accepted Servicing Practices. For claims greater than
              $20,000,
              at a minimum the Servicer shall comply with the following conditions
              in
              connection with any such release of Insurance Proceeds or Condemnation
              Proceeds:

            

            (i) the
              Servicer shall receive satisfactory independent verification of completion
              of
              repairs and issuance of any required approvals with respect
              thereto;

            

            (ii) 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;

            

            (iii) the
              Servicer shall verify that the Mortgage Loan is not in default; and

            

            (iv) pending
              repairs or restoration, the Servicer shall place the Insurance Proceeds
              or
              Condemnation Proceeds in the Escrow Account.

            

            If
              the
              Owner 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
              Owner.

            

            Section
              4.15 Maintenance
              of PMI Policy or LPMI Policy; Claims.

            

            With
              respect to each Mortgage Loan with an LTV in excess of 80% at the time
              of
              origination, the Servicer shall, without any cost to the Owner maintain
              or cause
              the Mortgagor to maintain in full force and effect a PMI Policy or
              LPMI Policy
              insuring a portion of the unpaid principal balance of the Mortgage
              Loan as to
              payment defaults. If the Mortgage Loan is insured by a PMI Policy for
              which the
              Mortgagor pays all premiums, the coverage will remain in place until
              (i) the LTV
              decreases to 78% or (ii) the PMI Policy is otherwise terminated pursuant
              to the
              Homeowners Protection Act of 1998, 12 USC §4901, et seq. In the event that such
              PMI Policy or LPMI Policy shall be terminated other than as required
              by law, the
              Servicer shall obtain from another Qualified Insurer a comparable replacement
              policy, with a total coverage equal to the remaining coverage of such
              terminated
              PMI Policy or LPMI Policy. If the insurer shall cease to be a Qualified
              Insurer,
              the Servicer shall determine whether recoveries under the PMI Policy
              or LPMI
              Policy are jeopardized for reasons related to the financial condition
              of such
              insurer, it being understood that the Servicer shall in no event have
              any
              responsibility or liability for any failure to recover under the PMI
              Policy or
              LPMI Policy for such reason. If the Servicer determines that recoveries
              are so
              jeopardized, it shall notify the Owner and the Mortgagor, if required,
              and
              obtain from another Qualified Insurer a replacement insurance policy.
              The
              Servicer shall not take any action which would result in noncoverage
              under any
              applicable PMI Policy or LPMI 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 Section 6.01, the Servicer shall promptly notify the insurer under
              the
              related PMI Policy or LPMI Policy, if any, of such assumption or substitution
              of
              liability in accordance with the terms of such PMI Policy or LPMI Policy
              and
              shall take all actions which may be required by the insurer as a condition
              to
              the continuation of coverage under the PMI Policy or LPMI Policy. If
              such PMI
              Policy or LPMI Policy is terminated as a result of such assumption
              or
              substitution of liability, the Servicer shall obtain a replacement
              PMI Policy or
              LPMI Policy as provided above.

            

            In
              connection with its activities as servicer, the Servicer agrees to
              prepare and
              present, on behalf of itself and the Owner, claims to the insurer under
              any PMI
              Policy or LPMI Policy or any other primary mortgage guaranty insurance
              policies
              obtained and paid for by the Owner, in a timely fashion in accordance
              with the
              terms of such PMI Policy or LPMI Policy and, in this regard, to take
              such action
              as shall be necessary to permit recovery under any PMI Policy or LPMI
              Policy or
              any other primary mortgage guaranty insurance policies obtained and
              paid for by
              the Owner respecting a defaulted Mortgage Loan. Pursuant to Section
              4.04, any
              amounts collected by the Servicer under any PMI Policy or LPMI Policy
              shall be
              deposited in the Custodial Account, subject to withdrawal pursuant
              to Section
              4.05.

            

            Section
              4.16 Title,
              Management and Disposition of REO Property.

            

            In
              the
              event that title to any Mortgaged Property is acquired in foreclosure
              or by deed
              in lieu of foreclosure, the deed or certificate of sale shall be taken
              in the
              name of the Owner or the Owner's designee, or in the event the Owner
              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 Servicer from
              any attorney
              duly licensed to practice law in the state where the REO Property is
              located.
              The Person or Persons holding such title other than the Owner shall
              acknowledge
              in writing that such title is being held as nominee for the Owner.

            

            The
              Servicer shall manage, conserve, protect and operate each REO Property
              for the
              Owner solely for the purpose of its prompt disposition and sale. The
              Servicer,
              either itself or through an agent selected by the Servicer, shall 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 attempt
              to sell the same (and may temporarily rent the same for a period not
              greater
              than one year, except as otherwise provided below) on such terms and
              conditions
              as the Servicer deems to be in the best interest of the Owner.

            

            The
              Servicer shall use its best efforts to dispose of the REO Property
              as soon as
              possible and shall sell such REO Property in any event prior to the
              close of the
              third calendar year beginning after the year in which title has been
              taken to
              such REO Property, unless (i) a REMIC election has not been made with
              respect to
              the arrangement under which the Mortgage Loans and the REO Property
              are held,
              and (ii) the Servicer determines that a longer period is necessary
              for the
              orderly liquidation of such REO Property. If a period longer than three
              years is
              permitted under the foregoing sentence, (i) the Servicer shall report
              monthly to
              the Owner as to the progress being made in selling such REO Property
              and (ii) if
              a purchase money mortgage is taken in connection with such sale, such
              purchase
              money mortgage shall name the Servicer as mortgagee, and such purchase
              money
              mortgage shall not be held pursuant to this Agreement.

            

            The
              Servicer shall also maintain on each REO Property fire and hazard insurance
              with
              extended coverage in 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 Flood Disaster
              Protection
              Act of 1973, as amended, flood insurance in the amount required
              above.

            

            The
              disposition of REO Property shall be carried out by the Servicer at
              such price,
              and upon such terms and conditions, as the Servicer deems to be in
              the best
              interests of the Owner. The proceeds of sale of the REO Property shall
              be
              promptly deposited in the Custodial Account. As soon as practical thereafter
              the
              expenses of such sale shall be paid and the Servicer shall reimburse
              itself for
              any related unreimbursed Servicing Advances and unpaid Servicing Fees.
              On the
              Remittance Date immediately following the receipt of such sale proceeds,
              the net
              cash proceeds of such sale remaining in the Custodial Account shall
              be
              distributed to the Owner.

            

            The
              Servicer shall withdraw from the Custodial Account funds necessary
              for the
              proper operation management and maintenance of the REO Property, including
              the
              cost of maintaining any hazard insurance pursuant to Section 4.10 and
              the fees
              of any managing agent of the Servicer, or the Servicer itself. The
              Servicer
              shall make monthly distributions on each Remittance Date to the Owner
              of the net
              cash flow from the REO Property (which shall equal the revenues from
              such REO
              Property net of the expenses described in this Section 4.16 and of
              any reserves
              reasonably required from time to time to be maintained to satisfy anticipated
              liabilities for such expenses).

            

            Section
              4.17 Real
              Estate Owned Reports.

            

            Together
              with the statement furnished pursuant to Section 5.02, the Servicer
              shall
              furnish to the Owner on or before the Remittance Date each month a
              statement
              with respect to any REO Property covering the operation of such REO
              Property for
              the previous month and the Servicer's efforts in connection with the
              sale of
              such REO Property and any rental of such REO Property incidental to
              the sale
              thereof for the previous month. That statement shall be accompanied
              by such
              other information available to the Servicer as the Owner shall reasonably
              request.

            

            Section
              4.18 Liquidation
              Reports.

            

            Upon
              the
              foreclosure sale of any Mortgaged Property or the acquisition thereof
              by the
              Owner pursuant to a deed in lieu of foreclosure, the Servicer shall
              submit to
              the Owner a liquidation report with respect to such Mortgaged
              Property.

            

            Section
              4.19 Reports
              of Foreclosures and Abandonments of Mortgaged Property.

            

            Following
              the foreclosure sale or abandonment of any Mortgaged Property, the
              Servicer
              shall report such foreclosure or abandonment as required pursuant to
              Section
              6050J of the Code. The Servicer shall file information reports with
              respect to
              the receipt of mortgage interest received in a trade or business and
              information
              returns relating to cancellation of indebtedness income with respect
              to any
              Mortgaged Property as required by the Code. Such reports shall be in
              form and
              substance sufficient to meet the reporting requirements imposed by
              the
              Code.

            

            Section
              4.20 Application
              of Buydown Funds.

            

            With
              respect to each Buydown Mortgage Loan, the Servicer shall have deposited
              into
              the Escrow Account, no later than the last day of the month, 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 all Due
              Dates in accordance with the terms of the Buydown Agreement, is equal
              to the
              full scheduled Monthly Payments which are required to be paid by the
              Mortgagor
              under the terms of the related Mortgage Note (without regard to the
              related
              Buydown Agreement as if the Mortgage Loan were not subject to the terms
              of the
              Buydown Agreement). With respect to each Buydown Mortgage Loan, the
              Servicer
              will distribute to the Owner on each Remittance Date an amount of Buydown
              Funds
              equal to the amount that, when added to the amount required to be paid
              on such
              date by the related Mortgagor, pursuant to and in accordance with the
              related
              Buydown Agreement, equals the full Monthly Payment that would otherwise
              be
              required to be paid on such Mortgage Loan by the related Mortgagor
              under the
              terms of the related Mortgage Note (as if the Mortgage Loan were not
              a Buydown
              Mortgage Loan and without regard to the related Buydown Agreement).

            

            If
              the
              Mortgagor on a Buydown Mortgage Loan defaults on such Mortgage Loan
              during the
              Buydown Period and the Mortgaged Property securing such Buydown Mortgage
              Loan is
              sold in the liquidation thereof (either by the Servicer or the insurer
              under any
              related Primary Insurance Policy) the Servicer shall, on the Remittance
              Date
              following the date upon which Liquidation Proceeds or REO Disposition
              proceeds
              are received with respect to any such Buydown Mortgage Loan, distribute
              to the
              Owner all remaining Buydown Funds for such Mortgage Loan then remaining
              in the
              Escrow Account. Pursuant to the terms of each Buydown Agreement, any
              amounts
              distributed to the Owner in accordance with the preceding sentence
              will be
              applied to reduce the outstanding principal balance of the related
              Buydown
              Mortgage Loan. If a Mortgagor on a Buydown Mortgage Loan prepays such
              Mortgage
              Loan in its entirety during the related Buydown Period, the Servicer
              shall be
              required to withdraw from the Escrow Account any Buydown Funds remaining
              in the
              Escrow Account with respect to such Buydown Mortgage Loan in accordance
              with the
              related Buydown Agreement. If a principal prepayment by a Mortgagor
              on a Buydown
              Mortgage Loan during the related Buydown Period, together with any
              Buydown Funds
              then remaining in the Escrow Account related to such Buydown Mortgage
              Loan,
              would result in a principal prepayment of the entire unpaid principal
              balance of
              the Buydown Mortgage Loan, the Servicer shall distribute to the Owner
              on the
              Remittance Date occurring in the month immediately succeeding the month
              in which
              such Principal Prepayment is received, all Buydown Funds related to
              such
              Mortgage Loan so remaining in the Escrow Account, together with any
              amounts
              required to be deposited into the Custodial Account.

            

            Section
              4.21 Notification
              of Adjustments.

            

            With
              respect to each adjustable rate Mortgage Loan, the Servicer shall adjust
              the
              Mortgage Interest Rate on the related Adjustment Date in compliance
              with the
              requirements of applicable law and the related Mortgage and Mortgage
              Note. The
              Servicer shall execute and deliver any and all necessary notices required
              under
              applicable law and the terms of the related Mortgage Note and Mortgage
              regarding
              the Mortgage Interest Rate adjustments. Upon the discovery by the Servicer
              or
              the receipt of notice from the Owner that the Servicer has failed to
              adjust a
              Mortgage Interest Rate in accordance with the terms of the related
              Mortgage
              Note, the Servicer shall immediately deposit in the Custodial Account
              from its
              own funds the amount of any interest loss or deferral caused the Owner
              thereby;
              provided however, the Servicer shall not be obligated to pay any such
              amounts
              resulting from the Owner’s error in adjustment or subsequent adjustments made in
              error based on the Owner’s or a Prior Servicer’s data.

            

            Section
              4.22 Confidentiality/Protection
              of Customer Information.

            

            Each
              party agrees that it shall comply with all applicable laws and regulations
              regarding the privacy or security of Customer Information and shall
              maintain
              appropriate administrative, technical and physical safeguards to protect
              the
              security, confidentiality and integrity of Customer Information, including
              maintaining security measures designed to meet the objectives of the
              Interagency
              Guidelines Establishing Standards for Safeguarding Customer Information,
              66 Fed.
              Reg. 8616 (the “Interagency Guidelines”) and
              complying with the privacy regulations under Title V of the Gramm-Leach-Bliley
              Act, 15 U.S.C. § 6801 et seq., and the rules promulgated thereunder.
              For
              purposes of this Section, the term “Customer Information” shall have the meaning
              assigned to it in the Interagency Guidelines.

            

            Section
              4.23 Due
              Dates other than the First Day of the Month.

            

            Mortgage
              Loans having Due Dates other than the first day of a month shall be
              accounted
              for as described in this Section 4.23. Any payment due on a day other
              than the
              first day of each month shall be considered due on the first day of
              the month
              following the month in which that payment is due as if such payment
              were due on
              the first day of said month. For example, a payment due on January
              15 shall be
              considered to be due on February 1 of said month. Any payment collected
              on a
              Mortgage Loan after the Cut-off Date shall be deposited in the Custodial
              Account. For Mortgage Loans with Due Dates on the first day of a month,
              deposits
              to the Custodial Account begin with the payment due on the first of
              the month
              following the Cut-off Date.

             

            Section
              4.24 Fair
              Credit Reporting Act

            

            The
              Servicer, in its capacity as servicer for each Mortgage Loan, agrees
              to fully
              furnish, in accordance with the Fair Credit Reporting Act and its implementing
              regulations, accurate and complete information (e.g.,
              favorable and unfavorable) on its borrower credit files to Equifax,
              Experian and
              Trans Union Credit Information Servicer, on a monthly basis.

            

            Section
              4.24 Prepayment
              Penalties

            

            With
              respect to any Mortgage Loan for which the Mortgage or Mortgage Note
              provides
              for a Prepayment Penalty, the Servicer or any designee of the Servicer
              shall not
              waive any Prepayment Penalty with respect to any Mortgage Loan which
              contains a
              Prepayment Penalty which prepays during the term of the penalty. If
              the Servicer
              or its designee fails to collect the Prepayment Penalty upon any prepayment
              of
              any Mortgage Loan for which the related Mortgage or Mortgage Note contains
              a
              Prepayment Penalty, the Servicer shall pay the Owner an amount equal
              to the
              Prepayment Penalty which was not collected. Notwithstanding the above,
              the
              Servicer or its designee may waive a Prepayment Charge
              without
              paying the Owner the amount of the Prepayment Penalty if (i) the Mortgage
              Loan
              is accelerated or paid off in connection with the workout of a delinquent
              Mortgage Loan or due to the borrower’s default, notwithstanding that the terms
              of the Mortgage Loan or state or federal law might permit the imposition
              of such
              penalty or (ii) the collection of the Prepayment Penalty would be in
              violation
              of applicable laws.
              Notwithstanding the foregoing, in the event a Prepayment Penalty actually
              collected by the Servicer is less than the Prepayment Penalty authorized
              by the
              terms of the related Mortgage or Mortgage Note, the Servicer shall
              not have any
              liability or obligation thereof to the extent that the Servicer relied
              on
              erroneous data provided by the Owner or its designee, any Originator
              or a Prior
              Servicer.

            

            Section
              4.25 Use
              of
              Subservicers and Subcontractors.

            

            The
              Servicer shall not hire or otherwise utilize the services of any Subservicer
              to
              fulfill any of the obligations of the Servicer under this Agreement
              or any
              Reconstitution Agreement unless the Servicer complies with the provisions
              of
              paragraph (a) of this Section 4.25. The Servicer 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 Servicer under this Agreement or any Reconstitution
              Agreement unless the Servicer complies with the provisions of paragraph
              (b) of
              this Section 4.25.

            

            (a) It
              shall
              not be necessary for the Servicer to seek the consent of the Owner,
              any Master
              Servicer or any Depositor to the utilization of any Subservicer. The
              Servicer
              shall cause any Subservicer used by the Servicer (or by any Subservicer)
              for the
              benefit of the Owner and any Depositor to comply with the provisions
              of this
              Section 4.25 and with Sections 6.04, 6.06 and 9.01 of this Agreement
              to the same
              extent as if such Subservicer were the Servicer, and to provide the
              information
              required with respect to such Subservicer under Section 9.01(e)(iv)
              of this
              Agreement. The Servicer shall be responsible for obtaining from each
              Subservicer
              and delivering to the Owner and any Depositor any servicer compliance
              statement
              required to be delivered by such Subservicer under Section 6.04 and
              any
              assessment of compliance and attestation required to be delivered by
              such
              Subservicer under Section 6.06 and any certification required to be
              delivered to
              the Person that will be responsible for signing the Sarbanes Certification
              under
              Section 6.06 as and when required to be delivered.

            

            (b) It
              shall
              not be necessary for the Servicer to seek the consent of the Owner,
              any Master
              Servicer or any Depositor to the utilization of any Subcontractor.
              The Servicer
              shall promptly upon request provide to the Owner, 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
              Owner, such Master Servicer and such Depositor) of the role and function
              of each
              Subcontractor utilized by the Servicer 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 Servicer shall cause any such Subcontractor used
              by the
              Servicer (or by any Subservicer) for the benefit of the Owner, any
              Master
              Servicer and any Depositor to comply with the provisions of Sections
              6.06 and
              9.01 of this Agreement to the same extent as if such Subcontractor
              were the
              Servicer. The Servicer shall be responsible for obtaining from each
              Subcontractor and delivering to the Owner, or any Master Servicer and
              any
              Depositor any assessment of compliance and attestation required to
              be delivered
              by such Subcontractor under Section 6.06, in each case as and when
              required to
              be delivered.

            

             

            ARTICLE
              V

             

            PAYMENTS
              TO OWNER

            

            Section
              5.01 Remittances.

            

            On
              each
              Remittance Date the Servicer shall remit by wire transfer of immediately
              available funds to the Owner (a) all amounts deposited in the Custodial
              Account
              as of the close of business on the Determination Date (net of charges
              against or
              withdrawals from the Custodial Account pursuant to Section 4.05), plus
              (b) all
              amounts, if any, which the Servicer is obligated to distribute pursuant
              to
              Section 5.03, minus (c) any amounts attributable to Principal Prepayments
              received after the applicable Principal Prepayment Period which amounts
              shall be
              remitted on the following Remittance Date, together with any additional
              interest
              required to be deposited in the Custodial Account in connection with
              such
              Principal Prepayment in accordance with Section 4.04(viii); minus (d)
              any
              amounts attributable to Monthly Payments collected but due on a Due
              Date or
              Dates subsequent to the first day of the month of the Remittance Date,
              and minus
              (e) any amounts attributable to Buydown Funds being held in the Custodial
              Account, which amounts shall be remitted on the Remittance Date next
              succeeding
              the Due Period for such amounts.

            

            With
              respect to any remittance received by the Owner after the second Business
              Day
              following the Business Day on which such payment was due, the Servicer
              shall pay
              to the Owner 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 percentage
              points, but in no event greater than the maximum amount permitted by
              applicable
              law. Such interest shall be deposited in the Custodial Account by the
              Servicer
              on the date such late payment is made and shall cover the period commencing
              with
              the day following such second Business Day and ending with the Business
              Day on
              which such payment is made, both inclusive. Such interest shall be
              remitted
              along with the distribution payable on the next succeeding Remittance
              Date. 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.

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Section
              5.02 Statements
              to Owner.

            

            Not
              later
              than the Remittance Date, the Servicer shall furnish to the Owner,
              a monthly
              remittance advice, with a trial balance report attached thereto, as
              to the
              remittance period ending on the last day of the preceding month.

            

            Section
              5.03 Monthly
              Advances by Servicer.

            

            On
              the
              Business Day immediately preceding each Remittance Date, the Servicer
              shall
              deposit in the Custodial Account from its own funds or from amounts
              held for
              future distribution an amount equal to 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 which were delinquent at
              the close of
              business on the immediately preceding Determination Date or which were
              deferred
              pursuant to Section 4.01. 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 Owner required to
              be made on
              such Remittance Date. The Servicer's obligation to make such Monthly
              Advances as
              to any Mortgage Loan will continue through the earlier of: (i) the
              last Monthly
              Payment due prior to the payment in full of the Mortgage Loan or (ii)
              the
              Remittance Date prior to the date the Mortgage Loan is converted to
              REO
              Property, provided however, that if requested in connection with a
              securitization, the Servicer shall be obligated to make such advances
              through
              the last Remittance Date prior to the Remittance Date for the distribution
              of
              all Liquidation Proceeds and other payments or recoveries (including
              REO
              Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds)
              with respect
              to the Mortgage Loan; provided, however, that such obligation shall
              cease if the
              Servicer determines, in its sole reasonable opinion, that advances
              with respect
              to such Mortgage Loan are non-recoverable by the Servicer from Liquidation
              Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation
              Proceeds,
              or otherwise with respect to a particular Mortgage Loan. In the event
              that the
              Servicer determines that any such advances are non-recoverable, the
              Servicer
              shall provide the Owner with a certificate signed by two officers of
              the
              Servicer evidencing such determination. 

            

            Section
              5.04 Repurchase.

            

            The
              Servicer shall cooperate with the Owner in facilitating the repurchase
              of any
              Mortgage Loan by the Seller. Upon receipt by the Servicer of notice
              from the
              Owner of a breach by the Seller of a representation or warranty contained
              in any
              agreement between the Owner and the Seller, or a request
              by the Owner for the Seller to repurchase any Mortgage Loan, the Servicer
              shall,
              at the direction of the Owner, use its best efforts to cure and correct
              any such
              breach related to such deficiencies of the related Mortgage Loans.
              

            At
              the
              time of repurchase, the Owner or the Custodian, as applicable, and
              the Servicer
              shall arrange for the reassignment of the repurchased Mortgage Loan
              to the
              Seller according to the Owner’s instructions and the delivery of any documents
              held by the Servicer with respect to the repurchased Mortgage Loan.
              The
              Servicer will facilitate the remittance of repurchase funds between
              the Seller
              and the Owner, but shall not be required to advance any funds for such
              repurchase and shall be reimbursed for any expenses incurred due to
              such
              repurchase.

            

             

            ARTICLE
              VI

             

            GENERAL
              SERVICING PROCEDURES

            

            Section
              6.01 Transfers
              of Mortgaged Property.

            

            The
              Servicer shall use its best efforts to enforce any "due-on-sale" provision
              contained in any Mortgage or Mortgage Note and to deny assumption by
              the Person
              to whom the Mortgaged Property has been or is about to be sold whether
              by
              absolute conveyance or by contract of sale, and whether or not the
              Mortgagor
              remains liable on the Mortgage and the Mortgage Note. When the Mortgaged
              Property has been conveyed by the Mortgagor, the Servicer shall, 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, that the Servicer shall 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 PMI Policy or
              LPMI Policy,
              if any.

            

            If
              the
              Servicer reasonably believes it is unable under applicable law to enforce
              such
              "due-on-sale" clause, the Servicer shall enter into (i) an assumption
              and
              modification agreement with the person to whom such property has been
              conveyed,
              pursuant to which such person becomes liable under the Mortgage Note
              and the
              original Mortgagor remains liable thereon or (ii) in the event the
              Servicer is
              unable under applicable law to require that the original Mortgagor
              remain liable
              under the Mortgage Note and the Servicer has the prior consent of the
              primary
              mortgage guaranty insurer, 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.
              If an
              assumption fee is collected by the Servicer for entering into an assumption
              agreement the fee will be retained by the Servicer as additional servicing
              compensation. In connection with any such assumption, neither the Mortgage
              Interest Rate borne by the related Mortgage Note, the term of the Mortgage
              Loan,
              the outstanding principal amount of the Mortgage Loan nor any other
              material
              terms shall be changed without Owner’s consent.

            

            To
              the
              extent that any Mortgage Loan is assumable, the Servicer shall inquire
              diligently into the credit worthiness of the proposed transferee, and
              shall use
              the underwriting criteria for approving the credit of the proposed
              transferee
              which are used with respect to underwriting mortgage loans of the same
              type as
              the Mortgage Loan. If the credit worthiness of the proposed transferee
              does not
              meet such underwriting criteria, the Servicer diligently shall, to
              the extent
              permitted by the Mortgage or the Mortgage Note and by applicable law,
              accelerate
              the maturity of the Mortgage Loan.

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            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 Servicer
              of a
              notification that payment in full will be escrowed in a manner customary
              for
              such purposes, the Servicer shall notify the Owner in the monthly remittance
              advice as provided in Section 5.02, and may request the release of
              any Mortgage
              Loan Documents. If such Mortgage Loan is a MERS Mortgage Loan, the
              Servicer is
              authorized to cause the removal from the registration on the MERS System
              of such
              Mortgage and to execute and deliver, on behalf of the Owner, any and
              all
              instruments of satisfaction or cancellation or of partial or full
              release.

            

            If
              the
              Servicer satisfies or releases a Mortgage without first having obtained
              payment
              in full of the indebtedness secured by the Mortgage (other than a modification
              or liquidation of the Mortgage Property pursuant to the terms of this
              Agreement)
              or should the Servicer otherwise prejudice any rights the Owner may
              have under
              the mortgage instruments, upon written demand of the Owner, the Servicer
              shall
              deposit in the Custodial Account the entire outstanding principal balance,
              plus
              all accrued interest on such Mortgage Loan, on the day preceding the
              Remittance
              Date in the month following the date of such release. The Servicer
              shall
              maintain the Fidelity Bond and Errors and Omissions Insurance Policy
              as provided
              for in Section 4.12 insuring the Servicer against any loss it may sustain
              with
              respect to any Mortgage Loan not satisfied in accordance with the procedures
              set
              forth herein.

            

            Section
              6.03 Servicing
              Compensation.

            

            As
              compensation for its services hereunder, the Servicer shall be entitled
              to
              withdraw from the Custodial Account the amount of its Servicing Fee.
              The
              Servicing Fee shall be payable monthly and shall be computed on the
              basis of the
              unpaid principal balance and for the period respecting which any related
              interest payment on a Mortgage Loan is received. The obligation of
              the Owner to
              pay the Servicing Fee is limited to, and payable solely from, the interest
              portion (including recoveries with respect to interest from Liquidation
              Proceeds, to the extent permitted by Section 4.05) of such Monthly
              Payments.

            

            Additional
              servicing compensation in the form of assumption fees, to the extent
              provided in
              Section 6.01, late payment charges and other ancillary fees 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 thereof except as specifically provided for herein.

            

            Section
              6.04 Annual
              Statements as to Compliance.

            

            On
              or
              before March 1 of each calendar year, commencing in 2007, the Servicer
              shall
              deliver to the Owner or any Master Servicer or Depositor a statement
              of
              compliance addressed to the Owner or any Master Servicer or Depositor
              and signed
              by an authorized officer of the Servicer, to the effect that (a) a
              review of the
              Servicer’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 (b) to the best of such officers’ knowledge, based on
              such review, the Servicer 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
              6.05 Annual
              Independent Public Accountants' Servicing Report.

            

            Except
              with respect to Mortgage Loans that are the subject of Securitization
              Transactions, on or before March 1st,
              commencing in 2007 and annually thereafter, 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
              each Owner
              to the effect that such firm has examined certain documents and records
              relating
              to the servicing of the mortgage loans similar in nature and that such
              firm is
              of the opinion that the provisions of this or similar agreements have
              been
              complied with, and that, on the basis of such examination conducted
              substantially in compliance with the Uniform Single Attestation Program
              for
              Mortgage Bankers, nothing has come to their attention which would indicate
              that
              such servicing has not been conducted in compliance therewith, 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. By providing Owner
              a copy of
              a Uniform Single Attestation Program Report from their independent
              public
              accountant's on an annual basis, Servicer shall be considered to have
              fulfilled
              its obligations under this Section 6.05. 

            

            Section
              6.06 Report
              on Assessment of Compliance and Attestation.

            

            With
              respect to any Mortgage Loans that are the subject of a Securitization
              Transaction on or before March 1 of each calendar year, commencing
              in 2007, the
              Servicer shall:

            

            
              	(i)  	
                      deliver
                        to the Owner, any Master Servicer or any Depositor a report
                        (in form and
                        substance reasonably satisfactory to the Owner, such Master
                        Servicer and
                        such Depositor) regarding the Servicer’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 Owner,
                        such Master
                        Servicer and such Depositor and signed by an authorized officer
                        of the
                        Servicer and shall address each of the “Applicable Servicing Criteria”
                        specified substantially on Exhibit H hereto (or those Servicing
                        Criteria
                        otherwise mutually agreed to by the Owner and the Servicer
                        in response to
                        evolving interpretations of Regulation
                        AB;

                    

            

            

            
              	(ii)  	
                      deliver
                        to the Owner, any Master Servicer or any Depositor a report
                        of a
                        registered public accounting firm reasonably acceptable to
                        the Owner, such
                        Master Servicer and such Depositor that attests to, and reports
                        on, the
                        assessment of the compliance made by the Servicer 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
                        Servicer
                        pursuant to Section 4.25(b) to be “participating in the servicing
                        function” within the meaning of Item 1122 of Regulation AB, to deliver
                        to
                        the Owner, any Master Servicer and any Depositor an assessment
                        of
                        compliance and accountants’ attestation as and when provided in paragraphs
                        (i) and (ii) of this Section 6.06; and

                    

            

            

            
              	(iv)  	
                      if
                        requested by the Owner, the Master Servicer or Depositor,
                        deliver, and
                        cause each Subservicer and each Subcontractor described in
                        clause (iii) to
                        deliver to the Owner, 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 in the form attached hereto as
                        Exhibit
                        I.

                    

            

            

            Each
              assessment of compliance provided by a Subservicer pursuant to Section
              6.06(i)
              shall address each of the Servicing Criteria specified substantially
              in the form
              of Exhibit H hereto delivered to the Owner 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 6.06(iii) need not
              address any
              elements of the Servicing Criteria other than those specified by the
              Servicer
              pursuant to Section 4.25.

            

            The
              Servicer acknowledges that the parties identified in clause (iv) above
              may rely
              on the certification provided by the Servicer pursuant to such clause
              in signing
              a Sarbanes Certification and filing such with the Commission. Neither
              the Owner,
              any Master Servicer or any Depositor will request delivery of a certification
              under clause (iv) above unless a Depositor is required under the Exchange
              Act to
              file an annual report on Form 10-K with respect to an issuing entity
              whose asset
              pool includes Mortgage Loans.

            

            Section
              6.07 Remedies.

            

            (i) Any
              failure by the Servicer, any Subservicer or any Subcontractor to deliver
              any
              information, report, certification, accountants’ letter or other material when
              and as required under Article IX, Section 4.25, Section 6.04, Section
              6.05 or
              Section 6.06, or any breach by the Servicer of a representation or
              warranty set
              forth in Section 9.01(g)(i), or in a writing furnished pursuant to
              Section
              9.01(g)(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 Servicer of a representation or
              warranty in a
              writing furnished pursuant to Section 9.01(g)(ii) to the extent made
              as of a
              date subsequent to such closing date, shall, except as provided in
              sub-clause
              (ii) of this Section, immediately and automatically, without notice
              or grace
              period, constitute an Event of Default with respect to the Servicer
              under this
              Agreement and any applicable Reconstitution Agreement, and shall entitle
              the
              Owner, any Master Servicer or any Depositor, as applicable, in its
              sole
              discretion to terminate the rights and obligations of the Servicer
              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
              Servicer;
              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 Servicer
              as servicer,
              such provision shall be given effect.

            

            (ii) Any
              failure by the Servicer, any Subservicer or any Subcontractor to deliver
              any
              information, report, certification or accountants’ letter when and as required
              under Section 6.04, Section 6.05 or Section 6.06, including (except
              as provided
              below) any failure by the Servicer to identify any Subcontractor “participating
              in the servicing function” within the meaning of Item 1122 of Regulation AB,
              which continues unremedied for ten (10) 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
              Servicer
              under this Agreement and any applicable Reconstitution Agreement, and
              shall
              entitle the Owner, any Master Servicer or Depositor, as applicable,
              in its sole
              discretion to terminate the rights and obligations of the 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 Servicer; 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
              Servicer as servicer, such provision shall be given effect.

            

            Neither
              the Owner nor any Depositor shall be entitled to terminate the rights
              and
              obligations of the Servicer pursuant to this subparagraph (b)(ii) if
              a failure
              of the Servicer 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.

            

            (iii) The
              Servicer shall promptly reimburse the Owner (or any designee of the
              Owner,
              including the Master Servicer) and any Depositor, as applicable, for
              all
              reasonable expenses incurred by the Owner (or such designee) or such
              Depositor,
              as such are incurred, in connection with the termination of the Servicer
              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
              Owner 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
              6.08 Right
              to Examine Servicer Records.

            

            The
              Owner, or its designee, shall have the right to examine and audit any
              and all of
              the books, records, or other information of the Servicer, whether held
              by the
              Servicer or by another on its behalf, with respect to or concerning
              this
              Agreement or the Mortgage Loans, during business hours or at such other
              times as
              may be reasonable under applicable circumstances, upon reasonable advance
              notice. The Owner shall pay its own expenses associated with such examination,
              subject to Section 7.01.

            

            Section
              6.09 Compliance
              with REMIC Provisions.

            

            If
              a
              REMIC election has been made with respect to the arrangement under
              which the
              Mortgage Loans and REO Property are held, the Servicer shall not take
              any
              action, cause the REMIC to take any action or fail to take (or fail
              to cause to
              be taken) any action that, under the REMIC Provisions, if taken or
              not taken, as
              the case may be, could (i) endanger the status of the REMIC 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) unless the Servicer has received an Opinion of Counsel (at
              the expense
              of the party seeking to take such action) to the effect that the contemplated
              action will not endanger such REMIC status or result in the imposition
              of any
              such tax.

            

             

            ARTICLE
              VII

             

            SERVICER
              TO COOPERATE

            

            Section
              7.01 Provision
              of Information.

            

            During
              the term of this Agreement, the Servicer shall furnish to the Owner
              such
              periodic, special, or other reports or information, and copies or originals
              of
              any documents contained in the Servicing File for each Mortgage Loan
              provided
              for herein. All other special reports or information not provided for
              herein as
              shall be necessary, reasonable, or appropriate with respect to the
              Owner or any
              regulatory agency will be provided at the Owner’s expense. All such reports,
              documents or information shall be provided by and in accordance with
              all
              reasonable instructions and directions which the Owner may give.

            

            The
              Servicer shall execute and deliver all such instruments and take all
              such action
              as the Owner may reasonably request from time to time, in order to
              effectuate
              the purposes and to carry out the terms of this Agreement.

            

            Section
              7.02 Financial
              Statements; Servicing Facility.

            

            In
              connection with marketing the Mortgage Loans, the Owner may make available
              to a
              prospective Owner a Consolidated Statement of Operations of the Servicer
              for the
              most recently completed two fiscal years for which such a statement
              is
              available, as well as a Consolidated Statement of Condition at the
              end of the
              last two fiscal years covered by such Consolidated Statement of Operations.
              The
              Servicer, upon request, also shall make available any comparable interim
              statements to the extent any such statements have been prepared by
              or on behalf
              of the Servicer (and are available upon request to members or stockholders
              of
              the Servicer or to the public at large).

            

            The
              Servicer also shall make available to Owner or prospective purchasers
              a
              knowledgeable financial or accounting officer for the purpose of answering
              questions respecting recent developments affecting the Servicer or
              the financial
              statements of the Servicer, and to permit any prospective purchaser
              to inspect
              the Servicer's servicing facilities for the purpose of satisfying such
              prospective purchaser that the Servicer 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
              Servicer shall indemnify the respective Owner and hold it harmless
              against any
              and all claims, losses, damages, penalties, fines, forfeitures, reasonable
              and
              necessary legal fees and related costs, judgments, and any other costs,
              fees and
              expenses that the Owner may sustain in any way related to the failure
              of the
              Servicer to perform its duties and service Mortgage Loans in which
              the Owner
              owns the beneficial interest, in strict compliance with the terms of
              this
              Agreement or resulting from, a breach of the representations and warranties
              contained in this Agreement. The Servicer immediately shall notify
              the Owner if
              a claim is made by a third party with respect to this Agreement or
              the Mortgage
              Loans, assume (with the prior written consent of the Owner) 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 the Owner in respect of such claim. The Servicer
              shall
              follow any written instructions received from the Owner in connection
              with such
              claim. The Owner promptly shall reimburse the Servicer for all amounts
              advanced
              by it pursuant to the preceding sentence except when the claim is in
              any way
              related to the Servicer's indemnification pursuant to Section 3.02,
              or the
              failure of the Servicer to service and administer the Mortgage Loans
              in strict
              compliance with the terms of this Agreement.

            

            Luminent
              Mortgage Capital, Inc. shall indemnify and hold the Servicer and its
              officers,
              directors, successors and any permitted assigns harmless from, and
              shall
              reimburse each of them for, all losses, incurred by or asserted against
              any of
              such individuals or entities which result from any failure by any of
              the Owners
              to perform their obligations in any material respect under any agreement
              with
              respect to the Mortgage Loan. Luminent Mortgage Capital, Inc.’s obligations
              under this Section 8.01 shall be without regard to qualification as
              to knowledge
              and shall survive any Reconstitution Date and the termination of this
              Agreement.

            

            Section
              8.02 Merger
              or Consolidation of the Servicer.

            

            The
              Servicer shall keep in full effect its existence, rights and franchises
              and
              shall 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
              corporation
              resulting from any merger, conversion or consolidation to which the
              Servicer
              shall be a party, or any Person succeeding to the business of the Servicer,
              shall be the successor of the Servicer hereunder, without the execution
              or
              filing of any paper or any further act on the part of any of the parties
              hereto,
              anything herein to the contrary notwithstanding, provided, however,
              that the
              successor or surviving Person shall be an institution which is a Fannie
              Mae/Freddie Mac-approved seller/servicer in good standing. Furthermore,
              in the
              event the Servicer transfers or otherwise disposes of all or substantially
              all
              of its assets to an affiliate of the Servicer, such affiliate shall
              satisfy the
              condition above, and shall also be fully liable to the Owner for all
              of the
              Servicer's obligations and liabilities hereunder.

            

            Section
              8.03 Limitation
              on Liability of Servicer and Others.

            

            Neither
              the Servicer nor any of the directors, officers, employees or agents
              of the
              Servicer shall be under any liability to the Owner for any action taken
              or for
              refraining from the taking of any action in good faith pursuant to
              this
              Agreement, or for errors in judgment, provided, however, that this
              provision
              shall not protect the Servicer 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 other liability which would otherwise be imposed under this Agreement.
              The
              Servicer and any director, officer, employee or agent of the Servicer
              may rely
              in good faith on any document of any kind prima facie properly executed
              and
              submitted by any Person respecting any matters arising hereunder. The
              Servicer
              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 opinion may involve
              it in any
              expense or liability, provided, however, that the Servicer may, with
              the consent
              of the Owner, 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 Servicer shall be entitled to reimbursement from the
              Owner of
              the reasonable legal expenses and costs of such action.

            

            Section
              8.04 Limitation
              on Resignation and Assignment by Servicer.

            

            The
              Owner
              has entered into this Agreement with the Servicer and subsequent purchasers
              will
              purchase the Mortgage Loans in reliance upon the independent status
              of the
              Servicer, and the representations as to the adequacy of its servicing
              facilities, personnel, records and procedures, its integrity, reputation
              and
              financial standing, and the continuance thereof. Therefore, the Servicer
              shall
              neither assign this Agreement or the servicing rights hereunder or
              delegate its
              rights or duties hereunder (other than pursuant to Sections 4.01 and
              4.25) or
              any portion hereof or sell or otherwise dispose of all of its property
              or assets
              without the prior written consent of the Owner, which consent shall
              not be
              unreasonably withheld.

            

            The
              Servicer shall not resign from the obligations and duties hereby imposed
              on it
              except by mutual consent of the Servicer and the Owner or upon the
              determination
              that its duties hereunder are no longer permissible under applicable
              law and
              such incapacity cannot be cured by the Servicer. Any such determination
              permitting the resignation of the Servicer shall be evidenced by an
              Opinion of
              Counsel to such effect delivered to the Owner which Opinion of Counsel
              shall be
              in form and substance acceptable to the Owner. No such resignation
              shall become
              effective until a successor shall have assumed the Servicer's responsibilities
              and obligations hereunder in the manner provided in Section 12.01.

            

            Without
              in any way limiting the generality of this Section 8.04, in the event
              that the
              Servicer either shall assign this Agreement or the servicing responsibilities
              hereunder or delegate its duties hereunder (other than pursuant to
              Sections 4.01
              and 4.25) or any portion thereof or sell or otherwise dispose of all
              or
              substantially all of its property or assets, without the prior written
              consent
              of the Owner, then the Owner shall have the right to terminate this
              Agreement
              upon notice given as set forth in Section 10.01, without any payment
              of any
              penalty or damages and without any liability whatsoever to the Servicer
              or any
              third party.

             

            ARTICLE
              IX

             

            SECURITIZATION
              TRANSACTIONS

            

            Section
              9.01 Removal
              of Mortgage Loans from Inclusion Under this Agreement Upon a  Securitization
              Transaction

            

            The
              Owner
              and the Servicer agree that with respect to some or all of the Mortgage
              Loans,
              the Owner, at its sole option, may effect Whole Loan Transfers, Agency
              Sales or
              Securitization Transactions, retaining the Servicer as the servicer
              thereof or
              subservicer if a master servicer is employed, or as applicable the
              "seller/servicer." On the Reconstitution Date, the Mortgage Loans transferred
              may cease to be covered by this Agreement; provided, however, that,
              in the event
              that any Mortgage Loan transferred pursuant to this Section is rejected
              by the
              transferee, the Servicer shall continue to service such rejected Mortgage
              Loan
              on behalf of the Owner in accordance with the terms and provisions
              of this
              Agreement.

            

            The
              Servicer shall cooperate with the Owner in connection with each Whole
              Loan
              Transfer, Agency Sale or Securitization Transaction in accordance with
              this
              Section 9. In connection therewith the Servicer shall:

            

            
              	(a)  	
                      make
                        all representations and warranties with respect to the servicing
                        of the
                        Mortgage Loans and with respect to the Servicer itself as
                        of the closing
                        date of each Whole Loan Transfer, Agency Sale or Securitization
                        Transaction;

                    

            

            

            
              	(b)  	
                      negotiate
                        in good faith and execute any assignment and assumption agreements,
                        servicing agreements or pooling and servicing agreements
                        required to
                        effectuate the foregoing provided such agreements create
                        no greater
                        obligation or cost on the part of the Servicer than otherwise
                        set forth in
                        this Agreement and provided such agreements are received
                        by the Servicer
                        within a reasonable time sufficient for the Servicer and
                        Servicer’s
                        counsel to review such agreements;

                    

            

            

            
              	(c)  	
                      in
                        connection with any Securitization Transaction, the Servicer
                        shall (1)
                        within five (5) Business Days following request by the Owner
                        or any
                        Depositor, provide to the Owner and such Depositor (or, as
                        applicable,
                        cause each Subservicer to provide), in writing and in form
                        and substance
                        reasonably satisfactory to the Owner and such Depositor,
                        the information
                        and materials specified in subsections (d), and (g) and (2)
                        as promptly as
                        practicable following notice to or discovery by the Servicer,
                        provide to
                        the Owner and any Depositor (in writing and in form and substance
                        reasonably satisfactory to the Owner and such Depositor)
                        the information
                        specified in subsection (e).

                    

            

            

            
              	(d)  	
                      If
                        so requested by the Owner or any Depositor, the Servicer
                        shall provide
                        such information regarding the Servicer, as servicer of the
                        Mortgage
                        Loans, and each Subservicer (each of the Servicer 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 Owner 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 Owner 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 Servicer 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;
                        and

                    

            

             

             

            
              	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 Owner 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.

            

            
              	(e)  	
                      For
                        the purpose of satisfying the reporting obligation under
                        the Exchange Act
                        with respect to any class of asset-backed securities, the
                        Servicer shall
                        (or shall cause each Subservicer to) (i) provide prompt notice
                        to the
                        Owner, any Master Servicer and any Depositor in writing of
                        (A) any
                        material litigation or governmental proceedings involving
                        the Servicer or
                        any Subservicer , (B) any affiliations or relationships that
                        develop
                        following the closing date of a Securitization Transaction
                        between the
                        Servicer or any Subservicer and any of the parties specified
                        in clause (J)
                        of paragraph (d) 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 Servicer, and (E)
                        the Servicer’s
                        entry into an agreement with a Subservicer to perform or
                        assist in the
                        performance of any of the Servicer’s obligations under this Agreement or
                        any Reconstitution Agreement and (ii) provide to the Owner
                        and any
                        Depositor a description of such proceedings, affiliations
                        or
                        relationships. 

                    

            

            

            
              	(f)  	
                      As
                        a condition to the succession to the Servicer or any Subservicer
                        as
                        servicer or subservicer under this Agreement or any Reconstitution
                        Agreement by any Person (i) into which the Servicer or such
                        Subservicer
                        may be merged or consolidated, or (ii) which may be appointed
                        as a
                        successor to the Servicer or any Subservicer, the Servicer
                        shall provide
                        to the Owner and any Depositor, at least 15 calendar days
                        prior to the
                        effective date of such succession or appointment, (x) written
                        notice to
                        the Owner and any Depositor of such succession or appointment
                        and (y) in
                        writing and in form and substance reasonably satisfactory
                        to the Owner and
                        such Depositor, all information reasonably requested by the
                        Owner 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.

                    

            

            

            
              	(g)  	
                      (i)The
                        Servicer shall be deemed to represent to the Owner, to any
                        Master Servicer
                        and to any Depositor, as of the date on which information
                        is first
                        provided to the Owner, any Master Servicer or any Depositor
                        under this
                        Section 9.01(g) that, except as disclosed in writing to the
                        Owner, any
                        Master Servicer or such Depositor prior to such date: (1)
                        the Servicer 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 Servicer;
                        (2) the
                        Servicer 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; (3) no material
                        noncompliance
                        with the applicable servicing criteria with respect to other
                        securitizations of residential mortgage loans involving the
                        Servicer as
                        servicer has been disclosed or reported by the Servicer;
                        (4) no material
                        changes to the Servicer’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; (5) there
                        are no aspects
                        of the Servicer’s financial condition that could have a material adverse
                        effect on the performance by the Servicer of its servicing
                        obligations
                        under this Agreement or any Reconstitution Agreement; (6)
                        there are no
                        material legal or governmental proceedings pending (or known
                        to be
                        contemplated) against the Servicer or any Subservicer ; and
                        (7) there are
                        no affiliations, relationships or transactions relating to
                        the Servicer or
                        any Subservicer 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 Owner, any Master Servicer or any Depositor on any
              date
              following the date on which information is first provided to the Owner,
              any
              Master Servicer or any Depositor under this Section 9.01(g), the Servicer
              shall,
              within five (5) Business Days following such request, confirm in writing
              the
              accuracy of the representations and warranties set forth in sub clause
              (i) above
              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)In
              addition to such information as the Servicer, as servicer, is obligated
              to
              provide pursuant to other provisions of this Agreement, if so requested
              by the
              Owner or any Depositor, the Servicer shall provide such information
              reasonably
              available to the Servicer 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. 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 (10) Business Days following request.

            

            
              	(h)  	
                      The
                        Servicer shall indemnify the Owner, each affiliate of the
                        Owner, and each
                        of the following parties participating in a Securitization
                        Transaction:
                        each sponsor and issuing entity; each Person, including 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 Owner, 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, affiliates
                        and 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 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 Sections 4.25, 6.04, 6.06, 9.01(c), (d) and (h) by or
              on behalf
              of the Servicer, or provided under Sections 4.25, 6.04, 6.06, 9.01(c),
              (d) and
              (h) by or on behalf of any Subservicer or Subcontractor (collectively,
              the
“Servicer Information”), or (B) the omission or alleged omission to state in the
              Servicer Information a material fact required to be stated in the Servicer
              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
              Servicer Information and not to any other information communicated
              in connection
              with a sale or purchase of securities, without regard to whether the
              Servicer
              Information or any portion thereof is presented together with or separately
              from
              such other information;

            

            
              	(ii)  	
                      any
                        breach by the Servicer of its obligations under this Section
                        9.01(h),
                        including particularly any failure by the Servicer, any Subservicer
                        or any
                        Subcontractor to deliver any information, report, certification,
                        accountants’ letter or other material when and as required under Sections
                        4.25, 6.04, 6.06, 9.01(c), (d) and (h), including any failure
                        by the
                        Servicer to identify any Subcontractor “participating in the servicing
                        function” within the meaning of Item 1122 of Regulation AB;
                        

                    

            

            

            
              	(iii)  	
                      any
                        breach by the Servicer of a representation or warranty set
                        forth in
                        Section 9.01(g)(i) or in a writing furnished pursuant to
                        Section
                        9.01(g)(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 Servicer of a representation
                        or
                        warranty in a writing furnished pursuant to Section 9.01(g)(ii)
                        to the
                        extent made as of a date subsequent to such closing date;
                        or

                    

            

            

            
              	(iv)  	
                      the
                        negligence, bad faith or willful misconduct of the Servicer
                        in connection
                        with its performance under this Section
                        9.01(h).

                    

            

            

            If
              the
              indemnification provided for herein is unavailable or insufficient
              to hold
              harmless an Indemnified party, then the Servicer 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 Servicer on the other.

            

            In
              the
              case of any failure of performance described in sub-clause (ii) of
              this Section
              9.01(h), the Servicer shall promptly reimburse the Owner, 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 Servicer, any Subservicer
              or
              any Subcontractor. 

            

            This
              indemnification shall survive the termination of this Agreement or
              the
              termination of any party to this Agreement.

            

            
              	(i)  	
                      The
                        Owner and each Person who controls the Owner (within the
                        meaning of
                        Section 15 of the Securities Act and Section 20 of the Exchange
                        Act) shall
                        indemnify the Servicer, each affiliate of the Servicer, each
                        Person who
                        controls any of such parties or the Servicer (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 of the Servicer, 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)

                    	
                      any
                        untrue statement of a material fact contained or alleged
                        to be contained
                        in any offering materials related to a Securitization Transaction,
                        including without limitation the registration statement,
                        prospectus,
                        prospectus supplement, any private placement memorandum,
                        any offering
                        circular, any computational materials, and any amendments
                        or supplements
                        to the foregoing (collectively, the “Securitization Materials”) or
                        

                    

            

            

            
              	 	
                      (ii)

                    	
                      the
                        omission or alleged omission to state in the Securitization
                        Materials a
                        material fact required to be stated in the Securitization
                        Materials or
                        necessary in order to make the statements therein, in the
                        light of the
                        circumstances under which they were made, not misleading,
                        but only to the
                        extent that such untrue statement or alleged untrue statement
                        or omission
                        or alleged omission is other than a statement or omission
                        arising out of,
                        resulting from, or based upon the Servicer
                        Information.

                    

            

            

            
              	(j)  	
                      to
                        negotiate and execute one or more servicing agreements between
                        the
                        Servicer and any master servicer which is generally considered
                        to be a
                        prudent master servicer in the secondary mortgage market,
                        designated by
                        the Owner in its sole discretion after consultation with
                        the Servicer
                        and/or one or more custodial agreements among the Owner,
                        the Servicer and
                        a third party custodian/trustee which is generally considered
                        to be a
                        prudent custodian/trustee in the secondary mortgage market
                        designated by
                        the Owner in its sole discretion after consultation with
                        the Servicer, in
                        either case for the purpose of pooling the Mortgage Loans
                        with other
                        mortgage loans for resale or
                        securitization;

                    

            

            

            
              	(k)  	
                      in
                        connection with any securitization of any Mortgage Loans,
                        to execute a
                        pooling and servicing agreement, which pooling and servicing
                        agreement
                        may, at the Owner’s direction, contain contractual provisions including,
                        servicer advances of delinquent scheduled payments of principal
                        and
                        interest through liquidation (unless deemed non recoverable)
                        and
                        prepayment interest shortfalls (to the extent of the monthly
                        servicing fee
                        payable thereto); 

                    

            

            

            
              	(l)  	
                      the
                        Servicer shall, at the Owner’s expense, make available to the Owner, its
                        affiliates, successors or assigns an agreed-upon procedures
                        letter
                        concerning the aforementioned disclosures, which letter shall
                        be issued by
                        an accounting firm selected by the Servicer and acceptable
                        to the Owner,
                        its affiliates, successors or assigns, for inclusion in the
                        offering
                        materials for the securities created in the Securitization
                        Transaction;
                        

                    

            

            

            
              	(m)  	
                      in
                        the event the Owner appoints a credit risk manager in connection
                        with a
                        Securitization Transaction, to execute a credit risk management
                        agreement
                        and provide reports and information reasonably required by
                        the credit risk
                        manager; and

                    

            

            

            
              	(n)  	
                      To
                        make representations and warranties as of the closing date
                        of the
                        Securitization Transaction (1) that the Servicer has serviced
                        the Mortgage
                        Loans in accordance with the terms of this Agreement, provided
                        accurate
                        statements to the Owner pursuant to Section 5.02 of this
                        Agreement, and
                        otherwise complied with all covenants and obligations hereunder
                        and (2)
                        that the Servicer has taken no action nor omitted to take
                        any required
                        action the omission of which would have the effect of impairing
                        any
                        mortgage insurance or guarantee on the Mortgage
                        Loans.

                    

            

            

            The
              Owner
              and the Servicer acknowledge and agree that the purpose of Section
              9.01(h) is to
              facilitate compliance by the Owner 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 Servicer
              acknowledges that investors in privately offered securities may require
              that the
              Owner or any Depositor provide comparable disclosure in unregistered
              offerings.
              References in this Agreement to compliance with Regulation AB include
              provisions
              of comparable disclosure in private offerings.

            

            Neither
              the Owner 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
              Servicer 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 Owner, 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 Servicer shall cooperate fully with the Owner to deliver
              to the
              Owner (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 Owner, any Master
              Servicer or
              any Depositor to permit the Owner, such Master Servicer or such Depositor
              to
              comply with the provisions of Regulation AB, together with such disclosures
              relating to the Servicer, any Subservicer, and the Mortgage Loans,
              or the
              servicing of the Mortgage Loans, reasonably believed by the Owner or
              any
              Depositor to be necessary in order to effect such compliance.

            

            The
              Owner
              (including any of its assignees or designees) shall cooperate with
              the Servicer
              by providing timely notice of requests for information under these
              provisions
              any by reasonably limiting such request to information required, in
              the Owner’s
              reasonable judgment to comply with regulation AB.

            

            The
              Servicer hereby agrees to the inclusion in any Reconstitution Agreement,
              where
              applicable, a section relating to special foreclosure rights in the
              form of
              Exhibit J attached hereto which provisions shall be applicable to the
              Servicer
              or any Subservicer with respect to the applicable Mortgage Loans.

            

            All
              Mortgage Loans (i) not sold or transferred pursuant to Whole Loan Transfers,
              Agency Sales or Securitization Transactions or (ii) that are subject
              to a
              Securitization Transaction for which the related trust is terminated
              for any
              reason, shall remain subject to this Agreement and shall continue to
              be serviced
              in accordance with the terms of this Agreement and with respect thereto
              this
              Agreement shall remain in full force and effect.

            

             

            ARTICLE
              X

             

            DEFAULT

            

            Section
              10.01 Events
              of Default.

            

            Each
              of
              the following shall constitute an Event of Default on the part of the
              Servicer:

            

            
              	 	
                      (i)

                    	
                      any
                        failure by the Servicer to remit to the Owner any payment
                        required to be
                        made under the terms of this Agreement which continues unremedied
                        for a
                        period of three (3) 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 Owner; or

                    

            

            

            
              	 	
                      (ii)

                    	
                      failure
                        by the Servicer duly to observe or perform in any material
                        respect any
                        other of the covenants or agreements on the part of the Servicer
                        set forth
                        in this Agreement or in the Custodial Agreement which continues
                        unremedied
                        for a period of ninety (90) 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 Owner or by the Custodian;
                        or

                    

            

            

            
              	 	
                      (iii)

                    	
                      failure
                        by the Servicer to maintain its license to do business in
                        any jurisdiction
                        where the Mortgaged Property is located if such license is
                        required;
                        or

                    

            

            

            
              	 	
                      (iv)

                    	
                      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, readjustment of debt, including
                        bankruptcy,
                        marshaling 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;
                        or

                    

            

            

            
              	 	
                      (v)

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

                    

            

            

            
              	 	
                      (vi)

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

                    

            

            

            
              	 	
                      (vii)

                    	
                      the
                        Servicer ceases to meet the qualifications of a Fannie Mae/Freddie
                        Mac
                        servicer; or

                    

            

            
              

              
                	 	
                        (viii)

                      	
                        
                          the
                            Servicer attempts to assign its right to servicing compensation
                            hereunder
                            or to assign this Agreement or the servicing responsibilities
                            hereunder in
                            violation of Section 8.04; or

                        

                      

              

              
                 

                
                  	 	
                          (ix)

                        	
                          
                            failure
                              by the Servicer to duly perform, within the required
                              time period, its
                              obligations under Sections 4.25, 6.04, 6.05, 6.06 and
                              9.01 which failure
                              continues unremedied for a period of fifteen (15) 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 any party
                              to this Agreement or by
                              any master servicer responsible for master servicing
                              the Mortgage Loans
                              pursuant to a securitization of such Mortgage
                              Loans.

                          

                        

                

                 

              

            

            In
              each
              and every such case, so long as an Event of Default shall not have
              been
              remedied, in addition to whatever rights the Owner may have at law
              or equity to
              damages, including injunctive relief and specific performance, the
              Owner, by
              notice in writing to the Servicer, may terminate 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, 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
              Section 12.01. Upon written request from any Owner, the Servicer shall
              prepare,
              execute and deliver to the successor entity designated by the Owner
              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. The Servicer shall cooperate with the Owner
              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 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.

            

            If
              any of
              the Mortgage Loans are MERS Mortgage Loans, in connection with the
              termination
              or resignation (as described in Section 8.04) of the Servicer hereunder,
              either
              (i) the successor servicer shall represent and warrant that it is a
              member of
              MERS in good standing and shall agree to comply in all material respects
              with
              the rules and procedures of MERS in connection with the servicing of
              the
              Mortgage Loans that are registered with MERS, or (ii) the Servicer
              shall
              cooperate with the successor servicer either (x) in causing MERS to
              execute and
              deliver an assignment of Mortgage in recordable form to transfer the
              Mortgage
              from MERS to the Owner and to execute and deliver such other notices,
              documents
              and other instruments as may be necessary to remove such Mortgage Loan(s)
              from
              the MERS® System or (y) in causing MERS to designate on the MERS® System the
              successor servicer as the servicer of such Mortgage Loan.

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Section
              10.02 Waiver
              of Defaults.

            

            By
              a
              written notice, the Owner 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 thereon except to the extent expressly
              so
              waived.

            

             

            ARTICLE
              XI

             

            TERMINATION

            

            Section
              11.01 Termination.

            

            This
              Agreement shall terminate upon either: (i) the later of the final payment
              or
              other liquidation (or any advance with respect thereto) of the last
              Mortgage
              Loan or the disposition of any REO Property with respect to the last
              Mortgage
              Loan and the remittance of all funds due hereunder; or (ii) mutual
              consent of
              the Servicer and the Owner in writing; or (iii) termination pursuant
              to Section
              10.01 or 11.02.

            

            Section
              11.02 Termination
              Without Cause.

            

            The
              Owner
              may terminate, at its sole option, any rights the Servicer may have
              hereunder,
              without cause as provided in this Section 11.02. Any such notice of
              termination
              shall be in writing and delivered to the Servicer by registered mail
              as provided
              in Section 12.05.

            

            Other
              than with respect to termination of the Servicer as servicer pursuant
              to Section
              10.01, the Servicer shall be entitled to receive, (i) as such liquidated
              damages, upon the transfer of the servicing rights, an amount equal
              to 2.25% of
              the aggregate outstanding principal amount of the Mortgage Loans as
              of the
              termination date, paid by the Owner to the Servicer with respect to
              all of the
              Mortgage Loans so terminated (ii) reimbursement for all accrued and
              unpaid
              Servicing Fees and unreimbursed Servicing Advances and Monthly Advances,
              including reasonable servicing transfer expenses, upon the transfer
              of servicing
              to a successor servicer.

            

            

             

            ARTICLE
              XII

             

            MISCELLANEOUS
              PROVISIONS

            

            Section
              12.01 Successor
              to Servicer.

            

            Prior
              to
              termination of the Servicer's responsibilities and duties under this
              Agreement
              pursuant to Sections 8.04, 10.01, 11.01(ii) or pursuant to Section
              11.02 the
              Owner shall, (i) succeed to and assume all of the Servicer's responsibilities,
              rights, duties and obligations under this Agreement, or (ii) appoint
              a successor
              having the characteristics set forth in Section 8.02 and which shall
              succeed to
              all rights and assume all of the responsibilities, duties and liabilities
              of the
              Servicer under this Agreement prior to the termination of Servicer's
              responsibilities, duties and liabilities under this Agreement. In connection
              with such appointment and assumption, the Owner 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 should be terminated
              pursuant to the aforementioned sections, 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 sections shall not become
              effective until a successor shall be appointed pursuant to this Section
              12.01
              and shall in no event relieve the Servicer of the representations and
              warranties
              made pursuant to Section 3.01 and the remedies available to the Owner
              under
              Sections 3.02 and 8.01, it being understood and agreed that the provisions
              of
              such Sections 3.01, 3.02and 8.01 shall be applicable to the Servicer
              notwithstanding any such sale, assignment, 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 Owner an instrument accepting such appointment,
              wherein
              the successor shall make the representations and warranties set forth
              in Section
              3.01, 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 termination of this Agreement
              pursuant to Section 8.04, 10.01, 11.01 or 11.02 shall not affect any
              claims that
              any Owner may have against the Servicer arising out of the Servicer's
              actions or
              failure to act prior to any such termination or resignation.

            

            The
              Servicer shall deliver promptly to the successor servicer 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 Owner of such appointment in accordance with the procedures set
              forth in
              Section 12.05.

            

            Section
              12.02 Amendment.

            

            This
              Agreement may be amended from time to time by written agreement signed
              by the
              Servicer and the Owner.

            

            Section
              12.03 Governing
              Law.

            

            This
              Agreement shall be construed in accordance with the laws of the State
              of New
              York and the obligations, rights and remedies of the parties hereunder
              shall be
              determined in accordance with such laws.

            

            Section
              12.04 Duration
              of Agreement.

            

            This
              Agreement shall continue in existence and effect until terminated as
              herein
              provided. This Agreement shall continue notwithstanding transfers of
              the
              Mortgage Loans by the Owner.

            

            Section
              12.05 Notices.

            

            All
              demands, notices and communications hereunder shall be in writing and
              shall be
              deemed to have been duly given if personally delivered at or mailed
              by
              registered mail, postage prepaid, addressed as follows:

            

            (i) if
              to the
              Servicer 

             

            Wells
              Fargo Bank, N.A.

            1
              Home
              Campus

            Des
              Moines, IA 50328-0001

            Attention:
              John B. Brown, MAC X2401-042

            Fax:
              515/213-7121 

            

            with
              a
              copy to:

            

            Wells
              Fargo Bank, N.A.

            1
              Home
              Campus

            Des
              Moines, Iowa 50328-0001

            Attention:
              General Counsel MAC X2401-06T

            

            or
              such
              other address as may hereafter be furnished to the Owner in writing
 by
              the
              Servicer;

            

            (ii) if
              to
              Owner:

             

            Luminent
              Mortgage Capital, Inc.

            One
              Commerce Square,

            2005
              Market Street, Suite 2100

            Philadelphia,
              PA 19103

            Attention:
              Trez Moore

            Telephone:
              (215)564-5900

            Fax:
              (215)564-5990

            

            With
              a
              copy to:

            Luminent
              Mortgage Capital Inc.

            One
              Market Street, Spear Tower, 30th
              floor

            San
              Francisco, CA 94105

            Attention:
              Christopher Zyda

            Telephone:
              (415)978-3000

            Fax:
              (415)978-3014

            

            or
              such
              other address as may hereafter be furnished to the Servicer in writing
              by the
              Owner.

            

            

            Section
              12.06 Severability
              of Provisions.

            

            If
              any
              one or more of the covenants, agreements, provisions or terms of this
              Agreement
              shall be held invalid for any reason whatsoever, 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.

            

            Section
              12.07 Relationship
              of Parties.

            

            Nothing
              herein contained shall be deemed or construed to create a 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
              Owner.

            

            Section
              12.08 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, and shall be enforceable by, the
              Servicer
              and the Owner and their respective successors and assigns, including
              without
              limitation, any trustee or master servicer appointed by the Owner with
              respect
              any Whole Transfer or Securitization Transaction. 

            

            Section
              12.09 Recordation
              of Assignments of Mortgage.

            

            To
              the
              extent permitted by applicable law, as to each Mortgage Loan which
              is not a MERS
              Mortgage Loan, each of the Assignments of Mortgage 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 at the Servicer's expense in the event
              recordation is either necessary under applicable law or requested by
              the Owner
              at its sole option.

            

            Section
              12.10 Assignment
              by Owner.

            

            The
              Owner
              shall have the right, without the consent of the Servicer 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 Owner
              hereunder, by executing an Assignment and Assumption Agreement substantially
              in
              the form attached as Exhibit C, and the assignee or designee shall
              accede to the
              rights and obligations hereunder of the Owner with respect to such
              Mortgage
              Loans. All references to the Owner in this Agreement shall be deemed
              to include
              its assignee or designee.

            

            Section
              12.11 Solicitation
              of Mortgagor.

            

            The
              Owner
              shall not, after the Transfer Date, take any action to solicit the
              refinancing
              of any Mortgage Loan. It is understood and agreed that neither (i)
              promotions
              undertaken by the Owner or any affiliate of either party which are
              directed to
              the general public at large, including, without limitation, mass mailings
              based
              upon commercially acquired mailing lists, newspaper, radio, television
              advertisements nor (ii) serving the refinancing needs of a Mortgagor
              who,
              without solicitation, contacts the Owner in connection with the refinance
              of
              such Mortgage or Mortgage Loan, shall constitute solicitation under
              this
              Section. 

            

            Section
              12.12 Further
              Agreements.

            

            The
              Owner
              and the Servicer each agree to execute and deliver to the other such
              additional
              documents, instruments or agreements as may be necessary or appropriate
              to
              effectuate the purposes of this Agreement.

            

            Section
              12.13 Conflicts.

            

            If
              any
              conflicting terms shall exist between this Agreement, the Purchase
              Agreement,
              and any Commitment Letter, the terms and conditions of the Commitment
              Letter
              shall govern over all other documents; the Purchase Agreement shall
              govern over
              this Agreement.

            

            Section
              12.14 Third
              Party Beneficiaries.

            

            For
              purposes of Sections 4.25, 6.04, 6.05, 6.06 and 9.01 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.

            

            

            [Intentionally
              Blank - Next Page Signature Page]

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the Servicer and the Owner have caused their names
              to be signed
              hereto by their respective officers thereunto duly authorized as of
              the day and
              year first above written.

            

            
              	
                      LUMINENT
                        MORTGAGE CAPITAL, INC.

                      Owner 

                    	 	
                      WELLS
                        FARGO BANK, N.A.

                      Servicer

                    
	 	 	 	 	 
	 	 	 	 	 
	
                      By:

                    	 	 	
                      By:

                    	 
	
                      Name:

                    	 	 	
                      Name:

                    	 
	
                      Title:

                    	 	 	
                      Title:

                    	 

            

            

            
              	
                      MERCURY
                        MORTGAGE FINANCE 

                      STATUTORY
                        TRUST.

                      Owner

                    
	 	 
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 

            

            

            

            
              	
                      MAIA
                        MORTGAGE FINANCE

                      STATUTORY
                        TRUST

                      Owner 

                    
	 	 
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 

            

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            

            
              	
                      STATE
                        OF 

                    	
                      )

                    	 
	 	
                      )

                    	
                      ss.:

                    
	
                      COUNTY
                        OF___________

                    	
                      )

                    	 

            

            

            On
              the
              _____ day of _______________, 20___ before me, a Notary Public in and
              for said
              State, personally appeared______________, known to me to be [Vice]
              President of
              Wells Fargo Bank, N.A., the national banking association that executed
              the
              within instrument and also known to me to be the person who executed
              it on
              behalf of said bank, and acknowledged to me that such bank executed
              the within
              instrument.

            

            IN
              WITNESS WHEREOF, I have hereunto set my hand affixed my office seal
              the day and
              year in this certificate first above written.

            

            

            
              	 	 
	 	
                      Notary
                        Public

                       

                      My
                        Commission expires ______________

                    

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            

            
              	
                      STATE
                        OF 

                    	
                      )

                    	 
	 	
                      )

                    	
                      ss.:

                    
	
                      COUNTY
                        OF___________

                    	
                      )

                    	 

            

            

            On
              the
              _____ day of _______________, 20___ before me, a Notary Public in and
              for said
              State, personally appeared _____________________________________, known
              to me to
              be the ______________________________ of ______________________________,
              the
              corporation that executed the within instrument and also known to me
              to be the
              person who executed it on behalf of said corporation, and acknowledged
              to me
              that such corporation executed the within instrument.

            

            IN
              WITNESS WHEREOF, I have hereunto set my hand affixed my office seal
              the day and
              year in this certificate first above written.

            

            
              	 	 
	 	
                      Notary
                        Public

                       

                      My
                        Commission expires ______________

                    

            

            

            
              
                
                  

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              A

            

            FORM
              ACKNOWLEDGMENT AGREEMENT

            

             

            THIS
              ACKNOWLEDGMENT AGREEMENT, dated as of _____________, (the “Acknowledgement
              Agreement”), between @, (“Owner”), and @, (“Servicer”), (together, the
“Parties”).

             

            

            W
              I T N E S S E T H:

            

            

            WHEREAS,
              Owner has purchased certain mortgage loans [on
              a servicing released basis] [on a servicing retained basis]
identified
              on Schedule I attached hereto, (the “Mortgage Loans”). 

             

            WHEREAS,
              the Owner desires to retain Servicer to service and provide management
              and
              disposition services for the Mortgage Loans on behalf of the Owner
              pursuant to
              the terms of that certain Servicing Agreement by and between the Owner
              and the
              Servicer dated as @ (the “ Servicing Agreement”);

             

            NOW
              THEREFORE, for and in consideration of the mutual premises set forth
              herein and
              other good and valuable consideration the receipt and sufficiency of
              which
              hereby are acknowledged, and of the mutual covenants herein contained,
              the
              parties hereto hereby agree as follows:

             

            1. Unless
              otherwise amended by this Acknowledgment Agreement, all provisions
              of the
              Servicing Agreement shall apply to the servicing of the Mortgage
              Loans.

             

            2. The
              Servicing Fee Rate with respect to the Mortgage Loans shall be @%

             

            3. Capitalized
              terms not otherwise defined herein shall have the meanings assigned
              under the
              Flow Subservicing Agreement.

             

            4. This
              Agreement is entered into in the State of New York. Its construction
              and rights,
              remedies, and obligations arising by, under, through, or on account
              of it will
              be governed by the laws of the State of New York excluding its conflict
              of laws
              rules and will be deemed performable in the State of New York.

             

            5. This
              Agreement may be executed in any number of counterparts, each of which
              shall be
              an original, but all of which together shall constitute one
              instrument.

             

            [SIGNATURES
              APPEAR ON NEXT PAGE]

            
 

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the parties hereto have caused this Acknowledgment
              Agreement to
              be duly executed on their behalf by the undersigned, duly authorized,
              as of the
              day and year first above written.

             

            

            
              	 	
                      @.

                    
	 	
                      Owner

                    
	 	 
	 	
                      By:_______________________________

                    
	 	
                      Name:

                    
	 	
                      Title:

                    
	 	 
	 	
                      WELLS
                        FARGO BANK, N.A.

                    
	 	
                      Servicer

                    
	 	 
	 	
                      By:_______________________________

                    
	 	
                      Name:

                    
	 	
                      Title:

                    

            

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            Schedule
              I

            

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              B

            

            ASSIGNMENT,
              ASSUMPTION AND RECOGNITION AGREEMENT

            

            

            ____________,
              20__

            

            

            ASSIGNMENT
              AND ASSUMPTION, dated ___________________, 20__ among _________________,
              a
              _________________ corporation having an office at _________________
              ("Assignor")
              and _________________, having an office at _________________ ("Assignee")
              and
              Wells Fargo Bank, N.A. (the “Servicer”), having an office at 1 Home Campus, Des
              Moines, IA 50328-0001:

            

            For
              and
              in consideration of the sum of one dollar ($1.00) and other valuable
              consideration the receipt and sufficiency of which are hereby acknowledge,
              and
              of the mutual covenants herein contained, the parties hereto hereby
              agree as
              follows:

            

            1. The
              Assignor hereby grants, transfers and assigns to Assignee all of the
              right,
              title and interest of Assignor, as Owner, in, to and under that certain
              Servicing Agreement, (the " Agreement"), dated as of _________________,
              by and
              between _________________ (the "Owner"), and _________________ (the
              "Servicer"),
              and the Mortgage Loans delivered thereunder by the Servicer to the
              Assignor, and
              that certain Custodial Agreement, (the "Custodial Agreement"), dated
              as of
              _________________, by and among the Servicer, the Owner and _________________
              (the "Custodian").

            

            2. The
              Assignor warrants and represents to, and covenants with, the Assignee
              that:

            

            a. The
              Assignor is the lawful owner of the Mortgage Loans with the full right
              to
              transfer the Mortgage Loans free from any and all claims and encumbrances
              whatsoever;

            

            b. The
              Assignor has not received notice of, and has no knowledge of, any offsets,
              counterclaims or other defenses available to the Servicer with respect
              to the
              Servicing Agreement or the Mortgage Loans;

            

            c. The
              Assignor has not waived or agreed to any waiver under, or agreed to
              any
              amendment or other modification of, the Servicing Agreement, the Custodial
              Agreement or the Mortgage Loans, including without limitation the transfer
              of
              the servicing obligations under the Servicing Agreement. The Assignor
              has no
              knowledge of, and has not received notice of, any waivers under or
              amendments or
              other modifications of, or assignments of rights or obligations under,
              the
              Servicing Agreement or the Mortgage Loans; and

            

            d. Neither
              the Assignor nor anyone acting on its behalf has offered, transferred,
              pledged,
              sold or otherwise disposed of the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security to, or solicited any offer to buy
              or accept
              a transfer, pledge or other disposition of the Mortgage Loans, any
              interest in
              the Mortgage Loans or any other similar security from, or otherwise
              approached
              or negotiated with respect to the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security 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 (the "33 Act") or which would
              render the
              disposition of the Mortgage Loans a violation of Section 5 of the 33
              Act or
              require registration pursuant thereto.

            

            3. That
              Assignee warrants and represent to, and covenants with, the Assignor
              and the
              Servicer pursuant to Section 12.10 of the Servicing Agreement that:

            

            a. The
              Assignee agrees to be bound, as Owner, by all of the terms, covenants
              and
              conditions of the Servicing Agreement, the Mortgage Loans and the Custodial
              Agreement, and from and after the date hereof, the Assignee assumes
              for the
              benefit of each of the Servicer and the Assignor all of the Assignor's
              obligations as purchaser thereunder;

            

            b. The
              Assignee understands that the Mortgage Loans have not been registered
              under the
              33 Act or the securities laws of any state;

            

            c. The
              purchase price being paid by the Assignee for the Mortgage Loans are
              in excess
              of $250,000.00 and will be paid by cash remittance of the full purchase
              price
              within 60 days of the sale;

            

            d. The
              Assignee is acquiring the Mortgage Loans for investment for its own
              account only
              and not for any other person. In this connection, neither the Assignee
              nor any
              person authorized to act therefor has offered to sell the Mortgage
              Loans by
              means of any general advertising or general solicitation within the
              meaning of
              Rule 502(c) of US Securities and Exchange Commission Regulation D,
              promulgated
              under the 1933 Act;

            

            e. The
              Assignee considers itself a substantial sophisticated institutional
              investor
              having such knowledge and experience in financial and business matters
              that it
              is capable of evaluating the merits and risks of investment in the
              Mortgage
              Loans;

            

            f. The
              Assignee has been furnished with all information regarding the Mortgage
              Loans
              that it has requested from the Assignor or the Servicer;

            

            g. Neither
              the Assignee nor anyone acting on its behalf has offered, transferred,
              pledged,
              sold or otherwise disposed of the Mortgage Loans, any interest in the
              Mortgage
              Loans or any other similar security to, or solicited any offer to buy
              or
              accepted a transfer, pledge or other disposition of the Mortgage Loans,
              any
              interest in the Mortgage Loans or any other similar security from,
              or otherwise
              approached or negotiated with respect to the Mortgage Loans, any interest
              in the
              Mortgage Loans or any other similar security with, any person in any
              manner
              which would constitute a distribution of the Mortgage Loans under the
              33 Act or
              which would render the disposition of the Mortgage Loans a violation
              of Section
              5 of the 33 Act or require registration pursuant thereto, nor will
              it act, nor
              has it authorized or will it authorize any person to act, in such manner with
              respect to the Mortgage Loans; and

            

            h. Either
              (1) the Assignee is not an employee benefit plan ("Plan") within the
              meaning of
              section 3(3) of the Employee Retirement Income Security Act of 1974,
              as amended
              ("ERISA") or a plan (also "Plan") within the meaning of section 4975(e)(1)
              of
              the Internal Revenue Code of 1986 ("Code"), and the Assignee is not
              directly or
              indirectly purchasing the Mortgage Loans on behalf of, investment manager
              of, as
              named fiduciary of, as Trustee of, or with assets of, a Plan; or (2)
              the
              Assignee's purchase of the Mortgage Loans will not result in a prohibited
              transaction under section 406 of ERISA or section 4975 of the Code.

            

            i. The
              Assignee's address for purposes of all notices and correspondence related
              to the
              Mortgage Loans and the Servicing Agreements is:

            

            ______________________________________________________

            

            ______________________________________________________

            

            ______________________________________________________

            

            Attention:
              _________________

            

            The
              Assignee's wire transfer instructions for purposes of all remittances
              and
              payments related to the Mortgage Loans and the Servicing Agreement
              is:

            

            ______________________________________________________

            

            ______________________________________________________

            

            

            ______________________________________________________

            

            

            Attention:
              _________________

            

            4. From
              and
              after the date hereof, the Servicer shall note the transfer of the
              Mortgage
              Loans to the Assignee in its books and records, the Servicer shall
              recognize the
              Assignee as the owner of the Mortgage Loans and the Servicer shall
              service the
              Mortgage Loans for the benefit of the Assignee pursuant to the Servicing
              Agreement, the terms of which are incorporated herein by reference.
              It is the
              intention of the Assignor, the Servicer and the Assignee that the Servicing
              Agreement shall be binding upon and inure to the benefit of the Servicer
              and the
              Assignee and their respective successors and assigns.

            

            [Signatures
              Follow]

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            

            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.

            

            

            

            

              
                	
                        __________________________________

                      	
                        _________________________________

                      
	
                        Assignor

                      	
                        Assignee

                      
	 	 
	
                        By:
                          _______________________________

                      	
                        By:
                          ______________________________

                      
	 	 
	
                        Name:
                          _____________________________

                      	
                        Name:
                          ___________________________

                      
	 	 
	
                        Its:
                          ________________________________

                      	
                        Its:
                          ______________________________

                      
	 	 
	
                        Tax
                          Payer Identification No.:

                      	
                        Tax
                          Payer Identification No.:

                      
	
                        ________________________________

                      	
                        _________________________________

                      

              

            

            

            

            WELLS
              FARGO BANK, N.A.

            Servicer

            

            By:
              __________________________________

            

            Name:
              _______________________________

            

            Its:
              __________________________________

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            Exhibit
              C

            

            Reserved

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            

            Exhibit
              D

            

            Reserved

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            

             

            EXHIBIT
              E

             

             

            

             

            FORMS
              OF
              CUSTODIAL ACCOUNT CERTIFICATION

            

            

            CUSTODIAL
              ACCOUNT CERTIFICATION

            

            

            _________________,
              20____

            

            

             

            Wells
              Fargo Bank, N.A. hereby certifies that it has established the account
              described
              below as a Custodial Account pursuant to Section 4.04 of the Servicing
              Agreement, dated as of _________________,
              20____

            

            Title
              of
              Account: Wells
              Fargo Bank, N.A. in trust for the Owner and/or subsequent purchasers
              of Mortgage
              Loans - P & I

            

            Address
              of office or branch 

            of
              the
              Servicer at which 

            Account
              is maintained:    

            
              	 
	 
	 
	 
	 
	 
	 

            

            

            

            
              	
                      WELLS
                        FARGO BANK, N.A.

                      Servicer

                    
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 

            

            

             

             

            

             

            

            
              
                
                  

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

             

            EXHIBIT
              F

             

             

            

             

            FORMS
              OF
              ESCROW ACCOUNT CERTIFICATION

            

            

            ESCROW
              ACCOUNT CERTIFICATION

            

            

            

            _________________,
              20____

            

            

             

            Wells
              Fargo Bank, N.A. hereby certifies that it has established the account
              described
              below as an Escrow Account pursuant to Section 4.06 of the Servicing
              Agreement,
              dated as of _________________,
              20____

            

            Title
              of
              Account: Wells
              Fargo Bank, N.A. in trust for the Owner and/or subsequent purchasers
              of Mortgage
              Loans, and various Mortgagors - T & I

            Address
              of office or branch 

            of
              the
              Servicer at which 

            Account
              is maintained:    

            
              	 
	 
	 
	 
	 
	 
	 

            

            

            

            

            
              	
                      WELLS
                        FARGO BANK, N.A.

                      Servicer

                    
	 	 
	
                      By:

                    	 
	
                      Name:

                    	 
	
                      Title:

                    	 

            

             

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            FORM
              OF
              POWER OF ATTORNEY

            

             

            When
              Recorded Mail To: 

             

             

             

            

             

             

            _____________________________________________________
              Space above this line for Recorders Use

             

             

            LIMITED
              POWER OF ATTORNEY

             

            

            ________________--
              (hereinafter called “Owner”) hereby appoints Wells Fargo Bank, N.A. (hereinafter
              called “Servicer”), as its true and lawful attorney-in-fact to act in the name,
              place and stead of Owner for the purposes set forth below. This limited
              power of
              attorney is given pursuant to a certain Servicing Agreement and solely
              with
              respect to the assets serviced pursuant to such agreement by and between
              Owner
              and Servicer dated _______________-, to which reference is made for
              the
              definition of all capitalized terms herein.

            

            The
              said
              attorneys-in-fact, and said person designated by the Servicer, as the
              attorney-in-fact, is hereby authorized, and empowered, as follows:

            

            
              	1.  	
                      To
                        execute, acknowledge, seal and deliver deed of trust/mortgage
                        note
                        endorsements, lost note affidavits, assignments of deed of
                        trust/mortgage
                        and other recorded documents, satisfactions/releases/reconveyances
                        of deed
                        of trust/mortgage, subordinations and modifications, tax
                        authority
                        notifications and declarations, deeds, bills of sale, and
                        other
                        instruments of sale, conveyance and transfer, appropriately
                        completed,
                        with all ordinary or necessary endorsements, acknowledgements,
                        affidavits,
                        and supporting documents as may be necessary or appropriate
                        to effect its
                        execution, delivery, conveyance, recordation or filing. 

                       

                    

            

            
              	2.  	
                      To
                        execute and deliver insurance filings and claims, affidavits
                        of debt,
                        substitutions of trustee, substitutions of counsel, non-military
                        affidavits, notices of rescission, foreclosure deeds, transfer
                        tax
                        affidavits, affidavits of merit, verifications of complaints,
                        notices to
                        quit, bankruptcy declarations for the purpose of filing motions
                        to lift
                        stays, and other documents or notice filings on behalf of
                        Seller in
                        connection with insurance, foreclosure, bankruptcy and eviction
                        actions.
                        

                       

                    

            

            
              	3.  	
                      To
                        endorse any checks or other instruments received by Servicer
                        with respect
                        to assets serviced pursuant to the Servicing Agreement and
                        made payable to
                        Owner.

                       

                    

            

            
              	4.  	
                      To
                        do any other act or complete any other document that arises
                        in the normal
                        course of servicing.

                    

            

            

            

            
              
                
                  

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            Dated:
                      ___________

            

            _______________________________________

            

            Witness:      Name:
              ____________________________ __________________________________  

            Title:
              _____________________________

            

            Name
              & Title: ___________________________

            

            Witness:

            _____________________________

            

            Name
              & Title: ___________________________

            

            

            State
              of

            County
              of

            

            Before
              me, ______________________, a Notary Public in and for the jurisdiction
              aforesaid, on this _____ day of ____________________, _______, personally
              appeared ___________________________, who is personally known to me
              (or
              sufficiently proven) to be a __________________________________ of
              _______________________________ and the person who executed the foregoing
              instrument by virtue of the authority vested in him/her and he/she
              did
              acknowledge the signing of the foregoing instrument to be his/her free
              and
              voluntary act and deed as a _________________________________ for the
              uses,
              purposes and consideration therein set forth.

            

            Witness
              my hand and official seal this _____ day of _____________________,
              _______.

            

            ____________________________________________

            My
              Commission Expires: ________________________

            

            

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                  

                

              

            

            EXHIBIT
              H

            

            IN
              ASSESSMENT OF COMPLIANCE

            

            The
              assessment of compliance to be delivered by [the Company][Name of Subservicer]
              shall address, as a minimum, the criteria identified below as “Applicable
              Servicing Criteria”

            

            
              	
                      Reg
                        AB Reference

                    	
                      Servicing
                        Criteria

                    	
                      Applicable
                        Servicing Criteria

                    	
                      Inapplicable
                        Servicing 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. 

                    	 	
                      X

                    
	
                      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. 

                    	 	
                      X

                    

            

            
 

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            EXHIBIT
              I

            

            SARBANES
              CERTIFICATION

            

            
              	 	
                      Re:

                    	
                      The
                        [ ] agreement dated as of [ ], 200[ ] (the “Agreement”), among [IDENTIFY
                        PARTIES]

                    

            

            

            I,
              ________________________________, the _______________________ of [Name
              of
              Servicer] (the “Servicer”), certify to [the Owner], [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 Servicer provided
              in
              accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
              report on assessment of the Servicer’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
              Servicer during
              200[ ] that were delivered by the Servicer to the [Depositor]
              [Master Servicer] [Securities Administrator] [Trustee] pursuant to
              the Agreement
              (collectively, the “Servicer Servicing Information”);

            

            (2) Based
              on
              my knowledge, the Servicer 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 Servicer Servicing Information; 

            

            (3) Based
              on
              my knowledge, all of the Servicer Servicing Information required to
              be provided
              by the Servicer 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 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
              Servicer has
              fulfilled its obligations under the Agreement; and

            

            (5)  The
              Compliance Statement required to be delivered by the Servicer pursuant
              to the
              Agreement, and the Servicing Assessment and Attestation Report required
              to be
              provided by the Servicer and by each Subservicer ad 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
              J

            

            Special
              Foreclosure Rights

            

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          EXHIBIT
            Q-5

           

           

          AMENDED
            AND RESTATED PURCHASE,

          WARRANTIES
            AND SERVICING AGREEMENT

           

           

          

            EXECUTION
              VERSION

            

             

            

            

            

            EMC
              MORTGAGE CORPORATION

            Company,

            

            LUMINENT
              MORTGAGE CAPITAL, INC., MERCURY MORTGAGE FINANCE 
STATUTORY TRUST AND MAIA
              MORTGAGE FINANCE STATUTORY TRUST

            Purchaser,

            

            AMENDED
              AND RESTATED PURCHASE, WARRANTIES AND SERVICING AGREEMENT

            Dated
              as
              of April 24, 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 

                      	
                        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

                      
	
                        Section
                          8.06 

                      	
                        Disputed
                          Loans

                         

                      
	
                        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 

                      	
                        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

                      
	
                        __

                      	
                        Form
                          of Company Certification

                      
	
                        E

                      	
                        Form
                          of Trial Balance

                      
	
                        F

                      	
                        Regulation
                          AB Compliance Addendum

                      
	
                        G

                      	
                        Request
                          for Release of Documents and Receipt

                      
	
                        H

                      	
                        Company’s
                          Underwriting Guidelines

                      
	
                        I

                      	
                        Form
                          of Term Sheet

                      
	
                        J

                      	
                        Reconstituted
                          Mortgage Loan Reporting

                      
	
                        K

                      	
                        Company’s
                          Obligations in Connection with a Reconstitution

                      
	
                        L

                      	
                        Additional
                          Foreclosure Provisions

                      
	
                        M

                      	
                        Standard
                          File Layout - Master Servicing

                      
	
                        N

                      	
                        Calculation
                          of Realized Gain/Loss Form

                      
	
                        O

                      	
                        Standard
                          File Layout - Delinquency Reporting

                      
	 	 
	
                        Schedule
                          I

                      	
                        List
                          of Disputed Loans

                      

              

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            

            This
              is
              an Amended and Restated Purchase, Warranties and Servicing Agreement
              (the
“Agreement”), dated as of April 24, 2006 and is executed between EMC MORTGAGE
              CORPORATION, as Company, with offices located at Mac Arthur Ridge II,
              909 Hidden
              Ridge Drive, Suite 200, Irving, Texas 75038 (the "Company"), and Luminent
              Mortgage Capital, Inc., Mercury Mortgage Finance Statutory Trust and
              Maia
              Mortgage Finance Statutory Trust with offices located at One Market
              Street,
              Spear Tower, San Francisco, California 94105 (the "Purchaser").

            

            W I T N E
              S S E T H
              :

            

            WHEREAS,
              this Agreement hereby amends, restates and supercedes that certain
              Purchase,
              Warranties and Servicing Agreement dated as of October 27, 2005, as
              amended from
              time to time, between the Company and the Purchaser;

            

            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. 

            

            Adjustable
              Rate Mortgage Loan:
              A
              Mortgage Loan which provides for the adjustment of the Mortgage Interest
              Rate
              payable in respect thereto.

            

            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
              Amended and Restated 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, California, Maryland, Texas or Pennsylvania, or (iii) a day
              on which
              banks in the State of New York, California, Maryland, Texas or Pennsylvania
              are
              authorized or obligated by law or executive order to be closed.

            

            Certificateholder:
              The
              beneficial holder of an owner trust certificate issued pursuant to
              the trust
              agreement and evidencing 100% ownership interest in the trust governed
              by such
              trust agreement.

            

            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:
              EMC
              Mortgage Corporation, 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.

            

            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 “EMC Mortgage Corporation, 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.

            

            Disputed
              Loans:
              The
              Mortgage Loans listed on the attached Schedule I.

            

            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 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.

            

            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.

            

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

            

            Freddie
              Mac Servicing Guide:
              The
              Freddie Mac Sellers’ and Servicers’ Guide and all amendments or additions
              thereto.

            

            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.

            

            Luminent:
              Luminent Mortgage Capital, Inc., its successors in interest and
              assigns.

            

            Maia:
              Maia
              Mortgage Finance Statutory Trust, its successors in interest and
              assigns.

             

            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 Pass-Through Transfer, the “master servicer,” if any, identified
              in the related transaction documents.

            

            Mercury:
              Mercury
              Mortgage Finance Statutory Trust, its successors in interest and
              assigns.

            

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

            

            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 net of any Relief
              Act
              Reduction.

            

            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, Option ARM, 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;
              and

            

            
              	(28)  	
                      whether
                        the Mortgage Loan has a mandatory arbitration
                        clause.

                    

            

            

            (29)  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;

            

            (5)
               the
              weighted average months to next Adjustment Date;

             

            
              	(30)  	
                      with
                        respect to each Adjustable Rate Mortgage Loan, the lookback
                        days;
                        and

                    

            

            

            
              	(31)  	
                      with
                        respect to each Option ARM Mortgage Loan, the aggregate amount
                        of Negative
                        Amortization as of the Cut-off Date, if
                        any.

                    

            

            

            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. 

            

            Negative
              Amortization:
              The
              portion of interest accrued at the Mortgage Interest Rate in any month
              which
              exceeds the Monthly Payment on the related Option ARM Mortgage Loan
              for such
              month and which, pursuant to the terms of the Mortgage Note, is added
              to the
              principal balance of the Option ARM Mortgage Loan.

            

            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.

            

            Option
              ARM Mortgage Loan:
              An
              Adjustable Rate Mortgage Loan which (i) provides the Mortgagor with
              multiple
              Monthly Payment options and (ii) may result in Negative Amortization,
              as set
              forth in the Underwriting Guidelines.

             

            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.

            

            Payment
              Adjustment Date:
              With
              respect to each Option ARM Mortgage Loan, the date on which the Monthly
              Payment
              shall be adjusted.

            

            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; and

                    

            

            

            
              	 	
                      (viii)
                        interests in any money market fund (including any such fund
                        managed or
                        advised by the Trustee or Master Servicer 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 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.

                    

            

            

            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 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:
              Each of
              Luminent, Mercury and Maia, their respective 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 Freddie Mac. 

            

            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.

            

            Relief
              Act Reduction:
              With
              respect to any Mortgage Loan as to which there has been a reduction
              in the
              amount of interest collectible thereon as a result of the application
              of the
              Servicemembers Civil Relief Act, as amended, or any similar state law,
              any
              amount by which interest collectible on such Mortgage Loan for the
              Due Date in
              the related Due Period is less than the interest accrued thereon for
              the
              applicable one-month period at the Mortgage Interest Rate without giving
              effect
              to such reduction.

            

            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, plus (iii) with respect to an Option ARM Mortgage Loan, the
              cumulative
              amount of any Negative Amortization, if any.

             

            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
              Freddie
              Mac, 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 Freddie Mac, 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 in the time period
              specified in the related Term Sheet, 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 tenth Business Day
              following
              receipt of such Principal Prepayment by the Company.

            

            Unless
              otherwise specified in the related Term Sheet, 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 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,
              Freddie Mac 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 Freddie Mac
              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 Freddie
              Mac; 

            

            (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;

            

            (p)  The
              Company is a member of MERS in good standing.

            

            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 and maintain the
              lien
              priority of the Mortgage. 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 Freddie
              Mac 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 Freddie
              Mac 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) 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, New Jersey, Massachusetts, Arkansas,
              Kentucky
              or New Mexico. 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 (including
              any Negative Amortization which may arise thereunder if the Mortgage
              is an
              Option ARM Mortgage Loan) 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 Freddie Mac. 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
              Freddie Mac (including adjustable rate endorsements), 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 (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 (including,
              if the Mortgage Loan is an Option ARM Mortgage Loan which provides
              for Negative
              Amortization, the maximum amount of Negative Amortization in accordance
              with the
              Mortgage) 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
              and,
              with respect to an Option ARM Mortgage Loan which provides for Negative
              Amortization, the Negative Amortization provisions of the Mortgage
              Note.
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. With
              respect to each Mortgage Loan which is not an Option ARM Mortgage Loan,
              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 Freddie Mac 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 Freddie Mac;

            

            (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 except
              any second
              liens;

            

            (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
              or a
              shared appreciation or other contingent interest feature; 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. 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 or, with respect
              to
              interest-only Mortgage Loans, on an Adjustment Date following the related
              interest-only period. With respect to each Mortgage Loan which is not
              an Option
              ARM Mortgage Loan, the Mortgage Note does not permit Negative Amortization.
              With
              respect to each Option ARM Mortgage Loan, the related Mortgage Note
              requires a
              Monthly Payment, which is sufficient during the period following each
              Payment
              Adjustment Date, to fully amortize the outstanding principal balance
              as of the
              first day of such period (including any Negative Amortization) over
              the then
              remaining term of such Mortgage Note and to pay interest at the related
              Mortgage
              Interest Rate. 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%. With
              respect to each Option ARM Mortgage Loan, the maximum amount of Negative
              Amortization in accordance with the Mortgage when combined with the
              original
              principal balance of the Option ARM Mortgage Loan shall not result
              in a
              Loan-to-Value Ratio in excess of 100%. 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.
              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) Each
              of
              the Mortgage and the Assignment of Mortgage (unless the Mortgage is
              registered
              with MERS) is in recordable form and is acceptable for recording under
              the laws
              of the jurisdiction in which the Mortgaged Property is located. Any
              Mortgage
              registered with MERS has been assigned a valid mortgage identification
              number by
              MERS;

            

            (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
              (or in the case of interest-only loans is payable on the first day
              of each month
              in monthly installments of interest only), 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 Servicemembers’ Civil
              Relief Act, as amended, or similar state or local laws;

            

            (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 and all
              information on the related Mortgage Loan Schedule regarding prepayment
              penalties
              is complete and accurate in all material respects. 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
              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);

            

            (zz)
              The
              origination, servicing and collection practices used with respect to
              the
              Mortgage Loan have been in accordance with Accepted Servicing Practices,
              and
              have been in all material respects legal and proper. With respect to
              escrow
              deposits and Escrow Payments, all such payments are in the possession
              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. No
              escrow deposits or Escrow Payments or other charges or payments due
              the Company
              have been capitalized under the Mortgage Note;

            

            (aaa)
              Each Mortgage Loan is covered by a paid in full, life of loan, flood
              certification contract and each of these contracts is assignable to
              the
              Purchaser and its assigns, if applicable and required by law; 

            

            (bbb)No
              Mortgage Loan 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 5.6c Revised, Appendix E) and no Mortgage
              Loan
              originated on or after October 1, 2002 through March 6, 2003 is governed
              by the
“Georgia Fair Lending Act.”; 

            

            (ccc)
              The
              interest-only period with respect to any “interest-only” Mortgage Loan shall be
              for a fixed period not to exceed one hundred twenty (120) months;
              and

             

            (ddd)
              If
              the related Mortgage Loan is going into a REMIC Pass-Through Transfer,
              the
              Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
              the Code and Treasury Regulation Section 1.860G-2(a)(1).

             

            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.
              With
              respect to the representations and warranties contained in Section
              3.02 that are
              made to the best of the Company’s knowledge, if it is discovered by either the
              Company or the Purchaser that the substance of such representation
              and warranty
              is inaccurate and/or incomplete and such inaccuracy and/or incompleteness
              materially and adversely affects the value of the related Mortgage
              Loan, the
              Purchaser shall be entitled to all the remedies to which it would be
              entitled
              for a breach of representation or warranty, including without limitation,
              the
              repurchase requirements contained herein, notwithstanding the Company’s lack of
              knowledge with respect to the inaccuracy and/or incompleteness at the
              time the
              representation was made. 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 affected
              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 herein, within sixty (60) days of the earlier
              of either
              discovery by or notice to the Company of any
              breach of the representations or warranties pertaining to a Mortgage
              Loan
              constituting a “high cost” loan, the Company shall repurchase such Mortgage Loan
              at 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)  Luminent
              is a corporation, duly organized, validly existing and in good standing
              under
              the laws of the State of Maryland and Mercury and Maia are business
              trusts duly
              organized, validly existing and in good standing under the laws of
              the State of
              Maryland and each 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,
              organizational documents 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;

            

            (g) The
              Purchaser will treat the purchase of the Mortgage Loans from the Company
              as a
              purchase for reporting, tax and accounting purposes; and

            

            (h) 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
              (including, without limitation, the provisions set forth in the Regulation
              AB
              Compliance Addendum attached as Exhibit F hereto) 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
              Freddie Mac 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
              Freddie Mac, or which would require notification to Fannie Mae or Freddie
              Mac.
              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 the collection of any otherwise applicable
              prepayment
              penalty or reduce the amount thereof actually collected, unless: (i)
              the
              enforceability thereof will 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 collectability thereof will have been limited due
              to
              acceleration 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 penalty and the related mortgage
              loan.
              In no event will the Company 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.

            

            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 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 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
              Freddie Mac
              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, (plus,
              if
              the Mortgage Loan is an Option ARM Mortgage Loan which provides for
              Negative
              Amortization, the maximum amount of Negative Amortization in accordance
              with the
              Mortgage), 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 Freddie Mac, in an amount representing
              coverage not less than the least of (i) the outstanding principal balance
              of the
              Mortgage Loan (plus,
              if
              the Mortgage Loan is an Option ARM Mortgage Loan which provides for
              Negative
              Amortization, the maximum amount of Negative Amortization in accordance
              with the
              Mortgage),
              (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 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 tenth Business
              Day
              of the following month on a disk or tape or other computer-readable
              format or in
              such format as may be mutually agreed upon by both the Purchaser and
              Company,
              and shall provide the information required to be contained in the monthly
              statements to certificateholders as specified in the related pooling
              and
              servicing agreement, to the extent applicable to the Company. 

            

            (i)
              With
              respect to each Monthly Payment, the amount of such remittance allocable
              to
              principal (including a separate breakdown of any full Principal Prepayment,
              including the date of such prepayment, 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
              Stated Principal Balance of each Mortgage Loan; and

            

            (v)
              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, in the form of Exhibit
              E hereto,
              with each such Report.

            

            In
              addition, not later than the 10th calendar day of each month (or if
              such 10th
              day is not a Business Day, the Business Day immediately preceding such
              10th
              day), the Company shall forward to the Master Servicer reports in the
              format set
              forth in Exhibit M, Exhibit N and Exhibit O attached hereto.

            

            The
              Company shall prepare and file any and all information statements or
              other
              filings required to be delivered to any governmental taxing authority
              pursuant
              to any applicable law with respect to the Mortgage Loans.

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            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
              prepayment penalties or premiums thereon, 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 [Reserved]

             

            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.

            

            

            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.
              Upon written request, 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 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 Freddie
              Mac 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. 

            

            Section
              8.06 Disputed
              Loans.

            

            The
              Company agrees to indemnify the Purchaser and its assigns and
              hold them 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 and its assigns 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 Disputed Loan. The Company shall immediately notify
              the Purchaser if a claim is made by a third party against the Company
              with
              respect to any Disputed Loan, 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.  When all
              exceptions with respect to a Disputed Loan identified on Schedule 1
              are cured,
              such loan will no longer be a Disputed Loan, but shall be a Mortgage
              Loan;
              provided, however, that if the Purchaser or its assigns incur any losses,
              claims, damages, penalties, fines, legal costs and any other costs,
              from any
              claim, demand, defense or assertion based upon or grounded upon, or
              resulting
              from any assertion based or resulting from a exception(s) identified
              on Schedule
              1 for a Disputed Loan that has subsequently become a Mortgage Loan,
              the Company
              shall indemnify the Purchaser and its assigns in accordance with this
              Section
              8.06

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            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 after written notice is received by 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
              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 Freddie Mac 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 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
              Purchaser:

             

            Luminent
              Mortgage Capital, Inc.:

            One
              Market Street

            Spear
              Tower, 30th
              Floor

            San
              Francisco, CA 94105

            Telecopier
              No.: (415) 978-3014

            Telephone
              No.: (415) 978-3006

            

            With
              a
              copy to:

            

            One
              Commerce Square

            2005
              Market
              Street,
              21st
              Floor

            Philadelphia,
              Pennsylvania 19103

            Telecopier
              No.: (215) 564-5990

            Telephone
              No.: (215) 564-5900

             

            Maia
              Mortgage Finance Statutory Trust:

            One
              Market Street

            Spear
              Tower, 30th
              Floor

            San
              Francisco, CA 94105

            Telecopier
              No.: (415) 978-3014

            Telephone
              No.: (415) 978-3006

            

            With
              a
              copy to:

            

            One
              Commerce Square

            2005
              Market
              Street,
              21st
              Floor

            Philadelphia,
              Pennsylvania 19103

            Telecopier
              No.: (215) 564-5990

            Telephone
              No.: (215) 564-5900

             

            Mercury
              Mortgage Finance Statutory Trust:

            One
              Market Street

            Spear
              Tower, 30th
              Floor

            San
              Francisco, CA 94105

            Telecopier
              No.: (415) 978-3014

            Telephone
              No.: (415) 978-3006

             

            With
              a
              copy to:

            

            One
              Commerce Square

            2005
              Market
              Street,
              21st
              Floor

            Philadelphia,
              Pennsylvania 19103

            Telecopier
              No.: (215) 564-5990

            Telephone
              No.: (215) 564-5900

            

            (ii)
              if
              to the Company:

             

            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 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 and Purchaser each agree that it (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.

            

            The
              Purchaser agrees that the Purchaser shall indemnify, defend and hold
              the Company
              harmless from and against any loss, claim or liability the Company
              may suffer by
              reason of the Purchaser'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, unless MERS is identified on the Mortgage or on a properly
              recorded
              assignment of the Mortgage, 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 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
              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 Agreement will not contain
              any
              greater obligations on the part of Company than are contained in this
              Agreement.
              The Purchaser shall not effect in excess of three (3) Reconstitutions,
              excluding
              subperforming Mortgage Loans that are repurchased in a Pass-Through
              Transfer.
              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 Section 3.01 of this Agreement as of the settlement
              or
              closing date in connection with such Reconstitution (each, a "Reconstitution
              Date"); and (4) to modify this Agreement in accordance with Exhibit
              K attached
              hereto. 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

            Company

            

            By:________________________

            Name:
              

            Title:
              

            

            LUMINENT
              MORTGAGE CAPITAL, INC.

            Purchaser

            

            By:
              _______________________

            Name:

            Title:

            

            MERCURY
              MORTGAGE FINANCE STATUTORY TRUST

            Purchaser

            

            By:
              _______________________

            Name:

            Title:

            

            MAIA
              MORTGAGE FINANCE STATUTORY TRUST

            Purchaser

            

            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
              Amended and
              Restated 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.
              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.
               
              In the
              case of a 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.

            

            3.
               For
              each
              Mortgage Loan that is a MERS Mortgage Loan, the original Mortgage,
              noting the
              presence of the MIN of the Mortgage Loan 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.

            

            4.
              The
              original or certified copy, certified by the Company, of the Primary
              Mortgage
              Insurance Policy, if required.

            

            5. In
              the
              case of a 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.

            

            6. 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.

            

            7. 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.

            

            8. 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. 

            

            9. 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.

            

            10. reserved.

            

            11. Mortgage
              Loan closing statement (Form HUD-1) and any other truth-in-lending
              or real
              estate settlement procedure forms required by law.

            

            12.
               Residential
              loan application.

            

            13. Uniform
              underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
              equivalent.

            

            14. Credit
              report on the mortgagor.

            

            15. Business
              credit report, if applicable.

            

            16. Residential
              appraisal report and attachments thereto.

            

            17. The
              original of any guarantee executed in connection with the Mortgage
              Note.

            

            18. Verification
              of employment and income except for Mortgage Loans originated under
              a limited
              documentation program, all in accordance with Company's underwriting
              guidelines.

            

            19. Verification
              of acceptable evidence of source and amount of down payment, in accordance
              with
              Company's underwriting guidelines.

            

            20. Photograph
              of the Mortgaged Property (may be part of appraisal).

            

            21. Survey
              of
              the Mortgaged Property, if any.

            

            22. Sales
              contract, if applicable.

            

            23. If
              available, termite report, structural engineer’s report, water portability and
              septic certification.

            

            24. Any
              original security agreement, chattel mortgage or equivalent executed
              in
              connection with the Mortgage.

            

            25. 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 Amended and Restated Purchase, Warranties and Servicing
              Agreement, dated as of April 24, 2006 (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.

             

            
              EMC
                MORTGAGE CORPORATION

              

              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
              April 24, 2006 (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.

            

            EMC
              MORTGAGE CORPORATION

            

            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 Amended and
              Restated
              Purchase, Warranties and Servicing Agreement, dated as of April 24,
              2006,
              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;

            

            
              	(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 of the Purchase Agreement to be untrue in any
              material
              respect; and

            

            
              	(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 Freddie Mac 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:____________________________

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             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 __________ or 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
              F

             

             

            

              

              EXECUTION
                VERSION

              

              REGULATION
                AB COMPLIANCE ADDENDUM

              TO
                PURCHASE, WARRANTIES AND SERVICING AGREEMENT

               

              This
                Regulation AB Compliance Addendum (this “Reg
                AB
                Addendum”),
                dated
                as of April 24, 2006, by and between Luminent Mortgage Capital, Inc.,
                Mercury
                Mortgage Finance Statutory Trust and Maia Mortgage Finance Statutory
                Trust (each
                a “Purchaser”)
                and
                EMC Mortgage Corporation (the “Company”),
                to
                that certain Amended and Restated Purchase, Warranties and Servicing
                Agreement,
                dated as of April 24, 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:
                As
                defined in the first paragraph of this Reg AB Addendum.

               

              Company
                Information:
                As
                defined in Section 2.07(a).

               

              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.

               

              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.

               

              Reconstitution:
                Any
                Pass-Through Transfer or Whole Loan Transfer.

               

              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.

               

              Servicer:
                As
                defined in Section 2.03(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 1l05(a)(l)-(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
                (as determined
                solely by the Company in its reasonable discretion) one or more discrete
                functions identified in Item l122(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.

               

              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 Pass-Through
                Transfer.

               

              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. Although Regulation AB is applicable by its terms
                only to
                offerings of asset-backed securities that are registered under the
                Securities
                Act, the parties acknowledges that investors in privately offered
                securities may
                require that the Purchaser or any Depositor provide comparable disclosure
                in
                unregistered offerings. The parties agree over time to negotiate
                in good faith
                with respect to the 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.
                The
                Company acknowledges that interpretations of the requirements of
                Regulation AB
                may change over time, whether due to interpretative guidance provided
                by the
                Commission or its staff or consensus among participants in the asset
                backed
                securities markets, 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 SEC staff
                and clear
                market consensus interpretations of Regulation AB. In connection
                with any
                Pass-Through Transfer, the Company shall reasonably cooperate with
                the Purchaser
                and any Master Servicer 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 reasonable good faith determination of the Purchaser, the
                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 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.

               

              Notwithstanding
                anything to the contrary herein, the Company shall be under no obligation
                to
                provide information or reports that the Purchaser or any Depositor
                deems
                required under Regulation AB if such information is not required
                under SEC staff
                and clear market consensus interpretations of Regulation AB unless
                the Purchaser
                pays all reasonable costs incurred by the Company in connection with
                the
                preparation and delivery of such information and the Company is given
                reasonable
                time to establish the necessary systems and procedures to produce
                such
                information.

               

              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, such Master Servicer
                or such
                Depositor prior to or on 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 as servicer or sponsor; (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 as a result of any act of the Company; (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 Pass-Through Transfer; (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
                or to the
                knowledge of 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
                Pass-Through Transfer 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 by the Purchaser, any Master Servicer or any Depositor
                in writing 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, within ten 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
                mutually agreed
                upon by the Company and Purchaser of the pertinent facts, in writing,
                to the
                requesting party.

               

              (c) Notwithstanding
                anything to the contrary in the Agreement, provided the Company (and
                each
                Subservicer and Third-Party Originator, as the case may be) meets
                the disclosure
                requirements of Items 1117 and 1119 of Regulation AB, as the case
                may be, the
                Company shall (or shall cause each Subservicer to) for such disclosure
                period,
                (i) provide prompt notice to the Purchaser, any Master Servicer and
                any
                Depositor in writing of (A) any legal proceedings pending, or known
                to be
                contemplated by governmental authorities against the Company or any
                Subservicer
                that could reasonably be expected to be material to investors in
                securities in
                such Pass-Through Transfer, (B) any known affiliations or relationships
                that
                develop following the closing date of a Pass-Through Transfer between
                the
                Company or any Subservicer provided that the requesting party identify,
                in
                writing, such parties by name) and any of the parties specified in
                Section
                2.02(a)(vii) (and any other transaction party 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.

              

              Section
                2.03.  Information
                to Be Provided by the Company.

               

              In
                connection with any Pass-Through Transfer, the Company shall (i)
                within ten
                Business Days following written request by the Purchaser or any Depositor,
                provide to the Purchaser and such Depositor (or, as applicable, use
                its best
                efforts to cause each Third-Party Originator and each Subservicer
                to provide),
                in writing and in form and substance mutually agreed upon by the
                Purchaser and
                the Company, the information and materials specified in paragraphs
                (a), (b) and
                (c) 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
                the information specified in paragraph (d) of this Section.

               

              (a)  If
                so
                requested by the Purchaser or any Depositor in writing, the Company
                shall (i)
                provide such information regarding the Company, as originator of
                the Mortgage
                Loans (including as an acquirer of Mortgage Loans from a Qualified
                Correspondent), or (ii) use its best efforts to cause each Third-Party
                Originator, and (iii) as applicable, use its best efforts to cause
                each
                Subservicer, as is requested for the purpose of compliance with Items
                1103(a)(1), 1105 (as modified in (b) below), 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. Notwithstanding the above,
                the Purchaser
                acknowledges that the Company, for loans that it is deemed to originate,
                does
                not make credit decisions with respect to such loans;

               

              (C)  a
                description of any material legal or governmental proceedings pending
                (or known
                to be contemplated) against the Company, and 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,
                and to the
                Company’s knowledge, each Third-Party Originator, each Subservicer and any
                of
                the following parties to a Pass-Through Transfer, as such parties
                are identified
                to the Company by the Purchaser or any Depositor in writing in advance
                of such
                Pass-Through Transfer:

               

              (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 in writing, the Company
                shall
                provide (or, as applicable, use its best efforts to cause each Third-Party
                Originator to provide), except as exempted under Item 1105(f) of
                Regulation AB,
                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 reasonably required by the
                Purchaser or
                the Depositor, as applicable. The Company shall in good faith use
                its best
                efforts to supply Static Pool Information as required hereunder;
                provided,
                however, the failure of the Company to perform such obligation shall
                not result
                in a breach by the Company of any provision of this Agreement.

               

              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 in writing, the Company
                shall
                provide (or, as applicable, use its best efforts to 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
                in writing.
                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.

               

              (c)  If
                so
                requested by the Purchaser or any Depositor in writing, 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 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
                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
                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 Company have defaulted or experienced an early
                amortization
                or other performance triggering event because of the Company’s servicing during
                the three-year period immediately preceding the related Pass-Through
                Transfer;

               

              (2)  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 Pass-Through Transfer;

               

              (3)  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

               

              (4)  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 (as determined in the Servicer's
                reasonable
                discretion) during the three-year period immediately preceding the
                related
                Pass-Through Transfer 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 (as determined in the Servicer's reasonable discretion)
                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 Pass-Through Transfer, 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; 

               

              (I)  a
                description of any material legal or governmental proceedings pending
                (or known
                to be contemplated) against the Servicer; and

               

              (J)  a
                description of any affiliation or relationship between the Servicer
                and any of
                the following parties to a Pass-Through Transfer, as such parties
                are identified
                to the Servicer by the Purchaser or any Depositor in writing in advance
                of such
                Pass-Through Transfer:

               

              (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.

               

              (d)  Notwithstanding
                anything to the contrary in the Agreement, the Company shall (or
                shall use its
                best efforts to 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
                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 the 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 the
                Agreement or any Reconstitution Agreement and (ii) provide to the
                Purchaser and
                any Depositor a description of such proceedings, affiliations or
                relationships.

               

              (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 and
                any Depositor
                of such succession or appointment and (y) in writing and in form
                and substance
                mutually agreed upon by the Company and Purchaser, 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.

               

              (f)  In
                addition to such information as the Company, as servicer, is obligated
                to
                provide pursuant to other provisions of the 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):

               

              (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).

               

              For
                the
                purposes of this paragraph, the term “pool assets” means the mortgage loans
                serviced by the Company in respect of such securitization transaction.
                

              

              (g)  Upon
                written 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 Omissions 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 and which information is
                available to the Company and as may be reasonably requested by the
                Purchaser,
                any Master Servicer or any Depositor.

               

              Section
                2.04.  Servicer
                Compliance Statement.

               

              On
                or
                before March 1 (but in any event no later than March 15) 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 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)  On
                or
                before March 1 (but
                in
                any event no later than March 15) 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 Servicing Criteria specified on Exhibit B hereto
                delivered
                to the Purchaser concurrently with the execution of this Agreement;

               

              (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
                in its
                reasonable discretion 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, 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)  if
                requested by the Purchaser or any Depositor in writing not later
                than February 1
                of the calendar year in which such certification is to be delivered,
                deliver and
                cause each Subservicer and Subcontractor described in clause (iii)
                to provide,
                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 Pass-Through Transfer 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 (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.
                Neither
                the Purchaser nor any Depositor will request delivery of a certification
                under
                clause (a)(iv) above unless a Depositor is required under the Exchange
                Act to
                file an annual report on Form 10-K with respect to an issuing entity
                whose asset
                pool includes Mortgage Loans. 

               

              (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 2.05(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 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 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 use its best efforts to 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), (e),
                (f) and (g), 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 the Subservicer under Section 2.03(d) of this Reg
                AB Addendum.
                The Company shall use its best efforts to obtain from each Subservicer
                and
                deliver to the Purchaser 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 for 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 an
                administrator) a written description (in form and substance mutually
                agreed upon
                by the Company and the Purchaser) of the role and function of each
                Subcontractor
                utilized by the Company or any Subservicer if the Company in its
                reasonable
                discretion determines that assessments of compliance and/or attestations
                from
                Subcontractors are required for compliance with Regulation AB. The
                written
                description will specify: (i) the identity of each such Subcontractor
                and (ii)
                which elements of the Servicing Criteria will be addressed in assessments
                of
                compliance provided by each Subcontractor identified pursuant to
                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 use its best efforts to 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
                2.05 and
                2.07 of this Reg AB Addendum to the same extent as if such Subcontractor
                were
                the Company. The Company shall use its best efforts to obtain from
                each
                Subcontractor and deliver 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 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 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 and 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:

               

              (i)  (A)
                any
                untrue statement of a material fact contained or alleged to be contained
                in any
                information, report, certification, data or other material provided
                in written
                form under this Reg AB Addendum by the Company, or provided under
                this Reg AB
                Addendum by the Company relating to 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 clause (d), (f) and
                (g) of
                Section 2.03 or Sections 2.04 or 2.05, including in particular any
                material
                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 such clause or
                Section,
                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
                material 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 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 2.02(b) 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 Article II.

               

              Promptly
                after receipt by an indemnified party hereunder of notice of the
                commencement of
                any action, such indemnified party will, if a claim in respect thereof
                is to be
                made against the indemnifying party hereunder, notify the indemnifying
                party of
                the commencement thereof; but the omission so to notify the indemnifying
                party
                will not relieve it from any liability that such indemnifying party
                may have to
                any indemnified party under this Agreement except to the extent that
                such
                indemnifying party has been materially prejudiced by such failure;
                provided,
                however, that the failure to so notify the indemnifying party shall
                not relieve
                it from any liability that such indemnifying party may have to any
                indemnified
                party otherwise than under this Agreement. In case any such action
                is brought
                against any indemnified party, and it notifies the indemnifying party
                of the
                commencement thereof, the indemnifying party will be entitled to
                participate
                therein, and, to the extent that such indemnifying party may wish,
                to assume (at
                its own expense) the defense thereof, with counsel satisfactory to
                such
                indemnified party (which counsel may be counsel to the indemnifying
                party), and,
                after notice from the indemnifying party to such indemnified party
                hereunder,
                such indemnifying party shall not be liable for any legal or other
                expenses
                subsequently incurred by such indemnified party in connection with
                the defense
                thereof unless (i) the indemnifying party shall have agreed in writing
                to the
                continuing participation of such counsel or (ii) the named parties
                to any such
                proceeding (including any impleaded parties) include both the indemnifying
                party
                and the indemnified party and representation of both parties by the
                same counsel
                would, in the opinion of such counsel, be inappropriate due to the
                actual or
                potential differing interests between them. If the indemnifying party
                assumes
                the defense of any proceeding, it shall be entitled to settle such
                proceeding
                with the consent of the indemnified party, which will not be unreasonably
                withheld or delayed or, if such settlement provides for release of
                the
                indemnified party in connection with all matters relating to the
                proceeding
                which have been asserted against the indemnified party in such proceeding
                by the
                other parties to such settlement, without the consent of the indemnified
                party.

              

              If
                recovery is not available under the foregoing indemnification provisions
                for any
                reason other than as specified therein, each indemnified party shall
                be entitled
                to contribution to liabilities and expenses, except to the extent
                that
                contribution would be a violation of Section 11(f) of the Securities
                Act. In
                determining the amount of such contribution, there shall be considered
                the
                parties' relative knowledge and access to information concerning
                the matter with
                respect to which the claim was asserted, the opportunity to correct
                and prevent
                any misstatement or omission, the relative fault of the parties,
                and any other
                equitable considerations appropriate under the circumstances, but
                only to the
                extent of such violation.

              

              (b)  Notwithstanding
                anything to the contrary herein, if the Purchaser has entered into
                any separate
                agreement with any Servicer, Subservicer or Third Party Originator
                of Mortgage
                Loans sold hereunder which requires such party to provide any information,
                report, certification, accountants' letter or other material requested
                by the
                Purchaser or any Depositor to the Purchaser or any Depositor for
                purposes of
                complying with Regulation AB, the Company shall be under no obligation
                to
                deliver such third party's information and shall bear no liability
                for such
                information or obligation. 

               

              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
                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.

               

              (c)  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 Pass-Through Transfer
                other
                than a statement or omission arising out of, resulting from, or based
                upon the
                Company Information.

               

              (d)  Any
                failure by the Company, any Subservicer or any Subcontractor to deliver
                any
                information, report, certification or accountants’ letter or other material when
                and as required under Section 2.04 or 2.05, including (except as
                provided below)
                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, 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
                2.02(b) 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 2.02(b) to the extent made
                as of a date
                subsequent to such closing date, except as provided in Section 2.02(e),
                shall, after the date on which written notice declaring such failure
                or breach
                is an Event of Default has been received by the Company from the
                Master
                Servicer, constitute
                an Event of Default with respect to the Company under this Agreement
                and any
                applicable Reconstitution Agreement (notwithstanding any other provision
                of this
                Agreement or any Reconstitution Agreement to the contrary), and shall
                entitle
                the Master Servicer 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 compensation 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. 

               

              The
                Master Servicer shall not be entitled to terminate the rights and
                obligations of
                the Company pursuant to this Section 2.07(d) 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.

               

              (e)  
                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.

               

              (f)  Notwithstanding
                the provisions set forth in this Reg AB Addendum, neither the Purchaser
                nor the
                Company shall be obligated to provide any indemnification or reimbursement
                hereunder to any of the parties described in this Section 2.07 or
                any other
                party for 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 which are indirect, consequential, punitive
                or
                special in nature.

               

              Section
                2.08.  Third
                Party Beneficiary.

               

              For
                purposes of this Article II 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 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.

               

              
                	
                        LUMINENT
                          MORTGAGE CAPITAL, INC.,

                        as
                          a Purchaser

                      
	 	 
	
                        By:

                      	 
	
                        Name:

                      	 
	
                        Title:

                      	 
	 	 
	 	 
	
                        MERCURY
                          MORTGAGE FINANCE
                          STATUTORY TRUST,

                      
	 	 
	 	 
	
                        By:

                      	 
	
                        Name:

                      	 
	
                        Title:

                      	 
	 	 
	 	 
	
                        MAIA
                          MORTGAGE FINANCE STATUTORY TRUST,

                        as
                          a Purchaser

                      
	 	 
	 	 
	
                        By:

                      	 
	
                        Name:

                      	 
	
                        Title:

                      	 
	 	 
	 	 
	
                        EMC
                          MORTGAGE CORPORATION

                        as
                          Company

                      
	 	 
	 	 
	
                        By:

                      	 
	
                        Name:

                      	 
	
                        Title:

                      	 

              

              

               

              

              

              

              

              

              
                
                  
                    [Signature
                      Page to Regulation AB Compliance Addendum
                      (servicing-retained)]

                    

                    

                     

                  

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                  
                  

                

              

              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 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

               

              (RMBS
                unless otherwise noted)

              

              Key:

              X
                -
                obligation

              

              
                	
                        Reg
                          AB Reference

                      	
                        Servicing
                          Criteria

                      	
                        Servicers

                      
	 	
                        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 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

                      
	 	
                        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

                      
	
                        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 Pool Assets 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 pool assets is maintained as required by
                          the transaction
                          agreements or related pool asset documents.

                      	
                        X

                      
	
                        1122(d)(4)(ii)

                      	
                        Pool
                          assets 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 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

                      
	
                        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 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

                      
	
                        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
              G

            

            REQUEST
              FOR RELEASE OF DOCUMENTS AND RECEIPT

            

            RE: Mortgage
              Loan #___________________________________

            BORROWER:__________________________________________________

            PROPERTY:
              __________________________________________________

            

            

            Pursuant
              to an Amended and Restated 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

            

            

            FORM
              OF
              TERM SHEET

            

            This
              TERM
              SHEET (the "Term Sheet") dated _____________, between
              ___________________________, a _______________ corporation, located
              at
              ____________________________(the “Company”) and EMC Mortgage Corporation, a
              Delaware corporation, located at ______________ (the "Purchaser") is
              made
              pursuant to the terms and conditions of that certain Amended and Restated
              Purchase, Warranties and Servicing Agreement (the "Agreement") dated
              as of April
              24, 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, 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.

             

            

            ____________________________
              

            

            
              	 	 	 	 	
                      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 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.

                    

            

            

            
              	·  	
                      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 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

             

            

             

            ADDITIONAL
              FORECLOSURE PROVISIONS

             

            In
              connection with any Pass-Through Transfer the Company and the Purchaser
              hereby
              amend the Agreement as follows (which provisions may be modified to
              conform as
              necessary the parties and documentation relating to such Pass-Through
              Transfer
              and as may be reflected in an assignment and assumption agreement pursuant
              to
              which the Agreement is assigned in a Pass-Through Transfer):

             

            The
              following is added after the first paragraph of Section 4.03 of the
              Agreement:

             

            Notwithstanding
              anything in this Agreement to the contrary, for so long as the Master
              Servicer
              has not notified the Company that the Controlling
              Class Holder
              is no
              longer entitled to the rights described in this Section 4.03:

             

            (a) The
              Company shall not commence foreclosure proceedings or any alternative
              to
              foreclosure proceedings with respect to a Mortgage Loan unless (i)
              no later than
              five (5) Business Days prior to its commencement of such foreclosure
              proceedings
              or such alternative foreclosure proceedings, it notifies the Master
              Servicer of
              its intention to do so, and (ii) the Controlling Class Holder, through
              the
              Master Servicer, does not, within three (3) Business Days from the
              date the
              Controlling Class Holder receives notice from the Master Servicer,
              affirmatively
              object to such action.

             

            (b) In
              the
              event that the Company determines not to proceed with foreclosure proceedings
              or
              any alternative to foreclosure proceedings with respect to a Mortgage
              Loan that
              becomes 60 days’ or more delinquent and the Company has determined that it is
              unable to collect payments due under such Mortgage Loan in accordance
              with
              Accepted Servicing Practices, the Company shall, prior to taking any
              action with
              respect to such Mortgage Loan, promptly provide the Master Servicer
              with notice
              of such determination and a description of such other action as it
              intends to
              take with respect to such Mortgage Loan; provided, that the Company
              shall not be
              permitted to proceed with any such action unless the Controlling Class
              Holder,
              through the Master Servicer, does not, within three (3) Business Days
              from the
              date the Controlling Class Holder receives notice from the Master Servicer,
              affirmatively object to the Company taking such action.

             

            (c) If
              the
              Controlling Class Holder timely and affirmatively objects to an action
              or
              contemplated action of the Company pursuant to either (a) or (b) above,
              then the
              Controlling Class Holder shall instruct the Master Servicer to hire,
              at the
              Controlling Class Holder’s sole cost and expense, three appraisal firms,
              selected by the Master Servicer in its sole and absolute discretion
              from the
              list of appraisal firms attached as Exhibit C, to compute the fair
              value of the
              Mortgaged Property relating to the related Mortgage Loan utilizing
              the Fannie
              Mae Form 2055 Exterior-Only Inspection Residential Appraisal Report
              (each such
              appraisal-firm computation, a “Fair Value Price”), in each case (other than as
              set forth in (d) below) no later than 30 days from the date of such
              Controlling
              Class Holder objection. All costs relating to the computation of the
              related
              Fair Value Prices shall be for the account of the Controlling Class
              Holder and
              shall be paid by the Controlling Class Holder at the time of such Mortgage
              Loan
              and the related Mortgaged Property are purchased by the Controlling
              Class
              Holder.

             

            (i) If
              the
              Master Servicer shall have received three Fair Value Prices by the
              end of such
              30-day period, then the Controlling
              Class Holder
              shall,
              no later than five Business Days after the expiration of such 30-day
              period,
              purchase such Mortgage Loan for an amount equal to the lesser of (i)
              the
              unpaid principal balance of the related Mortgage Loan (the “Unpaid
              Principal Balance”)
              and
              (ii) the average
              of such three Fair Value Prices respectively determined by such appraisal
              firms;
              and shall deliver such amount to the Company against the assignment
              of the
              related Mortgage Loan and the delivery of the related documents on
              the purchase
              date.

             

            (ii) If
              the
              Master Servicer shall not have received three Fair Value Prices by
              the end of
              the 30-day period set forth in clause (1)(c) above, then:

             

            (A) If
              the
              Master Servicer shall have received only two Fair Value Prices by the
              end of
              such 30-day period, then the Master Servicer shall determine, in its
              reasonable
              discretion, the fair value of the Mortgaged Property and other collateral
              relating to such Mortgage Loan (such fair value, the “Master
              Servicer’s Fair Value Price”)
              and
              the Controlling Class Holder shall, no later than five Business Days
              after the
              expiration of such 30-day period,
              purchase such Mortgage Loan for an amount equal to the least of (1)
              the Unpaid
              Principal Balance thereof, (2) the average of such Fair Value Prices
              determined
              by such appraisal firms and (3) the Master Servicer’s Fair Value
              Price;
              and
              shall deliver such amount to the Company against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (B) If
              the
Master
              Servicer
              shall
              have received
              only
              one
              Fair
              Value Price
              by the
              end of such 30-day period, then the Master
              Servicer will
              determine the Master Servicer Fair Value Price of the Mortgaged Property
              related
              to such Mortgage Loan
              and the
              Controlling Class Holder shall, no later than five Business Days after
              the
              expiration of such 30-day period,
              purchase such Mortgage Loan for an amount equal to the least of (1)
              the Unpaid
              Principal Balance thereof, (2) the Fair Value Price determined by such
              appraisal
              firm and (3) the Master Servicer’s Fair Value Price;
              and
              shall deliver such amount to the Company against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (C) If
              the
              Master Servicer shall not have received any such Fair Value Prices
              by the end of
              such 30-day period, then the Master Servicer will determine the Master
              Servicer
              Fair Value Price of the Mortgaged Property related to such Mortgage
              Loan and the
              Controlling Class Holder shall, no later than five Business Days after
              the
              expiration of such 30-day period,
              purchase such Mortgage Loan for an amount equal to the lesser of (1)
              the Unpaid
              Principal Balance thereof and (2) the Master Servicer’s Fair Value
              Price;
              and
              shall deliver such amount to the Company against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (D) If
              the
              Master Servicer has not received three Fair Value Prices by the end
              of such
              30-day period, it shall continue for the next 30 days to try to obtain
              three
              Fair Value Prices. Upon the earlier of the date that it obtains the
              three Fair
              Value Prices, or the end of the 30-day extension, the Master Servicer
              shall
              recalculate the price payable pursuant to this Section 4.03 and, within
              five
              Business Days thereafter, (i) the Controlling
              Class Holder
              shall
              pay the Company the positive difference between the recalculated purchase
              price,
              and the price actually paid by it, or (ii) the Company shall refund
              to the
Controlling
              Class Holder
              the
              positive difference between the purchase price actually paid by the
Controlling
              Class Holder,
              and the
              recalculated purchase price.

             

            (d) The
              Controlling Class Holder shall not be entitled to any of its rights
              with respect
              to a Mortgage Loan if it fails to purchase such Mortgage Loan as set
              forth
              herein.

             

            (e) Any
              notice, confirmation, instruction or objection pursuant to paragraphs
              (a), (b)
              and (c) above may be delivered via facsimile or other written or electronic
              communication as the parties hereto and the Controlling Class Holder
              agree to
              from time to time.

             

            (f) For
              the
              avoidance of doubt, the Controlling Class Holders’ rights set forth in this
              Section 4.03 are intended to provide the Controlling Class Holder,
              for so long
              as the Controlling Class Holder owns 100% of the Certificates, with
              the
              unilateral right to control foreclosure decisions in respect of delinquent
              and
              defaulted Mortgage Loans, and certain exclusive purchase rights so
              as to
              maximize the recovery value on delinquent and defaulted Mortgage Loans
              and the
              Controlling Class Holder shall not have any right to purchase a Mortgage
              Loan
              that is not a delinquent or defaulted Mortgage Loan as to which the
              Company is
              prepared to commence foreclosure proceedings or any alternative to
              foreclosure
              proceedings or take other action to collect payments due under such
              Mortgage
              Loan.

             

            (g) To
              the
              extent that the Controlling Class Holder purchases any Mortgage Loan
              pursuant to
              this Section 4.03, at the option of the Controlling Class Holder, the
              Company
              will continue to service such Mortgage Loan in accordance with this
              Agreement.
              The parties acknowledge that, in such event, the Master Servicer will
              have no
              duty or responsibility to master service any such Mortgage Loan.

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            EXHIBIT
              M

            

            STANDARD
              FILE LAYOUT - MASTER SERVICING

            

            
              	
                      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
                N

              

              Exhibit
                : 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 ( ). 

              
 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

               

              
                

                Exhibit
                  3A: 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__________________________

                          	 	
                            ________________

                          	 
	
                            HOA/Condo
                              Fees_______________________

                          	 	
                            ________________

                          	 
	
                            ______________________________________

                          	 	
                            ________________

                          	 
	
                            ______________________________________

                          	 	
                            ________________

                          	 
	
                            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)

                          
	
                            _________________________________________

                          	 	
                            _________________

                          	 
	
                            _________________________________________

                          	
                             

                          	
                            _________________

                          	 
	
                            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
              O

             

            STANDARD
              FILE LAYOUT - DELINQUENCY REPORTING

            

            Exhibit
              : 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

                    

            

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            SCHEDULE
              I

            

             

            LIST
              OF
              DISPUTED LOANS

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

         

         

        
          This
            AMENDMENT No. 1 (the “Amendment”) is made this 17th
            day of
            August, 2006, by and between EMC Mortgage Corporation (the “Company”) and
            Luminent Mortgage Capital, Inc., Mercury Mortgage Finance Statutory Trust
            and
            Maia Mortgage Finance Statutory Trust (the "Purchaser"), to the Amended
            and
            Restated Purchase, Warranties and Servicing Agreement dated as of April
            24, 2006
            (the “Agreement”), by and among the Company and the Purchaser.

           

          WHEREAS,
            the Company and the Purchaser desire to amend the Agreement as set forth
            herein.

           

          NOW,
            THEREFORE, for good and valuable consideration, the receipt and sufficiency
            of
            which are hereby acknowledged, the parties hereto hereby agrees as
            follows:

           

          SECTION
            1.  Defined
            Terms.
            Unless
            otherwise amended by the terms of this Amendment, terms used in this
            Amendment
            shall have the meanings assigned in the Agreement.

           

          SECTION
            2.  Amendment.
            Effective as of April 24, 2006 the Agreement is hereby amended as
            follows:

          

          The
            first
            paragraph of Section 5.03 of the Agreement is hereby deleted in its entirety
            and
            replaced with the following:

           

          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, provided, however,
            that in
            the case of any Option ARM Mortgage Loan, the Company shall only be obligated
            to
            advance any scheduled interest payment that is delinquent at the close
            of
            business on the related Determination Date.

           

          SECTION
            3. Effect
            of Amendment.
            Upon
            execution of this Amendment, the Agreement shall be, and be deemed to
            be,
            modified and amended in accordance herewith and the respective rights,
            limitations, obligations, duties, liabilities and immunities of the Company
            and
            the Purchaser shall hereafter be determined, exercised and enforced subject
            in
            all respects to such modifications and amendments, and all the terms
            and
            conditions of this Amendment shall be deemed to be part of the terms
            and
            conditions of the Agreement for any and all purposes. Except as modified
            and
            expressly amended by this Amendment, the Agreement is in all respects
            ratified
            and confirmed, and all the terms, provisions and conditions thereof shall
            be and
            remain in full force and effect.

           

          SECTION
            4. Binding
            Effect.
            The
            provisions of this Amendment shall be binding upon and inure to the benefit
            of
            the respective successors and assigns of the parties hereto, and all
            such
            provisions shall inure to the benefit of the Company and the
            Purchaser.

           

          SECTION
            5. Severability
            of Provisions.
            If any
            one or more of the provisions or terms of this Amendment shall be for
            any reason
            whatsoever held invalid, then such provisions or terms shall be deemed
            severable
            from the remaining provisions or terms of this Amendment and shall in
            no way
            affect the validity or enforceability of the other provisions or terms
            of this
            Amendment.

           

          SECTION
            6. Section
            Headings.
            The
            section headings herein are for convenience of reference only, and shall
            not
            limit or otherwise affect the meaning hereof.

           

          SECTION
            7.  Execution
            in Counterparts. This
            Amendment may be executed by the parties hereto in several counterparts,
            each of
            which shall be executed by the parties hereto and be deemed an original
            and all
            of which shall constitute together by one and the same agreement.

           

          SECTION
            8.  Governing
            Law. THIS
            AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
            OF NEW
            YORK, WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS,
            RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
            WITH THE LAWS OF THE STATE OF NEW YORK.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          IN
            WITNESS WHEREOF, the parties have caused this Amendment to the Agreement
            to be
            executed by their respective officers thereunto duly authorized as of
            the day
            and year first above written.

           

          EMC
            MORTGAGE CORPORATION

          Company

          

          By:________________________

          Name:
            

          Title:
            

          

          LUMINENT
            MORTGAGE CAPITAL, INC.

          Purchaser

          

          By:
            _______________________

          Name:

          Title:

          

          MERCURY
            MORTGAGE FINANCE STATUTORY TRUST

          Purchaser

          

          By:
            _______________________

          Name:

          Title:

          

          MAIA
            MORTGAGE FINANCE STATUTORY TRUST

          Purchaser

          

          By:
            _______________________

          Name:

          Title:

          

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          R-1

         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        
          
             

          

          
            This
              Assignment, Assumption and Recognition Agreement (the “AAR Agreement”) is made
              and entered into as of April 28, 2006 (the “Closing Date”), among Maia Mortgage
              Finance Statutory Trust (the “Assignor”), HSBC Bank USA, National Association,
              not individually but solely as trustee for holders of Luminent Mortgage
              Trust
              2006-3, Mortgage Pass-Through Certificates, Series 2006-3 (the
“Assignee”)
              and EMC
              Mortgage Corporation (the “Company”).

            

            WHEREAS,
              the Assignor acquired certain mortgage loans set forth on Attachment
              1
              (the
“Assigned Loans”) from the Company pursuant to the Amended and Restated
              Purchase, Warranties and Servicing Agreement, dated as of April 24,
              2006, among
              the Company, the Assignor, Luminent Mortgage Capital, Inc. (“Luminent”) and
              Mercury Mortgage Finance Statutory Trust (the “Servicing Agreement”) and that
              certain Term Sheet dated as of April 24, 2006, between the Company
              and the
              Assignor (the “Term Sheet”; and together with the Servicing Agreement, the
“Agreements”); and

            

            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. Any capitalized term used
              and not
              otherwise defined herein shall have the meaning assigned to such term
              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 in, to and under
              the
              Agreements with respect to the Assigned Loans. The Assignor is not
              assigning to
              the Assignee any of its right, title and interest in, to and under
              the
              Agreements with respect to any other mortgage loan other than the Assigned
              Loans. 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). 

             

            Assignor
              acknowledges and agrees that upon execution of this AAR Agreement,
              with respect
              to the Assigned Loans, the Assignee shall become the “Purchaser” under the
              Agreements, and all representations, warranties and covenants by the
“Company”
to the “Purchaser” under the Agreements including, but not limited to, the
              rights to receive indemnification, shall accrue to Assignee by virtue
              of this
              AAR Agreement. 

            Representations,
              Warranties and Covenants

             

            2.  Assignor
              warrants and represents to, and covenants with, Assignee and Company
              as of the
              date hereof that:

             

            
              	a.  	
                      Attached
                        hereto as Attachment
                        2
                        are true and correct 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 Purchase Agreement as they relate to the Assigned
                        Loans, free
                        and clear from 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 and rights 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 Assignor
                        with respect to 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 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 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
                        parties hereto,
                        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. 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;
                        and

                    

            

             

            
              	h.  	
                      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
                        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.

                    

            

             

            3.  The
              Assignee warrants and represents to, and covenants with, the Assignor
              and the
              Company as of the date hereof that:

             

            
              	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 on behalf of the holders
                        of Luminent
                        Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
                        Series
                        2006-3;

                    

            

             

            
              	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 parties hereto, 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.  	
                      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.  	
                      e.Assignee
                        assumes for the benefit of each of Assignor and Company all
                        of Assignor’s
                        rights as “Purchaser” under the Agreements but solely with respect to the
                        Assigned Loans.

                    

            

             

            4.  Company
              warrants and represents to, and covenants with, Assignee and Assignor,
              as of the
              date hereof, that:

             

            
              	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 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
                        Servicing Agreement in favor of Assignee with respect to
                        the Assigned
                        Loans separate from the Custodial Account and Escrow Account
                        previously
                        established under the Servicing Agreement in favor of Assignor;
                        

                    

            

             

            
              	f.  	
                      Pursuant
                        to Section 11.18 of the Servicing Agreement, the Company
                        hereby restates
                        the representations and warranties set forth in Section 3.01
                        of the
                        Servicing Agreement as of the Closing Date;
                        and

                    

            

             

            
              	g.  	
                      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.

                    

            

             

            5.  Company
              warrants and represents to, and covenants with, the Assignor and Structured
              Asset Mortgage Investments II Inc. (“SAMI II”) 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 Servicing
                        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 Servicing 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 SAMI
              II 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 SAMI II with respect
              to the
              Securitization Transaction and (ii) provide to the Assignor and SAMI
              II a
              description of such proceedings, affiliations or relationships.

            

            Each
              such
              notice/update should be sent to the Assignor by e-mail to [Luminent
              to provide].
              Additionally, all such notifications, other than those pursuant to
              (i)(A) above,
              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 (i)(A) above 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

             

            6.  Assignor
              hereby agrees to indemnify and hold the Assignee (and its successors
              and
              assigns) harmless against any and all claims, losses, penalties, fines,
              judgments, forfeitures and related reasonable costs, fees and expenses
              (including expert fees) 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
              of
              Assignor contained herein.

             

            7.  The
              Company hereby
              acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”) has been
              appointed as the master servicer of the Mortgage Loans pursuant to
              the pooling
              and servicing agreement, dated as of April 1, 2006, among SAMI
              II,
the
              Assignee, the Master Servicer, Wells Fargo Bank, N.A. as securities
              administrator and the Assignor (the “Pooling and Servicing Agreement”). The
              Company shall deliver all reports required to be delivered under the
              Servicing
              Agreement to:

             

            Wells
              Fargo Bank, N.A.

            9062
              Old
              Annapolis Road

            Columbia,
              Maryland 21045

            Attention:
              Client Manager Luminent Mortgage Trust 2006-3 

            Telecopier
              No.: (410) 715-2380

            

             

            Recognition
              of Assignee

             

            8.  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.
              The
              Company will service the Assigned Loans in accordance with the Servicing
              Agreement (as modified herein), 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. None of the Company or the Assignor
              shall amend
              or agree to amend, modify, waiver, or otherwise alter any of the terms
              or
              provisions of the 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.

             

            Modification
              of the Servicing Agreement

             

            9.  The
              Company and the Assignor hereby amend the Servicing Agreement as
              follows:

             

            (a)
               The
              following definitions are added to Section 1.01 of the Servicing Agreement:
              

             

            Controlling
              Class Holder:
              At any
              time, the beneficial holder of a majority in principal  amount
              of
              the most subordinate class of the Subordinate Certificates outstanding
              at such
 time.
               

             

            Pooling
              and Servicing Agreement:
              That
              certain pooling and servicing agreement, dated  as
              of
              April 1, 2006, among Structured Asset Mortgage Investments II Inc.,
              Maia, HSBC
 Bank
              USA,
              National Association, as trustee, the Master Servicer and Wells Fargo
              Bank,
 N.A.
              as
              securities administrator.

             

            Subordinate
              Certificates:
              Those
              certificates, designated Class I-B-IO and Class II-B-6, issued pursuant
              to the
              Pooling and Servicing Agreement.

             

            (b)
               The
              definition of Business Day in Section 1.01 of the Servicing Agreement
              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
               State
              of
              New York, California, Maryland, Texas, Minnesota or Pennsylvania, or
              (iii) a
 day
              on
 which
              banks in the State of New York, California, Maryland, Texas, Minnesota
              or
 Pennsylvania
               are
              authorized or obligated by law or executive order to be closed. 

             

            (c) The
              definition of Master Servicer in Section 1.01 of the
              Servicing
              Agreement
              is
              deleted and replaced with the following:

             

            Master
              Servicer:
              Wells
              Fargo Bank, N.A., or its successors in interest, or such other  master
              servicer as shall be appointed by the Purchaser. 

             

            (d) The
              following is added after the first paragraph of Section 5.02 of the
              Servicing
              Agreement:

             

            In
              addition, not later than the 10th calendar day of each month (or if
              such 10th
 day
              is
              not a Business Day, the Business Day immediately preceding such 10th
              day), the
 Company
              shall forward to the Master Servicer reports in the format set forth
              in
 Attachment
              3, 4 and 5 to the Assignment, Assumption and Recognition Agreement,
              dated
 as
              of
              April 28, 2006, among Maia, the Company and HSBC Bank USA, National
 Association,
              with respect to defaulted Mortgage Loans and realized loss calculations,
               respectively.

             

            Miscellaneous

             

            10.  All
              demands, notices and communications related to the Assigned Loans,
              the 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,

            EMC
              Mortgage Corporation

            Mac
              Arthur Ridge II

            909
              Hidden Ridge Drive, Suite 200

            Irving,
              Texas 75038

            Attention:
              Ms. Ralene Ruyle

            Telecopier
              No.: (972) 442-2810

             

            b. In
              the
              case of Assignor,

            

            Maia
              Mortgage Finance Statutory Trust

            One
              Market Street

            Spear
              Tower, 30th Floor

            San
              Francisco, CA 94105

            Attention:
              Christopher J. Zyda 

            

            with
              a
              copy to:

            

            One
              Commerce Square

            2005
              Market Street, Suite 2100

            Philadelphia,
              Pennsylvania 19103

            Attention:
              Megan Mahoney

            

            c. In
              the
              case of Assignee,

            HSBC
              Bank
              USA, National Association

            452
              Fifth
              Avenue

            New
              York,
              NY 10018

            Attention:
              Corporate Trust & Loan Agency/Luminent 2006-3

            

            11.  In
              addition, the Company hereby acknowledges that from and after the date
              hereof,
              the Assigned Loans will be subject to the Pooling and Servicing Agreement
              pursuant to which the Master Servicer has the sole right to enforce
              all
              obligations of the Company as they relate to the Assigned Loans, under
              the
              Servicing Agreement (as modified herein). Such right will include,
              without
              limitation, the right to terminate the Company under the Servicing
              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 Servicing
              Agreement,
              the right to receive all monthly reports and other data required to
              be delivered
              by the Company under the 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 Servicing Agreement,
              as they
              relate to the Assigned Loans, to the Master Servicer by wire transfer
              of
              immediately available funds to:

             

            Luminent
              Mortgage Trust 2006-3 Master Servicer Collection Account

            Wells
              Fargo Bank, N.A.

            ABA#
              121000248

            Account
              Name: SAS Clearing 

            Account
              #
              3970771416

            For
              Further Credit to: Luminent Mortgage Trust 2006-3, Account #
              50914800

            

            12.  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 Luminent
              Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series
              2006-3
              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 Luminent
              Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series
              2006-3.

             

            (a) The
              Company shall indemnify the Assignor, each affiliate of the Assignor
              and
              Luminent Mortgage Capital, Inc.; 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 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; Bear, Stearns & Co. Inc. (“Bear Stearns”), each
              Person who controls Bear Stearns or SAMI II (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 of SAMI II (each, and “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 or other material provided in written
              form
              under the Regulation AB Compliance Addendum, dated as of April 24,
              2006, by and
              between Luminent Mortgage Capital, Inc., Mercury Mortgage Finance Statutory
              Trust, the Assignor and the Company (“Reg AB Addendum”) by the Company, or
              provided under the Reg AB Addendum by the Company relating to 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
              material 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 II 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
              material 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
              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
              2.02(b) of
              the Reg AB Addendum 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 Article II of the Reg AB Addendum.

             

            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.

             

            (b) Notwithstanding
              anything to the contrary herein, if the Assignor has entered into any
              separate
              agreement with any Servicer, Subservicer or Third Party Originator
              of Mortgage
              Loans sold hereunder which requires such party to provide any information,
              report, certification, accountants' letter or other material requested
              by the
              Assignor or SAMI II to the Assignor or SAMI II for purposes of complying
              with
              Regulation AB, the Company shall be under no obligation to deliver
              such third
              party's information and shall bear no liability for such information
              or
              obligation. 

             

            In
              the
              case of any failure of performance described in clause (a)(ii) of Section
              2.07
              of the Reg AB Addendum, the Company shall promptly reimburse the Assignor,
              SAMI
              II, 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 AAR Agreement
              or the
              termination of any party to this AAR Agreement.

             

            (c) The
              Assignor 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 Pass-Through Transfer
              other
              than a statement or omission arising out of, resulting from, or based
              upon the
              Company Information. 

             

            (d) Notwithstanding
              the provisions set forth in the Reg AB Addendum, the Company shall
              not be
              obligated to provide any indemnification or reimbursement hereunder
              to any of
              the parties described in Section 2.07(a) of the Reg AB Addendum or
              any other
              party for 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 which are indirect, consequential, punitive
              or
              special in nature.

             

            13.  The
              Assignor and Luminent will have the continuing right, upon reasonable
              notice, to
              access the Company’s files with respect to the Assigned Loans, including related
              books and records. In addition, the Assignor and Luminent will have
              the
              continuing right to receive the Company’s reports (including the mortgage loan
              tape) with respect to the Assigned Loans. 

             

            14.  A
              copy of
              all assessments, attestations, reports and certifications required
              to be
              delivered by the Company under this AAR Agreement and the Agreements
              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
              addressees
              shall include the Master Servicer and the Master Servicer shall be
              entitled to
              rely on such documents.

             

            15.  THIS
              AAR
              AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
              LAWS OF THE
              STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICTS 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.

             

            16.  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.

             

            17.  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.

             

            18.  This
              AAR
              Agreement shall survive the conveyance of the Assigned Loans, the assignments
              of
              the Agreements to the extent of the Assigned Loans by Assignor to Assignee
              and
              the termination of the Agreements.

             

            19.  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.

             

            20.  In
              the
              event that any provision of this AAR Agreement conflicts with any provision
              of
              the Servicing Agreement 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
              on the date
              first above written.

             

            

             

            
              	
                       

                      MAIA
                        MORTGAGE FINANCE STATUTORY TRUST,

                      the
                        Assignor

                    	
                       

                      HSBC
                        BANK USA, NATIONAL ASSOCIATION, not individually but solely
                        as the trustee
                        for holders of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
                        Certificates, Series 2006-3,

                    
	 	
                      the
                        Assignee

                    
	
                      By:____________________________________________    

                    	
                      By:________________________________________     

                    
	
                      Name:
                        _________________________________________

                      Title:__________________________________________   

                    	
                      Name:
                        _____________________________________

                      Title:_______________________________________   

                    
	 	 
	
                      EMC
                        MORTGAGE CORPORATION,

                      the
                        Company

                    	 
	 	 
	
                      By:___________________________________________     

                    	 
	
                      Name:_________________________________________  

                      Title:__________________________________________

                    	 
	 
	
                      Acknowledged
                        and Agreed:

                      WELLS
                        FARGO BANK, N.A.,

                      the
                        Master Servicer

                    
	
                      By:___________________________________________

                    
	
                      Name:_________________________________________

                      Title: _________________________________________

                    

            

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            
              	
                      STRUCTURED
                        ASSET MORTGAGE

                      INVESTMENTS
                        II INC.

                    
	
                      By:___________________________________________       

                    
	
                      Name: ________________________________________

                      Title:__________________________________________ 

                    

            

            

            
              
                
                  

                  

                

                
                

              

              
                
                

                
                  

                

              

              
                
                

                
                

              

            

            Attachment
              1

            

            Assigned
              Loans

            

            [Provided
              upon request]

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Attachment
              2

            

            

            Agreements

            

            

            [Provided
              upon request]

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Attachment
              3

            

            
              	
                      Field
                        Name

                    	
                      Definition

                    	
                      New
                        Field

                    
	
                      Deal
                        Name

                    	
                      Assigned
                        name for a specific deal

                    	
                       

                    
	
                      Investor

                    	
                      EMC
                        assigned investor number

                    	
                       

                    
	
                      Mtg
                        Group

                    	
                      Mortgage
                        group assigned in the Pooling and Servicing Agreement for
                        a specific
                        deal

                    	
                       

                    
	
                      Current
                        Cat

                    	
                      EMC
                        assigned category that a loan is in currently

                    	
                       

                    
	
                      Original
                        Cat

                    	
                      EMC
                        assigned category that a loan was in when it was first assigned
                        to the
                        deal

                    	
                       

                    
	
                      Loan
                        No

                    	
                      EMC
                        assigned loan number

                    	
                       

                    
	
                      Inv
                        Loan

                    	
                      Investor's
                        loan number

                    	
                       

                    
	
                      Cutoff
                        Dt

                    	
                      Reporting
                        period's cutoff date

                    	
                       

                    
	
                      Due
                        Date

                    	
                      Loan's
                        due date as of the end of the reporting period

                    	
                       

                    
	
                      Gross
                        Int Rate

                    	
                      Gross
                        interest rate (a.k.a. Note rate)

                    	
                       

                    
	
                      Net
                        Int Rate

                    	
                      Net
                        interest rate - gross interest rate minus service fee rate

                    	
                       

                    
	
                      Pend
                        Rate

                    	
                      For
                        ARM loans only! This is the pending interest rate at the
                        time of the next
                        rate change

                    	
                       

                    
	
                      Serv
                        Fee

                    	
                      Service
                        fee rate

                    	
                       

                    
	
                      MI
                        Rate

                    	
                      Lender
                        paid mortgage insurance rate

                    	
                       

                    
	
                      Sched
                        PI

                    	
                      The
                        scheduled principal and interest payment for the current
                        reporting
                        period

                    	
                       

                    
	
                      Arm
                        Index

                    	
                      For
                        ARM loans only! This is the assigned ARM index for the
                        loan

                    	
                       

                    
	
                      Pend
                        Index

                    	
                      For
                        ARM loans only! This is the pending index for the loan

                    	
                       

                    
	
                      Beg
                        Sched Bal

                    	
                      Beginning
                        scheduled principal balance as of the beginning of the reporting
                        period

                    	
                       

                    
	
                      Prin
                        Remit

                    	
                      Principal
                        remitted is the amount of principal remitted to the master
                        servicer or
                        trustee

                    	
                       

                    
	
                      Total
                        Prin Draw Remit

                    	
                      Principal
                        collected on HELOC loans

                    	
                       

                    
	
                      Curt
                        Remit

                    	
                      Curtailment
                        remitted is the amount of principal curtailment remitted
                        to the master
                        servicer or trustee

                    	
                       

                    
	
                      Curt
                        Adj Remit

                    	
                      Curtailment
                        adjustment remitted is the amount of principal curtailment
                        adjustment
                        remitted to the master servicer or trustee

                    	
                       

                    
	
                      Liq
                        Prin

                    	
                      Liquidation
                        principal is the amount of principal remitted to the master
                        servicer or
                        trustee

                    	
                       

                    
	
                      Prin
                        Not Adv

                    	
                      Principal
                        not advanced is the amount of principal collected above the
                        principal
                        advanced on loans that are in a stop advance status or the
                        month these
                        loans become reinstated from a stop advance status

                    	
                       

                    
	
                      Sched
                        Gross Int

                    	
                      Scheduled
                        gross interest is the amount of gross interest

                    	
                       

                    
	
                      Int
                        Remit

                    	
                      Interest
                        remitted is the amount of the net interest remitted to the
                        master servicer
                        or trustee

                    	
                       

                    
	
                      Sched
                        Serv Fee

                    	
                      Scheduled
                        service fee (a.k.a. delinquent service fee)

                    	
                       

                    
	
                      Aggregate
                        Loan Level Service Fee

                    	
                      Aggregate
                        Service Fee Rate * Beginning Scheduled Principal Balance
                        on deals where
                        the service fee rate is at deal not loan level

                    	
                       

                    
	
                      S&S
                        Diff

                    	
                      Soldier
                        and Sailor difference is the difference in the interest remitted
                        at the
                        old interest rate and the interest at the new interest
                        rate

                    	
                       

                    
	
                      Net
                        Int Not Adv

                    	
                      Net
                        interest not advanced is the amount of net interest collected
                        above the
                        net interest advanced on loans that are in a stop advance
                        status or the
                        month these loans become reinstated from a stop advance
                        status

                    	
                       

                    
	
                      Prepay
                        Penalty

                    	
                      Prepayment
                        penalty is the amount of prepayment penalties remitted to
                        the master
                        servicer or trustee, if applicable per the Pooling and Servicing
                        Agreement

                    	
                       

                    
	
                      MI
                        Premium

                    	
                      Lender
                        paid mortgage insurance monthly premium amount

                    	
                       

                    
	
                      Additional
                        Fee

                    	
                      A
                        fee assessed on delinquent loans on deals where this is
                        applicable

                    	
                       

                    
	
                      End
                        Sched Bal

                    	
                      Ending
                        scheduled principal balance as of the end of the reporting
                        period

                    	
                       

                    
	
                      Beg
                        Arrearage Balance

                    	
                      Total
                        Beginning Arrearage Balance as of the beginning of the reporting
                        period

                    	
                       

                    
	
                      Arrearage
                        Collected

                    	
                      Total
                        Arrearage Collected

                    	
                       

                    
	
                      End
                        Arrearage Balance

                    	
                      Total
                        Ending Arrearage Balance as of the end of the reporting
                        period

                    	
                       

                    
	
                      Remit
                        Amt

                    	
                      The
                        total remitted amount sent to the master servicer or
                        trustee

                    	
                       

                    
	
                      Beg
                        Actual Bal

                    	
                      Beginning
                        actual principal balance as of the beginning of the reporting
                        period

                    	
                       

                    
	
                      Prin
                        Coll

                    	
                      Principal
                        collected is the amount of principal collections received
                        by
                        EMC

                    	
                       

                    
	
                      Curt
                        Coll

                    	
                      Curtailment
                        collected is the amount of curtailment collections received
                        by
                        EMC

                    	
                       

                    
	
                      Curt
                        Adj Coll

                    	
                      Curtailment
                        adjustment collected is the amount of curtailment adjustment
                        collections
                        received by EMC

                    	
                       

                    
	
                      Gross
                        Int Coll

                    	
                      Gross
                        interest collected is the amount of gross interest collections
                        received by
                        EMC

                    	
                       

                    
	
                      Net
                        Int Coll

                    	
                      Net
                        interest collected is the amount of gross interest collections
                        minus
                        service fee collections received by EMC

                    	
                       

                    
	
                      Serv
                        Fee Coll

                    	
                      Service
                        fee collections is the amount of service fee collections
                        received by
                        EMC

                    	
                       

                    
	
                      End
                        Actual Bal

                    	
                      Ending
                        actual principal balance as of the end of the reporting
                        period

                    	
                       

                    
	
                      Liq
                        Date

                    	
                      Liquidation
                        date is the date the loan liquidated at EMC

                    	
                       

                    
	
                      Liq
                        Type

                    	
                      Liquidation
                        type indicates the type of liquidation (P = paid in full,
                        S = short pay, R
                        = REO sale, T = third party sale, C = charge off, W = write
                        off, N =
                        repurchase, O = note sales, M = loans that have amortized
                        out on the
                        scheduled side)

                    	
                       

                    
	
                      Gross
                        Prcd

                    	
                      Gross
                        proceeds received on a liquidated loan

                    	
                       

                    
	
                      Expense

                    	
                      Expenses
                        is the total amount of expenses on a liquidated loan

                    	
                       

                    
	
                      PI
                        Adv Bal

                    	
                      Principal
                        and interest advance balance on a liquidated loan

                    	
                       

                    
	
                      Delq
                        Serv Fee

                    	
                      Delinquent
                        service fee on a liquidated loan, if applicable to the
                        deal

                    	
                       

                    
	
                      Trust
                        Loss

                    	
                      Trustee
                        loss on a liquidated loan

                    	
                       

                    
	
                      Net
                        Int Funded T62F

                    	
                      Net
                        interest funded

                    	
                       

                    
	
                      Unremit
                        Coll Int

                    	
                      Unremitted
                        collected interest

                    	
                       

                    
	
                      End
                        Adv Bal

                    	
                      Ending
                        advance balance

                    	
                       

                    
	
                      S&S
                        Flag

                    	
                      Soldier
                        and Sailor flag indicates whether a loan is under this
                        classification

                    	
                       

                    
	
                      S&S
                        Old Rate

                    	
                      Soldier
                        and Sailor old interest rate is the rate prior to the relief
                        act

                    	
                       

                    
	
                      S&S
                        Old P&I

                    	
                      Soldier
                        and Sailor old principal and interest payment prior to the
                        relief
                        act

                    	
                       

                    
	
                      Modified
                        Date

                    	
                      Modification
                        date indicates a loan that has been modified. It will continue
                        to hold the
                        current modification date with each cycle.

                    	
                       

                    
	
                      Stop
                        Adv Flag

                    	
                      Stop
                        advance flag indicates whether a loan is in a stop advance
                        status

                    	
                       

                    
	
                      Stop
                        Adv Date

                    	
                      Stop
                        advance date indicates the date when the loan went into a
                        stop advance
                        status

                    	
                       

                    
	
                      BPO
                        Val

                    	
                      BPO
                        value is the market value of the property

                    	
                       

                    
	
                      Man
                        Code

                    	
                      EMC
                        assigned man code

                    	
                       

                    
	
                      Delq
                        Status Code

                    	
                      Delinquency
                        status code is the status assigned and corresponds to the
                        delinquency
                        summary report

                    	
                       

                    
	
                      Cash
                        Flow Group

                    	
                      Cash
                        flow group is the group assigned and corresponds to the cash
                        flow
                        report

                    	
                       

                    
	
                      MSP
                        Prin Bal

                    	
                      Fidelity's
                        ending actual balance as of the end of the reporting
                        period

                    	
                       

                    
	
                      Amt
                        Forgiven

                    	
                      Amount
                        Forgiven on a modified loan

                    	
                       

                    
	
                      Delq
                        Actual Balance

                    	
                      The
                        actual principal balance used for the delinquency summary
                        reporting

                    	
                       

                    
	
                      Delq
                        Sched Balance

                    	
                      The
                        scheduled principal balance used for the delinquency summary
                        reporting

                    	
                       

                    
	
                      Manual
                        Act Prin Bal Adj

                    	
                      Non-cash
                        adjustments needed to report the correct actual balance on
                        Scheduled/Scheduled loans

                    	
                       

                    
	
                      Amort
                        Type

                    	
                       

                    	
                      Yes

                    
	
                      Maturity
                        Date

                    	
                       

                    	
                      Yes

                    
	
                      Lien
                        Position

                    	
                       

                    	
                      Yes

                    
	
                      Extended
                        Date Granted

                    	
                       

                    	
                      Yes

                    
	
                      MREC
                        Bal

                    	
                       

                    	
                      Yes

                    
	
                      Advance
                        Escrow Balance

                    	
                       

                    	
                      Yes

                    
	
                      Third
                        Party Balance

                    	
                       

                    	
                      Yes

                    
	
                      Deferred
                        Amount

                    	
                       

                    	
                      Yes

                    
	
                      Pre-funded
                        Date

                    	
                       

                    	
                      Yes

                    
	
                      Repurchase
                        Reason

                    	
                       

                    	
                      Yes

                    

            

            

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            Attachment
              4

            

            Exhibit
              : 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 ( ). 

            
 

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            
              

              Exhibit
                3A: 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__________________________

                        	 	
                          ________________

                        	 
	
                          HOA/Condo
                            Fees_______________________

                        	 	
                          ________________

                        	 
	
                          ______________________________________

                        	 	
                          ________________

                        	 
	
                          ______________________________________

                        	 	
                          ________________

                        	 
	
                          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)

                        
	
                          _________________________________________

                        	 	
                          _________________

                        	 
	
                          _________________________________________

                        	
                           

                        	
                          _________________

                        	 
	
                          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

                    
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

            

            

            
 

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            
 

            Attachment
              5

            

            

            Exhibit
              : 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
          R-2

         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        
          
          

          
            This
              Assignment, Assumption and Recognition Agreement (the “Assignment”) is made and
              entered into as of April 27, 2006 (the “Closing Date”), among Maia Mortgage
              Finance Statutory Trust (the “Assignor”), HSBC Bank USA, National Association,
              not individually but solely as trustee for holders of Luminent Mortgage
              Trust
              2006-3, Mortgage Pass-Through Certificates, Series 2006-3 (the
“Assignee”)
              and
              IndyMac Bank, F.S.B. (the “Company”).

             

            WHEREAS,
              the Company, the Assignor, Luminent Mortgage Capital, Inc. (“Luminent”) and
              Mercury Mortgage Finance Statutory Trust (“Mercury”) entered into (a) that Flow
              Sale and Servicing Agreement, dated as of April 21, 2006 (the “Sale and
              Servicing Agreement”), among the Assignor, Luminent, Mercury and the Company and
              (b) that [Term Sheet], dated as of April [_], 2006 (the “[Term Sheet]”, together
              with the Sale and Servicing Agreement, the “Agreements”); pursuant to which the
              Assignor agreed to purchase and the Company agreed to sell and the
              Company
              agreed to service those mortgage loans identified on Exhibit
              A
              attached
              hereto (the “Mortgage Loans”).

             

            NOW,
              THEREFORE, for good and valuable consideration, the receipt and sufficiency
              of
              which hereby are acknowledged, and of the mutual covenants herein contained,
              the
              parties hereto hereby agree as follows:

             

            1.  Defined
              terms used in this Assignment and not otherwise defined herein shall
              have the
              meaning set forth in the Sale and Servicing Agreement.

             

            2.  The
              Assignor hereby grants, transfers and assigns to the Assignee all of
              the rights,
              title, and interest of the Assignor, in, to and under the Agreements
              with
              respect to the Mortgage Loans. The
              Assignor specifically reserves and does not assign to the Assignee
              hereunder any
              and all right, title and interest in, to and under and all obligations
              of the
              Assignor with respect to any mortgage loans subject to the Sale and
              Servicing
              Agreement and the [Term Sheet] which are not the Mortgage Loans set
              forth on
Exhibit
              A
              attached
              hereto and are not the subject of this Assignment. 

             

            3.  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)  	
                      To
                        the extent that the Assignor acquired good title to each
                        and every
                        Mortgage Loan, and all interests, rights and obligations
                        under the
                        Agreements as they relate to the Mortgage Loans, the Assignor
                        was the sole
                        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 of any and
                        all encumbrances, liens, pledges, equities, participation
                        interests,
                        claims, agreements with other parties to sell or otherwise
                        transfer the
                        Mortgage Loans; 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 and rights under the Agreements as they relate
                        to the Mortgage
                        Loans, free and clear of any and all encumbrances, liens,
                        pledges,
                        equities, participation interests, claims, agreements with
                        other parties
                        to sell or otherwise transfer the Mortgage
                        Loans;

                    

            

             

            
              	(c)  	
                      There
                        are no offsets, counterclaims or other defenses available
                        to the Assignor
                        with respect to the Mortgage Loans, the [Term Sheet] or the
                        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 Mortgage
                        Loan;

                    

            

             

            
              	(e)  	
                      The
                        Assignor is 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 Mortgage
                        Loans;

                    

            

             

            
              	(f)  	
                      The
                        Assignor has full entity 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 will not conflict with, or
                        result in a
                        breach of, any of the terms, conditions or provisions of
                        the Assignor’s
                        articles of formation or trust agreement 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 the Assignor
                        of this
                        Assignment and the consummation by it of the transactions
                        contemplated
                        hereby, have been duly authorized by all necessary entity
                        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

                    

            

             

            4.  The
              Assignee represents, warrants and covenants with the Assignor and the
              Company
              that:

             

            
              	(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
                        Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
                        Series
                        2006-3;

                    

            

             

            
              	(b)  	
                      The
                        Assignee has full corporate 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;
                        and

                    

            

             

            
              	(d)  	
                      The
                        Assignee assumes for the benefit of each of Assignor and
                        the Company all
                        of Assignor’s rights as “Initial Owner” under the Agreements but solely
                        with respect to such Mortgage
                        Loans.

                    

            

             

            5.  The
              Company each warrant and represent to, and covenant with, Assignor
              and Assignee
              as of the date hereof:

             

            (i)  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;

             

            (ii)  The
              Company is duly organized, validly existing and in good standing under
              the laws
              of the jurisdiction of its incorporation, and the Company has all requisite
              power and authority to service the Mortgage Loans and the Company has
              all
              requisite power and authority to perform its obligations under the
              Sale and
              Servicing Agreement, and the [Term Sheet];

             

            (iii)  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 respective property is subject. The execution,
              delivery and performance by the Company of this Assignment and the
              consummation
              by each of them of the transactions contemplated hereby, have been
              duly
              authorized by all necessary corporate action on part of the Company.
              This
              Assignment 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;

             

            (iv)  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 Assignment, or the consummation by it of the transactions
              contemplated hereby;

             

            (v)  The
              Company shall establish a Custodial Account and an Escrow Account under
              the Sale
              and Servicing Agreement in favor of Assignee with respect to the Mortgage
              Loans
              separate from the Custodial Account and Escrow Account previously established
              under the Sale and Servicing Agreement in favor of Assignor; 

             

            (vi)  Pursuant
              to Section 9.01 of the Sale and Servicing Agreement, the Company restates
              the
              respresentations and warranties contained in Sections 3.01 and 3.02
              thereof as
              of the Closing Date;
              and

             

            (vii)  Neither
              this Assignment nor any certification, statement, report or other agreement,
              document or instrument furnished or to be furnished by the Seller pursuant
              to
              this Assignment 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. 

             

            6.  The
              Company warrants and represents to, and covenants with, Assignor, Assignee
              and
              Structured Asset Mortgage Investments II Inc. (“SAMI II”) as of the date
              hereof:

             

            (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)  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;

             

            (iii)  The
              Company has serviced the Mortgage Loans in accordance with the terms
              of the Sale
              and Servicing Agreement.

             

            (iv)  The
              Company has provided accurate statements to the Assignor and the Assignee
              pursuant to Section 5.02 of the Sale and Servicing Agreement, and otherwise
              complied with all covenants and obligations thereunder.

             

            (v)  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;

             

            (vi)  No
              material changes to the Company’s policies or procedures with respect to the
              servicing function it will perform under the Sale and Servicing Agreement
              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;

             

            (vii)  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 Sale and Servicing Agreement and this Assignment;

             

            (viii)  There
              are
              no material legal or governmental proceedings pending (or known to
              be
              contemplated) against the Company, any Subservicer or any third-party
              originator; 

             

            (ix)  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; and

             

            (x)  The
              Company has taken no action nor omitted to take any required action
              the omission
              of which would have the effect of impairing any mortgage insurance
              guarantee on
              the Mortgage Loans and regarding the accuracy of the information provided
              to the
              Assignor or Assignee by the Company.

             

            Notwithstanding
              anything to the contrary in the Agreement, the Company shall (or
              shall
              cause
              any Third-Party Originator to) (i) immediately notify Assignor and
              SAMI II 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 SAMI II with respect
              to the
              Securitization Transaction and (ii) provide to the Assignor and SAMI
              II 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,
              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 (i)(A) above 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

             

            7.  Assignor
              hereby agrees to indemnify and hold the Assignee (and its successors
              and
              assigns) harmless against any and all claims, losses, penalties, fines,
              forfeitures, judgments and related reasonable costs, fees and expenses
              (including espert fees) 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 Assignment or the breach of any covenant
              of the
              Assignor contained herein.

             

            8.  The
              Company hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
              has been appointed as the master servicer of the Mortgage Loans pursuant
              to the
              Pooling and Servicing Agreement, dated as of April 1, 2006, among SAMI
              II, the
              Assignee, the Master Servicer, Wells Fargo Bank, N.A. as securities
              administrator and the Assignor. The Company shall deliver all reports
              required
              to be delivered under the Sale and Servicing Agreement to:

             

            Wells
              Fargo Bank, N.A.

            9062
              Old
              Annapolis Road

            Columbia,
              Maryland 21045

            Attention:
              Client Manager Luminent Mortgage Trust 2006-3

            Telecopier
              No.: (410) 715-2380

             

            Recognition
              of Assignee

             

            9.  From
              and
              after the date hereof, the Company shall recognize Assignee as owner
              of the
              Mortgage Loans, and acknowledge that the Mortgage Loans will be part
              of a REMIC.
              The Company will service the Mortgage Loans in accordance with the
              Sale and
              Servicing Agreement (as modified herein), 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. None of the Company or the Assignor
              shall amend
              or agree to amend, modify, waiver, or otherwise alter any of the terms
              or
              provisions of the Sale and Servicing Agreement, which amendment, modification,
              waiver or other alteration would in any way affect the Mortgage Loans
              without
              the prior written consent of the Assignee.

             

            Modification
              of the Sale and Servicing Agreement

             

            10.  The
              Assignor and the
              Company hereby amend the Sale and Servicing Agreement as follows:

             

            
              	(a)  	
                      The
                        following definitions shall be added to Article I of the
                        Sale and
                        Servicing Agreement:

                    

            

             

            Master
              Servicer:
              Wells
              Fargo Bank, N.A. or any successor thereto.

             

            Pooling
              and Servicing Agreement:
              That
              certain pooling and servicing agreement, dated as of April 1, 2006,
              among
              Structured Asset Mortgage Investments II Inc., Maia, HSBC Bank USA,
              National
              Association, as trustee, the Master Servicer and Wells Fargo Bank,
              N.A. as
              securities administrator.

             

            Subordinate
              Certificates:
              Those
              certificates, designated Class I-B-IO and Class II-B-6, issued pursuant
              to the
              Pooling and Servicing Agreement.

             

            
              	(b)  	
                      The
                        definition of Business Day in Article I of the Sale and Servicing
                        Agreement is deleted in its entirety and replaced with the
                        following:

                    

            

             

            Business
              Day:
              Any day
              other than (i) a Saturday or Sunday, or (ii) a day on which banking
              and savings
              and loan institutions in the State of New York, the State of Minnesota,
              the
              State of Maryland or the state in which the Company’s servicing operations are
              located are authorized or obligated by law or executive order to be
              closed.

             

            
              	(c)  	
                      The
                        following is added as clause (x) to Section 4.05 of the Sale
                        and Servicing
                        Agreement:

                    

            

             

            “(x) to
              make
              payments to the Securityholder in the amounts and in the manner provided
              for in
              Section 4.02.”

             

            (3) The
              following shall be inserted after the last paragraph of Section 4.02
              of the Sale
              and Servicing Agreement:

             

            “Notwithstanding
              anything in this Agreement to the contrary, for so long as the Master
              Servicer
              has not notified the Servicer that the majority holder of the most
              junior of the
              Subordinate Certificates (the “Securityholder”) is no longer entitled to the
              rights described in this Section 4.02:

             

            (a) The
              Servicer shall not commence foreclosure proceedings or any alternative
              to
              foreclosure proceedings pursuant to Section 4.02 with respect to a
              Mortgage Loan
              unless (i) no later than five (5) Business Days prior to its commencement
              of
              such foreclosure proceedings or any alternative to foreclosure pursuant
              to
              Section 4.02, it notifies the Master Servicer of its intention to do
              so, and
              (ii) the Securityholder, either directly or through the Master Servicer,
              does
              not, within such five-Business-Day period, affirmatively object to
              such
              action.

             

            (b) In
              the
              event that the Servicer determines not to proceed with foreclosure
              proceedings
              or any alternative to foreclosure proceedings pursuant to Section 4.02
              with
              respect to a Mortgage Loan that becomes 60 days’ or more delinquent and the
              Servicer has determined that it is unable to collect payments due under
              such
              Mortgage Loan in accordance with Accepted Servicing Practices, the
              Servicer
              shall, prior to taking any action with respect to such Mortgage Loan,
              promptly
              provide the Master Servicer with notice of such determination and a
              description
              of such other action as it intends to take with respect to such Mortgage
              Loan;
              provided, that the Servicer shall not be permitted to proceed with
              any such
              action unless the Securityholder, either directly or through the Master
              Servicer, does not, within five (5) Business Days following such notice,
              affirmatively object to the Servicer taking such action.

             

            (c) If
              the
              Securityholder timely and affirmatively objects to an action or contemplated
              action of the Company pursuant to clause (a) or (b) above, then the
              Securityholder shall instruct the Master Servicer to hire three appraisal
              firms
              selected by the Master Servicer in its reasonable discretion, to compute
              the
              fair value of the Mortgaged Property securing the related Mortgage
              Loan
              utilizing the Fannie Mae Form 2055 Exterior-Only Inspection Residential
              Appraisal Report (each such appraisal-firm computation, a “Fair Value Price”),
              in each case no later than 30 days from the date of such objection
              by the
              Securityholder. All costs relating to the computation of the Fair Value
              Prices
              shall be for the account of the Securityholder and shall be paid by
              the
              Securityholder at the time that such Mortgage Loan is purchased by
              the
              Securityholder.

             

            (i) If
              the
              Master Servicer shall have received three Fair Value Prices by the
              end of such
              30-day period, then the Securityholder shall, no later than five Business
              Days
              after the expiration of such 30-day period, purchase such Mortgage
              Loan for an
              amount equal to the lesser of (i) the unpaid principal balance of the
              related
              Mortgage Loan (the “Unpaid Principal Balance”) and (ii) the average of such
              three Fair Value Prices respectively determined by such appraisal firms;
              and
              shall deliver such amount to the Servicer against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (ii) If
              the
              Master Servicer shall not have received three Fair Value Prices at
              the end of
              the 30-day period set forth in clause (c) above, then:

             

            (A) If
              the
              Master Servicer shall have received only two Fair Value Prices at the
              end of
              such 30-day period, then the Master Servicer shall determine, in its
              reasonable
              discretion, the fair value of the Mortgaged Property and other collateral
              relating to such Mortgage Loan (such fair value, the “Master Servicer’s Fair
              Value Price”), and the Securityholder shall, no later than five Business Days
              after the expiration of such 30-day period, purchase such Mortgage
              Loan for an
              amount equal to the least of (1) the Unpaid Principal Balance thereof,
              (2) the
              average of such Fair Value Prices determined by such appraisal firms
              and (3) the
              Master Servicer’s Fair Value Price; and shall deliver such amount to the
              Servicer against the assignment of the related Mortgage Loan and the
              delivery of
              the related documents on the purchase date.

             

            (B) If
              the
              Master Servicer shall have received only one Fair Value Price by the
              end of such
              30-day period, then the Master Servicer will determine the Master Servicer
              Fair
              Value Price of the Mortgaged Property related to such Mortgage Loan
              and the
              Securityholder shall, no later than five Business Days after the expiration
              of
              such 30-day period, purchase such Mortgage Loans for an amount equal
              to the
              least of (1) the Unpaid Principal Balance thereof, (2) the Fair Value
              Price
              determined by such appraisal firm and (3) the Master Servicer’s Fair Value
              Price; and shall deliver such amount to the Servicer against the assignment
              of
              the related Mortgage Loan and the delivery of the related documents
              on the
              purchase date.

             

            (C) If
              the
              Master Servicer shall not have received any such Fair Value Prices
              by the end of
              such 30-day period, then the Master Servicer will determine the Master
              Servicer
              Fair Value Price of the Mortgaged Property related to such Mortgage
              Loan and the
              Securityholder shall, no later than five Business Days after the expiration
              of
              such 30-day period, purchase such Mortgage Loan for an amount equal
              to the
              lesser of (1) the Unpaid Principal Balance thereof and (2) the Master
              Servicer’s
              Fair Value Price; and shall deliver such amount to the Servicer against
              the
              assignment of the related Mortgage Loan and the delivery of the related
              documents on the purchase date.

             

            (D) If
              the
              Master Servicer has not received three Fair Value Prices by the end
              of such
              30-day period, it shall continue for the next 30 days to try to obtain
              three
              Fair Value Prices. Upon the earlier of the date that it obtains the
              three Fair
              Value Prices, or the end of the 30-day extension, the Master Servicer
              shall
              recalculate the price payable pursuant to this Agreement and, within
              five
              Business Days thereafter, (i) the Securityholder shall pay the Servicer
              the
              positive difference between the recalculated purchase price, and the
              price
              actually paid by it, or (ii) the Servicer shall refund to the Securityholder
              the
              positive difference between the purchase price actually paid by the
              Securityholder, and the recalculated purchase price.

             

            (d) Notwithstanding
              anything herein to the contrary, the Securityholder shall not be entitled
              to any
              of its rights set forth herein with respect to a Mortgage Loan following
              its
              failure to purchase such Mortgage Loan, at the related purchase price
              set forth
              in this Section 4.02 within the timeframe set forth in this Section
              4.02
              following the Securityholder’s objection to an action of the Servicer, and the
              Servicer shall provide the Master Servicer written notice of such
              failure.

             

            (e) Any
              notice, confirmation, instruction or objection pursuant to paragraphs
              (a), (b)
              and (c) above may be delivered via facsimile or other written or electronic
              communication as the parties hereto and the Securityholder may agree
              to from
              time to time.

             

            (f) For
              the
              avoidance of doubt, the holder of such rights set forth in this Section
              4.02 are
              intended to provide the holder of such rights, for so long as it has
              not
              forfeited its right under this Section 4.02 as set forth in clause
              (d) above,
              with the unilateral right to control foreclosure decisions in respect
              of
              delinquent and defaulted Mortgage Loans, and certain exclusive purchase
              rights
              so as to better enable such holder to qualify for exemption under Section
              3(c)(5)(C) of the Investment Company Act of 1940, as amended.

             

            (g) To
              the
              extent that the Securityholder purchases any Mortgage Loan pursuant
              to this
              Section 4.02, the Servicer will continue to service such Mortgage Loan
              in
              accordance with this Agreement. The parties acknowledge that, in such
              event, the
              Master Servicer will have no duty or responsibility to master service
              any such
              Mortgage Loan.

             

            (f) The
              following sentence is added to the end of Section 5.02 of the Sale
              and Servicing
              Agreement: 

             

            “In
              addition, no later than the tenth (10th) calendar day of each month
              (or if such
              tenth day is not a Business Day, the Business Day immediately preceding
              such
              tenth day), the Company shall forward to the Master Servicer reports
              in the
              format set forth in Exhibit D, Exhibit E and Exhibit F (or in such
              other format
              that is mutually acceptable to the Company and the Master Servicer)
              to the
              Assignment, Assumption and Recognition Agreement, dated as of April
              27, 2006,
              among among Maia, Strucutured Asset Mortgage Investments II Inc., the
              Company
              and HSBC Bank USA, National Association, with respect to defaulted
              Mortgage
              Loans and realized loss calculations, respectively.”

             

            11.  Notice
              Addresses.

             

            If
              to the
              Assignee:

             

            HSBC
              Bank
              USA, National Association

            452
              Fifth
              Avenue

            New
              York,
              New York 10018

            Attention:
              Corporate Trust & Loan Agency/Luminent 2006-3

             

            If
              to the
              Assignor:

             

            Maia
              Mortgage Finance Statutory Trust

            One
              Market Street

            Spear
              Tower, 30th Floor

            San
              Francisco, California 94105

            Attention:
              Christopher J. Zyda 

             

            with
              a
              copy to:

             

            One
              Commerce Square

            2005
              Market Street, Suite 2100

            Philadelphia,
              Pennsylvania 19103

            Attention:
              Megan Mahoney

             

            If
              to the
              Company:

             

            IndyMac
              Bank, F.S.B.

            155
              N.
              Lake Ave, 6th Floor

            Pasadena,
              CA 91101

             

            12.  In
              addition, the Company hereby acknowledges that from and after the date
              hereof,
              the Mortgage Loans will be subject to the Pooling and Servicing Agreement
              pursuant to which the Master Servicer has the right to enforce all
              obligations
              of the Company as they related to the Mortgage Loans, under the Sale
              and
              Servicing Agreement (as modified herein). Such
              right will include, without limitation, the right to terminate the
              Company under
              the Sale and Servicing 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 Sale and Servicing Agreement, the right to receive
              all monthly
              reports and other data required to be delivered by the Company under
              the 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 Sale and Servicing Agreement, as they
              relate to
              the Mortgage Loans, to the Master Servicer by wire transfer of immediately
              available funds to:

             

            Luminent
              Mortgage Trust 2006-3 Master
              Servicer Collection Account

            Wells
              Fargo Bank, N.A.

            ABA#
              121000248

            Account
              Name: SAS Clearing 

            Account
              #
              3970771416

            For
              Further Credit to: Luminent Mortgage Trust 2006-3, Account #
              50914800

             

            13.  (a)The
              Company shall indemnify the
              Assignor, each affiliate of the Assignor and Luminent Mortgage Capital,
              Inc.,
              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 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; Bear, Stearns
& Co.
              Inc. (“Bear Stearns”), each Person who controls Bear Stearns or SAMI II (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 of SAMI II (each, an “Company Indemnified
              Party”), 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: 

             

            (A)
              any
              untrue statement of a material fact contained or alleged to be contained
              in any
              information, report, certification, data or other material provided
              under the
Regulation
              AB Compliance Addendum, dated as of March 30, 2006, by and between
              Luminent
              Mortgage Capital, Inc., Mercury Mortgage Finance Statutory Trust, the
              Assignor
              and the Company (the “Reg AB Addendum”) by or on behalf of the Company, or
              provided under the Reg AB Addendum by or on behalf of any Subservicer
              or
              Subcontractor (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;
              

             

            any
              breach by the Company of its obligations under the Reg AB Addendum,
              including
              particularly any failure by the Company, any Subservicer or any Subcontractor
              to
              deliver any information, report, certification, accountants’ letter or other
              material when and as required under the Reg
              AB
              Addendum
              including any failure by the Company to identify pursuant to Section
              2.06(b) of
              the Regulation 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 Regulation AB Addendum or in a writing furnished pursuant
              to
              Section 2.02(b) of the Regulation AB Addendum 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) of
              the Regulation AB Addendum 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 the Reg AB Addendum.

             

            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
              2.07
              of the Regulation AB Addendum, 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 Assignment or
              the
              termination of any party to this Assignment.

             

            (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 the Reg AB Addendum,
              or any
              breach by the Company of a representation or warranty set forth in
              Section
              2.02(a) of the Regulation AB Addendum or in a writing furnished pursuant
              to
              Section 2.02(b) of the Regulation AB Addendum 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) of
              the Regulation AB Addendum 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 Assignor
              or SAMI II,
              in its sole discretion to terminate the rights and obligations of the
              Company as
              servicer under the Agreements and/or any applicable Reconstitution
              Agreement
              without payment (notwithstanding anything in the Agreements 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 the Agreements 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 of the Regulation AB Addendum, including
              any failure
              by the Company to identify pursuant to Section 2.06(b) of the Regulation
              AB
              Addendum 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 Assignor, the Master
              Servicer or
              SAMI II, in its sole discretion to terminate the rights and obligations
              of the
              Company as servicer under the Agreements and/or any applicable Reconstitution
              Agreement without payment (notwithstanding anything in the Reg AB Addendum
              to
              the contrary) of any compensation to the Company; provided that to
              the extent
              that any provision of the Agreements 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 Assignor, the Master Servicer nor SAMI II shall be entitled to
              terminate the
              rights and obligations of the Company pursuant to this subparagraph
              (b)(ii) 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.

             

            (iii) The
              Company shall promptly reimburse the Assignor (or any designee of the
              Assignor,
              such as a master servicer) and any Depositor, as applicable, for all
              reasonable
              expenses incurred by the Assignor (or such designee) or SAMI II, 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 Assignor
              or
              SAMI II may have under other provisions of the Agreements 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.

             

            14.  A
              copy of
              all assessments, attestations, reports and certifications required
              to be
              delivered by the Company under the Agreements shall be delivered to
              the Master
              Servicer by the date specified therein, and where such documents are
              required to
              be addressed to any party, such addressees shall include the Master
              Servicer and
              the Master Servicer shall be entitled to rely on such documents.

             

            15.  The
              Assignor and Luminent will have the continuing right, upon reasonable
              notice, to
              access the Company’s files with respect to the Mortgage Loans, including related
              books and records. In addition, the Assignor and Luminent will have
              the
              continuing right to receive the Company’s reports (including the mortgage loan
              tape) with respect to the Mortgage Loans.

             

            16.  This
              Assignment shall be governed by and construed in accordance with the
              laws of the
              State of New York, without reference to its conflict of laws 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.

             

            17.  From
              and
              after the date hereof, the Company, as servicer shall recognize the
              Assignee as
              the owner of the Mortgage Loans, and the Company will service the Mortgage
              Loans
              in accordance with the Sale and Servicing Agreement for the benefit
              of the
              Assignee. From and after the date hereof, the Assignee shall recognize
              the
              Company as the seller and the Company as the servicer of the Mortgage
              Loans, and
              shall look solely to the Company for performance of the obligations
              of the
              Seller under the Sale and Servicing Agreement with respect to the Mortgage
              Loans.

             

            18.  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. 

             

            19.  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.

             

            20.  This
              Assignment shall survive the conveyance of the Mortgage Loans and the
              assignment
              of the Sale and Servicing Agreement to the extent of the Mortgage Loans
              by the
              Assignor to the Assignee and the termination of the Sale and Servicing
              Agreement.

             

            21.  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.

             

            

             

            [SIGNATURES
              ON FOLLOWING PAGE]

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            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.

             

            

             

            
              	
                      MAIA
                        MORTGAGE FINANCE STATUTORY TRUST,

                      the
                        Assignor

                    	
                      HSBC
                        BANK USA, NATIONAL ASSOCIATION, not individually but solely
                        as the trustee
                        for holders of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
                        Certificates, Series 2006-3,

                    
	 	
                      the
                        Assignee

                       

                    
	
                      By:_______________________________________  

                    	
                      By:_________________________________________  

                    
	
                      Name:
                        _____________________________________

                    	
                      Name: ______________________________________

                    
	
                      Title:_______________________________________

                    	
                      Title: _______________________________________

                       

                    
	
                      INDYMAC
                        BANK, F.S.B.

                    	
                      STRUCTURED
                        ASSET MORTGAGE 

                      INVESTMENTS
                        II INC.

                    
	 	 
	
                      By:________________________________________     

                    	
                      By: ________________________________________      

                    
	
                      Name:______________________________________

                    	
                      Name:______________________________________

                    
	
                      Title:_______________________________________

                    	
                      Title: _______________________________________

                    
	 	 

            

             

            Acknowledged
              and Agreed

             

            
              	
                      WELLS
                        FARGO BANK,  N.A.

                       

                    
	
                      By:________________________________________     

                    
	
                      Name:______________________________________

                    
	
                      Title:_______________________________________

                    

            

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

             

            Exhibit
              A

             

            Mortgage
              Loan Schedule

             

            [Provided
              upon request]

             

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            
 

            Exhibit
              B

             

            1.
              Flow
              Sale and Servicing Agreement, dated as of April 21, 2006;

             

            2.
              [Term
              Sheet]. 

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            Exhibit
              C

             

            Appraisal
              Firms

             

            [Provided
              upon request]

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            Exhibit
              D

             

            
              	
                      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
              E

             

            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 ( ). 

             

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            
              Exhibit
                3A: 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__________________________

                        	 	
                          ________________

                        	 
	
                          HOA/Condo
                            Fees_______________________

                        	 	
                          ________________

                        	 
	
                          ______________________________________

                        	 	
                          ________________

                        	 
	
                          ______________________________________

                        	 	
                          ________________

                        	 
	
                          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)

                        
	
                          _________________________________________

                        	 	
                          _________________

                        	 
	
                          _________________________________________

                        	
                           

                        	
                          _________________

                        	 
	
                          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
              F

             

            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
          R-3

         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        
          
             

            This
              Assignment, Assumption and Recognition Agreement (the “Assignment”) is made and
              entered into as of April 27, 2006 (the “Closing Date”), among Maia Mortgage
              Finance Statutory Trust (the “Assignor”), HSBC Bank USA, National Association,
              not individually but solely as trustee for holders of Luminent Mortgage
              Trust
              2006-3, Mortgage Pass-Through Certificates, Series 2006-3 (the
“Assignee”)
              and Paul
              Financial, LLC (“Paul Financial”).

             

            

             

            WHEREAS,
              Paul Financial, the Assignor, Luminent Mortgage Capital, Inc. (“Luminent”) and
              Mercury Mortgage Finance Statutory Trust (“Mercury”) entered into (a) that
              certain Flow Sale and Servicing Agreement, dated as of January 24,
              2006 (the
“Sale and Servicing Agreement”), among the Assignor, Luminent, Mercury and
Paul
              Financial
              and (b)
              that certain Purchase
              Price and Terms Letter,
              dated
              as of March 23, 2006 (the “Terms Letter”, together with the Sale and Servicing
              Agreement, the “Agreements”); pursuant to which the Assignor agreed to purchase
              and Paul Financial agreed to sell and service those mortgage loans
              identified on
              Exhibit A attached hereto (the “Mortgage Loans”).

             

            NOW,
              THEREFORE, for good and valuable consideration, the receipt and sufficiency
              of
              which hereby are acknowledged, and of the mutual covenants herein contained,
              the
              parties hereto hereby agree as follows:

             

            1. Defined
              terms used in this Assignment and not otherwise defined herein shall
              have the
              meaning set forth in the Sale and Servicing Agreement.

             

            2. The
              Assignor hereby grants, transfers and assigns to the Assignee all of
              the rights,
              title and interest of the Assignor, in, to and under the Agreements
              with respect
              to the Mortgage Loans. The Assignor specifically reserves and does
              not assign to
              the Assignee hereunder any and all right, title and interest in, to
              and under
              and all obligations of the Assignor with respect to any mortgage loans
              subject
              to the Sale and Servicing Agreement and the Terms Letter which are
              not the
              Mortgage Loans set forth on Exhibit A attached hereto and are not the
              subject of
              this Assignment. 

             

            3. The
              Assignor warrants and represents to the Assignee and to Paul Financial
              as of the
              date hereof:

             

            (a) Attached
              hereto as Exhibit
              B
              are
              true and accurate copies of the Sale and Servicing Agreement and the
              Terms
              Letter, 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) To
              the
              extent that the Assignor acquired good title to each and every Mortgage
              Loan,
              and all interests and rights under the Agreements as they relate to
              the Mortgage
              Loans, the Assignor was the sole 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 of any and all encumbrances, liens, pledges, equities, participation
              interests, claims, agreements with other parties to sell or otherwise
              transfer
              the Mortgage Loans;
              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
              encumbrances, liens, pledges, equities, participation interests, claims,
              agreements with other parties to sell or otherwise transfer the Mortgage
              Loans;

             

            (c) There
              are
              no offsets, counterclaims or other defenses available to the Assignor
              with
              respect to the Mortgage Loans, the Terms Letter or the 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 Mortgage Loan;

             

            (e) The
              Assignor is 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 Mortgage Loans;

             

            (f) The
              Assignor has full entity 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
              will not conflict with, or result in a breach of, any of the terms,
              conditions
              or provisions of the Assignor’s articles of formation or trust agreement 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 the Assignor of
              this
              Assignment and the consummation by it of the transactions contemplated
              hereby,
              have been duly authorized by all necessary entity 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 Paul
              Financial, 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

             

            4. The
              Assignee represents, warrants and covenants with the Assignor and Paul
              Financial
              that:

             

            (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 Luminent
              Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series
              2006-3;

             

            (b) The
              Assignee has full corporate 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 Paul Financial, 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; and

             

            (d) The
              Assignee assumes for the benefit of each of the Assignor and Paul Financial
              all
              of the Assignor’s rights as “Purchaser” under the Agreements but solely with
              respect to the Mortgage Loans.

             

            5. Paul
              Financial warrants and represents to, and covenants with, Assignor
              and Assignee
              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) Paul
              Financial is duly organized, validly existing and in good standing
              under the
              laws of Delaware as a limited liability company, and Paul Financial
              has all
              requisite power and authority to service the Mortgage Loans and Paul
              Financial
              has all requisite power and authority to perform its obligations under
              the Sale
              and Servicing Agreement, and the Terms Letter;

             

            (c) Paul
              Financial 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 Paul Financial’s business and will not
              conflict with, or result in a breach of, any of the terms, conditions
              or
              provisions of its certificate of formation or the limited liability
              operating
              agreement 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 Paul
              Financial or
              its respective property is subject. The execution, delivery and performance
              by
              Paul Financial of this Assignment and the consummation by each of them
              of the
              transactions contemplated hereby, have been duly authorized by all
              necessary
              corporate action on part of Paul Financial. This Assignment has been
              duly
              executed and delivered by Paul Financial, and, upon the due authorization,
              execution and delivery by Assignor and Assignee, will constitute the
              valid and
              legally binding obligation of Paul Financial, enforceable against Paul
              Financial
              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
              Paul Financial in connection with the execution, delivery or performance
              by Paul
              Financial of this Assignment, or the consummation by it of the transactions
              contemplated hereby;

             

            (e) Paul
              Financial shall establish a Custodial Account and an Escrow Account
              under the
              Sale and Servicing Agreement in favor of Assignee with respect to the
              Mortgage
              Loans separate from the Custodial Account and Escrow Account previously
              established under the Sale and Servicing Agreement in favor of
              Assignor;

             

            (f) Pursuant
              to Section 9.01 of the Sale and Servicing Agreement, Paul Financial
              restates the
              respresentations and warranties contained in Sections 3.01 and 3.02
              of the Sale
              and Servicing Agreement as of the Closing Date
              modified
              to the extent necessary to accurately reflect the pool statistics of
              the
              Mortgage Loans as of the date hereof and any events and circumstances
              existing
              subsequent to the Closing Date under the Sale and Servicing Agreement;
              and

             

            (g) Neither
              this Assignment nor any certification, statement, report or other agreement,
              document or instrument furnished or to be furnished by the Seller pursuant
              to
              this Assignment 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.

             

            (h) Paul
              Financial has serviced the Mortgage Loans in accordance with the terms
              of the
              Sale and Servicing Agreement, provided accurate statements to the Assignor
              pursuant to Section 5.02 of the Sale and Servicing Agreement, and otherwise
              complied with all covenants and obligations of Paul Financial under
              the Sale and
              Servicing Agreement.

             

            (i) Paul
              Financial has taken no action nor omitted to take any required action
              the
              omission of which would have the effect of impairing any mortgage insurance
              or
              guarantee on the Mortgage Loans.

             

            6. Paul
              Financial warrants and represents to, and covenants with, the Assignor
              and
              Structured Asset Mortgage Investments II Inc. (“SAMI II”) as of the date
              hereof:

             

            (a) Paul
              Financial 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 Paul Financial;

             

            (b) No
              material noncompliance with the applicable servicing criteria with
              respect to
              other securitizations of residential mortgage loans involving Paul
              Financial as
              servicer has been disclosed or reported by Paul Financial;

             

            (c) Paul
              Financial 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 Paul Financial’s policies or procedures with respect to the
              servicing function it will perform under the Sale and Servicing Agreement
              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 Paul Financial’s financial condition that could have a material
              adverse effect on the performance by Paul Financial of its servicing
              obligations
              under the Sale and Servicing Agreement and this Assignment;

             

            (f) There
              are
              no material legal or governmental proceedings pending (or known to
              be
              contemplated) against Paul Financial, any Subservicer or any third-party
              originator; and

             

            (g) There
              are
              no affiliations, relationships or transactions relating to Paul Financial
              or any
              Subservicer with respect to this Securitization Transaction and any
              party
              thereto specified on Exhibit F hereto.

             

            7. Assignor
              hereby agrees to indemnify and hold the Assignee (and its successors
              and
              assigns) harmless against any and all claims, losses, penalties, fines,
              forfeitures, judgments and related reasonable costs, fees and expenses
              (including expert fees) 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 Assignment or the breach of any covenant
              of Assignor
              contained herein.

             

            8. Paul
              Financial hereby acknowledges that Wells Fargo Bank, N.A. (the “Master
              Servicer”) has been appointed as the master servicer of the Mortgage Loans
              pursuant to the pooling and servicing agreement, dated as of April
              1, 2006,
              among SAMI II, the Assignee, the Master Servicer, Wells Fargo Bank,
              N.A. as
              securities administrator and the Assignor (the “Pooling and Servicing
              Agreement”). Paul Financial shall deliver all reports required to be delivered
              under the Sale and Servicing Agreement to:

             

            Wells
              Fargo Bank, N.A.

            9062
              Old
              Annapolis Road

            Columbia,
              Maryland 21045

            Attention:
              Client Manager Luminent Mortgage Trust 2006-3

            Telecopier
              No.: (410) 715-2380

             

            Recognition
              of Assignee

             

            9. From
              and
              after the date hereof, Paul Financial shall recognize Assignee as owner
              of the
              Mortgage Loans, and acknowledge that the Mortgage Loans will be part
              of a REMIC.
              Paul Financial will service the Mortgage Loans in accordance with the
              Sale and
              Servicing Agreement (as modified herein), 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, Paul Financial and the Assignee that this
              Assignment
              shall be binding upon and for the benefit of the respective successors
              and
              assigns of the parties hereto. None of Paul Financial or the Assignor
              shall
              amend or agree to amend, modify, waiver, or otherwise alter any of
              the terms or
              provisions of the Sale and Servicing Agreement, which amendment, modification,
              waiver or other alteration would in any way affect the Mortgage Loans,
              without
              the prior written consent of the Assignee.

             

            Modification
              of the Sale and Servicing Agreement

             

            10. Assignor
              and Paul Financial hereby amend the Sale and Servicing Agreement as
              follows:

             

            (a) The
              following definitions shall be added to Section 1.01 of the Sale and
              Servicing
              Agreement:

             

            Controlling
              Class Holder:
              At any
              time, the beneficial holder of a majority in principal amount of the
              most
              subordinate of the Subordinate Certificates outstanding at such time,
              as
              identified in writing to Paul Financial from time to time by
              [_____________].

             

            Master
              Servicer:
              Wells
              Fargo Bank, N.A. or any successor thereto.

             

            Pooling
              and Servicing Agreement:
              That
              certain pooling and servicing agreement, dated as of April 1, 2006,
              among
              Structured Asset Mortgage Investments II Inc., Maia Mortgage Finance
              Statutory
              Trust, HSBC Bank USA, National Association, as trustee, the Master
              Servicer and
              Wells Fargo Bank, N.A. as securities administrator.

             

            Relief
              Act Reduction:
              With
              respect to any Mortgage Loan as to which there has been a reduction
              in the
              amount of the interest collectible thereon as a result of the application
              of the
              Servicemembers Civil Relief Act, as amended, or any similar state law,
              any
              amount by which interest collectible on such Mortgage Loan for the
              Due Date in
              the related Due Period is less than the interest accrued thereon for
              the
              applicable one-month period at the Mortgage Interest Rate without giving
              effect
              to such reduction.

             

            Subordinate
              Certificates:
              Those
              certificates, designated [Classes B-1, B-2, B-3, B-4, B-5 and B-6],
              issued
              pursuant to the Pooling and Servicing Agreement.

             

            (b) The
              definition of Business Day in Section 1.01 of the Sale and Servicing
              Agreement
              is deleted in its entirety and replaced with the following:

             

            Business
              Day:
              Any day
              other than (i) a Saturday or a Sunday or (ii) a day on which banking
              and savings
              and loan institutions in the State of Minnesota, the State of Maryland,
              the
              State of New York or the state in which the Company’s servicing operations are
              located are authorized or obligated by law or executive order to be
              closed.

             

            (c) The
              definition of Mortgage Interest Rate in Section 1.01 of the Sale and
              Servicing
              Agreement is hereby amended by adding the phrase “net of any Relief Act
              Reduction” to the end of such definition.

             

            (d) Section
              3.03 is hereby amended as follows:

             

            
              	 	
                      (i)

                    	
                      by
                        adding the words “(from its own funds and not from the Custodial or Escrow
                        Accounts)” to the first sentence of the sixth paragraph after the word
                        “indemnify;”

                    

            

             

            
              	 	
                      (ii)

                    	
                      by
                        replacing the words “the Purchaser and hold it” at the beginning of the
                        second line of the sixth paragraph with “Maia, the Depositor, the Trustee
                        and the Trust Fund and hold each of
                        them;”

                    

            

             

            
              	 	
                      (iii)

                    	
                      by
                        replacing each of the references to “the Purchaser” in the last sentence
                        of the sixth paragraph with “the Maia, the Depositor, the Trustee and the
                        Trust Fund;” and

                    

            

             

            
              	 	
                      (iv)

                    	
                      by
                        replacing each of the references to “the Purchaser” in the seventh
                        paragraph with “the Purchaser, the Depositor or the
                        Trustee.”

                    

            

             

            (e) Section
              3.04 and Section 3.05 are hereby amended by replacing each reference
              to the word
“Purchaser” with the word “Sponsor”.

             

            (f) The
              following shall be inserted after the second sentence of the first
              paragraph
              immediately before the period of Section 4.01 of the Sale and Servicing
              Agreement:

             

            “provided,
              however, that the Company shall not 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 any
              REMIC created under the Pooling and Servicing Agreement to fail to
              qualify as a
              REMIC or result in the imposition of a tax upon the Trust (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 Seller has received an Opinion of Counsel (but
              not at
              the expense of the Seller) to the effect that the contemplated action
              will not
              cause any REMIC created under the Pooling and Servicing Agreement to
              fail to
              qualify as a REMIC or result in the imposition of a tax upon any such
              REMIC
              created thereunder.”

             

            (g) The
              following shall be inserted at the end of the fourth sentence of the
              first
              paragraph of Section 4.02 of the Sale and Servicing Agreement:

             

            “;
              provided, however, that in no event shall the Company commence foreclosure
              proceedings with respect to a Mortgage Loan unless (i) no later than
              five (5)
              Business Days prior to such commencement, it notifies the Master Servicer
              and
              the Sponsor of its intention to do so and (ii) the Controlling Class
              Holder does
              not, within such period, affirmatively object to such action.”

             

            (h) The
              following shall be inserted after the first paragraph of Section 4.02
              of the
              Sale and Servicing Agreement:

             

            “Notwithstanding
              anything
              in this Agreement to the contrary, for so long as the Master Servicer
              has not
              notified the Controlling
              Class Holder is
              no
              longer entitled to the rights described in this Section 4.02:

             

            (a) The
              Company shall not commence foreclosure proceedings or any alternative
              to
              foreclosure proceeding pursuant to this Section 4.02 with respect to
              a Mortgage
              Loan unless (i) no later than five (5) Business Days prior to its commencement
              of such foreclosure proceedings or any alternative to foreclosure proceeding
              pursuant to this Section 4.02, it notifies the Master Servicer of its
              intention
              to do so, and (ii) the Controlling
              Class Holder either
              directly or through the Master Servicer, does not, within such five-Business-Day
              period, affirmatively object to such action. 

             

            (b) In
              the
              event that the Company determines not to proceed with foreclosure proceedings
              or
              any alternative to foreclosure proceeding pursuant to this Section
              4.02 with
              respect to a Mortgage Loan that becomes 60 days’ or more delinquent and the
              Company has determined that it is unable to collect payments due under
              such
              Mortgage Loan in accordance with Accepted Servicing Practices, the
              Company
              shall, prior to taking any action with respect to such Mortgage Loan,
              promptly
              provide the Master Servicer with notice of such determination and a
              description
              of such other action as it intends to take with respect to such Mortgage
              Loan;
              provided, that the Company shall not be permitted to proceed with any
              such
              action unless the Controlling
              Class Holder,
              either
              directly or through the Master Servicer, does not, within five (5)
              Business Days
              following such notice, affirmatively object to the Company taking such
              action.

             

            (c) If
              the
              Controlling Class Holder timely and affirmatively objects to an action
              or
              contemplated action of the Company pursuant to clause (a) or (b) above,
              then the
              Controlling Class Holder
              shall
              instruct the Master Servicer to hire three appraisal firms selected
              by the
              Master Servicer in its reasonable discretion, to compute the fair value
              of the
              Mortgaged Property securing the related Mortgage Loan utilizing the
              Fannie Mae
              Form 2055 Exterior-Only Inspection Residential Appraisal Report (each
              such
              appraisal-firm computation, a “Fair Value Price”), in each case no later than 30
              days from the date of such Controlling Class Holder objection. All
              costs
              relating to the computation of the Fair Value Prices shall be for the
              account of
              the Controlling Class Holder and shall be paid by the Controlling Class
              Holder
              at the time that such Mortgage Loan is purchased by the Controlling
              Class
              Holder.

             

            (i) If
              the
              Master Servicer shall have received three Fair Value Prices by the
              end of such
              30-day period, then the Controlling Class Holder shall, no later than
              five
              Business Days after the expiration of such 30-day period, purchase
              such Mortgage
              Loan for an amount equal to the lesser of
              (i) the
              unpaid principal balance of the related Mortgage Loan (the “Unpaid Principal
              Balance”) and (ii) the average of such three Fair Value Prices respectively
              determined by such appraisal firms; and shall deliver such amount to
              Paul
              Financial against the assignment of the related Mortgage Loan and the
              delivery
              of the related documents on the purchase date.

             

            (ii)
              If
the
              Master
              Servicer shall not have received three Fair Value Prices at the end
              of the
              30-day period set forth in clause (c) above, then:

             

            (A) If
              the
              Master Servicer shall have received only two Fair Value Prices at the
              end of
              such 30-day period, then the Master Servicer shall determine, in its
              reasonable
              discretion, the fair value of the Mortgaged Property and other collateral
              relating to such Mortgage Loan (such fair value, the “Master Servicer’s Fair
              Value Price”), and the Controlling Class Holder shall, no later than five
              Business Days after the expiration of such 30-day period, purchase
              such Mortgage
              Loan for an amount equal to the least of (1) the Unpaid Principal Balance
              thereof, (2) the average of such Fair Value Prices determined by such
              appraisal
              firms and (3) the Master Servicer’s Fair Value Price; and shall deliver such
              amount to Paul Financial against the assignment of the related Mortgage
              Loan and
              the delivery of the related documents on the purchase date.

             

            (B) If
              the
              Master Servicer shall have received only one Fair Value Price by the
              end of such
              30-day period, then the Master Servicer will determine the Master Servicer
              Fair
              Value Price of the Mortgaged Property related to such Mortgage Loan
              and the
              Controlling Class Holder shall, no later than five Business Days after
              the
              expiration of such 30-day period, purchase such Mortgage Loans for
              an amount
              equal to the least of (1) the Unpaid Principal Balance thereof, (2)
              the Fair
              Value Price determined by such appraisal firm and (3) the Master Servicer’s Fair
              Value Price; and shall deliver such amount to Paul Financial against
              the
              assignment of the related Mortgage Loan and the delivery of the related
              documents on the purchase date.

             

            (C) If
              the
              Master Servicer shall not have received any such Fair Value Prices
              by the end of
              such 30-day period, then the Master Servicer will determine the Master
              Servicer
              Fair Value Price of the Mortgaged Property related to such Mortgage
              Loan and the
              Controlling Class Holder shall, no later than five Business Days after
              the
              expiration of such 30-day period, purchase such Mortgage Loan for an
              amount
              equal to the lesser of (1) the Unpaid Principal Balance thereof and
              (2) the
              Master Servicer’s Fair Value Price; and shall deliver such amount to Paul
              Financial against the assignment of the related Mortgage Loan and the
              delivery
              of the related documents on the purchase date.

             

            (D) If
              the
              Master Servicer has not received three Fair Value Prices by the end
              of such
              30-day period, it shall continue for the next 30 days to try to obtain
              three
              Fair Value Prices. Upon the earlier of the date that it obtains the
              three Fair
              Value Prices, or the end of the 30-day extension, the Master Servicer
              shall
              recalculate the price payable pursuant to this Agreement and, within
              five
              Business Days thereafter, (i) the Controlling Class Holder shall pay
              Paul
              Financial the positive difference between the recalculated purchase
              price, and
              the price actually paid by it, or (ii) Paul Financial shall refund
              to the
              Controlling Class Holder the positive difference between the purchase
              price
              actually paid by the Controlling Class Holder, and the recalculated
              purchase
              price.

             

            (d) Notwithstanding
              anything herein to the contrary, the Controlling
              Class Holder shall
              not
              be entitled to any of its rights set forth herein with respect to a
              Mortgage
              Loan following its failure to purchase such Mortgage Loan, at the related
              purchase price set forth in this Section 4.02 within the timeframe
              set forth in
              this Section 4.02 following the Controlling
              Class Holder’s objection
              to an action of the Company, and the Company shall provide the Master
              Servicer
              written notice of such failure.

             

            (e) Any
              notice, confirmation, instruction or objection pursuant to paragraphs
              (a), (b),
              (c) and (d) above may be delivered via facsimile or other written or
              electronic
              communication as the parties hereto and the Controlling
              Class Holder may
              agree
              to from time to time.

             

            (f) For
              the
              avoidance of doubt, the Controlling
              Class Holder’s rights
              set forth in this Section 4.02 are intended to provide Controlling
              Class Holder,
              for so
              long as it has not forfeited its right under this Section 4.02 as set
              forth in
              clause (e) above, with the unilateral right to control foreclosure
              decisions in
              respect of delinquent and defaulted Mortgage Loans, and certain exclusive
              purchase rights so as to better enable such holder to qualify for exemption
              under Section 3(c)(5)(C) of the Investment Company Act of 1940, as
              amended.

             

            (g) To
              the
              extent that the Controlling
              Class Holder purchases
              any Mortgage Loan pursuant to this Section 4.02, the Company will continue
              to
              service such Mortgage Loan in accordance with this Agreement if so
              requested by
              the holder. The parties acknowledge that, in such event, the Master
              Servicer
              will have no duty or responsibility to master service any such Mortgage
              Loan.”

             

            (i) The
              words
“Monthly Advances and” shall be inserted before the words “Servicing Advances”
in clause (iii) to Section 4.05 of the Sale and Servicing
              Agreement.

             

            (j) The
              following is added as clause (x) to Section 4.05 of the Sale and Servicing
              Agreement:

             

            “(x) to
              make
              payments to the Controlling Class Holder in the amounts and in the
              manner
              provided for in Section 4.02.”

             

            (k) The
              following is added as clause (xi) to Section 4.05 of the Sale and Servicing
              Agreement:

             

            “(xi) to
              reimburse the Company for any Monthly Advance or Servicing Advance
              previously
              made to the extent that such amounts are Nonrecoverable by the Company
              pursuant
              to clause (iii) above.”

             

            (l) The
              following paragraph is added immediately preceding the last paragraph
              of Section
              4.05 of the Sale and Servicing Agreement:

             

            “The
              Company hereby acknowledges that upon the termination of the Trust
              Fund on or
              following the Call Option Date in connection with the purchase of the
              Serviced
              Loans by the Sponsor or Master Servicer, as applicable, pursuant to
              Section
              [___] of the Pooling and Servicing Agreement, the Company will not
              be entitled
              to reimbursement of any outstanding Monthly Advances or Servicing Advances
              from
              the Distribution Account on such date of termination, and shall be
              entitled to
              such reimbursement from the Custodial Account under the terms of the
              Sale and
              Servicing Agreement.”

             

            (m) The
              following paragraph is added as the last paragraph of Section 4.07
              of the Sale
              and Servicing Agreement:

             

            “Paul
              Financial hereby acknowledges that upon the termination of the Trust
              Fund on or
              following the Call Option Date in connection with the purchase of the
              Serviced
              Loans by the Sponsor or Master Servicer, as applicable, pursuant to
              Section
              [____] of the Pooling and Servicing Agreement, Paul Financial will
              not be
              entitled to reimbursement of any outstanding Servicing Advances from
              the Escrow
              Account on such date of termination, and shall be entitled to such
              reimbursement
              under the terms of the Sale and Servicing Agreement.”

             

            (n) Section
              4.16 is hereby amended as follows:

             

            (i)
               modifying
              the second paragraph by deleting the second and third sentences
              thereof;

             

            (ii) adding
              two new paragraphs after the second paragraph thereof to read
              as follows:

             

            “In
              the
              event that the Trust Fund acquires any REO Property in connection with
              a default
              or imminent default on a Mortgage Loan, the Company shall dispose of
              such REO
              Property not later than the end of the third taxable year after the
              year of its
              acquisition by the Trust Fund unless the Company has applied for and
              received a
              grant of extension from the Internal Revenue Service ( and provided
              a copy of
              the same to the Master Servicer and the Trustee) to the effect that,
              under the
              REMIC Provisions and any relevant proposed legislation and under applicable
              state law, the applicable Trust REMIC may hold REO Property for a longer
              period
              without adversely affecting the REMIC status of such REMIC or causing
              the
              imposition of a federal or state tax upon such REMIC. If the Company
              has
              received such an extension, then the Company shall continue to attempt
              to sell
              the REO Property for its fair market value for such period longer than
              three
              years as such extension permits (the “Extended Period”). If the Company has not
              received such an extension and the Company is unable to sell the REO
              Property
              within the period ending 3 months before the end of such third taxable
              year
              after its acquisition by the Trust Fund or if the Company has received
              such an
              extension, and the Company is unable to sell the REO Property within
              the period
              ending three months before the close of the Extended Period, the Company
              shall,
              before the end of the three year period or the Extended Period, as
              applicable,
              (i) purchase such REO Property at a price equal to the REO Property’s fair
              market value or (ii) auction the REO Property to the highest bidder
              (which may
              be the Company) in an auction reasonably designed to produce a fair
              price prior
              to the expiration of the three-year period or the Extended Period,
              as the case
              may be. The Trustee shall sign any document or take any other action
              reasonably
              requested by the Company which would enable the Company, on behalf
              of the Trust
              Fund, to request such grant of extension.”

             

            “Notwithstanding
              any other provisions of this Agreement, no REO Property acquired by
              the Trust
              Fund shall be rented (or allowed to continue to be rented) or otherwise
              used by
              or on behalf of the Trust Fund 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 Trust
              REMIC to the imposition of any federal income taxes on the income earned
              from
              such REO Property, including any taxes imposed by reason of Sections
              860F or
              860G(c) of the Code, unless the Company has agreed to indemnify and
              hold
              harmless the Trust Fund with respect to the imposition of any such
              taxes.”

             

            (iii)    
              replacing
              the references to “one year” in the second and sixth lines of
              the fourth
              paragraph thereof with “three years;” 

             

            (iv)   
              deleting
              the first sentence of the sixth paragraph thereto; 

             

            (v)     
              replacing
              the word “advances” in the ninth line of the sixth paragraph thereof
              with “Monthly Advances;” and 

             

            (vi)    
              by
              adding
              the following to the end of such Section:

             

            “Prior
              to
              acceptance by the Company of an offer to sell any REO Property, the
              Company
              shall notify the Master Servicer of such offer in writing which notification
              shall set forth all material terms of said offer (each a “Notice of Sale”). The
              Master Servicer shall be deemed to have approved the sale of any REO
              Property
              unless the Master Servicer notifies the Company in writing, within
              five (5)
              Business Days after its receipt of the related Notice of Sale, that
              it
              disapproves of the related sale, in which case the Company shall not
              proceed
              with such sale.”

             

            (o) The
              following sentence is added to the end of Section 5.02 of the Sale
              and Servicing
              Agreement:

             

            “In
              addition, no later than the tenth (10th)
              calendar day of each month (or if such tenth day is not a Business
              Day, the
              Business Day immediately preceding such tenth day), the Company shall
              forward to
              the Master Servicer reports in the format set forth in Exhibit C, Exhibit
              D and
              Exhibit E (or in such other format that is mutually acceptable to the
              Company
              and the Master Servicer) to the Assignment, Assumption and Recognition
              Agreement, dated as of April 27, 2006, among among Maia Mortgage Finance
              Statutory Trust, the Company and HSBC Bank USA, National Association,
              with
              respect to defaulted Mortgage Loans and realized loss calculations,
              respectively.”

             

            (p) Section
              8.01 is hereby amended as follows:

             

            
              	(i) 
                        	
                      by
                        replacing each of the two references to “Purchaser” in the first sentence
                        with “of Maia, Luminent, the Trust Fund, the Trustee, the Master
                        Servicer
                        and the Depositor;” 

                    

            

             

            
              	(ii)  
                       	
                      by
                        replacing the first reference to “the Purchasers” in the second sentence
                        with “Maia, Luminent, the Trustee, the Master Servicer and the
                        Depositor;”
                        

                    

            

             

            
              	(iii) 
                        	
                      by
                        replacing the second reference to “the Purchaser” in the second sentence
                        with “the Master Servicer;”

                    

            

             

            
              	(iv)  
                       	
                      by
                        replacing the third reference to “Purchaser” in the second sentence with
                        “any of Maia, Luminent, the Trust Fund, the Trustee, the Master
                        Servicer
                        and the Depositor;” 

                    

            

             

            
              	(v)  
                       	
                      by
                        replacing the reference to “the Purchaser” in the fourth sentence with
                        “the Master Servicer;” and 

                    

            

             

            
              	(vi)  
                       	
                      by
                        replacing the reference to “the Purchasers” in the second to last sentence
                        with “the Trust Fund.”

                    

            

             

            (q) The
              words
“acceptable to the Rating Agencies” shall be inserted immediately after the
              words “good standing” before the end of the first sentence of the second
              paragraph of Section 8.02 of the Sale and Servicing Agreement.

             

            (r) Section
              12.01 is hereby amended as follows:

             

            (i)    
              by
              replacing the words “,11.01(ii) or pursuant to Section 11.02” with
“or pursuant
              to Article XI” in the second line of the first paragraph;

             

            (ii)   
              by
              adding
              the words “in accordance with the Pooling and Servicing Agreement,”
              after the word “shall,” in the second line of the first paragraph;

             

            (iii)   
              by
              adding
              the following new sentence immediately after the first
              sentence of
              the
              first paragraph to read as follows:

             

            “Any
              successor to the Company shall be a Freddie Mac- or Fannie Mae-approved
              servicer
              and shall be subject to the approval of each Rating Agency, as evidenced
              by a
              letter from each such Rating Agency delivered to the Trustee and the
              Master
              Servicer that the transfer of servicing will not result in a qualification,
              withdrawal or downgrade of the then-current rating of any of the
              Certificates.”

             

            (iv)   
              by
              adding
              the following proviso at the end of the second sentence of the first
              paragraph immediately before the period to read as follows:

             

            “;
              provided, however, that no such compensation shall be in excess of
              that
              permitted the Company under the Sale and Servicing Agreement.”

             

            (v)    
              by
              replacing the reference to “the Purchaser” in the second line of
              the second
              paragraph with “the Master Servicer and the Trustee;” and

             

            (vi)   
              by
              deleting the fourth paragraph in its entirety and replacing it with
              the following
              new paragraph:

             

            “Except
              as otherwise provided in this Section 12.01, all reasonable costs and
              expenses
              incurred in connection with any transfer of servicing hereunder (as
              a result of
              termination for cause under Section 11.01 or resignation of or assignment
              by the
              Company), including, without limitation, the costs and expenses of
              the Master
              Servicer or any other Person in appointing a successor servicer, or
              of the
              Master Servicer in assuming the responsibilities of the Company hereunder,
              or of
              transferring the Servicing Files and the other necessary data, including
              the
              completion, correction or manipulation of such servicing data as may
              be required
              to correct any errors or insufficiencies in the servicing data, to
              the successor
              servicer shall be paid by the terminated or resigning servicer from
              its own
              funds without reimbursement.”

             

            (s) Exhibit
              K
              of the Sale and Servicing Agreement is hereby amended as follows:

             

            (i) 
              Section
              2.03 (Information to be Provided by the Company) is hereby amended
              as
              follows:

             

            i.   
              By
              deleting the words “If so requested by the Purchaser or any Depositor” at the
              beginning of Subsection (d) and capitalizing “for” immediately following such
              words.

             

            ii.   
              By
              replacing the word “its” with the word “the” in the first line of Subsection (d)
              and amending the words “reporting obligation” to read “reporting
              obligations.”

             

            iii.   
              By
              deleting the word “notify” and inserting the words “provide prompt notice to”
immediately following “(i)” in Subsection (d).

             

            iv.   
              By
              deleting the word “and” immediately before “(B)” in Subsection (d) and replacing
              it with a comma.

             

            v.    
              By
              adding
              the following words immediately following “Transaction,” in the tenth line of
              Subsection (d):

             

            vi.   
              By
              adding
“, any Master Servicer immediately after the words “Company shall provide to the
              Purchaser” in the fourth line of Subsection (e).

             

            “(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”

             

            vi. By
              amending Subsection (f) of such section by deleting the first sentence
              of such
              section it in its entirety and replacing it with the following:

             

            “(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 modification, extensions or waivers of pool asset terms, fees,
              penalties or payments during the distribution period of that have cumulatively
              become materials 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 pool asset changes (such as, additions, substitutions
              or
              repurchases), and any material changes in origination, underwriter
              or other
              criteria for acquisition or selection of pool assets (Item 1121(a)(14)
              of
              Regulation AB).”

             

            vii. By
              amending Subsection (f) of such section by deleting the last sentence
              of such
              section it in its entirety.

             

            (ii) Section
              2.05 (Report on Assessment of Compliance and Attestation) is hereby
              amended as
              follows:

             

            i. By
              adding
              the words “, such Master Servicer” after the words “reasonably satisfactory to
              the Purchaser” in Subsection (a)(i); 

             

            ii. By
              adding
              the words “, such Master Servicer” after the words “Such report shall be
              addressed to the Purchaser” in Subsection (a)(i);

             

            iii. By
              adding
              the words “, and cause each Subservicer and Subcontractor described in clause
              (iii) to deliver,” after the word “deliver” in the first line of Subsection
              (a)(iv); and

             

            iv. By
              adding
              the words “signed by an appropriate officer of the Company” after the word
“certification” in the last line of Subsection (a)(iv).

             

            (iii) Section
              2.06 (Use of Subservicers and Subcontractors) is hereby amended as
              follows:

             

            i. By
              revising the subsection references for 2.03 in the fourth line to read
“(c),
              (e), (f) and (g)” in Subsection (a); and

             

            ii. By
              adding
              the words “and other certification” after the word “attestation” in the third to
              last line of the second paragraph of Subsection (b).

             

            (iv) Section
              2.07 (Indemnification; Remedies) is hereby amended as follows:

             

            i. By
              adding
              the words “(including, but not limited to, any Master Servicer)” after the words
“issuing entity; each Person” in the third line of Subsection (a);

             

            ii. By
              deleting the word “and” after the words “Exchange Act;” in the ninth line of
              Subsection (a);

             

            iii. By
              adding
              the words “and affiliates” at the beginning of the tenth line of Subsection
              (a);

             

            iv. By
              adding
              the words “(each, an “Indemnified Party”) after the words “of the Depositor” in
              the tenth line of Subsection (a);

             

            v. By
              adding
              the word “claims” after the words “against any” in the third to last line of
              Subsection (a);

             

            vi. By
              adding
              the words “any breach by the Company of its obligations under this Article II”
at the beginning of Subsection (a)(ii); and

             

            vii. By
              adding
              the following at the beginning of the full sentence which  immediately
              follows Subsection (a)(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.”

             

            iii. By
              adding
              the words “(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)” immediately after
              the word “Company” in the fourth to last line of Subsection (b)(i).

             

            iv. By
              adding
              the words “any Master Servicer” after the words “shall entitle the Purchaser” in
              Subsection (b)(ii).

             

            (v) Section
              2.08 (Third Party Beneficiaries) is hereby amended by adding the word
“back-up”
immediately before the word “Sarbanes” in the third line thereof.

             

            (vi) Annex
              II
              (Servicing Criteria to be Addressed in Assessment of Compliance) is
              hereby
              amended as follows:

             

            i. By
              deleting the “X” in the third column of the row with the reference to
“1122(d)(1)(iii)”; and

             

            ii. By
              deleting the “X” in the third column of the row with the reference to
“1122(d)(4)(xv)”.

             

            11. Notice
              Addresses.

             

            If
              to the
              Assignee:

             

            HSBC
              Bank
              USA, National Association

            10
              E.
              40th Street, 14th Floor

            Corporate
              Trust & Loan Agency

            New
              York,
              New York 10016

            Attention:
              [__________]

             

            If
              to the
              Assignor:

             

            Maia
              Mortgage Finance Statutory Trust

            One
              Market Street

            Spear
              Tower, 30th Floor

            San
              Francisco, California 94105

            Attention:
              Christopher J. Zyda

             

            with
              a
              copy to:

             

            One
              Commerce Square

            2005
              Market Street, Suite 2100

            Philadelphia,
              Pennsylvania 19103

            Attention:
              Megan Mahoney

             

            If
              to
              Paul Financial:

            Paul
              Financial, LLC

            1401
              Los
              Gamos Drive

            San
              Rafael, California 94903

            Attention:
              Manager, Secondary Marketing

             

            12. In
              addition, Paul Financial hereby acknowledges that from and after the
              date
              hereof, the Mortgage Loans will be subject to the Pooling and Servicing
              Agreement pursuant to which the Master Servicer has the right to enforce
              all
              obligations of Paul Financial as they related to the Mortgage Loans,
              under the
              Sale and Servicing Agreement (as modified herein). Such right will
              include,
              without limitation, the right to terminate Paul Financial under the
              Sale and
              Servicing Agreement upon the occurrence of an event of default thereunder,
              the
              right to receive all remittances required to be made by Paul Financial
              under the
              Sale and Servicing Agreement, the right to receive all monthly reports
              and other
              data required to be delivered by Paul Financial under the Sale and
              Servicing
              Agreement, the right to examine the books and records of Paul Financial,
              indemnification rights, and the right to exercise certain rights of
              consent and
              approval relating to actions taken by Paul Financial. Paul Financial
              shall make
              all distributions under the Sale and Servicing Agreement, as they relate
              to the
              Mortgage Loans, to the Master Servicer by wire transfer of immediately
              available
              funds to:

             

            Luminent
              Mortgage Trust 2006-3 Master Servicer Collection Account

            Wells
              Fargo Bank, N.A.

            ABA#
              121000248

            Account
              Name: SAS Clearing

            Account
              #
              3970771416

            For
              Further Credit to: Luminent Mortgage Trust 2006-3, Account #
              50914800

             

            13. (a) Paul
              Financial shall indemnify the Assignor, each affiliate of the Assignor
              and
              Luminent Mortgage Capital, Inc., 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 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; Bear, Stearns & Co. Inc. (“Bear Stearns”), each
              Person who controls Bear Stearns or SAMI II (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 of SAMI II, 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’ letter or other material in
              written or electronic form provided under Article II of the Regulation
              AB
              Compliance Addendum attached as Exhibit K to the Sale and Servicing
              Agreement
              (the “Reg AB Addendum”) by or on behalf of Paul Financial, or provided under
              Article II 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
              failure by Paul Financial, 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 II of the
              Reg AB
              Addendum, including any failure by Paul Financial 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 Paul Financial 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 closing
              date
              of the related Securitization Transaction, to the extent that such
              breach is not
              cured by such closing date, or any breach by Paul Financial 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 such closing
              date;
              or

             

            (iv) the
              negligence, bad faith or willful misconduct of Paul Financial in connection
              with
              its performance hereunder.

             

            This
              indemnification shall survive the termination of the Reg AB Addendum,
              or any
              party to the Reg AB Addendum. 

             

            In
              the
              case of any failure of performance described in clause (a)(ii) above,
              Paul
              Financial shall promptly reimburse the Assignor, SAMI II, 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 Paul Financial, any Subservicer,
              any
              Subcontractor or any Third-Party Originator. 

             

            (b) (i)
              Any
              failure by Paul Financial, 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 II of the
              Reg AB
              Addendum, or any breach by Paul Financial 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 closing date of the related Securitization Transaction, to the
              extent
              that such breach is not cured by such closing date, or any breach by
              Paul
              Financial 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 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 Paul Financial under
              the Sale and
              Servicing Agreement and any applicable Reconstitution Agreement, and
              shall
              entitle the Assignor or SAMI II, as applicable, in its sole discretion
              to
              terminate the rights and obligations of Paul Financial as servicer
              under the
              Sale and Servicing Agreement and/or any applicable Reconstitution Agreement
              without payment (notwithstanding anything in the Reg AB Addendum or
              any
              applicable Reconstitution Agreement to the contrary) of any compensation
              to Paul
              Financial; provided
              that
              to
              the extent that any provision of the Sale and Servicing Agreement and/or
              any
              applicable Reconstitution Agreement expressly provides for the survival
              of
              certain rights or obligations following termination of Paul Financial
              as
              servicer, such provision shall be given effect. 

             

            (ii)
              Any
              failure by Paul Financial, 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 of the Reg AB Addendum, including (except
              as provided
              below) any failure by Paul Financial 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, which continues unremedied
              for
              ten (10) 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 Paul Financial under
              the Sale and
              Servicing Agreement and any applicable Reconstitution Agreement, and
              shall
              entitle the Assignor or SAMI II, as applicable, in its sole discretion
              to
              terminate the rights and obligations of Paul Financial as servicer
              under the
              Sale and Servicing Agreement and/or any applicable Reconstitution Agreement
              without payment (notwithstanding anything in this Agreement to the
              contrary) of
              any compensation to Paul Financial; provided
              that
              to
              the extent that any provision of the Sale and Servicing Agreement and/or
              any
              applicable Reconstitution Agreement expressly provides for the survival
              of
              certain rights or obligations following termination of Paul Financial
              as
              servicer, such provision shall be given effect. 

             

            Neither
              the Assignor nor SAMI II shall be entitled to terminate the rights
              and
              obligations of Paul Financial pursuant to this subparagraph (b)(ii)
              if a failure
              of Paul Financial 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

             

            (iii)
              Paul Financial shall promptly reimburse the Assignor (or any designee
              of the
              Assignor, such as a master servicer) and SAMI II, as applicable, for
              all
              reasonable expenses incurred by
              the
              Assignor (or such designee) or SAMI II, as such are incurred, in connection
              with
              the termination
              of
              Paul Financial 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 Assignor or SAMI
              II may
              have under other provisions of the Sale and Servicing 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.
              

             

            14. This
              Assignment shall be governed by and construed in accordance with the
              laws of the
              State of New York, without reference to its conflict of laws 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.

             

            15. From
              and
              after the date hereof, Paul Financial, as servicer shall recognize
              the Assignee
              as the owner of the Mortgage Loans, and Paul Financial will service
              the Mortgage
              Loans in accordance with the Sale and Servicing Agreement for the benefit
              of the
              Assignee. From and after the date hereof, the Assignee shall recognize
              Paul
              Financial as the seller and Paul Financial as the servicer of the Mortgage
              Loans, and shall look solely to Paul Financial for performance of the
              obligations of the Seller under the Sale and Servicing Agreement with
              respect to
              the Mortgage Loans.

             

            16. This
              Assignment shall inure to the benefit of the successors and assigns
              of the
              parties hereto. Any entity into which Paul Financial, the Assignor
              or the
              Assignee may be merged or consolidated shall, without the requirement
              for any
              further writing, be deemed Paul Financial, the Assignor or the Assignee,
              respectively, hereunder. 

             

            17. 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.

             

            18. This
              Assignment shall survive the conveyance of the Mortgage Loans and the
              assignment
              of the Sale and Servicing Agreement to the extent of the Mortgage Loans
              by the
              Assignor to the Assignee and the termination of the Sale and Servicing
              Agreement.

             

            19. 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.

             

            20. The
              Assignor and Luminent will have the continuing right, upon reasonable
              notice, to
              access the Servicing Files with respect to the Mortgage Loans, including
              related
              books and records. In addition, the Assignor and Luminent are authorized
              to
              receive the servicer reports (including the Mortgage Loan tape) with
              respect to
              the Mortgage Loans from the Master Servicer.

             

            21. A
              copy of
              all assessments, attestations, reports and certifications required
              to be
              delivered by Paul Financial as servicer under this Agreement and the
              Sale and
              Servicing 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 addressees shall include the Master Servicer
              and
              the Master Servicer shall be entitled to rely on such documents.

             

            [SIGNATURES
              ON FOLLOWING PAGE]

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            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.

             

            

             

            
              	
                      MAIA
                        MORTGAGE FINANCE STATUTORY TRUST,

                      the
                        Assignor

                    	
                      HSBC
                        BANK USA, NATIONAL ASSOCIATION, not individually but solely
                        as the trustee
                        for holders of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
                        Certificates, Series 2006-3,

                    
	 	
                      the
                        Assignee

                       

                    
	
                      By:___________________________________     

                    	
                      By:
                        ___________________________________     

                    
	
                      Name: ________________________________

                    	
                      Name:
                        _________________________________

                    
	
                      Title:     

                    	
                      Title: 
                        _________________________________

                       

                    
	
                      PAUL
                        FINANCIAL, LLC

                    	 
	 	 
	
                      By:
                        __________________________________     

                    	 
	
                      Name:
                        ________________________________

                    	 
	
                      Title:
                        _________________________________

                    	 
	 	 

            

            Acknowledged
              and Agreed

             

            
              	
                      WELLS
                        FARGO BANK,  N.A.

                       

                    
	
                      By:
                        __________________________________

                    
	
                      Name:
                        ________________________________

                    
	
                      Title:
                        _________________________________

                       

                    
	
                      STRUCTURED
                        ASSET MORTGAGE 

                      INVESTMENTS
                        II INC.

                    
	
                       

                      By:___________________________________            

                    
	
                      Name:
                        ________________________________  

                    
	
                      Title:
                        _________________________________   

                    

            

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

             

            Exhibit
              A

             

            Mortgage
              Loan Schedule

             

            [Provided
              upon request to Structured Asset Mortgage Investments II Inc.]

             

            
 

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            
 

            Exhibit
              B

             

            1.
              Flow
              Sale and Servicing Agreement, dated as of January 24, 2006;

             

            2.
              Purchase Price and Terms Letter, dated as of March 24, 2006. 

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Exhibit
              C

             

            

             

            
              	
                      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

             

            Exhibit
              : 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 ( ). 

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

            Exhibit
              3A: 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__________________________

                        	 	
                          ________________

                        	 
	
                          HOA/Condo
                            Fees_______________________

                        	 	
                          ________________

                        	 
	
                          ______________________________________

                        	 	
                          ________________

                        	 
	
                          ______________________________________

                        	 	
                          ________________

                        	 
	
                          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)

                        
	
                          _________________________________________

                        	 	
                          _________________

                        	 
	
                          _________________________________________

                        	
                           

                        	
                          _________________

                        	 
	
                          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
              E

             

            Exhibit
              : 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
              F

             

             

            AFFILIATION
              DISCLOSURE

             

            (Pursuant
              to Item 1119 of Regulation AB)

             

            1.            
              Sponsor
              and any affiliate, including but not limited to:

             

            a.  
              EMC Mortgage Corporation

             

            b.  
              Bear, Stearns & Co. Inc.

             

            c.  
              Bear, Stearns Securities Corp.

             

            d.  
              Bear Stearns Structured Products

             

            e.  
              Bear, Stearns International Limited

             

            2.            
              Depositor
              and any affiliate, including but not limited to:

             

            a.  
              Bear Stearns Asset Backed Securities I LLC

             

            b.  
              Structured Asset Mortgage Investments II Inc.

             

            3.            
              Luminent
              Mortgage Trust 2006-3 and any affiliate

             

            4.            
              HSBC
              Bank
              USA, National Association, as Trustee, and any affiliate

             

            5.            
              Significant
              obligor and any affiliate -
              [None]

             

            6.            
              Enhancement
              or support provider and any affiliate - [None]

             

            7.            
              1100(d)(1)
              parties - any named party in the Securitization Transaction:

             

            a.  
              Underwriter: Bear, Stearns & Co. Inc.

             

            b.  
              Servicers: [EMC
              Mortgage Corporation; IndyMac Bank, FSB, Residential Funding Corporation;
              Wells
              Fargo Bank, N.A., Paul Financial, LLC.]

             

            c.  
              Master Servicer: Wells Fargo Bank, National Association

             

            d.  
              Unaffiliated Servicer of 20%: [EMC Mortgage Corporation; IndyMac Bank,
              FSB,
              Residential Funding Corporation; Wells Fargo Bank, N.A.]

             

            e.  
              Originator of 10%: [EMC Mortgage Corporation; IndyMac Bank, FSB, Residential
              Funding Corporation; American Mortgage Network, Inc., Paul Financial,
              LLC.]

             

            f.   
              Securities Administrator: Wells Fargo Bank, National Association

             

            g.  
              Custodian: Wells Fargo Bank, National Association

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-4

         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

        
           

          
            
              This
                Assignment, Assumption and Recognition Agreement (the
“Assignment”) is made and entered into as of April 28, 2006 (the “Closing
                Date”), among Maia Mortgage Finance Statutory Trust (the “Assignor”), HSBC Bank
                USA, National Association, not individually but solely as trustee
                for holders of
                Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
                Series
                2006-3 (the “Assignee”) and Residential Funding Corporation (“RFC”).

                         
WHEREAS, RFC,
                the Assignor, Luminent Mortgage Capital, Inc. (“Luminent”) and
                Mercury Mortgage Finance Statutory Trust (“Mercury”) entered into (a) that
                certain Standard Terms and Provisions of Sale and Servicing Agreement,
                dated as
                of March 30, 2006 (the “Sale and Servicing Agreement”), among the Assignor,
                Luminent, Mercury and RFC and (b) that certain Reference Agreement,
                dated as of
                March 30, 2006 (the “Reference Agreement”, together with the Sale and Servicing
                Agreement, the “Agreements”); pursuant to which the Assignor agreed to purchase
                and RFC agreed to sell and RFC agreed to service those mortgage loans
                identified
                on Exhibit A attached hereto (the “Mortgage Loans”).

              NOW, THEREFORE, for good and valuable
                consideration, the receipt and sufficiency of which hereby are acknowledged,
                and
                of the mutual covenants herein contained, the parties hereto hereby
                agree as
                follows:

              1.        
Defined
                terms used in this Assignment and not otherwise defined herein shall
                have the
                meaning set forth in the Sale and Servicing Agreement.

              2.        
                The Assignor hereby grants, transfers and assigns to the Assignee
                all of the
                rights, title, and interest of the Assignor, in, to and under the
                Agreements
                with respect to the Mortgage Loans. The Assignor specifically reserves
                and does
                not assign to the Assignee hereunder any and all right, title and
                interest in,
                to and under and all obligations of the Assignor with respect to
                any mortgage
                loans subject to the Sale and Servicing Agreement and the Reference
                Agreement
                which are not the Mortgage Loans set forth on Exhibit A attached hereto
                and are not the subject of this Assignment.  

              3.        
                The Assignor warrants and represents to the Assignee and to RFC 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)         
                To the extent that the Assignor acquired good title to each and every
                Mortgage
                Loan, and all interests, rights and obligations under the Agreements
                as they
                relate to the Mortgage Loans, the Assignor was the sole 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 of any and all encumbrances, liens,
                pledges,
                equities, participation interests, claims, agreements with other
                parties to sell
                or otherwise transfer the Mortgage Loans; 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 encumbrances, liens,
                pledges,
                equities, participation interests, claims, agreements with other
                parties to sell
                or otherwise transfer the Mortgage Loans;

              (c)          
                There are no offsets, counterclaims or other defenses available to
                the Assignor
                with respect to the Mortgage Loans, the Reference Agreement or the
                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 Mortgage Loan;

              (e)         
                The Assignor is 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 Mortgage Loans;

              (f)          
                The Assignor has full entity 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 will not conflict with, or result in a breach of, any
                of the terms,
                conditions or provisions of the Assignor’s articles of formation or trust
                agreement 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 the Assignor of this Assignment and the consummation
                by it of the
                transactions contemplated hereby, have been duly authorized by all
                necessary
                entity 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 RFC, 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

              4.        
                The Assignee represents, warrants and covenants with the Assignor
                and RFC
                that:

              (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
                Luminent
                Mortgage Trust 2006-3, Mortgage Pass-Through Certificates, Series
                2006-3;

              (b)       
                The Assignee has full corporate 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 RFC,
                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; and

              (d)       
                The Assignee assumes for the benefit of each of Assignor and RFC
                all of
                Assignor’s rights and obligations as “Initial Owner” under the Agreements but
                solely with respect to such Mortgage Loans; provided however, that
                Assignee is
                assuming such obligations solely in its capacity as trustee for Luminent
                2006-3,
                Mortgage Pass-Through Certificates 2006-3 and not individually, and
                any recourse
                against the Assignee in respect of such obligations shall be limited
                solely to
                the assets it may hold as trustee of Luminent Mortgage Trust 2006-3,
                Mortgage
                Pass-Through Certificates 2006-3.

              5.        
                RFC each warrant and represent to, and covenant with, Assignor and
                Assignee 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)       
                RFC is duly organized, validly existing and in good standing under
                the laws of
                the jurisdiction of its incorporation, and RFC has all requisite
                power and
                authority to service the Mortgage Loans and RFC has all requisite
                power and
                authority to perform its obligations under the Sale and Servicing
                Agreement, and
                the Reference Agreement;

              (c)       
                RFC 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 RFC’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 RFC
                or its respective property is subject.  The execution, delivery and
                performance by RFC of this Assignment and the consummation by each
                of them of
                the transactions contemplated hereby, have been duly authorized by
                all necessary
                corporate action on part of RFC.  This Assignment has been duly executed
                and delivered by RFC, and, upon the due authorization, execution
                and delivery by
                Assignor and Assignee, will constitute the valid and legally binding
                obligation
                of RFC, enforceable against RFC 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
                RFC in connection with the execution, delivery or performance by
                RFC of this
                Assignment, or the consummation by it of the transactions contemplated
                hereby;

              (e)       
                RFC shall establish a Custodial Account and an Escrow Account under
                the Sale and
                Servicing Agreement in favor of Assignee with respect to the Mortgage
                Loans
                separate from the Custodial Account and Escrow Account previously
                established
                under the Sale and Servicing Agreement in favor of Assignor; 

              (f)        
                Pursuant to Section 3.18(b) of the Sale and Servicing Agreement,
                RFC restates
                the respresentations and warranties contained in Section 2.04(c)
                thereof as of
                the Closing Date
                and restates the
                representations and warranties contained in Section 2.04(a) as of
                March 30,
                2006; and 

              (g)       
                Neither this Assignment nor any certification, statement, report
                or other
                agreement, document or instrument furnished or to be furnished by
                the Seller
                pursuant to this Assignment 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. 

              6.        
                RFC warrants and represents to, and covenants with, Assignor and
                Structured
                Asset Mortgage Investments II Inc. (“SAMI II”) as of the date hereof:

              (a)       
                RFC 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 RFC;

              (b)       
                No material noncompliance with the applicable servicing criteria
                with respect to
                other securitizations of residential mortgage loans involving RFC
                as servicer
                has been disclosed or reported by RFC;

              (c)       
                RFC 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 RFC’s policies or procedures with respect to the
                servicing function it will perform under the Sale and Servicing Agreement
                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 RFC’s financial condition that could have a material
                adverse effect on the performance by RFC of its servicing obligations
                under the
                Sale and Servicing Agreement and this Assignment;

              (f)        
                There are no material legal or governmental proceedings pending (or
                known to be
                contemplated) against RFC, any Subservicer or any third-party originator;
                and

              (g)       
                There are no affiliations, relationships or transactions relating
                to RFC or any
                Subservicer with respect to this Securitization Transaction and any
                party
                thereto of a type described in Item 1119 of Regulation AB.

              7.        
                Assignor hereby agrees to indemnify and hold the Assignee (and its
                successors
                and assigns) harmless against any and all claims, losses, penalties,
                fines,
                forfeitures, judgments and related reasonable costs, fees and expenses
                (including expert fees) 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 Assignment or the breach of any covenant
                of Assignor
                contained herein.

              8.        
                RFC hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”) has
                been appointed as the master servicer of the Mortgage Loans pursuant
                to the
                Pooling and Servicing Agreement, dated as of April 1, 2006, among
                SAMI II, the
                Assignee, the Master Servicer, Wells Fargo Bank, N.A. as securities
                administrator and the Assignor.  RFC shall deliver all reports required to
                be delivered under the Sale and Servicing Agreement to:

              Wells
                Fargo
                Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland21045
Attention:
                Client Manager Luminent Mortgage Trust 2006-3
Telecopier No.: (410)
                715-2380

              Recognition
                of
                Assignee

              9.        
                From and after the date hereof, RFC shall recognize Assignee as owner
                of the
                Mortgage Loans, and acknowledge that the Mortgage Loans will be part
                of a
                REMIC.  RFC will service the Mortgage Loans in accordance with the Sale and
                Servicing Agreement (as modified herein), 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, RFC and the Assignee that this
                Agreement shall
                be binding upon and for the benefit of the respective successors
                and assigns of
                the parties hereto.  None of RFC or the Assignor shall amend or agree to
                amend, modify, waiver, or otherwise alter any of the terms or provisions
                of the
                Sale and Servicing Agreement, which amendment, modification, waiver
                or other
                alteration would in any way affect the Mortgage Loans without the
                prior written
                consent of the Assignee.

              Modification of the Sale and
                Servicing
                Agreement

              10.      
                The Assignor and RFC hereby amend the Sale and Servicing Agreement
                as
                follows:

                         
                (a)        The following definitions shall be
                added to Section 1.01 of the Sale and Servicing Agreement:

              Master
                Servicer: Wells Fargo Bank, N.A. or any successor thereto.

              Pooling
                and Servicing Agreement:  That certain pooling and servicing agreement,
                dated as of April 1, 2006, among Structured Asset Mortgage Investments
                II Inc.,
                Maia Mortgage Finance Statutory Trust, HSBC Bank USA, National Association,
                as
                trustee, the Master Servicer and Wells Fargo Bank, N.A. as securities
                administrator.

                         
Subordinate Certificates:  Those certificates, designated
                Class
                I-B-IO and Class II-B-6, issued pursuant to the Pooling and Servicing
                Agreement.

              (b)       
The definition
                of Business Day in Section 1.01 of the Sale and Servicing
                Agreement is deleted in its entirety and replaced with the following:

              Business
                Day:
                Any day other than (i) a Saturday or a Sunday or (ii) a day on which
                banking
                institutions in the State of Minnesota, the State of Maryland, the
                State of
                California or the State of Illinois (or such other state or states
                in which the
                Custodial Account is at the time located) are required or authorized
                by law or
                executive order to be closed.

               (c)      
The following
                is added as clause (xi) to Section 3.07 of the Sale and Servicing
                Agreement:

              “(xi)     
to make payments
                to the holder of the entire interest in the most junior of
                Subordinate Certificates in the amounts and in the manner provided
                for in
                Section 3.12.”

              (d)       
The following
                shall be inserted as Section 3.12(c) of the Sale and Servicing
                Agreement:

              “(c)     
Notwithstanding
                anything in this Agreement to the contrary, for so long as the
                Master Servicer has not notified the Servicer that a real estate
                investment
                trust or one of its subsidiaries is no longer the holder of the entire
                interest
                in the most junior of the Subordinate Certificates (the “Securityholder”) and is
                no longer entitled to the rights described in this Section 3.12(c):

              (a)       
                The Servicer shall not commence foreclosure proceedings or any alternative
                to
                foreclosure pursuant to Section 3.12(a) with respect to a Mortgage
                Loan unless
                (i) no later than five Business Days prior to its commencement of
                such
                foreclosure proceedings or any alternative to foreclosure pursuant
                to Section
                3.12(a), it notifies the Master Servicer of its intention to do so,
                and (ii) the
                Securityholder, either directly or through the Master Servicer, does
                not, within
                such five-Business-Day period, affirmatively object to such action.

              (b)       
                In the event that the Servicer determines not to proceed with foreclosure
                proceedings or any alternative to foreclosure pursuant to Section
                3.12(a) with
                respect to a Mortgage Loan that becomes 60 days’ or more delinquent and the
                Servicer has determined that it is unable to collect payments due
                under such
                Mortgage Loan in accordance with Accepted Servicing Practices, the
                Servicer
                shall, prior to taking any action with respect to such Mortgage Loan,
                promptly
                provide the Master Servicer with notice of such determination and
                a description
                of such other action as it intends to take with respect to such Mortgage
                Loan;
                provided, that the Servicer shall not be permitted to proceed with
                any such
                action unless the Securityholder, either directly or through the
                Master
                Servicer, does not, within five Business Days following such notice,
                affirmatively object to the Servicer taking such action. 

              (c)       
                If the Holder of the entire interest in the most junior of Subordinate
                Certificates timely and affirmatively objects to an action or contemplated
                action of the Company pursuant to clause (a) or (b) above, then the
                Securityholder shall instruct the Master Servicer to hire three appraisal
                firms
                selected by the Master Servicer in its reasonable discretion, to
                compute the
                fair value of the Mortgaged Property securing the related Mortgage
                Loan
                utilizing the Fannie Mae Form 2055 Exterior-Only Inspection Residential
                Appraisal Report (each such appraisal-firm computation, a “Fair Value Price”),
                in each case no later than 30 days from the date of such Securityholder’s
                objection.  All costs relating to the computation of the Fair Value Prices
                shall be for the account of the Securityholder and shall be paid
                by the
                Securityholder at the time that such Mortgage Loan is purchased by
                the
                Securityholder.

                         
(i)         If the Master Servicer shall
                have received three Fair Value Prices by the end of such 30-day period,
                then the
                Securityholder shall, no later than five Business Days after the
                expiration of
                such 30-day period, purchase such Mortgage Loan for an amount equal
                to the
                lesser of (i) the unpaid principal balance of the related Mortgage
                Loan (the
“Unpaid Principal Balance”) and (ii) the average of such three Fair Value Prices
                respectively determined by such appraisal firms; and shall deliver
                such amount
                to the Servicer against the assignment of the related Mortgage Loan
                and the
                delivery of the related documents on the purchase date.

                         
(ii)        If the Master Servicer shall
                not
                have received three Fair Value Prices at the end of the 30-day period
                set forth
                in clause (c) above, then:

                         
(A)       If the Master Servicer shall
                have
                received only two Fair Value Prices at the end of such 30-day period,
                then the
                Master Servicer shall determine, in its reasonable discretion, the
                fair value of
                the Mortgaged Property and other collateral relating to such Mortgage
                Loan (such
                fair value, the “Master Servicer’s Fair Value Price”), and the Securityholder
                shall, no later than five Business Days after the expiration of such
                30-day
                period, purchase such Mortgage Loan for an amount equal to the least
                of (1) the
                Unpaid Principal Balance thereof, (2) the average of such Fair Value
                Prices
                determined by such appraisal firms and (3) the Master Servicer’s Fair Value
                Price; and shall deliver such amount to the Servicer against the
                assignment of
                the related Mortgage Loan and the delivery of the related documents
                on the
                purchase date.

                         
(B)       If the Master Servicer shall
                have
                received only one Fair Value Price by the end of such 30-day period,
                then the
                Master Servicer will determine the Master Servicer Fair Value Price
                of the
                Mortgaged Property related to such Mortgage Loan and the Securityholder
                shall,
                no later than five Business Days after the expiration of such 30-day
                period,
                purchase such Mortgage Loans for an amount equal to the least of
                (1) the Unpaid
                Principal Balance thereof, (2) the Fair Value Price determined by
                such appraisal
                firm and (3) the Master Servicer’s Fair Value Price; and shall deliver such
                amount to the Servicer against the assignment of the related Mortgage
                Loan and
                the delivery of the related documents on the purchase date.

                         
(C)       If the Master Servicer shall
                not have
                received any such Fair Value Prices by the end of such 30-day period,
                then the
                Master Servicer will determine the Master Servicer Fair Value Price
                of the
                Mortgaged Property related to such Mortgage Loan and the Securityholder
                shall,
                no later than five Business Days after the expiration of such 30-day
                period,
                purchase such Mortgage Loan for an amount equal to the lesser of
                (1) the Unpaid
                Principal Balance thereof and (2) the Master Servicer’s Fair Value Price; and
                shall deliver such amount to the Servicer against the assignment
                of the related
                Mortgage Loan and the delivery of the related documents on the purchase
                date.

                         
(D)       If the Master Servicer has not
                received
                three Fair Value Prices by the end of such 30-day period, it shall
                continue for
                the next 30 days to try to obtain three Fair Value Prices.  Upon the
                earlier of the date that it obtains the three Fair Value Prices,
                or the end of
                the 30-day extension, the Master Servicer shall recalculate the price
                payable
                pursuant to this Agreement and, within five Business Days thereafter,
                (i) the
                Securityholder shall pay the Servicer the positive difference between
                the
                recalculated purchase price, and the price actually paid by it, or
                (ii) the
                Servicer shall refund to the Securityholder the positive difference
                between the
                purchase price actually paid by the Securityholder, and the recalculated
                purchase price.

              (d)       
                Notwithstanding anything herein to the contrary, the Securityholder
                shall not be
                entitled to any of its rights set forth herein with respect to a
                Mortgage Loan
                following its failure to purchase such Mortgage Loan and the related
                Mortgaged
                Property, at the related purchase price set forth in this Section
                3.12(c) within
                the timeframe set forth in this Section 3.12(c) following such holder’s
                objection to an action of the Servicer, and the Servicer shall provide
                the
                Master Servicer written notice of such failure. 

              (e)       
                Any notice, confirmation, instruction or objection pursuant to paragraphs
                (a),
                (b) and (c) above may be delivered via facsimile or other written
                or electronic
                communication as the parties hereto and the holder of the entire
                interest in the
                most junior of the Subordinate Certificates may agree to from time
                to
                time.

              (f)        
                For the avoidance of doubt, the Securityholder’s rights set forth in this
                Section 3.12(c) are intended to provide the holder of such rights,
                for so long
                as it has not forfeited its right under this Section 3.12(c) as set
                forth in
                clause (d) above, with the unilateral right to control foreclosure
                decisions in
                respect of delinquent and defaulted Mortgage Loans, and certain exclusive
                purchase rights so as to better enable such holder to qualify for
                exemption
                under Section 3(c)(5)(C) of the Investment Company Act of 1940, as
                amended.

              (g)       
                The Securityholder as of the Closing Date is Minerva Mortgage Finance
                Corporation. Any notice delivered by such holder (or any other Securityholder),
                either directly or through the Master Servicer, shall be accompanied
                by an
                officer’s certificate of such holder certifying to the Servicer that it is
                the
                holder of the entire interest in the most junior of the Subordinate
                Certificates
                and shall attach thereto (A) if the Subordinate Certificate is registered
                in the
                name of a nominee of the Depository Trust Company, an account statement
                though
                the applicable broker-dealer or such other evidence as the Servicer
                shall
                reasonably request or (B) if the Subordinate Certificate is held
                in physical
                form, the trade confirmation with respect to such Subordinate Certificate
                or
                such other evidence as the Servicer shall reasonably request. For
                purposes of
                this Section 3.12(c), the Servicer shall be entitled to rely on any
                notice
                delivered by Minerva Mortgage Finance Corporation until a notice
                (together with
                an officer’s certificate and the supporting evidence of ownership set forth
                in
                the immediately preceding sentence) is delivered to the Servicer
                by any
                subsequent holder of the entire interest in the most junior of the
                Subordinate
                Certificates. 

              (h)       
                To the extent that the Securityholder purchases any Mortgage Loan
                pursuant to
                this Section 3.12(c), the Servicer will continue to service such
                Mortgage Loan
                in accordance with this Agreement if so requested by the holder.
                The parties
                acknowledge that, in such event, the Master Servicer will have no
                duty or
                responsibility to master service any such Mortgage Loan.”

              (e)       
                The following sentence is added to the end of Section 4.02 of the
Sale and
                Servicing Agreement: 

              “In addition,
                no later
                than the tenth (10th) calendar day of each month (or if such tenth
                day is not a
                Business Day, the Business Day immediately preceding such tenth day),
                the
                Company shall forward to the Master Servicer reports in the format
                set forth in
                Exhibit C, Exhibit D and Exhibit E (or in such other format that
                is mutually
                acceptable to the Company and the Master Servicer) to the Assignment,
                Assumption
                and Recognition Agreement, dated as of April 28, 2006, among among
                Maia, RFC and
                HSBC Bank USA, National Association, with respect to defaulted Mortgage
                Loans
                and realized loss calculations, respectively.”

              (f)        
                The words “of at least 10% of the pool assets in a Securitization Transaction
                or
                sub-pool thereof” shall be deleted from the first sentence in Section 2.03(e) of
                Exhibit H to the Sale and Servicing Agreement.

              (g)       
                Section 2.03(h) of Exhibit H to the Sale and Servicing Agreement
                is deleted in
                its entirety.

              (h)       
                Sections 2.03(e), 2.03(f) and 2.03(g) of Exhibit H to the Sale and
                Servicing
                Agreement are renumbered as Sections 2.03(f), 2.03(g) and 2.03(h)

              (i)        
                The following is added as a new Section 2.03(e) to the Sale and Servicing
                Agreement:

              “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 subsection (D) of Section 2.03(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 and any
                Depositor a
                description of such proceedings, affiliations or relationships.

              Each
                such
                notice/update should also be sent to EMC by e-mail to
                regABnotifications@bear.com. Additionally, all notifications pursuant
                to this
                Section 2.03(e), other than those pursuant to Section 2.03(e)(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(e)(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”

              (j)        
                Section 2.04 of Exhibit H to the Sale and Servicing Agreement is
                amended by
                replacing the words “March 15” with the words “March 1”.

              (k)       
                Section 2.05 of Exhibit H to the Sale and Servicing Agreement is
                amended by
                replacing the words “March 15” with the words “March 1”.

              (l)        
                Section 2.07 of Exhibit H to the Sale and Servicing Agreementis deleted
                in its
                entirety and replaced with the following:

              (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 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-l4(d) or Rule 15d-l4(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, a “Purchaser Indemnified Party”), and shall hold each of them harmless
                from and against any losses, damages, penalties, fines, forfeitures,
                reasonable
                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, accountant’s letter or other material provided in
                written or electronic form under this Article II by or on behalf
                of the Company,
                or provided under this Article II by or on behalf of any Subservicer or
                Subcontractor (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 II, including particularly any
                failure by the
                Company, any Subservicer or any Subcontractor 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 gross negligence,
                bad faith or
                willful misfeasance in the performance of the Company’s duties, or by reason of
                reckless disregard of obligations and duties, under this Article
                II; 

              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-l4(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 under Regulation AB by the Company, any Subservicer or any
                Subcontractor.  

              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 or any Subcontractor 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
                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 any
                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 (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 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 (except as provided below)
                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 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, any Master Servicer nor any
                Depositor shall be entitled to terminate the rights and obligations
                of the
                Company pursuant to this subparagraph (b)(ii) 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.  

              (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.

              (m)      
The following
                is added as a new Section 2.10 to the Sale and Servicing
                Agreement:

              “Section
                2.10. 
Third Party Beneficiary.  For the purpose of this Article II and any
                related provisions thereto, each Master Servicer shall be considered
                a
                third-party beneficiary of this Agreement, entitled to all rights
                and benefits
                hereof as if it were a direct party to this Agreement.”

              11.      
                Notice Addresses.

              If to the Assignee:

               

              HSBC Bank USA,
                National
                Association

              452
                Fifth Avenue

              New York, New York
                10018

              Attention: Corporate
                Trust
& Loan Agency/Luminent 2006-3

               

              If to the Assignor:

               

              Maia
                Mortgage Finance Statutory Trust

              One Market Street

              SpearTower, 30th Floor

              San Francisco, California94105

              Attention: Christopher J. Zyda 

               

              with a copy to:

               

              One Commerce Square

              2005 Market Street, Suite 2100

              Philadelphia, Pennsylvania19103

              Attention: Megan Mahoney

               

              If to RFC:

               

              Residential Funding Corporation

              8400 Normandale Lake Boulevard, Suite
                600

              Bloomington, Minnesota 55437

               

              12.      
                In addition, RFC hereby acknowledges that from and after the date
                hereof, the
                Mortgage Loans will be subject to the Pooling and Servicing Agreement
                pursuant
                to which the Master Servicer has the right to enforce all obligations
                of RFC as
                they related to the Mortgage Loans, under the Sale and Servicing
                Agreement (as
                modified herein).  Such right will include, without limitation, the right
                to terminate RFC under the Sale and Servicing Agreement upon the
                occurrence of
                an event of default thereunder, the right to receive all remittances
                required to
                be made by RFC under the Sale and Servicing Agreement, the right
                to receive all
                monthly reports and other data required to be delivered by RFC under
                the Sale
                and Servicing Agreement, the right to examine the books and records
                of RFC,
                indemnification rights, and the right to exercise certain rights
                of consent and
                approval relating to actions taken by RFC.  RFC shall make all
                distributions under the Sale and Servicing Agreement, as they relate
                to the
                Mortgage Loans, to the Master Servicer by wire transfer of immediately
                available
                funds to:

                         

              Luminent
                Mortgage Trust 2006-3 Master Servicer Collection Account
Wells Fargo Bank,
                N.A.
ABA# 121000248
Account Name: SAS Clearing 
Account #
                3970771416
For Further Credit to: Luminent Mortgage Trust 2006-3, Account
                #
                50914800

              13.      
                (a)        RFC shall indemnify the Assignor,
                each affiliate of the Assignor and Luminent Mortgage Capital, Inc.,
                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 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; Bear, Stearns
& Co.
                Inc. (“Bear Stearns”), each Person who controls Bear Stearns or SAMI II (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 of SAMI II (each, an “RFC Indemnified
                Party”), 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, data or other material
                provided under
                the Regulation AB Compliance Addendum, dated as of March 30, 2006,
                by and
                between Luminent Mortgage Capital, Inc., Maia Mortgage Finance Statutory
                Trust,
                the Assignor and RFC (the “Reg AB Addendum”) by or on behalf of RFC, or provided
                under the Reg AB Addendum by or on behalf of any Subservicer or Subcontractor
                (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 RFC of its obligations under the Reg AB Addendum, including
                particularly any failure by RFC, any Subservicer or any Subcontractor
                to deliver
                any information, report, certification, accountants’ letter or other material
                when and as required under the Reg AB Addendum including any failure
                by RFC to
                identify pursuant to Section 2.06(b) of the Regulation AB Addendum
                any
                Subcontractor “participating in the servicing function” within the meaning of
                Item 1122 of Regulation AB;

              (iii)      
                any breach by RFC of a representation or warranty set forth in Section
                2.02(a)
                of the Regulation AB Addendum or in a writing furnished pursuant
                to Section
                2.02(b) of the Regulation AB Addendum 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 RFC of a representation
                or
                warranty in a writing furnished pursuant to Section 2.02(b) of the
                Regulation AB
                Addendum to the extent made as of a date subsequent to such closing
                date; or

              (iv)      
                the gross negligence, bad faith or willful misfeasance in the performance
                of
                RFC’s duties, or by reason of reckless disregard of obligations and duties,
                under the Reg AB Addendum; 

              provided,
                however, that in no event, other than with respect to any indemnification
                obligations of RFC relating to any Company Information provided by
                RFC for
                inclusion in the any prospectus, prospectus supplement, or any private
                placement
                memorandum, or in any amendment or supplement thereto, in a Securitization
                Transaction, will RFC be liable for any consequential or punitive
                damages
                pursuant to the Reg AB Addendum, even if advised of the possibility
                of such
                damages. 

              The
                Assignor shall indemnify RFC, each Person who controls RFC (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, a “Assignor Indemnified Party;”
together with the RFC Indemnified Parties, the “Indemnified Parties”), and shall
                hold each of them harmless from and against any losses, damages,
                penalties,
                fines, forfeitures, reasonable legal fees and expenses and related
                costs,
                judgments, and any other reasonable costs, fees and expenses that
                any of them
                may sustain arising out of or based upon any untrue statement contained
                or
                alleged to be contained in any filing with the Commission or the
                omission or
                alleged omission to state in any filing with the Commission a material
                fact
                required to be stated or necessary to be stated in order to make
                the statements
                therein, in the light of the circumstances under which they were
                made, not
                misleading, in each case to the extent, but only to the extent, that
                such untrue
                statement, alleged untrue statement, omission, or alleged omission
                arose out of
                or was based upon any information or statement provided by the Assignor
                in a
                filing with the Commission. 

              If
                the indemnification provided for herein is unavailable or insufficient
                to hold
                harmless an Indemnified Party, then RFC 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 RFC on the other. 

              In
                the case of any failure of performance described in clause (a)(ii)
                of Section
                2.07 of the Reg AB Addendum, RFC shall promptly reimburse Maia, SAMI
                II 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 under Regulation AB by RFC, any
                Subservicer
                or any Subcontractor. 

              This
                indemnification shall survive the termination of this Assignment
                or the
                termination of any party to this Assignment.

              (b)       
                (i) Any failure by RFC, any Subservicer or any Subcontractor to deliver
                any
                information, report, certification, accountants’ letter or other material when
                and as required under the Reg AB Addendum, or any breach by RFC of
                a
                representation or warranty set forth in Section 2.02(a) of the Regulation
                AB
                Addendum or in a writing furnished pursuant to Section 2.02(b) of
                the Regulation
                AB Addendum 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 RFC of a representation or warranty
                in a writing
                furnished pursuant to Section 2.02(b) of the Regulation AB Addendum
                to the
                extent made as of a date subsequent to such closing date, shall immediately
                and
                automatically, without notice or grace period, constitute an Event
                of Default
                with respect to RFC under the Agreements and any applicable Reconstitution
                Agreement, and shall entitle the Assignor or SAMI II, in its sole
                discretion to
                terminate the rights and obligations of RFC as servicer under the
                Agreements
                and/or any applicable Reconstitution Agreement without payment (notwithstanding
                anything in the Reg AB Addendum or any applicable Reconstitution
                Agreement to
                the contrary) of any compensation to RFC (and if RFC 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 the
                Agreements
                and/or any applicable Reconstitution Agreement expressly provides
                for the
                survival of certain rights or obligations following termination of
                RFC as
                servicer, such provision shall be given effect. Neither the Assignor,
                the Master
                Servicer nor SAMI II shall be entitled to terminate the rights and
                obligations
                of RFC pursuant to this subparagraph (b)(i) if a failure of RFC 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.

              (ii)       
                RFC shall promptly reimburse the Assignor (or any designee of the
                Assignor, such
                as a master servicer) and SAMI II, for all reasonable expenses incurred
                by the
                Assignor (or such designee) or SAMI II, as such are incurred, in
                connection with
                the termination of RFC 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 Assignor or SAMI II may have under other provisions
                of the
                Agreements 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.

              14.      
                The Assignor and Luminent will have the continuing right, upon reasonable
                notice, to access RFC’s files with respect to the Mortgage Loans, including
                related books and records.  In addition, the Assignor and Luminent will
                have the continuing right to receive RFC’s reports (including the mortgage loan
                tape) with respect to the Mortgage Loans.

              15.      
                A copy of all assessments, attestations, reports and certifications
                required to
                be delivered by RFC under the Agreements shall be delivered to the
                Master
                Servicer by the date specified therein, and where such documents
                are required to
                be addressed to any party, such addressees shall include the Master
                Servicer and
                the Master Servicer shall be entitled to rely on such documents.

              16.      
                This Assignment shall be governed by and construed in accordance
                with the laws
                of the State of New York, without reference to its conflict of laws
                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.

              17.      
                From and after the date hereof, RFC, as servicer shall recognize
                the Assignee as
                the owner of the Mortgage Loans, and RFC will service the Mortgage
                Loans in
                accordance with the Sale and Servicing Agreement for the benefit
                of the
                Assignee, and shall look solely to the Assignee for performance of
                the
                obligations of Purchaser under the Sale and Servicing Agreement with
                respect to
                the Mortgage Loans.  From and after the date hereof, the Assignee shall
                recognize RFC as the seller and RFC as the servicer of the Mortgage
                Loans, and
                shall look solely to RFC for performance of the obligations of the
                Seller under
                the Sale and Servicing Agreement with respect to the Mortgage Loans.

              18.      
                This Assignment shall inure to the benefit of the successors and
                assigns of the
                parties hereto.  Any entity into which RFC, the Assignor or the Assignee
                may be merged or consolidated shall, without the requirement for
                any further
                writing, be deemed RFC, the Assignor or the Assignee, respectively,
                hereunder.  

              19.      
                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.

              20.      
                This Assignment shall survive the conveyance of the Mortgage Loans
                and the
                assignment of the Sale and Servicing Agreement to the extent of the
                Mortgage
                Loans by the Assignor to the Assignee and the termination of the
                Sale and
                Servicing Agreement.

              21.      
                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.

               

              [SIGNATURES
                ON FOLLOWING PAGE]

            

            
                         
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.

               

              	
                      MAIA
                        MORTGAGE FINANCE STATUTORY TRUST,

                      the
                        Assignor

                    	
                      HSBC
                        BANK USA, NATIONAL ASSOCIATION, not individually but solely
                        as the trustee
                        for holders of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
                        Certificates, Series 2006-3,

                    
	
                       

                    	
                      the
                        Assignee

                    
	
                      By:                                                      
                        

                    	
                      By:                                                      
                                   
                        

                    
	
                      Name:                                                      
                        

                    	
                      Name:                                                                  
                        

                    
	
                      Title:                                                    
                        

                       

                    	
                      Title:                                                                   
                        

                       

                    
	
                      RESIDENTIAL
                        FUNDING CORPORATION

                       

                    	
                      STRUCTURED
                        ASSET MORTGAGE 

                      INVESTMENTS
                        II INC.

                       

                    
	
                       

                    	
                       

                    
	
                      By:                                                      
                        

                    	
                      By:     
                                                                       
                                   
                        

                    
	
                      Name:                                                 
                        

                    	
                      Name: 
                                   
                         
                                                         
                                   
                        

                    
	
                      Title:                                                    
                        

                    	
                      Title:   
                                                                       
                                   
                        

                    
	
                       

                    	
                       

                    

              Acknowledged
                and Agreed

              	
                      WELLS
                        FARGO BANK, 

                      N.A.

                       

                    
	
                      By:                                                      
                        

                    
	
                      Name: 
                         
                                             
                                               
                        

                    
	
                      Title:    
                         
                                                         
                                   
                        

                    

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            Exhibit
              A:

            Mortgage
              Loan
              Schedule

            [Provided
              upon request]

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            Exhibit
              B:

            1.   Standard Terms and Provisions
              of Sale and Servicing Agreement, dated as of March 30, 2006;

            2.  Reference
              Agreement, dated as of March 30, 2006. 

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            

            Exhibit
              C

            
              	
                      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

            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 (   ).

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            
 

            Exhibit
              3A: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:Escrow Disbursement Detail

             

            
            

            
              	
                      (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__________________________

                    	
                       

                    	
                      ________________

                    	
                       

                    
	
                      HOA/Condo
                        Fees_______________________

                    	
                       

                    	
                      ________________

                    	
                       

                    
	
                      ______________________________________

                    	
                       

                    	
                      ________________

                    	
                       

                    
	
                      ______________________________________

                    	
                       

                    	
                      ________________

                    	
                       

                    
	
                      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)

                    
	
                      _________________________________________

                    	
                       

                    	
                      _________________

                    	
                       

                    
	
                      _________________________________________

                    	
                       

                    	
                      _________________

                    	
                       

                    
	
                      Total
                        Credits

                    	
                       $________________

                    	
                       

                    	
                      (22)

                    
	
                      Total
                        Realized Loss (or Amount of Gain)

                    	
                       $________________

                    	
                       

                    	
                      (23)

                    

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

               

            

            
              	
                      Type

                      (Tax
                        /Ins.)

                    	
                      Date
                        Paid

                    	
                      Period
                        of Coverage

                    	
                      Total
                        Paid

                    	
                      Base
                        Amount

                    	
                      Penalties

                    	
                      Interest

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    	
                       

                    

            

             

            Exhibit
              E

            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 Reson 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

                    

            

          

           

          
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        

          This
            AMENDMENT No. 1 (the “Amendment”) is made this 14th
            day of
            July, 2006, by and among Maia Mortgage Finance Statutory Trust (the “Assignor”),
            HSBC Bank USA, National Association, not individually but solely as trustee
            for
            holders of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
            Series 2006-3 (the “Assignee”) and Residential Funding Corporation (“RFC”), to
            the Assignment, Assumption and Recognition Agreement dated as of April
            28, 2006
            (the “AAR Agreement”), by and among the Assignor, the Assignee and
            RFC.

           

          WHEREAS,
            the Assignor, the Assignee and RFC desire to amend the AAR Agreement
            as set
            forth herein.

           

          NOW,
            THEREFORE, for good and valuable consideration, the receipt and sufficiency
            of
            which are hereby acknowledged, the parties hereto hereby agrees as
            follows:

           

          SECTION
            1.  Defined
            Terms.
            Unless
            otherwise amended by the terms of this Amendment, terms used in this
            Amendment
            shall have the meanings assigned in the AAR Agreement.

           

          SECTION
            2.  Amendment.
            Effective as of April 28, 2006 the AAR Agreement is hereby amended as
            follows:

          

          The
            second Section 10(g) of the AAR Agreement is hereby deleted in its entirety
            and
            replaced with the following:

           

          (g) The
            following sentence is added to the end of Section 4.02 of the Sale and
            Servicing
            Agreement: 

          

          “In
            addition, no later than the fifteenth (15th)
            calendar day of each month (or if such fifteenth day is not a Business
            Day, the
            Business Day immediately preceding such fifteenth day), the Company shall
            forward to the Master Servicer reports in the format set forth in Exhibit
            C,
            Exhibit D and Exhibit E (or in such other format that is mutually acceptable
            to
            the Company and the Master Servicer) to the Assignment, Assumption and
            Recognition Agreement, dated as of April 28, 2006, among among Maia,
            RFC and
            HSBC Bank USA, National Association, with respect to defaulted Mortgage
            Loans
            and realized loss calculations, respectively.”

           

          SECTION
            3. Effect
            of Amendment.
            Upon
            execution of this Amendment, the AAR Agreement shall be, and be deemed
            to be,
            modified and amended in accordance herewith and the respective rights,
            limitations, obligations, duties, liabilities and immunities of the Assignor,
            the Assignee and RFC shall hereafter be determined, exercised and enforced
            subject in all respects to such modifications and amendments, and all
            the terms
            and conditions of this Amendment shall be deemed to be part of the terms
            and
            conditions of the AAR Agreement for any and all purposes. Except as modified
            and
            expressly amended by this Amendment, the AAR Agreement is in all respects
            ratified and confirmed, and all the terms, provisions and conditions
            thereof
            shall be and remain in full force and effect.

           

          SECTION
            4. Binding
            Effect.
            The
            provisions of this Amendment shall be binding upon and inure to the benefit
            of
            the respective successors and assigns of the parties hereto, and all
            such
            provisions shall inure to the benefit of the Assignor, the Assignee and
            RFC.

           

          SECTION
            5. Severability
            of Provisions.
            If any
            one or more of the provisions or terms of this Amendment shall be for
            any reason
            whatsoever held invalid, then such provisions or terms shall be deemed
            severable
            from the remaining provisions or terms of this Amendment and shall in
            no way
            affect the validity or enforceability of the other provisions or terms
            of this
            Amendment.

           

          SECTION
            6. Section
            Headings.
            The
            section headings herein are for convenience of reference only, and shall
            not
            limit or otherwise affect the meaning hereof.

           

          SECTION
            7.  Execution
            in Counterparts. This
            Amendment may be executed by the parties hereto in several counterparts,
            each of
            which shall be executed by the parties hereto and be deemed an original
            and all
            of which shall constitute together by one and the same agreement.

           

          SECTION
            8.  Governing
            Law. THIS
            AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
            OF NEW
            YORK, WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS,
            RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
            WITH THE LAWS OF THE STATE OF NEW YORK.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          IN
            WITNESS WHEREOF, the parties have caused this Amendment to the AAR Agreement
            to
            be executed by their respective officers thereunto duly authorized as
            of the day
            and year first above written.

           

          
            	
                    MAIA
                      MORTGAGE FINANCE STATUTORY TRUST,

                    the
                      Assignor

                  	 	
                    HSBC
                      BANK USA, NATIONAL ASSOCIATION, not individually but solely
                      as the trustee
                      for holders of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
                      Certificates, Series 2006-3,

                    
                      the
                        Assignee

                    

                  
	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	
                    

                  	 	Name:	
                    

                  
	
                    Title:

                  	
                    

                  	 	
                    Title:

                  	
                    

                  
	 	
                    

                  	 	 	
                    
 

          

           

          
            
              	
                      MAIA
                        MORTGAGE FINANCE STATUTORY TRUST,

                      the
                        Assignor

                    	 	
                      
                        STRUCTURED
                          ASSET MORTGAGE 

                        INVESTMENTS
                          II INC.

                      

                    
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	
                      

                    	 	Name:	
                      

                    
	
                      Title:

                    	
                      

                    	 	
                      Title:

                    	
                      

                    
	 	
                      

                    	
                    	
                    	
                      
 

            

             

          

          Acknowledged
            and Agreed

          
             

            
              
                	
                        
                          WELLS
                            FARGO BANK, 

                          N.A.

                        

                      	 	
                        
                           

                        

                      
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	
                        

                      	 	 	
                      
	
                        Title:

                      	
                        

                      	 	
                         

                      	 
	 	
                        

                      	 	 	 

              

               

            

          

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        EXHIBIT
          R-5

         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

        
           

          
            THIS
              ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (the “Assignment
              and Assumption Agreement”), dated as of April 27, 2006, among Maia Mortgage
              Finance Statutory Trust (the “Assignor”), HSBC Bank USA, National Association,
              not individually but solely as trustee for the holders of Luminent
              Mortgage
              Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3 (the
“Assignee”)
              and Wells Fargo Bank, N.A. (the “Company”).

             

            Whereas
              the Assignor and American Mortgage Network, Inc. entered into that
              certain
              Mortgage Loan Sale Agreement dated as of April 25, 2006 (the “Sales
              Agreement”);

             

            Whereas
              the Company has agreed to service certain mortgage loans listed on
              Exhibit A
              hereto (the “Mortgage Loans”); and

             

            Whereas
              the Assignor and the Company entered into that certain Servicing Agreement
              dated
              as of April 25, 2006 (the “Servicing Agreement” or the “Agreement”), pursuant to
              which the Company hereby agrees to service the Mortgage Loans. 

             

            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 Mortgage Loans
              shall be
              subject to the terms of this Assignment and Assumption Agreement. Capitalized
              terms used herein but not otherwise defined shall have the meanings
              assigned to
              them in the Servicing Agreement.

             

            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 in, to and under
              (a) the
              Mortgage Loans and (b) the Servicing Agreement with respect to the
              Mortgage
              Loans; provided, however, that the Assignor is not assigning to the
              Assignee any
              of its right, title and interest, to and under the Servicing Agreement
              with
              respect to any mortgage loan other than the Mortgage Loans listed on
              Exhibit
              A.
              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 Servicing Agreement or otherwise relating to the transaction
              contemplated herein (including, but not limited to, any obligation
              to indemnify
              the Assignee).

             

            Representations
              Warranties and Covenants

             

            2. The
              Assignor warrants and represents to, and covenants with, the Assignee
              that as of
              the date hereof:

             

            
              	 	
                      (a)

                    	
                      Attached
                        hereto as Exhibit
                        B
                        is
                        a true and accurate copy of the Servicing Agreement, which
                        agreement is in
                        full force and effect as of the date hereof and the provisions
                        of which
                        have not been waived, further amended or modified in any
                        respect, nor has
                        any notice of termination been given
                        thereunder;

                    

            

             

            
              	 	
                      (b)

                    	
                      To
                        the extent that the Assignor acquired good title to each
                        and every
                        Mortgage Loan, and all interests, rights and obligations
                        under the Sales
                        Agreement as they relate to the Mortgage Loans, the Assignor
                        is 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
                        Servicing Agreement as they relate to the Mortgage Loans,
                        free and clear
                        from any and all liens, claims and encumbrances; and upon
                        the transfer of
                        the Mortgage Loans to the Assignee as contemplated herein,
                        Assignee shall
                        have good title to each and every Mortgage Loan, as well
                        as any and all of
                        the Assignor’s interests and rights under the Servicing Agreement 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 Servicing
                        Agreement;

                    

            

             

            
              	 	
                      (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 formation, and has all
                        requisite power
                        and authority to acquire, own and sell the Mortgage
                        Loans;

                    

            

             

            
              	 	
                      (f)

                    	
                      The
                        Assignor has full entity 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 will not conflict with, or
                        result in a
                        breach of, any of the terms, conditions or provisions of
                        the Assignor’s
                        articles of formation or trust agreement 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 the Assignor
                        of this
                        Assignment and the consummation by it of the transactions
                        contemplated
                        hereby, have been duly authorized by all necessary entity
                        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 and Assumption
                        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 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
                        or caused to be
                        delivered to the Assignee, all documents required to be delivered
                        to the
                        Assignor by the Company prior to the date hereof pursuant
                        to the Servicing
                        Agreement with respect to the Mortgage Loans and has not
                        received, and has
                        not requested from the Company, any additional documents.
                        

                    

            

             

            3. The
              Assignee warrants and represents to, and covenants with, 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
                        Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
                        Series
                        2006-3;

                    

            

             

            
              	 	
                      (b)

                    	
                      The
                        Assignee has full corporate power and authority to execute,
                        deliver and
                        perform under this Assignment and Assumption Agreement, and
                        to consummate
                        the transactions set forth herein. The consummation of the
                        transactions
                        contemplated by this Assignment and Assumption 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
                        Assignment and Assumption 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
                        Assignment and
                        Assumption Agreement 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 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 Assignment and Assumption
                        Agreement,
                        or the consummation by it of the transactions contemplated
                        hereby;
                        and

                    

            

             

            
              	 	
                      (d)

                    	
                      The
                        Assignee assumes all of the rights of the Owner under the
                        Servicing
                        Agreement with respect to the Mortgage Loans other than the
                        right to
                        enforce the obligations of the Company under the Servicing
                        Agreement.

                    

            

             

            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
                        is
                        a true and accurate copy of the Servicing Agreement, which
                        agreement is in
                        full force and effect as of the date hereof and the provisions
                        of which
                        have not been waived, further amended or modified in any
                        respect, nor has
                        any notice of termination been given
                        thereunder;

                    

            

             

            
              	 	
                      (b)

                    	
                      The
                        Company 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 service the Mortgage Loans
                        and otherwise
                        to perform its obligations under the Servicing
                        Agreement;

                    

            

             

            
              	 	
                      (c)

                    	
                      The
                        Company has full power and authority to execute, deliver
                        and perform its
                        obligations under this Assignment and Assumption Agreement,
                        and to
                        consummate the transactions set forth herein. The consummation
                        of the
                        transactions contemplated by this Assignment and Assumption
                        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
                        Assignment and Assumption Agreement and the consummation
                        by it of the
                        transactions contemplated hereby, have been duly authorized
                        by all
                        necessary action on part of the Company. This Assignment
                        and Assumption
                        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 Company,
                        enforceable against the Company in accordance with its terms
                        except as
                        enforceability may be limited by the effect of insolvency,
                        liquidation,
                        conservatorship and other similar laws administered by the
                        Federal Deposit
                        Insurance Corporation affecting the enforcement of contract
                        obligations of
                        insured banks and subject to the application of the rules
                        of
                        equity;

                    

            

             

            
              	 	
                      (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 Assignment and Assumption
                        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 Servicing Agreement in favor of the Assignee with respect
                        to the
                        Mortgage Loans separate from the Custodial Account and Escrow
                        Account
                        previously established under the Servicing Agreement in favor
                        of Assignor;
                        and

                    

            

             

            
              	 	
                      (f)

                    	
                      The
                        Company hereby restates the representations and warranties
                        set forth in
                        Section 3.01 of the Servicing Agreement with respect to the
                        Company as of
                        the date hereof. 

                    

            

             

            5. The
              Company warrants and represents to, and covenants with, the Assignor
              and
              Structured Asset Mortgage Investments II Inc. (“SAMI II”) as of the date
              hereof:

             

            
              	 	
                      (a)

                    	
                      The
                        Company is not aware of, 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 Servicing
                        Agreement and
                        this Assignment and Assumption Agreement 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 Servicing Agreement and this Assignment
                        and
                        Assumption 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.

                    

            

             

            6. Assignor
              hereby agrees to indemnify and hold the Assignee (and its successors
              and
              assigns) harmless against any and all claims, losses, penalties, fines,
              forfeitures, judgments and related reasonable costs, fees and expenses
              (including expert fees) 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 Assignment and Assumption Agreement or the
              breach of
              any covenant of the Assignor contained herein.

             

            7. The
              Company hereby acknowledges that Wells Fargo Bank, N.A. 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 April
              1, 2006 the “Pooling and Servicing Agreement”), among SAMI II, the Assignor, the
              Assignee, the Master Servicer and Wells Fargo Bank, N.A. as securities
              administrator, and therefore has the right to enforce all obligations
              of the
              Company under the Servicing Agreement. Such right will include, without
              limitation, the right to receive all remittances required to be made
              by the
              Company under the Servicing Agreement, the right to receive all monthly
              reports
              and other data required to be delivered by the Company under the 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 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 Servicing
              Agreement
              and the Master Servicer or Assignee, as applicable, shall have the
              right to
              terminate the Company as servicer under the Servicing Agreement upon
              the
              occurrence of such an event of default.

             

            8. Notwithstanding
              any term hereof to the contrary, the execution and delivery of this
              Assignment
              and Assumption Agreement by the Assignee is solely in its capacity
              as trustee
              for Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
              Series
              2006-3 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
              Assignment
              and Assumption Agreement shall be limited solely to the assets it may
              hold as
              trustee of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through Certificates,
              Series 2006-3.

             

            Recognition
              of Assignee

             

            9. From
              and
              after the date hereof, Company shall recognize Assignee as owner of
              the Mortgage
              Loans and will service the Mortgage Loans for Assignee as if Assignee
              and
              Company had entered into a separate servicing agreement for the servicing
              of the
              Mortgage Loans in the form of the Servicing Agreement (as modified
              herein), the
              terms of which are incorporated herein by reference. Notwithstanding
              anything to
              the contrary contained herein or in the Servicing Agreement, Company
              acknowledges that the Mortgage Loans will be part of a REMIC and hereby
              agrees
              that in no event will it service the Mortgage Loans 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 Assignment and
              Assumption
              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 Servicing Agreement which amendment, modification, waiver or
              other
              alteration would in any way affect the Mortgage Loans without the prior
              written
              consent of Assignee.

             

            Modification
              of the Servicing
              Agreement

             

            10. The
              Company and Assignor hereby amend the Servicing Agreement as
              follows:

             

            
              	 	
                      (a)

                    	
                      The
                        following definitions shall be added to Article I of the
                        Servicing
                        Agreement: 

                    

            

             

            Controlling
              Class Holder:
              At any
              time, the beneficial holder of a majority in principal  amount
              of
              the most subordinate class of the Subordinate Certificates outstanding
              at such
 time.
               

             

            
              Poolingand
                Servicing Agreement:
                That
                certain pooling and servicing agreement, dated  as
                of
                April 1, 2006, among Structured Asset Mortgage Investments II Inc.,
                Maia, HSBC
 Bank
                USA,
                National Association, as trustee, the Master Servicer and Wells Fargo
                Bank,
 N.A.
                as
                securities administrator.

            

             

            Subordinate
              Certificates:
              Those
              certificates, designated Class I-B-IO and Class II-B-6, issued pursuant
              to the
              Pooling and Servicing Agreement.

             

             

            
              	 	

                      (b)

                    	

                      The
                        second and third sentences of the first paragraph of Section
                        4.02 of the
                        Servicing Agreement shall be modified by deleting the words
“commence
                        foreclosure proceedings. In the event the Owner” and replacing them with
                        “provide written notice to the Master Servicer that the Servicer
                        intends
                        to proceed with foreclosure. In the event the Controlling
                        Class Holder,
                        through the Master Servicer,”. 

                    

              	 	 	 

              	 	
                      (c)

                    	
                      Section
                        9.01(g)(iii) of the Servicing Agreement is hereby deleted
                        in its entirety
                        and replaced with the following:

                    

            

             

            “(iii)
              In
              addition to such information as the Servicer, as servicer, is obligated
              to
              provide pursuant to other provisions of this Agreement, if so requested
              by the
              Owner or any Depositor, the Servicer 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. 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 (10) Business
              Days
              following request.”

             

            
              	 	
                      (d)

                    	
                      The
                        following
                        is
                        added after the first paragraph of Section 4.02 of the Servicing
                        Agreement:

                    

            

             

            Notwithstanding
              anything in this Agreement to the contrary, for so long as the Master
              Servicer
              has not notified the Servicer that the majority holder of the most
              junior of the
              subordinate certificates is no longer entitled to the rights described
              herein:

             

            (a) The
              Servicer shall not commence foreclosure proceedings or any alternative
              to
              foreclosure proceedings with respect to a Mortgage Loan unless (i)
              no later than
              three (3) Business Days prior to its commencement of such foreclosure
              proceedings or any such alternative to foreclosure proceedings, it
              notifies the
              Master Servicer (via email) of its intention to do so, and (ii) unless
              the
              majority holder of the most junior of the subordinate certificates,
              through the
              Master Servicer, does not, within such three (3)-Business-Day period,
              affirmatively object to such action provided that the date of such
              notice shall
              be deemed to have occurred on the date the Controlling Class Holder
              provides
              such notice to the Master Servicer, without regard to the date the
              Servicer
              actually receives such notice.

             

            (b) In
              the
              event that the Servicer determines not to proceed with foreclosure
              proceedings
              or any alternative to foreclosure proceedings with respect to a Mortgage
              Loan
              that becomes ninety (90) days’ or more delinquent and the Servicer has
              determined that it is unable to collect payments due under such Mortgage
              Loan in
              accordance with Accepted Servicing Practices, the Servicer shall, prior
              to
              taking any action with respect to such Mortgage Loan, promptly provide
              the
              Master Servicer with notice (via confirmed email) of such determination
              and a
              description of such other action as it intends to take with respect
              to such
              Mortgage Loan; provided, that the Servicer shall not be permitted to
              proceed
              with any such action unless the majority holder of the most junior
              of the
              subordinate certificates, through the Master Servicer, does not, within
              three
              (3) Business Days following such notice, affirmatively object to the
              Servicer
              taking such action.

             

            (c) If
              the
              majority holder of the most junior of the subordinate certificates
              timely and
              affirmatively objects to an action or contemplated action of the Servicer
              pursuant to either (a) or (b) above, then the majority holder of the
              most junior
              of the subordinate certificates shall instruct the Master Servicer
              to hire, at
              the majority holder’s of the most junior of the subordinate certificates sole
              cost and expense, three appraisal firms, selected by the Master Servicer
              in its
              sole and absolute discretion from the list of appraisal firms provided
              to the
              Master Servicer by the Owner or its designee, to compute the fair value
              of the
              Mortgaged Property relating to the related Mortgage Loan utilizing
              the Fannie
              Mae Form 2055 Exterior-Only Inspection Residential Appraisal Report
              (each such
              appraisal-firm computation, a “Fair Value Price”), in each case (other than as
              set forth in (d) below) no later than 30 days from the date of such
              majority
              holder of the most junior of the subordinate certificates objection.
              All costs
              relating to the computation of the related Fair Value Prices shall
              be for the
              account of the majority holder of the most junior of the subordinate
              certificates and shall be paid by the majority holder of the most junior
              of the
              subordinate certificates at the time of such Mortgage Loan and the
              related
              Mortgaged Property are purchased by the majority holder of the most
              junior of
              the subordinate certificates.

             

            (i) If
              the
              Master Servicer shall have received three Fair Value Prices by the
              end of such
              30-day period, then the majority holder of the most junior of the subordinate
              certificates shall, no later than five Business Days after the expiration
              of
              such 30-day period, purchase such Mortgage Loan for an amount equal
              to the
              lesser of (i) the unpaid principal balance of the related Mortgage
              Loan (the
“Unpaid Principal Balance”) and (ii) the average of such three Fair Value Prices
              respectively determined by such appraisal firms; and shall deliver
              such amount
              to the Servicer against the assignment of the related Mortgage Loan
              and the
              delivery of the related documents on the purchase date.

             

            (ii) If
              the
              Master Servicer shall not have received three Fair Value Prices by
              the end of
              the 30-day period set forth in clause (1)(c) above, then:

             

            (A) If
              the
              Master Servicer shall have received only two Fair Value Prices by the
              end of
              such 30-day period, then the Master Servicer shall determine, in its
              reasonable
              discretion, the fair value of the Mortgaged Property and other collateral
              relating to such Mortgage Loan (such fair value, the “Master Servicer’s Fair
              Value Price”) and the majority holder of the most junior of the subordinate
              certificates shall, no later than five Business Days after the expiration
              of
              such 30-day period, purchase such Mortgage Loan for an amount equal
              to the least
              of (1) the Unpaid Principal Balance thereof, (2) the average of such
              Fair Value
              Prices determined by such appraisal firms and (3) the Master Servicer’s Fair
              Value Price; and shall deliver such amount to the Servicer against
              the
              assignment of the related Mortgage Loan and the delivery of the related
              documents on the purchase date.

             

            (B) If
              the
              Master Servicer shall have received only one Fair Value Price by the
              end of such
              30-day period, then the Master Servicer will determine the Master Servicer
              Fair
              Value Price of the Mortgaged Property related to such Mortgage Loan
              and the
              majority holder of the most junior of the subordinate certificates
              shall, no
              later than five Business Days after the expiration of such 30-day period,
              purchase such Mortgage Loan for an amount equal to the least of (1)
              the Unpaid
              Principal Balance thereof, (2) the Fair Value Price determined by such
              appraisal
              firm and (3) the Master Servicer’s Fair Value Price; and shall deliver such
              amount to the Servicer against the assignment of the related Mortgage
              Loan and
              the delivery of the related documents on the purchase date.

             

            (C) If
              the
              Master Servicer shall not have received any such Fair Value Prices
              by the end of
              such 30-day period, then the Master Servicer will determine the Master
              Servicer
              Fair Value Price of the Mortgaged Property related to such Mortgage
              Loan and the
              majority holder of the most junior of the subordinate certificates
              shall, no
              later than five Business Days after the expiration of such 30-day period,
              purchase such Mortgage Loan for an amount equal to the lesser of (1)
              the Unpaid
              Principal Balance thereof and (2) the Master Servicer’s Fair Value Price; and
              shall deliver such amount to the Servicer against the assignment of
              the related
              Mortgage Loan and the delivery of the related documents on the purchase
              date.

             

            (D) If
              the
              Master Servicer has not received three Fair Value Prices by the end
              of such
              30-day period, it shall continue for the next 30 days to try to obtain
              three
              Fair Value Prices. Upon the earlier of the date that it obtains the
              three Fair
              Value Prices, or the end of the 30-day extension, the Master Servicer
              shall
              recalculate the price payable pursuant to this Letter Agreement and,
              within five
              Business Days thereafter, (i) the majority holder of the most junior
              of the
              subordinate certificates shall pay the Servicer the positive difference
              between
              the recalculated purchase price, and the price actually paid by it,
              or (ii) the
              Servicer shall refund to the majority holder of the most junior of
              the
              subordinate certificates the positive difference between the purchase
              price
              actually paid by the majority holder of the most junior of the subordinate
              certificates, and the recalculated purchase price.

             

            (d) The
              majority holder of the most junior of the subordinate certificates
              shall not be
              entitled to any of its rights with respect to a Mortgage Loan if it
              fails to
              purchase such Mortgage Loan as set forth herein.

             

            (e) Any
              notice, confirmation, instruction or objection pursuant to paragraphs
              (a), (b)
              and (c) above may be delivered via facsimile or other written or electronic
              communication as the parties hereto and the majority holder of the
              most junior
              of the subordinate certificates agree to from time to time.

             

            (f) For
              the
              avoidance of doubt, the majority holder’s of the most junior of the subordinate
              certificates rights set forth herein are intended to provide the majority
              holder
              of the most junior of the subordinate certificates, for so long as
              the majority
              holder of the most junior of the subordinate certificates owns 100%
              of the
              Certificates, with the unilateral right to control foreclosure decisions
              in
              respect of delinquent and defaulted Mortgage Loans, and certain exclusive
              purchase rights so as to maximize the recovery value on delinquent
              and defaulted
              Mortgage Loans and the majority holder of the most junior of the subordinate
              certificates shall not have any right to purchase a Mortgage Loan that
              is not a
              delinquent or defaulted Mortgage Loan as to which the Servicer is prepared
              to
              commence foreclosure proceedings or any alternative to foreclosure
              proceedings
              or take other action to collect payments due under such Mortgage
              Loan.

             

            (g) To
              the
              extent that the majority holder of the most junior of the subordinate
              certificates purchases any Mortgage Loan pursuant hereto, at the option
              of the
              majority holder of the most junior of the subordinate certificates,
              the Servicer
              will continue to service such Mortgage Loan in accordance with this
              Agreement.
              The parties acknowledge that, in such event, the Master Servicer will
              have no
              duty or responsibility to master service any such Mortgage Loan.

             

            
              	 	
                      (e)

                    	
                      Section
                        5.02 is hereby deleted in its entirety and replaced with
                        the
                        following:

                    

            

             

            “No
              later
              than the tenth (10th)
              calendar day (or if such tenth (10th)
              day is
              not a Business Day, the first Business Day immediately preceding such
              tenth
              (10th
              day) of
              each month, the Company shall furnish to the Master Servicer an electronic
              file
              containing the data specified in Exhibit
              K,
              which
              data shall reflect information as to the period ending on the last
              day of the
              preceding month, Exhibit
              L
              with
              respect to defaulted mortgage loans and Exhibit
              M,
              with
              respect to realized losses and gains, with each such report.”

             

            
              	 	
                      (f)

                    	
                      The
                        fourth to last paragraph of Section 9.01 of the Servicing
                        Agreement is
                        hereby deleted in its entirety and replaced with the
                        following:

                    

            

             

            “Neither
              the Owner 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
              provisions in a private offering of disclosure comparable to that required
              under
              the Securities Act).”

             

            
              	 	
                      (g)

                    	
                      The
                        Servicing Agreement is hereby amended as of the date hereof
                        by inserting a
                        new Exhibit K, a copy of which is annexed hereto as Exhibit
                        C.

                    

            

             

            
              	 	
                      (h)

                    	
                      The
                        Servicing Agreement is hereby amended as of the date hereof
                        by inserting a
                        new Exhibit L, a copy of which is annexed hereto as Exhibit
                        D.

                    

            

             

            
              	 	
                      (i)

                    	
                      The
                        Servicing Agreement is hereby amended as of the date hereof by inserting a
                        new Exhibit M, a copy of which is annexed hereto as Exhibit
                        E,

                    

            

             

            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. In
              connection with Section 2.01 of the Servicing Agreement, the Servicer
              shall
              release custody of the contents of any Servicing File to the Assignor
              and
              Luminent. The Assignor and Luminent will have the continuing right,
              upon
              reasonable notice, to access the Servicing Files with respect to the
              Mortgage
              Loans, including related books and records. In addition, the Assignor
              and
              Luminent are authorized to receive the servicer reports (including
              the Mortgage
              Loan tape) with respect to the Mortgage Loans from the Master
              Servicer.

             

            13. Distributions
              shall be made by wire transfer of immediately available funds to: 

             

            Luminent
              Mortgage Trust 2006-3 Master
              Servicer Collection Account

            Wells
              Fargo Bank, N.A.

            ABA#
              121000248

            Account
              Name: SAS Clearing 

            Account
              #
              3970771416

            For
              Further Credit to: Luminent Mortgage Trust 2006-3, Account #
              509148000

             

            and
              the
              Company shall deliver all reports required to be delivered under the
              Servicing
              Agreement to the Master Servicer at:

             

            Wells
              Fargo Bank, N.A.

            9062
              Old
              Annapolis Road

            Columbia,
              Maryland 21045

            Attention:
              Client Manager Luminent Mortgage Trust 2006-3

             

            14. Notices:

             

            The
              Assignor’s
              address for purposes of all notices and correspondence related to the
              Mortgage
              Loans and this Assignment and Assumption Agreement is:

             

            Maia
              Mortgage Finance Statutory Trust

            One
              Market Street

            Spear
              Tower, 30th Floor

            San
              Francisco, California 94105

            Attention:
              Christopher J. Zyda 

             

            With
              a
              copy to:

             

            One
              Commerce Square

            2005
              Market Street, Suite 2100

            Philadelphia,
              Pennsylvania 19103

            Attention:
              Megan Mahoney

             

            The
              Assignee’s
              address for purposes of all notices and correspondence related to the
              Mortgage
              Loans and this Assignment and Assumption Agreement is:

             

            HSBC Bank
              USA,
              National Association

            452
              Fifth
              Avenue

            New
              York,
              New York 10018

            Attention:
              Corporate Trust & Loan Agency/Luminent 2006-3

            

            The
              Company’s
              address for purposes of all notices and correspondence related to the
              Mortgage
              Loans and this Assignment and Assumption Agreement is:

             

            Wells
              Fargo Bank, N.A.

            1
              Home
              Campus

            MAC
              X2401-042

            Des
              Moines, Iowa 50328-0001 

            Attention:
              John B. Brown

             

            With
              a
              copy to: 

             

            Wells
              Fargo Bank, N.A.

            1
              Home
              Campus

            Des
              Moines, Iowa 50328-0001

            Attention:
              General Counsel - MAC X2401-06T

            

             

            Miscellaneous:

             

            15. 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 Assignment and Assumption
              Agreement.

             

            16. This
              Assignment and Assumption Agreement shall be construed in accordance
              with the
              laws of the State of New York, including Sections 5-1401 and 5-1402
              of the New
              General Obligations Law, but otherwise 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.

             

            17. No
              term
              or provision of this Assignment and Assumption 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.

             

            18. This
              Assignment and Assumption 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.

             

            19. This
              Assignment and Assumption Agreement shall survive the conveyance of
              the Mortgage
              Loans and the assignment of the Servicing Agreement to the extent of
              the
              Mortgage Loans by Assignor to Assignee and the termination of the Servicing
              Agreement.

             

            20. This
              Assignment and Assumption 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.

             

            21. In
              the
              event that any provision of this Assignment and Assumption Agreement
              conflicts
              with any provision of the Servicing Agreement with respect to the Mortgage
              Loans, the terms of this Assignment and Assumption Agreement shall
              control.

             

            22. Any
              new
              loan number assigned to a Mortgage Loan by the Assignee shall be provided
              to the
              Company at the following address: Wells Fargo Bank, N.A., 1 Home Campus,
              MAC
              X2401-042, Des Moines, Iowa 50328-0001 Attention: John B. Brown. In
              addition, if
              Assignee has changed its document custodian from the previous custodian,
              such
              new custodian’s name, address and contact information shall be provided to the
              Company at the aforementioned address.

             

            23. For
              purposes of this Assignment and Assumption Agreement and any related
              provisions
              thereto, each Master Servicer shall be considered a third-party beneficiary
              of
              this Assignment and Assumption Agreement, entitled to all the rights
              and
              benefits hereof as if it were a direct party to this Assignment and
              Assumption
              Agreement.

             

            24. A
              copy of
              all assessments, attestations, reports and certifications required
              to be
              delivered by the Servicer under this Assignment and Assumption Agreement
              and the
              Servicing 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 addressees shall include the Master Servicer
              and
              the Master Servicer shall be entitled to rely on such documents.

             

            IN
              WITNESS WHEREOF, the parties have caused this Assignment and Assumption
              Agreement to be executed by their duly authorized officers as of the
              date first
              above written.

             

            
              	
                      HSBC
                        BANK USA, NATIONAL ASSOCIATION, not individually but solely
                        as trustee for
                        the holders of Luminent Mortgage Trust 2006-3, Mortgage Pass-Through
                        Certificates, 2006-3

                    
	
                    	
                       

                    
	
                      By:

                    	
                       

                    
	
                      Name:

                    	
                       

                    
	
                      Title:

                    	
                       

                    

            

             

            
              	
                       

                      MAIA
                        MORTGAGE FINANCE STATUTORY TRUST

                    
	
                       

                    	
                       

                    
	
                      By:

                    	
                       

                    
	
                      Name:

                    	
                       

                    
	
                      Title:

                    	
                       

                    

            

             

            
              	
                       

                      WELLS
                        FARGO BANK, N.A., 

                      as
                        Company

                    
	
                       

                    	
                       

                    
	
                      By:

                    	
                       

                    
	
                      Name:

                    	
                       

                    
	
                      Title:

                    	
                       

                    

            

             

             

             

            Acknowledged
              and Agreed

             

             

            
              	
                      WELLS
                        FARGO BANK, N.A., 

                      as
                        Master Servicer

                    	 	 
	 	 	 	 
	
                      By:

                    	 	 	 
	
                      Name:

                    	 	 	 
	
                      Title:

                    	 	 	 

            

            
            

            
 

            
              	
                      STRUCTURED
                        ASSET MORTGAGE 

                      INVESTMENTS
                        II INC.

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    	
                       

                    
	
                      By:

                    	
                       

                    	
                       

                    	
                       

                    
	
                      Name:

                    	
                       

                    	
                       

                    	
                       

                    
	
                      Title:

                    	
                       

                    	
                       

                    	
                       

                    

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

            Exhibit
              A

             

            Mortgage
              Loans

             

            [Provided
              upon request
              to Structured Asset Mortgage Investments II Inc.]

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Exhibit
              B

             

            Servicing
              Agreement dated as of April 25, 2006, between Wells Fargo and Luminent
              Mortgage
              Capital, Inc., Mercury Mortgage Finance Statutory Trust and Maia Mortgage
              Finance Statutory Trust.

             

            

             

            [Provided
              upon request]

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

             

            Exhibit
              C

             

            EXHIBIT
              K

            
 

            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

                    	

                      The
                        standard FNMA numeric code used to indicate the default/delinquent
                        status
                        of a particular loan.

                    	 	
                      Action
                        Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                        65=Repurchase,70=REO

                       

                    	
                      2

                       

                    

            

            
              	
                      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

             

            EXHIBIT
              L

             

            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:
              The
              Master Servicer 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 the
              Master
              Servicer 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

             

            EXHIBIT
              M

             

            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 the Master
              Servicer’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 

                         

                      

              

               

              MASTER
                SERVICER'S  Loan No._____________________________
                

               

              Borrower's
                Name: _________________________________________________________ 

               

              Property
                Address: _________________________________________________________

               

               

              
                	
                        LiquidationType:
                          

                      	
                        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__________________________

                      	
                         

                      	
                        ________________

                      	
                         

                      
	
                        HOA/Condo
                          Fees_______________________

                      	
                         

                      	
                        ________________

                      	
                         

                      
	
                        ______________________________________

                      	
                         

                      	
                        ________________

                      	
                         

                      
	
                        ______________________________________

                      	
                         

                      	
                        ________________

                      	
                         

                      
	
                        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)

                      
	
                        _________________________________________

                      	
                         

                      	
                        _________________

                      	
                         

                      
	
                        _________________________________________

                      	
                         

                      	
                        _________________

                      	
                         

                      
	
                        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

                       

                    	
                      InterestExhibit 4(a)

                          INVESTMENT ADVISORY AGREEMENT

      AGREEMENT, dated October 2, 2006, between BlackRock Multi-State Municipal
Series Trust, a Massachusetts business trust (the "Trust"), on behalf of
BlackRock Pennsylvania Municipal Bond Fund (the "Fund"), a series of the Trust,
and BlackRock Advisors, LLC (the "Advisor"), a Delaware limited liability
company.

      WHEREAS, the Trustees of the Trust have established and designated the
Fund as a series of the Trust, an open-end management investment company
registered under the Investment Company Act of 1940, as amended (the "1940
Act"); and

      WHEREAS, the Advisor has agreed to furnish investment advisory services to
the Fund; and

      WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Advisor is willing to furnish such services
upon the terms and conditions herein set forth;

      NOW, THEREFORE, in consideration of the mutual premises and covenants
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, it is agreed by and between the parties hereto as
follows:

      1. In General. The Advisor agrees, all as more fully set forth herein, to
act as investment advisor to the Fund with respect to the investment of the
Fund's assets and to supervise and arrange for the day to day operations of the
Fund and the purchase of securities for and the sale of securities held in the
investment portfolio of the Fund.

      2. Duties and Obligations of the Advisor with Respect to Investment of
Assets of the Fund. Subject to the succeeding provisions of this section and
subject to the direction and control of the Trust's Board of Trustees, the
Advisor shall (i) act as investment advisor for and supervise and manage the
investment and reinvestment of the Fund's assets and in connection therewith
have complete discretion in purchasing and selling securities and other assets
for the Fund and in voting, exercising consents and exercising all other rights
appertaining to such securities and other assets on behalf of the Fund; (ii)
supervise continuously the investment program of the Fund and the composition of
its investment portfolio; (iii) arrange, subject to the provisions of paragraph
4 hereof, for the purchase and sale of securities and other assets held in the
investment portfolio of the Fund; and (iv) provide investment research to the
Fund.

      3. Duties and Obligations of Advisor with Respect to the Administration of
the Fund. The Advisor also agrees to furnish office facilities and equipment and
clerical, bookkeeping and administrative services (other than such services, if
any, provided by the Fund's Custodian, Transfer Agent and Dividend Disbursing
Agent and other service providers) for the Fund. To the extent requested by the
Fund, the Advisor agrees to provide the following administrative services:

<PAGE>

            (a) Oversee the determination and publication of the Fund's net
asset value in accordance with the Fund's policy as adopted from time to time by
the Board of Trustees;

            (b) Oversee the maintenance by the Fund's Custodian and Transfer
Agent and Dividend Disbursing Agent of certain books and records of the Fund as
required under Rule 31a1(b)(4) of the 1940 Act and maintain (or oversee
maintenance by such other persons as approved by the Board of Trustees) such
other books and records required by law or for the proper operation of the Fund;

            (c) Oversee the preparation and filing of the Fund's federal, state
and local income tax returns and any other required tax returns;

            (d) Review the appropriateness of and arrange for payment of the
Fund's expenses;

            (e) Prepare for review and approval by officers of the Fund
financial information for the Fund's semiannual and annual reports, proxy
statements and other communications with shareholders required or otherwise to
be sent to Fund shareholders, and arrange for the printing and dissemination of
such reports and communications to shareholders;

            (f) Prepare for review by an officer of the Fund the Fund's periodic
financial reports required to be filed with the Securities and Exchange
Commission ("SEC") on Form NSAR, Form NCSR, Form NPX, Form NQ, and such other
reports, forms and filings, as may be mutually agreed upon;

            (g) Prepare such reports relating to the business and affairs of the
Fund as may be mutually agreed upon and not otherwise appropriately prepared by
the Fund's custodian, counsel or auditors;

            (h) Make such reports and recommendations to the Board of Trustees
concerning the performance of the independent accountants as the Board of
Trustees may reasonably request or deems appropriate;

            (i) Make such reports and recommendations to the Board of Trustees
concerning the performance and fees of the Fund's Custodian and Transfer and
Dividend Disbursing Agent as the Board of Trustees may reasonably request or
deems appropriate;

            (j) Oversee and review calculations of fees paid to the Fund's
service providers;

            (k) Oversee the Fund's portfolio and perform necessary calculations
as required under Section 18 of the 1940 Act;

                                       2
<PAGE>

            (l) Consult with the Fund's officers, independent accountants, legal
counsel, custodian, accounting agent and transfer and dividend disbursing agent
in establishing the accounting policies of the Fund and monitor financial and
shareholder accounting services;

            (m) Determine the amounts available for distribution as dividends
and distributions to be paid by the Fund to its shareholders; prepare and
arrange for the printing of dividend notices to shareholders; and provide the
Fund's dividend disbursing agent and custodian with such information as is
required for such parties to effect the payment of dividends and distributions
and to implement the Fund's dividend reinvestment plan;

            (n) Prepare such information and reports as may be required by any
banks from which the Fund borrows funds;

            (o) Provide such assistance to the Custodian and the Fund's counsel
and auditors as generally may be required to properly carry on the business and
operations of the Fund;

            (p) Respond to or refer to the Fund's officers or transfer agent,
shareholder (including any potential shareholder) inquiries relating to the
Fund;

            (q) Supervise any other aspects of the Fund's administration as may
be agreed to by the Fund and the Advisor; and

      All services are to be furnished through the medium of any directors,
officers or employees of the Advisor or its affiliates as the Advisor deems
appropriate in order to fulfill its obligations hereunder.

      The Fund will reimburse the Advisor or its affiliates for all out of
pocket expenses incurred by them in connection with the performance of the
administrative services described in this paragraph 3. The Fund will reimburse
the Advisor and its affiliates for their costs in providing accounting services
to the Fund.

      4. Covenants. (a) In the performance of its duties under this Agreement,
the Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended, and all applicable Rules and Regulations of
the SEC; (ii) any other applicable provision of law; (iii) the provisions of the
Declaration of Trust and By Laws of the Trust, as such documents are amended
from time to time; (iv) the investment objectives and policies of the Fund as
set forth in its Registration Statement on Form N-1A and/or the resolutions of
the Board of Trustees; and (v) any policies and determinations of the Board of
Trustees of the Trust and

            (b) In addition, the Advisor will:

                  (i) place orders either directly with the issuer or with any
broker or dealer. Subject to the other provisions of this paragraph, in placing
orders with brokers and

                                       3
<PAGE>

dealers, the Advisor will attempt to obtain the best price and the most
favorable execution of its orders. In placing orders, the Advisor will consider
the experience and skill of the firm's securities traders as well as the firm's
financial responsibility and administrative efficiency. Consistent with this
obligation, the Advisor may select brokers on the basis of the research,
statistical and pricing services they provide to the Fund and other clients of
the Advisor. Information and research received from such brokers will be in
addition to, and not in lieu of, the services required to be performed by the
Advisor hereunder. A commission paid to such brokers may be higher than that
which another qualified broker would have charged for effecting the same
transaction, provided that the Advisor determines in good faith that such
commission is reasonable in terms either of the transaction or the overall
responsibility of the Advisor to the Fund and its other clients and that the
total commissions paid by the Fund will be reasonable in relation to the
benefits to the Fund over the long term. Subject to the foregoing and the
provisions of the 1940 Act, the Securities Exchange Act of 1934, as amended, and
other applicable provisions of law, the Advisor may select brokers and dealers
with which it or the Fund is affiliated;

                  (ii) maintain a policy and practice of conducting its
investment advisory services hereunder independently of the commercial banking
operations of its affiliates. When the Advisor makes investment recommendations
for the Fund, its investment advisory personnel will not inquire or take into
consideration whether the issuer of securities proposed for purchase or sale for
the Fund's account are customers of the commercial department of its affiliates;
and

                  (iii) treat confidentially and as proprietary information of
the Fund all records and other information relative to the Fund, and the Fund's
prior, current or potential shareholders, and will not use such records and
information for any purpose other than performance of its responsibilities and
duties hereunder, except after prior notification to and approval in writing by
the Fund, which approval shall not be unreasonably withheld and may not be
withheld where the Advisor may be exposed to civil or criminal contempt
proceedings for failure to comply, when requested to divulge such information by
duly constituted authorities, or when so requested by the Fund.

      5. Services Not Exclusive. Nothing in this Agreement shall prevent the
Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the Advisor
will undertake no activities which, in its judgment, will adversely affect the
performance of its obligations under this Agreement.

      6. Sub-Advisors. The Advisor may from time to time, in its sole discretion
to the extent permitted by applicable law, appoint one or more sub-advisors,
including, without limitation, affiliates of the Advisor, to perform investment
advisory services with respect to the

                                       4
<PAGE>

Fund. The Advisor may terminate any or all sub-advisors in its sole discretion
at any time to the extent permitted by applicable law.

      7. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Advisor hereby agrees that all records which it
maintains for the Fund are the property of the Fund and further agrees to
surrender promptly to the Fund any such records upon the Fund's request. The
Advisor further agrees to preserve for the periods prescribed by Rule 31a-2
under the 1940 Act the records required to be maintained by Rule 31a-1 under the
1940 Act.

      8. Expenses. During the term of this Agreement, the Advisor will bear all
costs and expenses of its employees and any overhead incurred in connection with
its duties hereunder and shall bear the costs of any salaries or trustees' fees
of any officers or trustees of the Trust who are affiliated persons (as defined
in the 1940 Act) of the Advisor; provided that the Board of Trustees of the
Trust may approve reimbursement to the Advisor of the pro rata portion of the
salaries, bonuses, health insurance, retirement benefits and all similar
employment costs for the time spent on Fund operations, (including, without
limitation, compliance matters) (other than the provision of investment advice
and administrative services required to be provided hereunder) of all personnel
employed by the Advisor who devote substantial time to Fund operations or the
operations of other investment companies advised by the Advisor.

      9. Compensation of the Advisor. (a) The Trust agrees to pay to the Advisor
and the Advisor agrees to accept as full compensation for all services rendered
by the Advisor as such, a monthly fee (the "Investment Advisory Fee") in arrears
at an annual rate equal to the amount set forth in Schedule A hereto of the
average daily value of the Fund's Net Assets. "Net Assets" means the total
assets of the Fund minus the sum of the accrued liabilities. For any period less
than a month during which this Agreement is in effect, the fee shall be prorated
according to the proportion which such period bears to a full month of 28, 29,
30 or 31 days, as the case may be.

            (b) For purposes of this Agreement, the net assets of the Fund shall
be calculated pursuant to the procedures adopted by resolutions of the Trustees
of the Trust for calculating the value of the Fund's assets or delegating such
calculations to third parties.

      10. Indemnity. (a) The Fund may, in the discretion of the Board of
Trustees of the Trust, indemnify the Advisor, and each of the Advisor's
directors, officers, employees, agents, associates and controlling persons and
the directors, partners, members, officers, employees and agents thereof
(including any individual who serves at the Advisor's request as director,
officer, partner, member, trustee or the like of another entity) (each such
person being an "Indemnitee") against any liabilities and expenses, including
amounts paid in satisfaction of judgments, in compromise or as fines and
penalties, and counsel fees (all as provided in accordance with applicable state
law) reasonably incurred by such Indemnitee in connection with the defense or
disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or investigative body in which such
Indemnitee may be or may have been involved as a party or otherwise or with
which such Indemnitee may be or may have been threatened, while acting in any
capacity set forth herein or thereafter by reason of such

                                       5
<PAGE>

Indemnitee having acted in any such capacity, except with respect to any matter
as to which such Indemnitee shall have been adjudicated not to have acted in
good faith in the reasonable belief that such Indemnitee's action was in the
best interest of the Fund and furthermore, in the case of any criminal
proceeding, so long as such Indemnitee had no reasonable cause to believe that
the conduct was unlawful; provided, however, that (1) no Indemnitee shall be
indemnified hereunder against any liability to the Fund or its shareholders or
any expense of such Indemnitee arising by reason of (i) willful misfeasance,
(ii) bad faith, (iii) gross negligence or (iv) reckless disregard of the duties
involved in the conduct of such Indemnitee's position (the conduct referred to
in such clauses (i) through (iv) being sometimes referred to herein as
"disabling conduct"), (2) as to any matter disposed of by settlement or a
compromise payment by such Indemnitee, pursuant to a consent decree or
otherwise, no indemnification either for said payment or for any other expenses
shall be provided unless there has been a determination that such settlement or
compromise is in the best interests of the Fund and that such Indemnitee appears
to have acted in good faith in the reasonable belief that such Indemnitee's
action was in the best interest of the Fund and did not involve disabling
conduct by such Indemnitee and (3) with respect to any action, suit or other
proceeding voluntarily prosecuted by any Indemnitee as plaintiff,
indemnification shall be mandatory only if the prosecution of such action, suit
or other proceeding by such Indemnitee was authorized by a majority of the full
Board of Trustees of the Trust.

            (b) The Fund may make advance payments in connection with the
expenses of defending any action with respect to which indemnification might be
sought hereunder if the Fund receives a written affirmation of the Indemnitee's
good faith belief that the standard of conduct necessary for indemnification has
been met and a written undertaking to reimburse the Fund unless it is
subsequently determined that such Indemnitee is entitled to such indemnification
and if the Trustees of the Trust determine that the facts then known to them
would not preclude indemnification. In addition, at least one of the following
conditions must be met: (A) the Indemnitee shall provide security for such
Indemnitee's undertaking, (B) the Fund shall be insured against losses arising
by reason of any unlawful advance, or (C) a majority of a quorum consisting of
Trustees of the Trust who are neither "interested persons" of the Trust (as
defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding
("Disinterested Non Party Trustees") or an independent legal counsel in a
written opinion, shall determine, based on a review of readily available facts
(as opposed to a full trial type inquiry), that there is reason to believe that
the Indemnitee ultimately will be found entitled to indemnification.

            (c) All determinations with respect to the standards for
indemnification hereunder shall be made (1) by a final decision on the merits by
a court or other body before whom the proceeding was brought that such
Indemnitee is not liable or is not liable by reason of disabling conduct, or (2)
in the absence of such a decision, by (i) a majority vote of a quorum of the
Disinterested Non Party Trustees of the Trust, or (ii) if such a quorum is not
obtainable or, even if obtainable, if a majority vote of such quorum so directs,
independent legal counsel in a written opinion. All determinations that advance
payments in connection with the expense of defending any proceeding shall be
authorized and shall be made in accordance with the immediately preceding clause
(2) above.

                                       6
<PAGE>

      The rights accruing to any Indemnitee under these provisions shall not
exclude any other right to which such Indemnitee may be lawfully entitled.

      11. Limitation on Liability. The Advisor will not be liable for any error
of judgment or mistake of law or for any loss suffered by Advisor or by the Fund
in connection with the performance of this Agreement, except a loss resulting
from a breach of fiduciary duty with respect to the receipt of compensation for
services or a loss resulting from willful misfeasance, bad faith or gross
negligence on its part in the performance of its duties or from reckless
disregard by it of its duties under this Agreement. As used in this Section 11,
the term "Advisor" shall include any affiliates of the Advisor performing
services for the Fund contemplated hereby and partners, directors, officers and
employees of the Advisor and of such affiliates.

      12. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Fund as
provided herein, shall continue in effect for a period of two years. Thereafter,
if not terminated, this Agreement shall continue in effect with respect to the
Fund for successive periods of 12 months, provided such continuance is
specifically approved at least annually by both (a) the vote of a majority of
the Trust's Board of Trustees or the vote of a majority of the outstanding
voting securities of the Fund at the time outstanding and entitled to vote, and
(b) by the vote of a majority of the Trustees who are not parties to this
Agreement or interested persons of any party to this Agreement, cast in person
at a meeting called for the purpose of voting on such approval. Notwithstanding
the foregoing, this Agreement may be terminated by the Fund at any time, without
the payment of any penalty, upon giving the Advisor 60 days' notice (which
notice may be waived by the Advisor), provided that such termination by the Fund
shall be directed or approved by the vote of a majority of the Trustees of the
Trust in office at the time or by the vote of the holders of a majority of the
voting securities of the Fund at the time outstanding and entitled to vote, or
by the Advisor on 60 days' written notice (which notice may be waived by the
Fund). This Agreement will also immediately terminate in the event of its
assignment. (As used in this Agreement, the terms "majority of the outstanding
voting securities," "interested person" and "assignment" shall have the same
meanings of such terms in the 1940 Act.)

      13. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      14. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Trustees of the Trust, including a majority of those Trustees who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of the Fund.

      15. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein

                                       7
<PAGE>

without reference to choice of law principles thereof and in accordance with the
applicable provisions of the 1940 Act. To the extent that the applicable laws of
the State of New York, or any of the provisions, conflict with the applicable
provisions of the 1940 Act, the latter shall control.

      16. Use of the Name BlackRock. The Advisor has consented to the use by the
Trust of the name or identifying word "BlackRock" in the name of the Trust and
the Fund. Such consent is conditioned upon the employment of the Advisor as the
investment advisor to the Fund. The name or identifying word "BlackRock" may be
used from time to time in other connections and for other purposes by the
Advisor and any of its affiliates. The Advisor may require the Trust and the
Fund to cease using "BlackRock" in the name of the Trust and the Fund if the
Trust ceases to employ, for any reason, the Advisor, any successor thereto or
any affiliate thereof as investment advisor of the Fund.

      17. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      18. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

                                       8
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused the foregoing
instrument to be executed by their duly authorized officers, all as of the day
and the year first above written.

                                    BLACKROCK MULTI-STATE MUNICIPAL SERIES TRUST

                                    By: ________________________________________
                                    Name:
                                    Title:

                                    BLACKROCK ADVISORS, LLC

                                    By: ________________________________________
                                    Name:
                                    Title:

                                       9
<PAGE>

                                   Schedule A

                             Investment Advisory Fee

0.55% of the Fund's average daily Net Assets not exceeding $500 million, 0.525%
of the Fund's average daily Net Assets in excess of $500 million but not
exceeding $1 billion, and 0.50% of the Fund's average daily Net Assets in excess
of $1 billion

                                       10

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